SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended March 31, 1998 or
--------------
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
------------ -----------
Commission file number 0-26200
------------
Boston Capital Tax Credit Fund IV L.P.
- -----------------------------------------------------------------
- -------------
(Exact name of registrant as specified in its charter)
Massachusetts 04-3208648
- --------------------------------
- ------------------------------------
(State of other jurisdiction of (I.R.S.
Employer
incorporation or organization) Identification
No.)
One Boston Place, Suite 2100, Boston, MA
02108-4406
- ---------------------------------------------
- ------------------------
(Address of Principal executive offices) (Zip
Code)
Fund's telephone number, including area code: (617)624-8900
-------------
Securities registered pursuant to Section 12(b) of the Act:
Name of
each exchange
Title of each class on which
registered
-------------------
- -------------------
None
None
---------------------------
- --------------------------
Securities registered pursuant to Section 12(g) of the Act:
Beneficial Assignee Certificates
----------------------------------
(Title of Class)
Indicate by check mark whether the Fund (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 twelve months (or for
such shorter period that the Fund was required to file such
reports), and (2) has been subject to such filing requirements
for
the past 90 days. YES X NO
------- -------
Indicate by check mark if disclosure of delinquent filers
pursuant
to Item 405 or Regulation S-K ( 229.405 of this chapter) is not
contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form
10-K
or any amendment to this Form 10-K. __
|XX|
DOCUMENTS INCORPORATED BY REFERENCE
-----------------------------------
The following documents of the Fund are incorporated by
reference:
Form 10-K
Parts Document
--------- --------
Parts I, III January 3, 1994 Prospectus,
as supplemented
Parts II, IV Form 8-K dated February 1, 1995
Form 8-K dated March 9, 1995
Form 8-K dated October 13, 1995
Form 8-K dated February 29, 1996
Form 8-K dated December 16, 1996
Form 8-K dated December 16, 1996
Form 8-K dated February 11, 1997
Form 8-K dated February 14, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 27, 1997
Form 8-K dated March 27, 1997
Form 8-K dated March 27, 1997
Form 8-K dated April 7, 1997
Form 8-K dated May 21, 1998
Form 8-K dated July 16, 1997
Form 8-K dated July 22, 1997
Form 8-K dated July 22, 1997
Form 8-K dated July 22, 1997
Form 8-K dated July 22, 1997
Form 8-K dated July 22, 1997
Form 8-K dated August 5, 1997
Form 8-K dated August 5, 1997
Form 8-K dated August 5, 1997
Form 8-K dated August 8, 1997
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31,
1998
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security Holders
PART II
Item 5. Market for the Fund's Limited
Partnership Interests and Related
Partnership Matters
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis
of Financial Condition and Results
of Operations
Item 8. Financial Statements and Supplementary
Data
Item 9. Changes in and Disagreements with
Accountants on Accounting and
Financial Disclosure
PART III
Item 10. Directors and Executive Officers
of the Fund
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial
Owners and Management
Item 13. Certain Relationships and Related
Transactions
PART IV
Item 14. Exhibits, Financial Statement Schedules,
and Reports on Form 8-K
Signatures
PART I
------
Item 1. Business
Organization
- ------------
Boston Capital Tax Credit Fund IV L.P. (the "Fund") is a
limited
partnership formed under the Delaware Revised Uniform Limited
Partnership
Act as of October 5, 1993. The General Partner of the Fund is
Boston
Capital Associates IV L.P., a Delaware limited partnership. C &
M
Associates, d/b/a 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.
The Assignor Limited Partner was formed for the purpose of
serving
in that capacity for the Fund and will not engage in any other
business.
Units of beneficial interest in the Limited Partnership Interest
of the
Assignor Limited Partner will be assigned by the Assignor Limited
Partner
by means of beneficial assignee certificates ("BACs") to
investors and
investors will be entitled to all the rights and economic
benefits of a
Limited Partner of the Fund including rights to a percentage of
the
income, gains, losses, deductions, credits and distributions of
the Fund.
A Registration Statement on Form S-11 and the related
prospectus, as
supplemented (the "Prospectus") were filed with the Securities
and
Exchange Commission and became effective December 16, 1993 in
connection
with a public offering ("Offering") in one or more series of a
minimum of
250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC. On
April 18,
1996 an amendment to Form S-11, which registered an additional
10,000,000
BACs for sale to the public in one or more series, became
effective. On April 2, 1998 an amendment to Form S-11, which
registered an additional 25,000,000
BACs for sale to the public in one or more series, became
effective. As of
March 31, 1998, subscriptions had been received and accepted by
the General
Partner in Series 20, Series 21, Series 22, Series 23, Series 24,
Series 25,
Series 26, Series 27, Series 28, Series 29, Series 30, Series 31
and Series 32 for 39,610,709 BAC's representing capital
contributions of $395,942,500.
The Offering, including information regarding the issuance
of BACs
in series, is described on pages 144 to 149 of the Prospectus, as
supplemented, under the caption "The Offering", which is
incorporated
herein by reference.
Description of Business
- -----------------------
The Fund's principal business is to invest as a limited
partner in
other limited partnerships (the "Operating Partnerships") each of
which
will own or lease and will operate an Apartment Complex
exclusively or
1
partially for low- and moderate-income tenants. Each Operating
Partnership in which the Fund will invest will own Apartment
Complexes
which are completed, newly-constructed, under construction or
rehabilitation, or to-be constructed or rehabilitated, and which
are
expected to receive Government Assistance. Each Apartment
Complex is
expected to qualify for the low-income housing tax credit under
Section
42 of the Code (the "Federal Housing Tax Credit"), thereby
providing tax
benefits over a period of ten to twelve years in the form of tax
credits
which investors may use to offset income, subject to certain
strict
limitations, from other sources. Certain Apartment Complexes may
also
qualify for the historic rehabilitation tax credit under Section
48 of
the Code (the "Rehabilitation Tax Credit"). The Federal Housing
Tax
Credit and the Government Assistance programs are described on
pages 64
to 88 of the Prospectus, as supplemented, under the captions "Tax
Credit
Programs" and "Government Assistance Programs," which is
incorporated
herein by reference. Section 236 (f) (ii) of the National
Housing Act,
as amended, in Section 101 of the Housing and Urban Development
Act of
1965, as amended, each provide for the making by HUD of rent
supplement
payments to low income tenants in properties which receive other
forms of
federal assistance such as Tax Credits. The payments for each
tenant,
which are made directly to the owner of their property, generally
are in
such amounts as to enable the tenant to pay rent equal to 30% of
the
adjusted family income. Some of the Apartment Complexes in which
the
Partnership has invested are receiving such rent supplements from
HUD.
HUD has been in the process of converting rent supplement
assistance to
assistance paid not to the owner of the Apartment Complex, but
directly
to the individuals. At this time, the Partnership is unable to
predict
whether Congress will continue rent supplement programs payable
directly
to owners of the Apartment Complex.
As of March 31, 1998 the Fund had invested in 24 Operating
Partnerships
on behalf of Series 20, 14 Operating Partnership on behalf of
Series 21, 28
Operating Partnerships on behalf of Series 22, 22 Operating
Partnerships on
behalf of Series 23, 24 Operating Partnerships on behalf of
Series 24,
22 Operating Partnerships on behalf of Series 25, 42 Operating
Partnerships
on behalf of Series 26, 13 Operating Partnerships on behalf of
Series 27, 25 Operating Partnerships on behalf of Series 28, 17
Operating Partnerships on behalf of Series 29, 13 Operating
Partnerships on behalf of Series 30, 22 Operating Partnerships on
behalf of Series 31 and 3 Operating Partnerships on behalf of
Series 32. A description of these Operating Partnerships is set
forth in Item 2 herein.
The business objectives of the Fund are to:
(1) provide current tax benefits to Investors in the form of
Federal Housing Tax Credits and in limited instances, a
small
amount of Rehabilitation Tax Credits, which an Investor
may
apply, subject to certain strict limitations, against
the
investor's federal income tax liability from active,
portfolio
and passive income;
(2) preserve and protect the Fund's capital and provide
capital
appreciation and cash distributions through increases in
value
of the Fund's investments and, to the extent applicable,
equity
buildup through periodic payments on the mortgage
indebtedness
with respect to the Apartment Complexes.
2
(3) provide tax benefits in the form of passive losses
which an
Investor may apply to offset his passive income (if
any); and
(4) provide cash distributions (except with respect to the
Fund's
investment in certain Non-Profit Operating
Partnerships) from
Capital Transaction proceeds. The Operating
Partnerships
intend to hold the Apartment Complexes for
appreciation in
value. The Operating Partnerships may sell the
Apartment
Complexes after a period of time if financial
conditions in
the future make such sales desirable and if such sales
are
permitted by government restrictions.
The business objectives and investment policies of the Fund
are
described more fully on pages 49 to 61 of the Prospectus, as
supplemented, under the caption "Investment Objectives and
Acquisition
Policies," which is incorporated herein by reference.
Employees
- ---------
The Fund does not have any employees. Services are
performed by the
General Partner and its affiliates and agents retained by them.
Item 2. Properties
The Fund has acquired a Limited Partnership interest in 269
Operating
Partnerships in 13 series, identified in the table set forth
below. The
Apartment Complex owned by the 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." The Operating Partnership and the
respective
Apartment Complex is described more fully in the Prospectus. The
General
Partner believes that there is adequate casualty insurance on the
properties.
Please refer to Item 7. "Management's Discussion and
Analysis of
Financial Condition and Results of Operations" for a more
detailed discussion
of operational difficulties experienced by certain of the
Operating
Partnerships.
3
Boston Capital Tax Credit Fund IV L.P. - Series
20
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Ashbury Sioux Falls,
Apartments SD 48 $ 1,294,046 4/94 6/94 100% $
806,117
Bennetts Bennetsville,
Pointe Apts. SC 32 1,349,864 3/94 8/94 100%
208,251
Bradley Bradley,
Manor AR 25 802,261 8/94 3/95 100%
182,044
Breeze Port Washington,
Cove Apts. WI 64 2,804,644 5/94 10/94 100%
2,601,494
Cascades Sterling,
Commons Apts. VA 320 14,847,736 6/94 10/95 100%
7,132,820
Clarksville Clarksville,
Estates MO 32 700,019 6/94 9/94 100%
142,639
Club
Goldenrod II Orlando,
Apartments FL 220 7,590,684 4/94 6/95 100%
3,681,417
College
Greene N. Chili,
Senior Apts NY 110 3,781,020 3/95 8/95 100%
1,918,496
Concordia St. Croix,
Manor I VI 22 1,472,129 8/94 7/95 100%
490,034
Coushatta
Seniors II Coushatta,
Apartments LA 24 713,205 5/94 3/94 100%
175,182
East Douglas Bloomington,
Apartments IL 51 1,960,847 7/94 12/95 100%
1,281,690
Edison Lane Edison,
Apartments GA 24 722,430 9/94 10/95 100%
204,561
Evergreen Macedon,
Hills Apts. NY 72 2,819,733 8/94 1/95 100%
627,661
4
Boston Capital Tax Credit Fund IV L.P. - Series
20
PROPERTY PROFILE AS OF MARCH 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Fairoaks Rincon,
Lane Apts. GA 44 $ 1,419,074 7/94 5/95 100% $
339,284
Floral Waggaman,
Acres II LA 32 1,038,441 5/94 8/94 100%
228,457
Forest Glen Vidalia,
Village GA 46 1,336,137 7/94 2/95 100%
378,777
Gardenview Houston,
Apartments TX 309 5,224,311 6/94 9/95 100%
2,261,021
Harrisonburg Harrisonburg,
Seniors Apts. LA 24 693,899 5/94 1/94 100%
176,621
Hillside Cynthiana,
Apartments KY 48 898,979 10/94 4/95 100%
643,850
Kristine Bakersfield,
Apartments CA 60 1,357,598 10/94 10/94 100%
311,675
Northfield Jackson,
Apts. MS 120 2,973,185 6/94 8/95 100%
3,241,973
Parkside Avondale,
Apartments AZ 54 703,359 12/94 1/94 100%
282,547
Riverview Franklinton,
Apartments LA 47 1,711,310 4/94 10/94 100%
370,000
Shady Lane Winnfield,
Senior Apts. LA 32 951,507 5/94 10/93 100%
197,200
5
Boston Capital Tax Credit Fund IV L.P. - Series
21
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Atlantic Atlantic City,
City Apts. NJ 153 $5,585,000 9/94 10/95 96%
$2,500,000
Black River Black River Falls,
Run WI 48 1,261,525 10/94 12/94 100%
350,531
Cattaraugus Cattaraugus,
Manor NY 24 1,110,054 8/94 4/95 95%
263,711
Creekside
at Tasker's Frederick,
Chance MD 120 4,520,000 10/94 9/95 94%*
2,471,093
Forest Glen
at Sully Centreville,
Station VA 118 4,804,000 11/94 9/95 100%
2,649,450
Fort Winslow,
Halifax ME 24 1,171,928 9/94 1/95 100%
389,085
Havelock Havelock,
Manor Apts. NC 60 1,860,798 12/94 10/95 100%
336,348
Holly Buchanan,
Village GA 24 718,374 8/94 6/95 100%
205,400
Liveoak Union Springs,
Village AL 24 769,659 10/94 7/95 100%
176,953
Lookout Covington,
Ridge Apts. KY 30 675,678 12/94 12/94 100%
744,100
Pinedale Menomonie,
Apartments II WI 60 1,433,116 10/94 12/94 61%
869,798
Pumphouse Chippewa,
Crossing II
Apartments WI 48 1,301,054 10/94 12/94 68%
692,840
6
Boston Capital Tax Credit Fund IV L.P. - Series
21
PROPERTY PROFILE AS OF MARCH 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
The Woods Campton,
Apartments NH 20 $1,040,915 8/94 10/94 100%
$ 269,500
Tower View Tower City,
Apartments PA 25 1,136,207 11/94 5/95 96%
268,863
* Property was in lease-up phase as of March 31, 1998.
7
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Albemarle Hertford,
Village Apts. NC 36 $1,465,568 1/95 9/94 100%
$ 321,628
Apple Edmond,
Village Apts. OK 160 3,969,967 11/94 3/96 100%
1,572,166
Bayou Riverview,
Crossing Apts. FL 290 8,412,488 11/94 1/96 100%
2,544,032
Bellwood Ford City,
Gardens PA 28 1,254,342 6/95 9/95 100%
308,152
Black River Black River Falls,
Run Apts. WI 48 1,261,525 3/95 12/94 100%
395,279
Clarendon Summerton,
Court Apts. SC 40 1,455,966 10/94 4/95 100%
340,737
Club II Orlando,
Goldenrod Apts.FL 220 7,590,684 3/95 6/95 100%
2,106,975
Cobblestone Fuquay,
Apartments NC 33 1,422,551 1/95 5/94 100%
326,054
Concordia St. Croix,
Manor II VI 20 1,499,934 1/95 11/95 100%
259,444
Concordia St. Croix,
Manor III VI 20 1,494,310 2/95 12/95 100%
264,007
Drakes
Branch Drakes Branch,
Elderly Apts. VA 32 1,272,661 1/95 6/95 100%
232,722
Elks Towers Litchfield,
Apartments IL 27 806,802 10/95 12/96 100%
698,042
Fonda Fonda,
Terrace Apts. NY 24 1,038,300 12/94 10/94 100%
259,387
Highland Boston,
House MA 14 748,150 12/96 5/97 100%
571,829
8
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Kimbark Longmont,
1200 Apts. CO 48 $2,001,814 9/95 12/95 100%
$ 321,843
Kingsway Swedsboro,
Apartments NJ 36 1,489,208 7/95 6/95 100%
46,290
Lake Street Girard,
Apartments PA 32 1,365,588 4/95 9/95 100%
342,369
Lost Tree Branson,
Apartments MO 88 1,634,014 4/95 6/95 100%
474,948
Maplewood Sacramento,
Apartments KY 12 437,445 8/95 9/95 100%
110,881
Marksville Marksville,
Square Apts. LA 32 968,125 1/95 1/96 100%
268,848
Neshoba Philadelphia,
County Apts. MS 24 852,191 7/95 8/95 100%
251,411
Philadelphia Philadelphia,
Square Apts. MS 16 545,403 7/95 8/95 100%
149,950
Quankey Halifax,
Hills Apts. NC 24 1,020,252 1/95 3/95 100%
200,496
Richmond Richmond,
Square Apts. MO 32 948,220 12/94 2/95 100%
818,770
Salem Wood Salemburg,
Apartments NC 24 974,010 1/95 12/94 100%
181,355
The Birches Old Orchard Beach,
ME 88 2,817,500 1/95 3/96 100%
520,672
Troy Villa Troy,
Apartments MO 64 2,073,352 12/94 6/95 100%
1,810,416
9
Boston Capital Tax Credit Fund IV L.P. - Series
22
PROPERTY PROFILE AS OF MARCH 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Twin City Festus,
Villa MO 40 $1,539,803 1/95 11/95 100%
$ 679,176
10
Boston Capital Tax Credit Fund IV L.P. - Series 23
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Apple Edmond,
Village Apts. OK 160 $3,969,967 11/94 3/96 100% $
1,572,166
Bayou Riverview,
Crossing Apts. FL 290 8,412,488 4/95 1/96 100%
3,816,047
Concordia St. Croix,
Manor II VI 20 1,536,334 1/95 11/95 100%
259,445
Concordia St. Croix,
Manor III VI 20 1,530,710 2/95 12/95 100%
264,007
Columbia Hempstead,
Commons Apts. NY 37 1,317,008 5/95 5/95 100%
1,501,605
Country Hill Cedar Rapids,
Apts.Phase II IA 92 2,200,000 8/95 6/96 100%
1,981,495
Great Pines Hurleyville,
Apts. NY 26 1,182,451 7/95 12/95 100%
- -0-
Heatheridge Barling,
Estates ** AR 17 842,800 7/95 11/95 100%
748,240
Ithaca Ithaca,
Apts. I MI 28 680,202 11/95 7/95 100%
164,008
Kimbark Longmont,
1200 Apts. CO 48 2,001,814 9/95 12/95 100%
965,530
La Pensione Sacramento,
K Apts. CA 127 2,300,126 9/95 12/96 100%
1,993,935
Mathis Mathis,
Apartments TX 32 918,230 1/95 1/95 100%
219,045
Mid City Jersey City,
Apartments NJ 58 3,102,095 9/95 6/94 100%
113,679
Orange
Grove Orange Grove,
Seniors Apts. TX 24 673,221 1/95 2/95 100%
104,728
11
Boston Capital Tax Credit Fund IV L.P. - Series
23
PROPERTY PROFILE AS OF MARCH 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ---------- Philmont Philmont,
Terrace Apts. LA 32 $1,498,768 5/95 5/95 100% $
370,750
Riverview St. Louis,
Apartments MO 42 1,255,511 8/95 12/95 100%
1,160,308
South Hills Bellevue,
Apartments NE 72 1,890,499 6/95 2/96 100%
1,686,354
St. Peters St. Peters,
Villa MO 54 1,963,524 7/95 3/96 100%
1,495,685
The Birches Old Orchard Beach,
ME 88 2,800,000 1/95 3/96 100%
520,672
Twin City Festus,
Villa MO 40 1,539,803 2/95 11/95 100%
679,176
Village Kansas City,
Woods Est. KS 45 1,688,022 5/95 12/95 100%
1,450,000
Vinsett Van Buren,
Estates ** AR 10 ** 7/95 11/95 100%
**
Woodland Roland,
Hills OK 10 324,336 7/95 6/95 100%
274,540
** Two properties which make up one Operating Partnership named
Barlee
Properties L.P. with 27 units. Entire mortgage balance and
contributions are
listed with Heatheridge Estates.
12
Boston Capital Tax Credit Fund IV L.P. - Series
24
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ---------- Autumn Ridge Shenandoah
Apartments VA 34 $1,544,348 7/96 1/97 100% $
228,356
Brooks Blue Ridge,
Summit Apts. GA 36 1,121,159 12/95 11/96 100%
223,280
Brownsville Brownsville,
Apartments TN 36 1,207,113 9/95 9/95 100%
267,091
Century
East Bismark,
Apts. IV ND 24 630,463 8/95 8/95 100%
399,962
Century Bismark,
East V Apts. ND 24 630,463 11/95 9/95 100%
399,962
Centenary
Towers St. Louis
Apts. MO 100 2,800,000 5/97 12/97 100%
638,344
Cooper's Irving,
Crossing TX 93 3,658,614 6/96 12/95 100%
678,966
Edenfield Millen,
Apartments GA 48 1,309,752 1/96 12/96 100%
314,827
Elm Street Yonkers,
Apartments NY 35 2,183,629 1/96 1/96 100%
407,601
Heritage Coolidge,
Glen Apts. AZ 28 1,139,884 4/96 4/96 100%
373,388
Hillridge Los Lunas,
Apartments NM 38 1,220,990 8/96 6/96 100%
954,007
Lake Fargo,
Apartments I ND 24 615,080 8/95 7/95 100%
399,962
Lakeway Zwolle,
Apartments LA 32 877,320 11/95 4/96 100%
110,902
Laurelwood High Point,
Park Apts. NC 100 2,417,370 2/96 10/96 100%
2,120,403
Madison Park Boston,
IV Apts. MA 143 7,772,018 5/96 3/97 97%
1,155,884
13
Boston Capital Tax Credit Fund IV L.P. - Series
24
PROPERTY PROFILE AS OF MARCH 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ---------- New Hilltop Laurens,
Apartments SC 72 $1,724,738 11/95 11/95 100% $
450,039
North Columbia,
Hampton Pl. MO 36 873,933 11/95 3/96 100%
1,002,996
Northfield Jackson,
Housing, L.P. MS 5 197,582 12/96 9/96 100%
217,266
Pahrump Pahrump,
Valley Apts. NV 32 1,402,061 7/96 7/96 100%
318,225
Park Meadow Gaylord,
Apartments MI 80 1,950,000 9/95 4/97 100%
1,728,158
Shadowcreek Overton,
Apartments NV 24 1,232,717 6/96 9/96 100%
351,320
Stanton Stanton,
Village Apts. TN 40 1,216,812 9/95 9/95 100%
279,730
Woodlands Elko,
Apartments NV 24 1,140,694 11/95 9/95 100%
269,867
Wyandotte Los Angeles,
Apartments CA 73 3,010,000 4/96 2/97 100%
952,329
14
Boston Capital Tax Credit Fund IV L.P. - Series
25
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ---------- Dogwood Athens,
Park Apts. GA 127 $2,648,460 12/95 10/96 100%
$3,538,760
Dunlap West Point,
Acres MS 50 1,173,490 9/96 4/96 100%
229,797
Century Bismark,
East II Apts. ND 24 542,553 8/96 6/96 100%
371,183
Clarke Pokamoke City,
Manor Apts. MD 30 1,227,743 2/96 4/96 100%
440,107
Hannah Ethel,
Heights Apts. MS 28 817,365 6/96 12/96 100%
305,505
Heartland
Green Horse Cave,
Cave KY 24 857,145 5/96 11/96 100%
267,177
Hurricane Hurricane,
Hills UT 49 1,312,500 9/96 4/97 100%
1,922,394
Laurelwood High Point,
Park Apts. NC 100 2,417,370 2/96 10/96 100%
946,540
Lenox Manhattan,
Ave. Apts. NY 18 416,030 10/96 9/97 100%
753,364
Madison Boston,
Park IV MA 143 7,772,018 5/96 3/97 97%
2,054,904
Main New Rochelle,
Everett Apts. NY 11 636,546 6/96 1/97 100%
782,852
Maple New Haven,
Hill CT 32 965,615 2/97 2/98 100%
163,000
Mary Ryder St. Louis,
Home MO 48 411,130 1/97 6/96 91%
1,591,573
Osborne White Plains,
Apts. NY 7 439,615 6/96 12/96 100%
522,325
15
Boston Capital Tax Credit Fund IV L.P. - Series
25
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Rose Connellsville,
Square PA 11 $ 378,904 10/96 2/97 90%*
$ 179,633
Rosewood Bladenboro,
Estates, II NC 16 682,762 9/96 12/96 100%
96,392
Sandstone Great Falls,
Village MT 48 1,255,565 11/95 8/96 100%
1,291,318
Shannon Shannon,
Rentals MS 48 1,272,218 4/96 1/97 100%
222,474
Smith Roxbury,
House MA 132 2,336,580 4/96 3/97 100%
1,008,690
Sutton Indianopolis,
Place IN 360 6,275,000 11/96 10/97 94%*
532,330
Washington Dayton,
Arms OH 93 2,156,566 2/96 2/95 100%
203,859
Wyandotte Los Angeles,
Apts. CA 73 3,454,783 4/96 2/97 100%
1,315,122
* Property was in lease-up phase as of March 31, 1998.
16
Boston Capital Tax Credit Fund IV L.P. - Series
26
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Academy West Point,
Apts. VA 32 $ 708,517 4/97 3/98 50%*
$ 237,173
Bradley
Estates Meriden,
Phase I CT 74 2,806,743 2/97 12/97 100%
550,000
Bradley
Estates Meriden,
Phase II CT 42 1,628,514 2/97 12/97 100%
395,000
Brookhaven Shrevport,
Apts. LA 35 998,223 2/97 1/97 100%
573,912
Butler Leesville,
Estates LA 10 177,250 8/96 10/96 100%
77,627
Calgory Bismark,
Apts. I ND 24 632,144 2/96 12/95 100%
414,507
Calgory Bismark,
Apts. II ND 24 592,665 2/96 12/95 100%
414,507
Calgory Bismark,
Apts. III ND 24 632,144 2/96 12/95 100%
414,507
Cameron Cameron,
Apts. LA 40 873,509 8/96 10/96 100%
475,965
Country Fargo,
Edge Apts. ND 48 1,100,000 7/97 12/97 64%*
846,735
Devonshire London,
II Apts. OH 28 793,645 1/97 12/96 100%
182,070
Devonshire W. Jefferson,
West Apts. OH 19 546,687 1/97 1/97 100%
126,983
East Park Dilworth,
II Apts. MN 24 588,906 8/96 8/96 100%
525,631
Edgewood Milledgeville,
Park Apts. GA 61 1,500,000 5/96 1/97 100%
1,477,023
17
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Edgewood
Estates Edgewood,
Apts. TX 22 $ 624,806 6/97 11/97 100%
$ 138,749
Escher Trenton,
Street SRO NJ 104 1,549,680 4/97 U/C N/A
834,377
Grandview Fargo,
Apartments ND 36 1,190,900 8/96 8/96 100%
1,069,522
Grayson Independence,
Manor VA 32 -0- 3/98 U/C N/A
- -0-
Hanover Ashland,
Apts. VA 40 773,241 11/97 U/C 50%*
256,109
Hanover
Towers Meriden,
Apts. CT 100 4,964,754 2/97 11/97 100%
860,000
Hazeltine Los Angeles,
Apts. CA 35 1,440,000 6/96 1/97 100%
1,016,298
Holly
Heights Bowling Green,
Apts. KY 30 1,381,158 5/97 8/97 100%
241,826
Lake Fargo,
Apts. IV ND 24 646,960 2/96 12/95 100%
414,507
Lake Fargo,
Apts. V ND 24 617,946 2/96 12/95 100%
414,507
Liberty
Village Liberty,
Apts. NY 32 1,624,317 1/97 5/97 100%
361,248
Little Little Valley,
Valley Est. NY 24 1,151,515 1/97 4/97 100%
143,337
Maxton Maxton,
Green Apts. NC 32 975,985 9/96 12/96 100%
258,281
Madison Miami Beach,
Apartments FL 17 424,402 3/96 6/97 100%
737,154
18
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1998
(Continued)
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Mason Mason,
Manor Apts. TN 24 $ 935,008 2/96 1/96 100%
$ 229,775
Mosby Littleton,
Forest Apts. NC 24 783,692 10/96 10/96 100%
496,753
New Hope
Bailey De Ridder,
Apts. LA 40 827,721 8/96 9/96 100%
455,212
Nordhoff North Hills,
Apts. CA 38 1,990,000 9/96 7/97 100%
1,429,401
Powell
Valley Jonesville,
Village VA 34 -0- 3/98 U/C N/A
- -0-
Southwind Jennings,
Apts. A LDHA LA 36 801,170 8/96 12/96 100%
428,742
T.R. Bobb New Iberia,
Apts. LA 30 774,011 8/96 12/96 100%
428,742
Timmons-
ville Timmonsville,
Green Apts. SC 32 1,076,823 10/96 2/97 100%
275,439
Tremont
Station Tremont,
Apartments PA 24 1,074,528 5/96 11/96 83%*
265,857
Village
Estates Victoria,
Apts. VA 32 683,570 4/97 U/C 87%*
- -0-
Village
Green Gloucester,
Apts. VA 32 1,156,838 4/97 11/97 90%*
229,902
Warrensburg Warrensburg,
Heights MO 28 1,123,881 12/96 11/96 100%
- -0-
19
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1998
(Continued)
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Westside Salem,
Apts. AR 29 $1,049,910 8/96 10/96 100%
$ 212,016
The Willows Smithville,
Apts. TX 32 823,195 5/96 5/96 100%
209,768
* Property was in lease-up phase as of March 31, 1998.
U/C=Property was under construction as of March 31,1998.
20
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
AHAB Rental
Units Springfield,
Phase II MO 17 $ 494,868 6/97 11/97 88%*
$ 531,236
Angelou
Court New York,
Apts. NY 23 420,770 10/97 U/C N/A
696,576
The Casa San Juan
Rosa PR 97 791,499 9/97 U/C N/A
887,936
Forest Glen
at Sulluy
Station
Phase II Centreville,
Atps. VA 119 6,834,653 8/96 6/97 34%*
1,339,550
Harrison
Heights Harrisonville,
Apts. MO 48 -0- 1/98 12/96 100%
- -0-
Harbor
Towers Meriden,
Apts. CT 202 12,757,355 2/97 11/97 100%
2,400,000
Holly
Heights Storm Lake,
Apts. IA 32 497,613 4/97 U/C N/A
463,320
Lake Apts. Fargo,
II ND 24 615,405 1/97 12/95 100%
396,024
Magnolia
Place Gautier,
Apts. MS 40 1,258,431 11/97 1/98 100%
600,020
Pear
Village Leitchfile,
Apts. KY 16 623,332 8/96 2/97 100%
478,822
Randolph Silver Spring,
Village MD 130 3,590,812 9/96 8/97 89%*
2,637,883
Summer
Hill Sr. Wayne,
Apts. NJ 164 6,563,518 11/96 U/C N/A
1,800,000
21
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Sunday Bowling Green,
Sun Apts. KY 30 $ 293,648 10/96 12/96 100%
$ 704,746
* Property was in lease-up phase as of March 31, 1998.
U/C=Property was under construction as of March 31,1998.
22
Boston Capital Tax Credit Fund IV L.P. - Series
28
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
1374
Boston New York,
Road L.P. NY 15 $ 583,799 2/97 6/97 100% $
375,811
Ashberry
Manor Bardstown,
Apts. KY 24 647,431 2/97 3/97 100%
550,104
Bienville Ringold,
III Apts. LA 32 965,769 2/97 2/97 100%
266,129
Blanchard Blanchard,
Apts. LA 32 917,903 7/97 7/97 100%
266,129
Bonner
Highland Bonner Springs,
Apts. KS 52 -0- 12/97 U/C N/A
- -0-
Chandler
Village Chandler,
Apts OK 32 914,896 4/97 4/98 100%
250,639
Cottonwood Cottonwood,
Apts. LA 24 740,735 7/97 7/97 100%
213,740
Cottonwood Holly Grove,
Apts. AR 24 470,899 2/97 4/97 100%
254,856
Evangeline Lake Arthur,
Apts. LA 32 978,205 11/97 1/97 100%
274,713
Fairway Marlette,
Apts. II MI 48 1,087,913 12/96 3/97 97%*
255,353
Jackson
Place Jackson,
Apts. LA 40 1,031,073 7/97 10/97 100%
737,711
Mapelwood Winnfield
Apts. LA 40 -0- 3/98 U/C N/A
695,570
Milton
Village Milton,
Apts. NY 32 1,168,944 2/97 6/97 100%
944,144
Neighborhood
Restorations West Philadelphia,
VII PA 72 -0- 3/98 2/98 100%
3,428,835
23
Boston Capital Tax Credit Fund IV L.P. - Series
28
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Park
Plaza West Memphis,
I & II AR 128 $3,083,469 12/97 11/96 100%
$ 553,954
Pin Oak Bowie,
Village MD 110 3,325,788 11/97 1/96 100%
3,179,143
Southern
Villa Russellville
Apts. KY 32 1,045,041 11/97 U/C 75%*
294,384
Randolph Silver Spring,
Village MD 130 1,275,000 12/97 8/97 89%*
- -0-
Sand Lane
Manor Henderson,
Apts. KY 24 82,224 8/97 U/C N/A
281,866
Senior
Suites of Chicago,
Chicago IL 84 219,021 12/97 U/C N/A
2,406,084
Sumner Hartford,
House CT 79 -0- 1/98 U/C N/A
1,508,361
Terraceview
Townhomes Litchfield
Apts. MN 22 807,862 7/97 10/97 100%
581,121
Tilghman Dunn,
Square NC 20 835,355 11/97 10/97 100%
307,605
Wellston
Village Wellston,
Apts. OK 14 377,493 4/97 4/98 100%
102,258
Yale
Village Yale,
Apts. OK 8 -0- 2/98 U/C 37%*
- -0-
* Property was in lease-up phase as of March 31, 1998.
U/C=Property was under construction as of March 31,1998.
24
Boston Capital Tax Credit Fund IV L.P. - Series
29
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
The
Arbor Jackson,
Park Apts. MS 160 $5,700,000 12/96 U/C 28%* $
1,979,936
The Richmond,
Arbors VA 85 -0- 7/97 U/C N/A
1,335,488
Barrington
Cove Barrington,
Apts. RI 60 1,776,900 4/97 5/97 100%
2,515,234
Bent
Tree Jacksboro,
Apts. TX 24 456,418 12/97 1/98 100%
94,604
Colonial Poplarville,
Apts. MS 16 398,788 10/97 7/97 100%
51,623
Edgewood Baker,
Apts. LA 72 -0- 3/97 U/C N/A
1,392,721
Glenbrook Saint Jo,
Apts. TX 24 526,670 12/97 3/97 100%
116,697
The
Lincoln San Diego,
Hotel CA 41 939,243 2/97 7/97 100%
565,311
The Collins,
Meadows MS 36 295,606 9/97 U/C N/A
147,166
Lutkin
Bayou Drew,
Apts. MS 36 835,786 11/97 6/97 100%
115,370
Nacogdoches
Plaza Nacodgoches,
Apts. TX 70 -0- 4/97 U/C 12%*
1,803,104
Park
Crest Sherwood,
Apts. AZ 216 -0- 2/98 U/C N/A
- -0-
Pecan
Hill Bryson,
Apts. TX 16 375,947 8/97 1/98 100%
64,331
Regency Poplarville,
Apts. MS 16 463,162 10/97 7/97 100%
61,641
25
Boston Capital Tax Credit Fund IV L.P. - Series 29
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Rhome Rhome,
Apts. TX 24 $ 530,918 12/97 2/97 100%
$ 128,441
Westfield
Apts Welsh,
Apts. II LA 40 -0- 11/97 U/C N/A
690,387
Willow
Point Jackson,
Apts. II MS 120 4,300,000 12/96 2/98 83%*
1,793,268
* Property was in lease-up phase as of March 31, 1998.
U/C=Property was under construction as of March 31,1998.
26
Boston Capital Tax Credit Fund IV L.P. - Series 30
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Byam
Village Waterbury,
Apts. CT 46 $1,503,976 2/97 2/98 100%
$ 355,000
Country
Estates Farmville,
Apts. VA 24 -0- 3/98 U/C 95%*
- -0-
Country
Estates King George,
Apts. VA 40 -0- 3/98 U/C 90%*
- -0-
Farewell
Mills Lisbon,
Apts. ME 27 210,000 8/97 U/C N/A
- -0-
Lakewood Clarksville,
Apts. VA 52 -0- 3/98 U/C 78%*
- -0-
Lone
Oak Graham,
Apts. TX 64 511,472 8/97 U/C 34%*
240,444
Mesa
Grande Carlsbad,
Apts. NM 72 -0- 2/98 U/C N/A
584,039
Nocona
Terrace Nocona,
Apts. TX 36 252,262 8/97 U/C 11%*
152,858
Parktrace Jackson,
Apts. TN 84 13,275 11/97 U/C N/A
591,216
Riverbend Swanzey,
Apts. NH 24 1,252,049 7/97 2/98 100%
127,118
Royal
Crest Bowie,
Apts. TX 48 353,006 8/97 U/C 20%*
202,014
Sunrise Homes
Apts/
Broadway
Place Hobbs,
Apts. NM 44 -0- 2/98 U/C N/A
377,893
27
Boston Capital Tax Credit Fund IV L.P. - Series 30
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Whistle
Stop Gentry,
Apts. AR 28 $ -0- 9/97 U/C N/A $
435,515
* Property was in lease-up phase as of March 31, 1998.
U/C=Property was under construction as of March 31,1998.
28
Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Bent
Tree San Angelou,
Apts. TX 112 $ 477,900 12/97 U/C N/A $
- -0-
Canton
Manor Canton,
Apts. MS 32 821,603 11/97 U/C N/A
98,336
Canton
Village Canton,
Apts. MS 42 1,144,526 11/97 U/C N/A
186,522
Eagles
Ridge Decatur,
Terrace TX 89 546,422 12/97 U/C 25%*
291,598
Elmwood Ellisville,
Apts. MS 32 681,576 12/97 U/C N/A
170,436
Giles Amelia,
Apts. VA 16 -0- 3/98 U/C 81%*
- -0-
Henderson
Terrace Bridgeport,
Apts. TX 24 185,804 11/97 U/C 29%*
77,506
Hurricane Hurricane,
Hills UT 28 -0- 9/97 U/C 35%*
2,004,672
Madison
Height Canton
Apts. MS 80 2,267,398 11/97 U/C N/A
356,411
Lakeview City of Little Elm,
Court TX 24 226,461 11/97 U/C 20%*
53,444
Mesquite Jacksboro,
Trails TX 35 146,923 11/97 U/C 28%*
124,803
Munjoy
South
Townhouse Portland,
Apts. ME 140 3,925,059 9/97 U/C N/A
706,503
Nottoway Blackstone,
Manor VA 28 -0- 3/98 U/C 64%*
- -0-
Parktowne Cleveland
Apts. TN 84 -0- 11/97 U/C N/A
3,026,788
29
Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Park
Ridge McKee,
Apts. KY 22 $ 317,785 10/97 U/C N/A $
203,078
Pilot Pilot Point,
Point Apts. VA 40 329,751 11/97 U/C 37%*
95,774
Riverbend Bedford,
Apts. ME 28 239,936 10/97 U/C N/A
1,061,775
Royal
Estates Canton,
Apts. MS 32 843,666 11/97 U/C N/A
135,825
Sencit
Hampden
Associates Mechanicsburg,
L.P. PA 48 230,000 10/97 U/C N/A
100
Silver
Creek Flat Rock
Apts. MI 112 175,000 3/98 U/C N/A
- -0-
Springs
Manor Rawls Spring,
Apts. MS 32 836,747 12/97 U/C N/A
230,087
Windsor
Park Jackson,
Apts. MS 279 7,500,000 11/97 U/C N/A
2,179,024
* Property was in lease-up phase as of March 31, 1998.
U/C=Property was under construction as of March 31,1998.
30
Boston Capital Tax Credit Fund IV L.P. - Series 32
PROPERTY PROFILE AS OF MARCH 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Carriage
Pointe Old Bridge,
Apts. NJ 18 $ -0- 1/98 1/97 88% $
- -0-
Chardonnay Oklahoma City,
Apts. OK 14 -0- 1/98 1/97 85%*
385,826
Gilette Sayreville,
Manor NJ 100 ** 1/98 1992 100%
**
Pearlwood Pearl
Apts. MS 40 -0- 2/98 U/C N/A
561,059
Woodhaven S. Brunswick,
Apts. NJ 80 ** 2/98 1995 92%
**
* Property was in lease-up phase as of March 31, 1998.
** 3 properties which make up one Operating Partnership named
FFLP Associates
LP with 194 units. Entire mortgage balance and capital
contributions paid
reported with Carriage Pointe Apartments LP.
U/C=Property was under construction as of March 31,1998.
31
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
32
PART II
-------
Item 5. Market for the Fund's Interests and Related Fund
Matters
(a) Market Information
The Fund is classified as a limited partnership and
thus has no
common stock. There is no established public trading
market for
the BACs and it is not anticipated that any public
market will
develop.
(b) Approximate number of security holders
As of March 31, 1998, the Fund has 22,997 BAC holders
for an
aggregate of 39,610,709 BACs, at a subscription price
of $10 per
BAC, received and accepted.
The BACs were issued in series. Series 20 consists of
2,444
investors holding 3,866,700 BACs, Series 21 consists of
1,201
investors holding 1,892,700 BACs, Series 22 consists of
1,722
investors holding 2,564,400 BACs, Series 23 consists of
2,165
investors holding 3,336,727 BACs, Series 24 consists of
1,328
investors holding 2,169,878 BACs, Series 25 consists of
1,802
investors holding 3,026,109 BACs, Series 26 consists of
2,412
investors holding 3,995,900 BACs, Series 27 consists of
1,387
investors holding 2,460,700 BACs, Series 28 consists of
2,118
investors holding 4,000,738 BACs, Series 29 consists of
2,313
investors holding 3,991,800 BACs, Series 30 consists of
1,361
investors holding 2,651,000 BACs, Series 31 consists of
2,112
investors holding 4,417,857 BACs, and Series 32
consists of 632
investors holding 1,236,200 BACs at March 31, 1998.
(c) Dividend history and restriction
The Fund has made no distributions of Net Cash Flow to
its BAC
Holders from its inception, October 5, 1993 through
March 31,
1998.
The Fund Agreement provides that Profits, Losses and
Credits will
be allocated each month to the holder of record of a
BAC as of the
last day of such month. Allocation of Profits, Losses
and Credits
among BAC Holders will be made in proportion to the
number of BACs
held by each BAC Holder.
Any distributions of Net Cash Flow or Liquidation, Sale
or
Refinancing Proceeds will be made within 180 days of
the end of
the annual period to which they relate. Distributions
will be
made to the holders of record of a BAC as of the last
day of each
month in the ratio which (i) the BACs held by such
Person on the
last day of the calendar month bears to (ii) the
aggregate number
of BACs outstanding on the last day of such month.
Fund allocations and distributions are described on
pages 99 to
101 of the Prospectus, as supplemented, under the
caption "Sharing
Arrangements: Profits, Credits, Losses, Net Cash Flow
and
Residuals", which is incorporated herein by reference.
33
Item 6. Selected Financial Data
The information set forth below presents selected financial
data of the
Fund. Additional detailed financial information is set forth in
the audited
financial statements listed in Item 14 hereof. Selected
financial data for
year and Periods ended March 31,
Operations 1998 1997 1996 1995
1994
- ---------- ---- ---- ---- ----
- ----
Interest
Income $ 4,007,240 $ 2,498,953 $ 1,027,956 $ 344,043
$ 8,065
Share of Loss
of Operating
Partnerships (12,821,176) (10,783,903) (5,472,852)
(884,379) -
Operating
Expenses (4,654,485) (3,283,551) (1,839,647)
(800,135) (5,561)
----------- ----------- ----------- -----------
- ----------
Net Income
(Loss) $(13,468,421)$(11,568,501)$ (6,284,543) $
(1,340,471)$ 2,504
=========== =========== =========== ===========
==========
Net Income
(Loss)
per BAC $ (.36)$ (.50)$ (.41) $
(.36)$ .01
=========== =========== =========== ===========
==========
Balance Sheet 1998 1997 1996 1995
1994
- ------------- ---- ---- ---- ----
- ----
Total Assets $386,072,953 $259,200,587 $180,061,938 $102,047,029
$10,964,208
=========== =========== =========== ===========
==========
Total
Liabilities $ 79,763,815 $ 36,568,416 $ 35,541,287 $ 25,581,723
$ 541,432
=========== =========== =========== ===========
==========
Partners'
Capital $306,309,138 $222,632,171 $144,520,651 $ 76,465,306
$10,422,776
=========== =========== =========== ===========
==========
Other Data
- ----------
Tax Credits per
BAC for the
Investors Tax Year,
the Twelve Months
Ended December 31,
1997, 1996, 1995
and 1994* $ .61 $ .52 $ .35 $ -0-
$ N/A
=========== ========== =========== ===========
==========
* Credit per BAC is a weighted average of all the Series. Since
each
Series has invested as a limited partner in different Operating
Partnerships
the Credit per BAC will vary slightly from series to series. For
more
detailed information refer to Item 7 Results of Operations.
34
Item 7. Management's Discussion 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 or on working
capital reserves
and (ii) cash distributions from operations of the Operating
Partnerships in
which the Fund has and will invest. All sources of liquidity are
available
to meet the obligations of the Fund. The Fund does not
anticipate
significant cash distributions in the long or short term from
operations of
the Operating Partnerships.
The Fund invests in short-term tax-exempt municipal bonds to
decrease
the amount of taxable interest income that flows through to it's
investors.
The Fund anticipates that the investments it purchases will be
held to
maturity, but periodically the Fund must sell investments to meet
certain
obligations. Many of the investments sold during the years ended
March 31,
1997 and 1998 were yielding coupon rates higher than market
rates. A
premature sale of these investments may have resulted in realized
losses,
but when combined with the higher coupon yields the resulting
actual yields
were consistent with market rates. In selecting investments to
purchase and
sell the general partner and it's advisors stringently monitor
the ratings
of the investments and safety of principal.
Capital Resources
- -----------------
The Fund is offering BACs in a Public Offering originally
declared
effective by the Securities and Exchange Commission on December
16, 1993. The
Fund received and accepted subscriptions for $395,942,500
representing
39,610,709 BACs from investors admitted as BAC Holders in Series
20 through 32
of the Fund. As of March 31, 1998 the Fund is continuing to
offer BACs in
Series 32.
(Series 20). The Fund commenced offering BACs in Series 20
on January
21, 1994. The Fund received and accepted subscriptions for
$38,667,000 representing 3,866,700 BACs from investors admitted
as BAC Holders in Series 20. Offers and sales of BACs in Series
20 were completed and the last of the BACs in Series 20 were
issued by the Fund on June 24, 1994.
During the fiscal year ended March 31, 1998, the Fund used
$553,877 of
Series 20 net offering proceeds to pay installments of its
capital
contributions to 6 Operating Partnerships. As of March 31, 1998
proceeds
from the offer and sale of BACs in Series 20 had been used to
invest in 24
Operating Partnerships in an aggregate amount of $28,572,584 and
the Fund had
completed payment of all installments of its capital
contributions to 21 of
the Operating Partnerships. Series 20 has $ 524,696 in capital
contributions
that remain to be paid to the other 3 Operating Partnerships.
(Series 21). The Fund commenced offering BACs in Series 21
on July 5,
1994. The Fund received and accepted subscriptions for
$18,927,000 representing 1,892,700 BACs from investors admitted
as BAC Holders in Series 21. Offers and sales of BACs in Series
21 were completed and the last of the BACs in Series 21 were
issued by the Fund on September 30, 1994.
35
During the fiscal year ended March 31, 1998, the Fund used
$30,517
of Series 21 net offering proceeds to pay installments of its
capital
contributions to 3 Operating Partnerships. As of March 31, 1998
proceeds
from the offer and sale of BACs in Series 21 had been used to
invest in 14 Operating Partnerships in an aggregate amount of
$13,872,728 and the Fund
had completed payment of all installments of its capital
contributions to 9
of the Operating Partnerships. Series 21 has $860,126 in capital
contributions that remain to be paid to the other 5 Operating
Partnerships.
(Series 22). The Fund commenced offering BACs in Series 22 on
October
12, 1994. The Fund received and accepted subscriptions for
$25,644,000 representing 2,564,400 BACs from investors admitted
as BAC Holders in Series 22. Offers and sales of BACs in Series
22 were completed and the last of the BACs in Series 22 were
issued by the Fund on December 28, 1994.
During the fiscal year ended March 31, 1998, the Fund used
$1,261,110
of Series 22 net offering proceeds to pay installments of its
capital contributions to 10 Operating Partnerships. As of March
31, 1998 proceeds from the offer and sale of BACs in Series 22
had been used to
invest in 28 Operating Partnerships in an aggregate amount of
$18,517,845
and the Fund had completed payment of all installments of its
capital
contributions to 22 of the Operating Partnerships. Series 22 has
$1,836,296
in capital contributions that remain to be paid to the other 6
Operating
Partnerships.
(Series 23). The Fund commenced offering BACs in Series 23
on January
10, 1995. The Fund received and accepted subscriptions for
$33,366,000 representing 3,336,727 BACs from investors admitted
as BAC Holders in Series 23. Offers and Sales of BACs in Series
23 were completed and the last of the BACs in Series 23 were
issued by the Fund on June 23, 1995.
During the fiscal year ended March 31, 1998, the Fund used
$1,705,632
of Series 23 net offering proceeds to pay installments of its
capital contributions to 7 Operating Partnerships. As of March
31, 1998 proceeds from the offer and sale of BACs in Series 23
had been used to invest in 22 Operating Partnerships in an
aggregate amount of $24,352,278 and the Fund had completed
payment of all installments of its capital contributions to 14 of
the Operating Partnerships. Series 23 has $2,724,109 in capital
contributions that remain to be paid to the other 8 Operating
Partnerships.
(Series 24). The Fund commenced offering BACs in Series 24
on June 9,
1995. The Fund received and accepted subscriptions for
$21,697,000 representing 2,169,878 BACs from investors admitted
as BAC Holders in Series 24. Offers and Sales of BACs in Series
24 were completed and the last of the BACs in Series 24 were
issued by the Fund on September 22, 1995.
During the fiscal year ended March 31, 1998, the Fund used
$1,377,894
of Series 24 net offering proceeds to pay initial and additional
installments of its capital contributions to 16 Operating
Partnerships. As
of March 31, 1998 proceeds from the offer and sale of BACs in
Series 24 had
been used to invest in 24 Operating Partnerships in an aggregate
amount of
$15,939,004 and the Fund had completed payment of all
installments of its
capital contributions to 12 of the Operating Partnerships.
Series 24 has
$1,518,325 in capital contributions that remain to be paid to the
other 12
Operating Partnerships.
36
(Series 25). The Fund commenced offering BACs in Series 25
on September
30, 1995. The Fund received and accepted subscriptions for
$30,248,000 representing 3,026,109 BACs from investors admitted
as BAC Holders in Series 25. Offers and Sales of BACs in Series
25 were completed and the last of the BACs in Series 25 were
issued by the Fund on December 29, 1995.
During the fiscal year ended March 31, 1998, the Fund used
$1,996,981
of Series 25 net offering proceeds to pay installments of its
capital contributions to 14 Operating Partnerships. As of March
31, 1998 proceeds from the offer and sale of BACs in Series 25
had been used to invest in 22 Operating Partnerships in an
aggregate amount of $22,449,722 and the Fund had completed
payment of all installments of its capital contributions to 6 of
the Operating Partnerships. Series 25 has $3,396,767 in capital
contributions that remain to be paid to the other 16 Operating
Partnerships.
(Series 26). The Fund commenced offering BACs in Series 26
on January
18, 1996. The Fund received and accepted $39,959,000
representing 3,995,000 BACs from investors admitted as BAC
Holders in Series 26. Offers and sales of BACs in Series 26 were
completed and the last of the BACS in Series 26 were issued by
the Fund on June 14, 1996.
During the fiscal year ended March 31, 1998, the Fund used
$5,715,139
of Series 26 net offering proceeds to pay initial and additional
installments of its capital contributions to 29 Operating
Partnerships. As
of March 31, 1998 proceeds from the offer and sale of BACs in
Series 26 had
been used to invest in 42 Operating Partnerships in an aggregate
amount of
$27,755,832 and the Fund had completed payment of all
installments of its
capital contributions to 11 of the Operating Partnerships.
Series 26 has
$9,269,613 in capital contributions that remain to be paid to the
other 31
Operating Partnerships.
(Series 27). The Fund commenced offering BACs in Series 27
on June 17,
1996. The Fund received and accepted $24,607,000 representing
2,460,700 BACs from investors admitted as BAC Holders in Series
27. Offers and sales of BACs in Series 27 were completed and the
last of the BACS in Series 27 were issued by the Fund on
September 27, 1996.
During the fiscal year ended March 31, 1998, the Fund used
$4,713,523
of Series 27 net offering proceeds to pay initial and additional
installments of its capital contributions to 12 Operating
Partnerships. As
of March 31, 1998 proceeds from the offer and sale of BACs in
Series 27 had
been used to invest in 13 Operating Partnerships in an aggregate
amount of
$16,548,629 and the Fund had completed payment of all
installments of its
capital contributions to one of the Operating Partnerships.
Series 27 has
$3,524,022 in capital contributions that remain to be paid to the
other 12 Operating Partnerships.
(Series 28). The Fund commenced offering BACs in Series 28
on September
30, 1996. The Fund received and accepted $39,999,000
representing 4,000,738 BACs from investors admitted as BAC
Holders in Series 28. Offers and sales of BACs in Series 28 were
completed and the last of the BACS in Series 28 were issued by
the Fund on January 31, 1997.
37
During the fiscal year ended March 31, 1998, the Fund used
$16,095,025
of Series 28 net offering proceeds to pay initial and additional
installments
of its capital contributions to 21 Operating Partnerships. As of
March 31, 1998 proceeds from the offer and sale of BACs in Series
28 had been used to
invest in 25 Operating Partnerships in an aggregate amount of
$24,959,483 and the Fund had completed payment of all
installments of its capital contributions to 3 of the Operating
Partnerships. Series 28 has $7,185,987 in capital contributions
that remain to be paid to the other 22 Operating
Partnerships.
(Series 29). The Fund commenced offering BACs in Series 29
on February
10, 1997. The Fund received and accepted $10,135,000
representing 3,991,800 BACs from investors admitted as BAC
Holders in Series 29. Offer and sales of BACs in Series 29 were
completed on June 20, 1997.
During the fiscal year ended March 31, 1998, the Fund used
$8,746,483
of Series 29 net offering proceeds to pay initial and additional
installments
of its capital contributions to 16 Operating Partnerships. As of
March 31,
1998 proceeds from the offer and sale of BACs in Series 29 had
been used to
invest in 17 Operating Partnerships in an aggregate amount of
$22,222,236 and
the Fund had not completed payment of all installments of its
capital
contributions to any of the Operating Partnerships. Series 29
has $9,330,218
in capital contributions that remain to be paid to the 17
Operating
Partnerships.
(Series 30). The Fund commenced offering BACs in Series 30 on
June 23,
1997. The Fund received and accepted $26,490,750 representing
2,651,000 BACs from investors admitted as BAC Holders in Series
30. Offer and sales of BACs in Series 30 were completed on
September 10, 1997.
During the fiscal year ended March 31, 1998, the Fund used
$2,201,978
of Series 30 net offering proceeds to pay initial and additional
installments
of its capital contributions to 9 Operating Partnerships. As of
March 31,
1998 proceeds from the offer and sale of BACs in Series 30 had
been used to
invest in 13 Operating Partnerships in an aggregate amount of
$12,787,385 and
the Fund had not completed payment of all installments of its
capital
contributions to any of the Operating Partnerships. Series 30
has $9,721,288
in capital contributions that remain to be paid to the 13
Operating
Partnerships.
(Series 31). The Fund commenced offering BACs in Series 31
on September
11, 1997. The Fund had received and accepted $44,057,750
representing 4,417,857 BACs from investors admitted as BAC
Holders in Series 31. Offer and sales of BACs in Series 31 were
completed on January 18, 1998.
During the fiscal year ended March 31, 1998, the Fund used
$10,228,698
of Series 31 net offering proceeds to pay initial and additional
installments
of its capital contributions to 18 Operating Partnerships. As of
March 31,
1998 proceeds from the offer and sale of BACs in Series 31 had
been used to invest in 22 Operating Partnerships in an aggregate
amount of $25,427,984 and
the Fund had not completed payment of all installments of its
capital
contributions to any of the Operating Partnerships. Series 31
has $14,425,302
in capital contributions that remain to be paid to the 22
Operating
Partnerships.
38
(Series 32). The Fund commenced offering BACs in Series 32
on January
19, 1998. As of March 31, 1998, the Fund had received and
accepted
$12,362,000 representing 1,236,200 BACs from investors admitted
as BAC Holders
in Series 32. As of March 31, 1998 the Fund is continuing to
offer BACs in
Series 32.
During the fiscal year ended March 31, 1998, the Fund used
$946,885
of Series 32 net offering proceeds to pay initial and additional
installments
of its capital contributions to 2 Operating Partnerships. As of
March 31,
1998 proceeds from the offer and sale of BACs in Series 32 had
been used to
invest in 3 Operating Partnerships in an aggregate amount of
$7,493,801 and
the Fund had not completed payment of all installments of its
capital
contributions to any of the Operating Partnerships. Series 32
has $6,546,916
in capital contributions that remain to be paid to the 3
Operating
Partnerships.
Results of Operations
- ---------------------
The Fund incurs a fund management fee to the General Partner
and/or
its affiliates in an amount equal to 0.5% of the aggregate cost
of the
Apartment Complexes owned by the Operating Partnerships, less the
amount of
certain partnership management and reporting fees paid by the
Operating
Partnership. The annual fund management fee incurred for the
fiscal years
ended March 31, 1998 and 1997 was $2,454,590 and $1,747,642,
respectively.
The amount is anticipated to increase in subsequent fiscal years
as additional
Operating Partnerships are acquired.
The Fund's investment objectives do not include receipt of
significant
cash flow 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 March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 100% and 99.9%, respectively. The
series had a
total of 24 Operating Partnerships at March 31, 1998, all of
which were at 100% qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the
series, in total,
generated $2,743,341 and $2,543,951, respectively in passive
income tax losses that were passed through to the investors and
also provided $1.33 and $.829, respectively, in tax credits per
BAC to the investors.
As of March 31, 1998 and 1997 the Investments in Operating
Partnerships
for Series 20 was $23,307,328 and $25,829,683, respectively. The
decrease is
a result of the way the Fund accounts for such investments, the
equity method. By using the equity method the Fund adjusts its
investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued.
For the years ended March 31, 1998 and 1997, the net loss of
the series
was $2,844,245 and $3,320,223, respectively. The major
components of these
amounts are the Fund's share of losses from Operating
Partnerships and the
fund management fee. It is anticipated that the net loss will
begin to stabilize in future years as the Operating Partnerships
stabilize operations.
39
During 1996, the Operating General Partner of Breeze Cove
Limited Partnership (Breeze Cove Apartments) experienced
financial difficulties. Shortly thereafter, the Operating
General Partner and its affiliated management company were
replaced. The new management company has steadily improved
occupancies throughout 1997 and 1998. It currently stands at
99%. Operations are anticipated to improve in 1998 due to high
occupancies and management's plans to refinance by year-end.
The Operating General Partner of East Douglas Apartments
Limited Partnership (East Douglas Apartments) failed to meet his
partnership obligations. As a result, the Operating General
Partner and its related management agent were replaced in April,
1998. The new management company is focusing on improving the
property's physical occupancy and operations. It is also
anticipated that the mortgage will be refinanced by year-end.
In August 1996 the General Partner was notified that
Virginia Avenue Affordable Limited Partnership (Kristine
Apartments) was named as defendant in a land encroachment
complaint. Initial efforts to settle the complaint were
unsuccessful, but recently the parties reached a tentative
settlement agreement by which the operating partnership would
receive an appropriate quit claim deed and other title related
documents confirming the partnership's interest in the disputed
property.
(Series 21). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 93.6% and 86.0%, respectively. The
series had a
total of 14 properties at March 31, 1998. Out of the total, 8
were at 100%
qualified occupancy and 1 was in initial lease-up.
For the tax years ended December 31, 1997 and 1996, the
series, in total,
generated $1,282,891 and $1,273,18, respectively, in passive
income tax losses
that were passed through to the investors and also provided $1.13
and $.906, respectively, in tax credits per BAC to the investors.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 21 was $9,560,326 and $11,515,577, respectively. The
decrease is
a result of the way the Fund accounts for such investments, the
equity method. By using the equity method the Fund adjusts its
investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued.
For the years ended March 31, 1998 and 1997, the net loss of
the series
was $2,098,068 and $2,361,437, respectively. The major
components of these
amounts are the Fund's share of losses from Operating
Partnerships, and the
fund management fee. It is anticipated that the net loss begin to
stabilize in future years as the Operating Partnerships lease-up
and stabilize operations.
(Series 22). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 100% and 97.3%, respectively. The
series had
total of 28 properties at March 31, 1998, all or which were at
100% qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the
series, in total,
generated $1,646,323 and $1,779,026, respectively, in passive
income tax losses that were passed through to the investors and
also provided $1.19 and $.897, respectively, in tax credit per
BAC to the investors.
40
As of March 31, 1998 and 1997 the Investments in Operating
Partnerships
for Series 22 was $16,104,712 and $17,576,959, respectively. The
decrease is
primarily a result of the way the Fund accounts for such
investments, the
equity method. By using the equity method the Fund adjusts its
investment
cost for its share of each Operating Partnership's results of
operations and
for any distributions received or accrued.
For the years ended March 31, 1998 and 1997, the net loss of
the series
was $1,654,264 and $2,058,842, respectively. The major
components of these
amounts are the Fund's share of losses from Operating
Partnerships and the
fund management fee. It is anticipated that the net loss will
fluctuate until the series finishes acquiring Operating
Partnerships and the new Operating Partnerships complete
construction, lease-up, and stabilize operations.
(Series 23). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 100% and 96.7%, respectively. The
series had a
total of 22 properties at March 31, 1998, all of which were at
100%
qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the
series, in total, generated $2,328,388 and $2,293,323,
respectively, in passive income tax losses that were passed
through to investors and also provided $1.29 and .897,
respectively in tax credits per BAC to the investors.
As of March 31, 1998 and 1997 the Investments in Operating
Partnerships
for Series 23 was $23,271,914 and $25,009,648, respectively.
The decrease
is a result of the way the Fund accounts for such investments,
the equity
method. By using the equity method the Fund adjusts its
investment cost for
its share of each Operating Partnership's results of operations
and for any
distributions received or accrued.
For the years ended March 31, 1998 and 1997 the net loss of
the series
was $1,927,661 and $1,996,916, respectively. The major
components of these
amounts are the Fund's share of losses from Operating
Partnerships and the fund management fee.
(Series 24). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 99.9% and 91.3%, respectively. The
series had a
total of 24 properties at March 31, 1998. Out of the total, 23
were at 100% qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the
series, in total, generated $1,556,521 and $1,048,795,
respectively, in passive income tax losses that were passed
through to investors and also provided $1.12 and $.503,
respectively in tax credits per BAC to the investors.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 24 was $15,422,126 and $15,915,977, respectively. The
decrease is
a result of the way the Fund accounts for such investments, the
equity
method. By using the equity method the Fund adjusts its
investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued. Investments in Operating Partnerships was also affected
by the acquisition of one additional Operating Partnership.
41
For the years ended March 31, 1998 and 1997 the net loss of
the Series was $1,575,358 and $928,613, respectively. The major
components of these amounts are the Fund's share of losses from
Operating Partnerships and the fund management fee. It is
anticipated that the net loss will continue to fluctuate in
future years until the series finishes acquiring Operating
Partnerships, construction is completed on the Operating
Partnerships, and they become fully leased-up and stabilize
operations.
In the current fiscal year the Investment General Partner
became aware of the Operating General Partner's intention to not
completely fund construction costs of SG Wyandotte L.P.
(Wyandotte Apartments). As a result, the Operating General
Partner was removed in August 1997. The new Operating General
Partner is currently working with a local construction consultant
to complete the final payments of the subcontractors. During the
first quarter 1997 construction was completed, and the property
reached 100% qualified occupancy by December 1997. The new
Operating General Partner is currently working with the Opearting
Partnership's mortgage lender to convert to permanent loan status
by the end of the year.
(Series 25). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 98.7% and 81.4%, respectively. The
series had a
total of 22 properties at March 31, 1998. Out of the total, 18
were at 100%
qualified occupancy and 2 were in initial lease-up.
For the tax year ended December 31, 1997 and 1996, the
series, in total, generated $2,174,096 and $449,199, respectively
in passive income tax losses that were passed through to
investors and also provided 1.08 and $.134 in tax credits per BAC
to the investors.
As of March 31, 1998 and 1997 the Investments in Operating
Partnerships for Series 25 was $22,681,362 and $24,266,974,
respectively. The decrease is a result of the way the Fund
accounts for such investments, the equity method. By using the
equity method the Fund adjusts its investment cost for its share
of each Operating Partnership's results of operations and for any
distributions received or accrued.
For the year ended March 31, 1998 and March 31, 1997 the net
loss of the series was $1,793,365 and $760,670, respectively.
The major components of these amounts are the Fund's share of
losses from Operating Partnerships, the fund management fee and
interest income earned on Offering proceeds to be used for
acquisitions and working capital reserves that have yet to be
expended. It is anticipated that the net loss will continue to
fluctuate in future years until the series finishes acquiring
Operating Partnerships, construction is completed on the
Operating Partnerships and they become fully leased-up and
stabilize operations.
In the current fiscal year the Investment General Partner
became aware of the Operating General Partner's intention to not
completely fund construction costs of SG Wyandotte L.P.
(Wyandotte Apartments). As a result, the Operating General
Partner was removed in August 1997. The new Operating General
Partner is currently working with a local construction consultant
to complete the final payments of the subcontractors. During the
first quarter 1997
42
construction was completed, and the property reached 100%
qualified occupancy by December 1997. The new Operating General
Partner is currently working with the Opearting Partnership's
mortgage lender to convert to permanent loan status by the end of
the year.
(Series 26). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 95.5% and 87.7%, respectively. The
series had a
total of 42 properties at March 31, 1998. Out of the total, 33
were at 100%
qualified occupancy and 4 were in initial lease-up. The series
also had 3 properties that were under construction, and 2
properties with multiple buildings, some of which were under
construction and some of which were in initial lease-up at March
31, 1998.
For the tax years ended December 31, 1997 and 1996, the
series, in total, generated $1,535,837 and $752,999,
respectively, in passive income tax losses that were passed
through to investors. The series also provided tax credits to
the investors of .590 for 1997 and from $.163 to .256 for 1996
depending on the investors' date of admission.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 26 was $29,729,194 and $21,613,713, respectively. The
increase is a result of the Fund acquiring 9 additional interests
in Operating
Partnerships, and costs capitalized to the investment account
which were
incurred by the Fund in acquiring the Operating Partnerships.
Investments in
Operating Partnerships was also affected by the way the Fund
accounts for such
investments, the equity method. By using the equity method the
Fund adjusts
its investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued.
For the years ended March 31, 1998 and 1997 the net loss of
the series was $1,016,127 and $209,997, respectively. The major
components of these amounts are the Fund's share of losses from
Operating Partnerships, the fund management fee and interest
income earned on Offering proceeds to be used for acquisitions
and working capital reserves that have yet to be expended. It is
anticipated that the net loss will continue to fluctuate in
future years until the series finishes acquiring Operating
Partnerships, construction is completed on the Operating
Partnerships and they become fully leased-up and stabilize
operations.
In the current fiscal year the Investment General Partner
became aware of the Operating General Partner's intention to not
completely fund construction costs of SG Hazeltine Limited
Partnership (Hazeltine Apartments). As a result, the Operating
General Partner was removed in August 1997. The new Operating
General Partner is currently working with a local construction
consultant to complete the final payments of the subcontractors.
During the first quarter 1997 construction was completed and the
property reached 100% qualified occupancy by December 1997. The
new Operating General Partner is currently working with the
Opearting Partnership's mortgage lender to convert to permanent
loan status by the end of the year.
(Series 27). As of March 31, 1998 and 1997 the average
Qualified Occupancy for the series was 90.1% and 100%,
respectively. The series had a total of 13 properties at March
31, 1998. Out of the total, 6 were at 100% qualified occupancy
and 3 were in initial lease-up. The series also had 4 properties
that were still under construction as of March 31, 1998.
43
For the tax years ended December 31, 1997 and 1996, the series,
in total, generated $748,300 and $176,089, respectively, in
passive income tax losses that were passed through to investors.
The series also provided tax credits to the investors of .201 for
1997 and from $.060 to .090 for 1996 depending on the investors'
date of admission.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 27 was $18,158,317 and $13,365,524, respectively. The
increase is a result of the Fund acquiring 6 additional interests
in Operating Partnerships and costs capitalized to the investment
account which were incurred by the Fund in acquiring the
Operating Partnerships. Investments in Operating Partnerships
was also affected by the way the Fund accounts for such
investments, the equity method. By using the equity method the
Fund adjusts its investment cost for its share of each Operating
Partnership's results of operations and for any distributions
received or accrued.
For the year ended March 31, 1998 and for the period ended
March 31, 1997 the net loss of the Series was $787,105 and
$24,327, respectively. The major components of these amounts are
the Fund's share of losses from Operating Partnerships, the fund
management fee and interest income earned on Offering proceeds to
be used for acquisitions and working capital reserves that have
yet to be expended. It is anticipated that the net loss will
fluctuate in the future years until the series finishes acquiring
Operating Partnerships, construction is completed on the
Operating Partnerships, and they become fully leased-up and
stabilize operations.
(Series 28). As of March 31, 1998 and 1997, the average
Qualified Occupancy for the series was 94.9% and 98.5%,
respectively. The series had a total of 25 properties at March
31, 1998. Out of the total, 16 were at 100% qualified occupancy
and 2 were in initial lease-up . The series also had 5 properties
that were still under construction, and 2 properties with
multiple buildings some of which were under construction and some
of which were in lease-up at March 31, 1998.
For the tax year ended December 31, 1997 the series, in
total, generated $483,903 in passive income tax losses that were
passed through to investors and also provided $.066 in tax credit
per BAC. For the tax year ended December 31, 1996 the series, in
total generated $15,796 in passive income but did not generate
any tax credits to pass through to the investors.
As of March 31, 1998 and 1997 the Investments in Operating
Partnerships
for Series 28 was $28,144,829 and $3,387,008, respectively. The
increase is a result of the Fund acquiring 20 additional
investments in Operating Partnerships, and costs capitalized to
the investment account which were incurred by the Fund in
acquiring the Operating Partnerships. Investments in Operating
Partnerships was also affected by the way the Fund accounts for
such investments, the equity method. By using the equity method
the Fund adjusts its investment cost for its share of each
Operating Partnership's results of operations and for any
distributions received or accrued.
For the year ended March 31, 1998 and for the period ended
March 31, 1997 the net income of the series was $264,071 and
$91,590, respectively. The major components of these amounts are
the Fund's share of losses from Operating Partnerships, the fund
management fee, general and administrative expenses and interest
income earned on Offering proceeds to be used for acquisitions
and working capital reserves that have yet to be expended.
44
It is anticipated that operations will continue to fluctuate in
future years until the series finishes acquiring Operating
Partnerships, construction is completed on the Operating
Partnerships and they become fully leased-up and stabilize
operations.
(Series 29). As of March 31, 1998 and March 31, 1997, the
average Qualified Occupancy for the series was 85.3% and 0%,
respectively. The series had a total of 17 properties at March
31, 1998. Out of the total, 9 were at 100% qualified occupancy
and 1 was in initial lease-up. The series also had 5 properties
that were still under construction, and 2 properties with
multiple buildings some of which were under construction and some
of which were in lease-up at March 31, 1998.
For the tax year ended December 31, 1997 the series, in
total, generated $393,806 in passive income tax losses that were
passed through to investors.
The series also provided tax credits to the investors, below is a
summary of
tax credits per BAC by month of admission.
February $.241
March $.220
April $.198
May $.176
June $.154
The series had not admitted any investors as of December 31,
1996, therefore, it has no comparative information to report.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 29 was $24,760,987 and $6,100,572, respectively. The
increase is a result of the Fund acquiring 14 additional
interests in Operating Partnerships, and costs capitalized to the
investment account which were incurred by the Fund in acquiring
the Operating Partnerships. Investments in Operating
Partnerships, was also affected by the way the Fund accounts for
such investments, the equity method. By using the equity method
the Fund adjusts its investment cost for its share of each
Operating Partnership's results of operations and for any
distributions received or accrued.
For the year ended March 31, 1998 and for the period ended
March 31, 1997 the net (loss) income of the series was $(276,745)
and $934, respectively. The major components of these amounts
are the Fund's share of losses from Operating Partnerships, the
fund management fee, general and administrative expenses and
interest income earned on Offering proceeds to be used for
acquisitions and working capital reserves that have yet to be
expended. It is anticipated that the net loss will fluctuate in
future years until the series finishes acquiring Operating
Partnerships, construction is completed on the Operating
Partnerships, they become fully leased-up, and stabilize
operations.
(Series 30). As of March 31, 1998 the average Qualified
Occupancy for the
series was 66.0%. The series had a total of 13 properties at
March 31, 1998.
Out of the total, 2 were at 100% qualified occupancy. The series
also had 5 properties that were still under construction, and 6
properties with multiple buildings some of which were under
construction and some of which were in lease-up at March 31,
1998.
45
For the tax year ended December 31, 1997, the series, in
total, generated
$42,545 in passive income tax losses that were passed through to
investors.
The series also provided tax credits to the investors, below is a
summary of
tax credit per BAC by month of admission.
July $.016
August $.013
September $.011
As of March 31, 1998, the Investments in Operating
Partnerships
for Series 30 was $14,400,077. The amount is a result of the
Fund acquiring
13 interests in Operating Partnerships and costs capitalized to
the
investment account which were incurred by the Fund in acquiring
the Operating
Partnerships. Investments in Operating Partnerships was also
affected by the
way the Fund accounts for such investments, the equity method.
By using the
equity method the Fund adjusts its investment cost for its share
of each
Operating Partnership's results of operations and for any
distributions
received or accrued.
For the period ended March 31, 1998 the net income of the
Series was
$331,331. The major components of this amount are the Fund's
share of income
from Operating Partnerships, general and administrative expenses
and interest income earned on Offering proceeds to be used for
acquisitions and working capital reserves that have yet to be
expended. It is anticipated that the operations will fluctuate
in future years until the series finishes acquiring Operating
Partnerships, construction is completed on the Operating
Partnerships, and they become fully leased-up and stabilize
operations.
Since Series 30 did not commence operations until after
March 31, 1997,
it does not have any comparative information to report.
(Series 31). As of March 31, 1998, the average Qualified
Occupancy for
the series was 39.9%. The series had a total of 22 properties at
March 31,
1998 of which 14 were still under construction, and 6 had
multiple buildings some of which were under construction and some
of which were in lease-up.
For the tax year ended December 31, 1996, the series, in
total, generated
$140,296 in passive income losses to pass through to the
investors and also provided .010 in tax credits per BAC. The
series had not admitted any investors as of December 31, 1996,
therefore, it has no comparative information to report.
As of March 31, 1998 Investments in Operating Partnerships
for Series 31 was $29,042,410. The amount is a result of the
Fund acquiring
22 interests in Operating Partnerships, and costs capitalized to
the
investment account which were incurred by the Fund in acquiring
the Operating
Partnerships. Investments in Operating Partnerships was also
affected by the
way the Fund accounts for such investments, the equity method.
By using the
equity method the Fund adjusts its investment cost for its share
of each
Operating Partnership's results of operations and for any
distributions
received or accrued.
46
For the period ended March 31, 1998 the net loss of the
series was
$69,689. The major components of this amount are general and
administrative expenses and interest income earned on Offering
proceeds to be used for acquisitions and working capital reserves
that have yet to be expended. It is anticipated that the net
loss will fluctuate in future years until the series finishes
acquiring Operating Partnerships, construction is completed on
the Operating Partnerships and they become fully leased-up and
stabilize operations.
Since Series 31 did not commence operations until after
March 31, 1997,
it does not have any comparative information to report.
(Series 32). As of March 31, 1998, the average Qualified
Occupancy for
the series was 91.3%. The series had a total of 3 properties at
March 31,
1998, 1 of which was in active lease-up and 1 of which were still
under construction.
The series had not admitted any investors as of December 31,
1997,
therefore, it had no passive income tax losses or tax credits to
pass through
to investors for the tax year ended December 31, 1997.
As of March 31, 1998, the Investments in Operating
Partnerships
for Series 32 was $8,571,676. The amount is a result of the Fund
acquiring
3 interests in Operating Partnerships, and costs capitalized to
the
investment account which were incurred by the Fund in acquiring
the
Operating Partnerships. In the future, Investments in Operating
Partnerships, will also be affected by the way the Fund accounts
for such
investments, the equity method. By using the equity method the
Fund adjusts
its investment cost for its share of each Operating Partnership's
results of
operations and for any distributions received or accrued.
For the period ended March 31, 1998 the net loss of the
series was
$21,196. The major component of this amount is general and
administrative
expenses. It is anticipated that the net loss will fluctuate in
future years until the series finishes acquiring Operating
Partnerships, construction is completed on the Operating
Partnerships, they become fully leased-up, and stabilize
operations.
Since the Series did not commence operations until after
March 31, 1997,
it does not have any comparative information to report.
Recent Accounting Statements Not Yet Adopted
- --------------------------------------------
On March 31, 1997, the fund adopted Statement of Financial
Accounting Standards ("SFAS") No. 128, "Earnings per Share" and
SFAS No. 129, "Disclosure of Information about Capital
Structure." SFAS No. 128 provides accounting and reporting
standards for the amount of earnings per share. SFAS No. 129
requires the disclosure in summary form within the financial
statements of pertinent rights and privileges of the various
securities outstanding. The implementation of these standards
has not materially affected the partnership's financial
statements.
In June 1997, the Financial Accounting Standards Board issued
SFAS No. 130, "Reporting Comprehensive Income" and SFAS No. 131,
"Disclosures about Segments of an Enterprise and Related
Information." In February 1998, the Financial Accounting
Standards Board issued SFAS No. 132, "Employees' Disclosures
about
47
Pensions and Other Post-retirement Benefits." SFAS No. 130 is
effective for years beginning after December 15, 1997. SFAS No.
131 and No. 132 are effective for years beginning after December
31, 1997 and early adoption is encouraged.
The fund does not have any items of other comprehensive
income, does not have other segments of its business or when to
report, and does not have any pensions or other post-retirement
benefits. Consequently, these pronouncements are expected to
have no effect on the fund's financial statements.
Boston Capital and its management have reviewed the
potential computer problems that may arise from the century date
change known as the "Year 2000"or "Y2K" problem. We are
currently in the process of taking the necessary precautions to
minimize any disruptions. The majority of Boston Capital's
systems are "Y2K" compliant. For all remaining systems we have
contacted the vendors to provide us with the necessary upgrades
and replacements. Boston Capital is committed to ensuring that
the "Y2K" issue will have no impact on our investors.
Item 8. Financial Statements and Supplementary Data
The information required by this item is contained in Part
IV, Item 14
of this Annual Report on Form 10-K.
Item 9. Changes in and Disagreements with Accountants on
Accounting and
Financial Disclosure
None.
48
PART III
--------
Item 10. Directors and Executive Officers of the Fund
(a), (b), (c), (d) and (e)
The Fund has no directors or executives officers of its own.
The
following biographical information is presented for the partners
of the
General Partners and affiliates of those partners (including
Boston Capital
Partners, Inc. ("Boston Capital")) with principal responsibility
for the
Fund's affairs.
Herbert F. Collins, age 68, is co-founder and Chairman of
the Board of Boston Capital Corporation. Nominated by President
Clinton and confirmed by the United States Senate, Mr. Collins
served as the Republican private sector member of the Thrift
Depositor Protection Oversight Board. During 1990 and 1991 he
served as Chairman of the Board of Directors for the Federal Home
Loan Bank of Boston, a 314-member, $12 billion central bank in
New England. Mr. Collins is the co-founder and past President of
the Coalition for Rural Housing and Development. In the 1980s he
served as Chairman of the Massachusetts Housing Policy Commission
to evaluate current programs and recommend future housing policy.
Additionally, he served as a member of the Board of Directors of
the Metropolitan Boston Housing Partnership and on the Mitchell-
Danforth Task Force, which helped structure the 1990 federal Tax
Credit legislation. Mr. Collins also is a past Member of the
Board of Directors of the National Leased Housing Association and
has served as a member of the U. S. Conference of Mayors Task
Force on "HUD and the cities: 1995 and Beyond." Mr. Collins also
was a member of the Fannie Mae Housing Impact Advisory Council
and the Republican Housing Opportunity Caucus. He is Chairman of
the Business Advisory Council and a member of the National
Council of State Housing Agencies Tax Credit Commission. Mr.
Collins graduated from Harvard College. President Bush appointed
him to the President's Advisory Committee on the Arts at the John
F. Kennedy Center for the Performing Arts. He is a leader in the
civic community, serving on the Boards of Youthbuild Boston, the
Pine Inn and I Have a Dream Foundation.
John P. Manning, age 50, is co-founder, President and Chief
Executive Officer of Boston Capital Partners, Inc., where he is
responsible for strategic planning, business development and
corporate investor relations. In addition to his
responsibilities at Boston Capital, Mr. Manning is a proactive
leader in the industry. He served in 1990 as a member of the
Mitchell-Danforth Task Force, to review and reform the Low Income
Housing Tax Credit. He was the founding President of the
Affordable Housing Tax Credit Coalition, is a member of the board
of the National Leased Housing Association and sits on the
Advisory Board of the publication Housing and Development
Reporter. During the 1980s he served as a member of the
Massachusetts Housing Policy Committee, as an appointee of the
Governor of Massachusetts. In addition, Mr. Manning has
testified before the U.S. House Ways and Means Committee and the
U.S. Senate Finance Committee, on the critical role of the
private sector in the success of the Low Income Housing Tax
Credit Program.
In 1996, President Clinton appointed him to the President's
Advisory Committee
on the Arts at the John F. Kennedy Center for the Performing
Arts. Mr. Manning also is a leader in the civic community,
serving on the Boards of
Youthbuild Boston and the Pine Street Inn. Mr. Manning is a
graduate of Boston College.
49
Richard J. DeAgazio, age 53, is Executive Vice President of
Boston Capital Partners, Inc., and is President of Boston Capital
Services, Inc. Mr. DeAgazio serves on the national Board of
Governors of the National Association of Securities Dealers
(NASD), was the Vice Chairman of the NASD's District 11
Committee, and serves on the NASD's national Business Conduct
Committee, the State Liaison Committee and the Direct
Participation Program Committee. He is a founder and past
President of the National Real Estate Investment Association,
past President of the Real Estate Securities and Syndication
Institute (Massachusetts Chapter) and the Real Estate Investment
Association. Prior to joining Boston Capital in 1981, Mr.
DeAgazio was the Senior Vice President and Director of the
Brokerage Division of Dresdner Securities (USA), Inc., an
international investment banking firm owned by four major
European banks, and was a Vice President of Burgess &
Leith/Advest. He has been a member of the Boston Stock Exchange
since 1967. He is a leader in the community and serves on the
Business Leaders Council of the Boston Symphony, Board of
Advisors for the Ron Burton Training Village and is on the Board
of Corporators of Northeastern University. He graduated from
Northeastern University.
Christopher W. Collins, age 43, is an Executive Vice
President and a principal of Boston Capital Partners, Inc., and
is responsible for, among other areas, overseeing the investment
portfolio of funds sponsored by Boston Capital and the
acquisition of real estate investments on behalf of such funds.
Mr. Collins has had extensive experience in real estate
development activities, having founded and directed the American
Development Group, a comprehensive real estate development firm,
and has also had extensive experience in the area of acquiring
real estate investments. He is on the Board of Directors of the
National Multi-Housing Council and a member of the Massachusetts
Housing Finance Agency Multi-Family Advisory Committee. He
graduated from the University of New Hampshire.
Anthony A. Nickas, age 37, is Chief Financial Officer of
Boston Capital Partners, Inc., and serves on the firm's Operating
Committee. He has twelve years of experience in the accounting
and finance field and has supervised the financial aspects of
Boston Capital's project development and property management
affiliates. Prior to joining Boston Capital in 1987, he was
Assistant Director of Accounting and Financial Reporting for the
Yankee Companies, Inc., and was an Audit Supervisor for Wolf &
Company of Massachusetts, P.C., a regional certified public
accounting firm based in Boston. He graduated with honors from
Norwich University.
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
None.
50
Item 11. Executive Compensation
(a), (b), (c), (d) and (e)
The Fund has no officers or directors. However, under the
terms of the
Amended and Restated Agreement and Certificate of Limited
Partnership of the
Fund, the Fund has paid or accrued obligations to the General
Partner and
its affiliates for the following fees during the 1998 fiscal
year:
1. An annual fund management fee based on .5 percent of the
aggregate
cost of all Apartment Complexes acquired by the Operating
Partnerships has
been accrued or paid to Boston Capital Asset Management Limited
Partnership.
The annual fund management fees charged to operations for the
year ended March
31, 1998 was $2,454,590.
2. The Fund has reimbursed an affiliate of the General
Partner a total
of $318,316 for amounts charged to operations during the year
ended March 31,
1998. The reimbursement includes, but may not be limited to
postage,
printing, travel, and overhead allocations.
3. The Fund has reimbursed affiliates of the General
Partner a total
of $330,066 for amounts charged to syndication during the year
ended March
31, 1998. The reimbursement includes, but may not be limited to
postage,
printing, travel, and overhead allocations.
4. The General Partner has the right to charge acquisition
fees and
expenses in connection with the purchase of Operating Partnership
interests.
During the 1998 fiscal year, the Fund accrued or paid $9,578,948
of
acquisition fees and expenses to the General Partner or its
affiliates.
5. Dealer Manager fees of $2,201,893 were accrued or paid
to Boston
Capital Services, Inc. during the 1998 fiscal year in respect to
the sale of
units.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1998, 39,610,709 BACs had been issued.
No person
is known to own beneficially in excess of 5% of the
outstanding
BACs in any of the series.
(b) Security ownership of management.
The General Partner has a 1% interest in all Profits,
Losses,
Credits and distributions of the Fund. The Fund's
response to
Item 12(a) is incorporated herein by reference.
51
(c) Changes in control.
There exists no arrangement known to the Fund the
operation of
which may at a subsequent date result in a change in
control of
the Fund. There is a provision in the Limited
Partnership
Agreement which allows, under certain circumstances,
the ability
to change control.
Item 13. Certain Relationships and Related Transactions
(a) Transactions with management and others.
The Fund has no officers or directors. However, under
the terms
of the public offering, various kinds of compensation
and fees are
payable to the General Partner and its Affiliates
during the
organization and operation of the Fund. Additionally,
the General
Partner will receive distributions from the partnership
if there
is cash available for distribution or residual proceeds
as defined
in the Fund Agreement. The amounts and kinds of
compensation and
fees are described on page 43 of the Prospectus, as
supplemented,
under the caption "Compensation and Fees", which is
incorporated
herein by reference. See Note B of Notes to Financial
Statements
in Item 14 of this Annual Report on Form 10-K for
amounts accrued
or paid to the General Partner and its affiliates for
the period
April 1, 1995 through March 31, 1998.
(b) Certain business relationships.
The Fund response to Item 13(a) is incorporated herein
by
reference.
(c) Indebtedness of management.
None.
(d) Transactions with promoters.
Not applicable.
52
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K
(a) 1 and 2. Financial Statements and Financial Statement
Schedules
Independent Auditors' Report
Balance Sheets, March 31, 1998 and 1997
Statements of Operations for the years or periods ended
March 31, 1998, 1997 and 1996
Statements of Changes in Partners' Capital for the years
or periods ended March 31, 1998, 1997 and 1996
Statements of Cash Flows for the years or periods ended
March 31, 1998, 1997 and 1996
Notes to Financial Statements, March 31, 1998, 1997, and
1996
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of
the
conditions under which they are required or because the
information is
included in the financial statements or the notes thereto.
(a) 3. Exhibits (listed according to the number assigned
in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents.
a. Certificate of Limited Partnership of Boston Capital
Tax Credit
Fund IV L.P. (Incorporated by reference from Exhibit 3 to the
Fund's
Registration Statement No. 33-70564 on Form S-11 as filed with
the
Securities and Exchange Commission on October 19, 1993.
Exhibit No. 4 - Instruments defining the rights of security
holders,
including indentures.
a. Agreement of Limited Partnership of Boston Capital Tax
Credit Fund
IV L.P. (Incorporated by reference from Exhibit 4 to
the Fund's
Registration Statement No. 33-70564 on Form S-11 as
filed with the
Securities and Exchange Commission on October 19, 1993.
53
Exhibit No. 10 - Material contracts.
a. Beneficial Assignee Certificate. (Incorporated by
reference from
Exhibit 10A to the Fund's Registration Statement No.
33-70564 on
Form S-11 as filed with the Securities and Exchange
Commission on
October 19, 1993
Exhibit No. 28 - Additional exhibits.
a. Agreement of Limited Partnership of Better Homes for
Havelock
Limited Partnership (Incorporated by reference from
Registrant's
current report on Form 8-K as filed with the Securities
and
Exchange Commission on February 1, 1995).
b. Agreement of Limited Partnership of Cynthiana
Properties Limited
(Incorporated by reference from Registrant's current
report on
Form 8-K as filed with the Securities and Exchange
Commission on
February 1, 1995).
c. Agreement of Limited Partnership of North Hampton Place
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on October 13, 1995).
d. Agreement of Limited Partnership of Brook Summitt
Apartments, LP
(Incorporated by reference from Registrant's current
report on
Form 8-K as filed with the Securities and Exchange
Commission on
February 29, 1996).
e. Agreement of Limited Partnership of New Madison Park IV
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on December 16, 1997).
f. Agreement of Limited Partnership of Smith House II
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on December 16, 1997).
g. Agreement of Limited Partnership of New Madison Park IV
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on February 11, 1997).
h. Agreement of Limited Partnership of M.R.H.,L.P.
(Incorporated by
reference from Registrant's current report on Form 8-K
as filed
with the Securities and Exchange Commission on February
14, 1997).
i. Agreement of Limited Partnership of 352 Lenox
Associates,
L.P.(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on December 16, 1997).
54
j. Agreement of Limited Partnership of Decro Nordoff, L.P.
(Incorporated by reference from Registrant's current
report on
Form 8-K as filed with the Securities and Exchange
Commission on
December 16, 1997).
k. Agreement of Limited Partnership of Hurricane Hills,
L.C.
(Incorporated by reference from Registrant's current
report on Form
8-K as filed with the Securities and Exchange
Commission on March
25, 1997).
l. Agreement of Limited Partnership of Main Everett
Housing, L.P.
(Incorporated by reference from Registrant's current
report on Form
8-K as filed with the Securities and Exchange
Commission on March
25, 1997).
m. Agreement of Limited Partnership of Mokapoke Limited
Partnership
(Incorporated by reference from Registrant's current
report on Form
8-K as filed with the Securities and Exchange
Commission on March
25, 1997).
n. Agreement of Limited Partnership of Autumn Ridge
Limited Partnership
(Incorporated by reference from Registrant's current
report on Form
8-K as filed with the Securities and Exchange
Commission on March
26, 1997).
o. Agreement of Limited Partnership of Century East
Apartments II
Limited Partnership (Incorporated by reference from
Registrant's
current report on Form 8-K as filed with the Securities
and Exchange
Commission on March 26, 1997).
p. Agreement of Limited Partnership of Coolidge-Pinal II
Associates
(Incorporated by reference from Registrant's current
report on Form
8-K as filed with the Securities and Exchange
Commission on March
26, 1997).
q. Agreement of Limited Partnership of Dublin Housing
Associates Phase
II (Incorporated by reference from Registrant's current
report on Form K as filed with the Securities and
Exchange
Commission on March 26, 1997).
r. Agreement of Limited Partnership of East Park
Apartments II Limited
Partnership(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
s. Agreement of Limited Partnership of Edenfield Place
Apartments,
L.P. (Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
t. Agreement of Limited Partnership of Ethel Housing,
L.P.(Incorporated
by reference from Registrant's current report on Form
8-K as filed
with the Securities and Exchange Commission on March
26, 1997).
55
u. Agreement of Limited Partnership of Los Lunas Limited
Partnership(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
v. Agreement of Limited Partnership of New Devonshire
West,
Limited Partnership (Incorporated by reference from
Registrant's
current report on Form 8-K as filed with the Securities
and Exchange
Commission on March 26, 1997).
w. Agreement of Limited Partnership of Northfield Housing,
L.P.(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
x. Agreement of Limited Partnership of Ohio Investors
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
y. Agreement of Limited Partnership of Osborne Housing,
L.P.(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
z. Agreement of Limited Partnership of Overton Associates
Limited
Partnership(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
aa. Agreement of Limited Partnership of Pahrump Valley
Investors
(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
ab. Agreement of Limited Partnership of Osborne Housing,
L.P.(Incorporated by reference from Registrant's
current report on Form 8-K as filed with the Securities
and
Exchange Commission on March 26, 1997).
ac. Agreement of Limited Partnership of Shannon Housing,
L.P.
(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
ad. Agreement of Limited Partnership of Sutton Place
Apartments
(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
ae. Agreement of Limited Partnership of West Point Housing,
L.P.(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
56
af. Agreement of Limited Partnership of Jeremy Associates
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 27, 1997).
ag. Agreement of Limited Partnership of Laurelwood Park
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 27, 1997).
ah. Agreement of Limited Partnership of Jeremy Associates
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 27, 1997).
ai. Agreement of Limited Partnership of Roxbury Housing
Veterans Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 27, 1997).
aj. Agreement of Limited Partnership of Elm Street
Associates, L.P.
(incorporated by reference from Registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on April 7,
1997.)
ak. Agreement of Limited Partnership of Brookhaven
Apartments
Partnership (incorporated by reference from Registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on May 21, 1997.)
al. Agreement of Limited Partnership of Maple Limited
Partnership
(incorporated by reference from Registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on July 16,
1997.)
am. Agreement of Limited Partnership of Byam Limited
Partnership
(incorporated by reference from Registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on July 22,
1997.)
an. Agreement of Limited Partnership of Harbor Limited
Partnership
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on July 22,
1997.)
ao. Agreement of Limited Partnership of Bradley Phase II
Limited
Partnership (incorporated by Reference from registrants
current
report on form 8-K as filed with the Securities and
Exchange
Commission on July 22, 1997.)
ap. Agreement of Limited Partnership of Butler
Street/Hanover Towers
Limited Partnership (incorporated by reference from
registrants
current report on form 8-k as filed with the Securities
and Exchange
Commission on July 22, 1997.)
aq. Agreement of Limited Partnership of Bradley Phase I
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on July 22, 1997.)
57
ar. Agreement of Limited Partnership of 1374 Boston Road
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on August 5, 1997.)
as. Agreement of Limited Partnership of Centenary Housing
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on August 5, 1997.)
at. Agreement of Limited Partnership of Lake Apartments II
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on August 5, 1997.)
au. Agreement of Limited Partnership of AHAB Project One,
LP
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on August
8, 1997.)
(b) Reports on Form 8-K
Report on Form 8-K dated February 1, 1995, concerning
the
Partnership's investment in Better Homes for Havelock Limited
Partnership
filed with the commission on February 1, 1995.
Report on Form 8-K dated February 1, 1995, concerning
the
Partnership's investment in Cynthiana Properties Limited filed
with the
commission on February 1, 1995.
Report on Form 8-K dated October 13, 1995, concerning
the
Partnership's investment in North Hampton Place Limited
Partnership
filed with the commission on October 13, 1995.
Report on Form 8-K dated February 29, 1996, concerning
the Partnership's investment in Brook Summit Apartments, LP filed
with the
commission on February 29, 1996.
Report on Form 8-K dated December 16, 1996, concerning
the
Partnership's investment in New Madison Park IV Limited
Partnership filed with the commission on December 16, 1996.
Report on Form 8-K dated December 16, 1996, concerning
the
Partnership's investment in Smith House II Limited Partnership
filed with the commission on December 16, 1996.
Report on Form 8-K dated February 11, 1997, concerning
the
Partnership's investment in Pear Village Limited Partnership
filed with the commission on February 11, 1997.
Report on Form 8-K dated February 14, 1997, concerning
the
Partnership's investment in M.R.H., L.P. filed with the
commission on February 14, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in 352 Lennox Associates, L.P. filed
with the commission on March 25, 1997.
58
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Decro Nordhoff, L.P. filed with the
commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Hurricane Hills, L.C. filed with the
commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Main Everett Housing, L.P. filed with
the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Mokapoke Limited Partnership filed
with the commission on March 25, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Autumn Ridge Limited Partnership
filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Century East Apartments II Limited
Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Coolidge-Pinal II Associates filed
with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Dublin Housing Associates, Phase II
filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in East Park Apartments II Limited
Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Edenfield Place Apartments, L.P.
filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Ethel Housing, L.P. filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Los Lunas Limited Partnership filed
with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in New Devonshire West, Limited
Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Northfield Housing L.P. filed with
the commission on March 26, 1997.
59
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Ohio Investors Limited Partnership
filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Osborne Housing, L.P. filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Overton Associates Limited
Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Pahrump Valley Investors filed with
the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Shannon Housing, L.P. filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Sutton Place Apartments, L.P. filed
with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in West Point Housing, L.P. filed with
the commission on March 26, 1997.
Report on Form 8-K dated March 27, 1997, concerning the
Partnership's investment in Jeremy Associates Limited Partnership
filed with the commission on March 27, 1997.
Report on Form 8-K dated March 27, 1997, concerning the
Partnership's investment in Laurelwood Park Limited Partnership
filed with the commission on March 27, 1997.
Report on Form 8-K dated March 27, 1997, concerning the
Partnership's investment in Roxbury Housing Veterans Limited
Partnership filed with the commission on March 27, 1997.
Report on Form 8-K dated April 7, 1997, concerning the
Partnership's investment in Elm Street Associates, L.P. filed
with the commission on April 7, 1997.
Report on Form 8-K dated May 21, 1997, concerning the
Partnership's investment in Brookhaven Apartments Partnership
filed with the commission on July 22, 1997.
Report on Form 8-K dated July 16, 1997, concerning the
Partnership's investment in Maple Limited Partnership filed with
the commission on July 16, 1997.
Report on Form 8-K dated July 22, 1997, concerning the
Partnership's investment in Bradley Phase I Limited Partnership
filed with the commission on July 22, 1997.
60
Report on Form 8-K dated July 22, 1997, concerning the
Partnership's investment in Bradley Phase II Limited Partnership
filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the
Partnership's investment in Butler Street/Hanover Towers Limited
Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the
Partnership's investment in Byam Limited Partnership filed with
the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the
Partnership's investment in Harbor Limited Partnership filed with
the commission on July 22, 1997.
Report on Form 8-K dated August 5, 1997, concerning the
Partnership's investment in 1374 Boston Road Limited Partnership
filed with the commission on August 5, 1997.
Report on Form 8-K dated August 5, 1997, concerning the
Partnership's investment in Centenary Housing Limited Partnership
filed with the commission on August 5, 1997.
Report on Form 8-K dated August 5, 1997, concerning the
Partnership's investment in Lake Apartments II Limited
Partnership filed with the commission on August 5, 1997.
Report on Form 8-K dated August 8, 1997, concerning the
Partnership's investment in AHAB Project One, LP filed with the
commission on August 8, 1997.
(c) Exhibits
The list of exhibits required by Item 601 of Regulation
S-K is
included in Item (a)(3).
(d) Financial Statement Schedules
See Item (a) 1 and 2 above.
(e) Independent Auditors' Reports for Operating
Partnerships.
None
61
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities
Exchange
Act of 1934, the Fund has duly caused this Report to be signed on
its behalf
by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund IV
L.P.
By: Boston Capital Associates IV
L.P.
General Partner
By: Boston Capital Associates
Date: July 15, 1998 By: /s/ John P. Manning
- --------------------------
John P. Manning
By: /s/ Herbert F.
Collins
- --------------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act
of 1934,
this report has been signed below by the following persons on
behalf of the
Fund and in the capacities and on the dates indicated:
DATE: SIGNATURE:
TITLE:
General
Partner and
July 15, 1998 /s/ John P. Manning Principal
Executive
-------------------- Officer,
Principal
John P. Manning Financial
Officer and
Principal
Accounting
Officer
of Boston
Capital
Associates
General
Partner and
/s/ Herbert F. Collins Principal
Executive
----------------------- Officer,
Principal
Herbert F. Collins Financial
Officer and
Principal
Accounting
Officer
of Boston
Capital
Associates
62
<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
SERIES 20 THROUGH SERIES 32
MARCH 31, 1998 AND 1997
<PAGE>
Boston Capital Tax Credit Fund IV L.P. -
Series 20 through Series 32
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT
F-3
FINANCIAL STATEMENTS
BALANCE SHEETS
F-6
STATEMENTS OF OPERATIONS
F-20
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
F-34
STATEMENTS OF CASH FLOWS
F-48
NOTES TO FINANCIAL STATEMENTS
F-76
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
F-151
NOTES TO SCHEDULE III
Schedules not listed are omitted because of the absence of the
conditions under which they are required or the information is
included in the financial statements or the notes thereto.
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants * A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814-3319
(301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners of
Boston Capital Tax Credit Fund IV L.P.
We have audited the accompanying balance sheets of
Boston
Capital Tax Credit Fund IV L.P. as of March 31, 1998 and 1997,
and
the related statements of operations, changes in partners'
capital
and cash flows for the years ended March 31, 1998, 1997 and
1996
and Boston Capital Tax Credit Fund IV L.P. - Series 20 through
32
as of March 31, 1998 and Series 20 through 29 as of March 31,
1997
and the related statements of operations, partners' capital
and
cash flows for the years ended March 31, 1998, 1997 and for
the
year ended March 31, 1996 for Series 20 through 23, for the
period
June 29, 1995 (date of inception) through March 31, 1996 for
Series
24, for the period September 22, 1995 (date of inception)
through
March 31, 1996 for Series 25, for the period January 18, 1996
(date
of inception) through March 31, 1996 for Series 26, for the
period
June 17, 1996 (date of inception) through March 31, 1996 for
Series
27, for the period September 30, 1996 (date of inception)
through
March 31, 1996 for Series 28, for the period February 10,
1997
(date of inception) through March 31, 1997 for Series 29, for
the
period June 23, 1997 (date of inception) through March 31, 1998
for
Series 30, for the period September 11, 1997 (date of
inception)
through March 31, 1998 for Series 31, and for the period
January
19, 1998 (date of inception) through March 31, 1998 for Series
32.
These financial statements are the responsibility of
the
partnership's management. Our responsibility is to express
an
opinion on these financial statements based on our audits. We
did
not audit the financial statements of certain
operating
partnerships in which Boston Capital Tax Credit Fund IV L.P. owns
a
limited partnership interest. Investments in such
partnerships
comprise the following percentages: Total, 17% and 13% of
the
assets as of March 31, 1998 and 1997, respectively, and 22%,
12%
and 18% of the partnership loss for the years ended March
31,
1998, 1997 and 1996, respectively; of the assets for Series 20
as
of March 31, 1998 and 1997, 16% and 10%, respectively; of
the
partnership loss for Series 20 for the years ended March 31,
1998,
1997 and 1996, 11%, 9% and 25%, respectively; of the assets
for
Series 21 as of March 31, 1998 and 1997, 22% and 22%; of
the
partnership loss for Series 21 for the years ended March 31,
1998,
1997 and 1996, 10%, 11% and 0%, respectively; of the assets
for
Series 22 as of March 31, 1998 and 1997, 12% and 8%,
respectively;
of the partnership loss for Series 22 for the years ended March
31,
1998, 1997 and 1996, 8%, 6% and 10%, respectively; of the
assets
for Series 23 as of March 31, 1998 and 1997, 31% and
29%,
respectively; of the partnership loss for Series 23 for the
years
ended March 31, 1998, 1997 and 1996, 28%, 16% and
34%,
respectively; of the assets for Series 24 as of March 31, 1998
and
1997, 31% and 30%, respectively; of the partnership loss for
Series
24 for the years ended March 31, 1998, 1997 and for the period
June
29, 1995 (date of inception) through March 31, 1996, 31%, 27%
and
F-3
<PAGE>
32%, respectively; of the assets for Series 25 as of March 31,
1998
and 1997, 34% and 25%, respectively; of the partnership loss
for
Series 25 for the years ended March 31, 1998 and 1997 and for
the
period September 22, 1995 (date of inception) through March
31,
1996, 37%, 16% and 1%, respectively; of the assets for Series 26
as
of March 31, 1998 and 1997, 19% and 11%, respectively; of
the
partnership loss for Series 26 for the years ended March 31,
1998,
1997 and for the period January 18, 1996 (date of
inception)
through March 31, 1996, 28%, 13% and 0%, respectively; of
the
assets for Series 27 as of March 31, 1998 and 1997, 19% and
0%,
respectively; of the partnership loss for Series 27 for the
period
June 16, 1996 (date of inception) through March 31, 1997, 10%
and
0%, respectively; of the assets for Series 28 as of March 31,
1998
and 1997, 16% and 0%, respectively; of the partnership loss
for
Series 28 for the years ended March 31, 1998 and for the
period
September 30, 1996 (date of inception) through March 31, 1997,
12%
and 0%, respectively; of the assets for Series 29 as of March
31,
1998 and 1997, 4% and 0%, respectively; of the partnership loss
for
Series 29 for the year ended March 31, 1998 and for the
period
February 10, 1997 (date of inception) through March 31, 1997,
31%
and 0%, respectively; of the assets for Series 30 as of March
31,
1998, 3%; of the partnership loss for Series 30 for the period
June
23, 1997 (date of inception) through March 31, 1998, 10%; of
the
assets for Series 31 as of March 31, 1998, 21%; of the
partnership
loss for Series 31 for the period September 11, 1997 (date
of
inception) through March 31, 1998, 9%; and of the assets for
Series
32 as of March 31, 1998, 0%; and of the partnership loss for
Series
32 for the period January 19, 1998 (date of inception)
through
March 31, 1998, 0%. The financial statements of these
partnerships
were audited by other auditors, whose reports have been
furnished
to us, and our opinion, insofar as it relates to
information
relating to these partnerships, is based solely on the reports
of
the other auditors.
We conducted our audits in accordance with
generally
accepted auditing standards. Those standards require that we
plan
and perform the audit to obtain reasonable assurance about
whether
the financial statements are free of material misstatement.
An
audit includes examining, on a test basis, evidence supporting
the
amounts and disclosures in the financial statements. An audit
also
includes assessing the accounting principles used and
significant
estimates made by management, as well as evaluating the
overall
financial statement presentation. We believe that our audits
and
the reports of the other auditors provide a reasonable basis
for
our opinion.
In our opinion, based on our audits and the reports of
the
other auditors, the financial statements referred to above
present
fairly, in all material respects, the financial position of
Boston
Capital Tax Credit Fund IV L.P. as of March 31, 1998 and 1997
and
the results of its operations and its cash flows for the
years
ended March 31, 1998, 1997 and 1996 and Boston Capital Tax
Credit
Fund IV L.P. Series 20 through 32 as of March 31, 1998 and
Series
20 through 29 as of March 31, 1997 and the results of
their
operations and their cash flows for the years ended March 31,
1998
and 1997 and for the year ended March 31, 1996 for Series
20
through 23, for the period June 29, 1995 (date of
inception)
through March 31, 1996 for Series 24, for the period September
22,
1995 (date of inception) through March 31, 1996 for Series 25,
for
the period January 18, 1996 (date of inception) through March
31,
1996 for Series 26, for the period June 16, 1996 (date
of
inception) through March 31, 1996 for Series 27, for the
period
September 30, 1996 (date of inception) through March 31, 1997
for
Series 28, for the period February 10, 1997 (date of
inception)
F-4
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT
To the PartnersAshbury Apartments Limited PartnershipSioux Falls,
South Dakota
We have audited the accompanying balance sheets of Ashbury
Apartments Limited Partnership as of December 31, 1997 and 1996,
and the related statements of operations, partners I equity and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ashbury Apartments Limited Partnership as of December 31, 1997
and 1996, and the results of its operations, changes in partners,
equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 11 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Sioux Falls, South Dakota
January 19, 1998
Thomas C. Cunningham, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners
Bennetts Pointe Limited Partnership
I have audited the accompanying balance sheets of Bennetts Pointe
Limited Partnership as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. My responsibility
is to express an opinion on these financial statements based on
my audits.
I conducted my audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States, and the U.S.
Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that I plan and perform the
audits to obtain reasonable assurance about whether the
financial statements are free of misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
discloses in the financia1 statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financia1 statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Bennetts Pointe Limited Partnership as of December 31, 1997 and
1996, and the resu1t of its operations, changes in partners'
equity, and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
information on pages 15 to 17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
In accordance with Government Auditing Standards, 1 have also
issued a report dated February 18, 1998 on my consideration of
Bennetts Pointe Limited Partnership's internal contro1 and a
report dated February 18, 1998 on its compliance with laws and
regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C.
February 18, 1998
Coopers
&Lybrand
Report of Independent Accountants
To the Partners
College Greene Rental Associates, L.P.
We have audited the accompanying balance sheets of College Greene
Rental Associates, L.P. (A Limited Partnership), as of December
31, 1997 and 1996, and the related statements of operations and
partners' capital, changes in partners' capital and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of College Greene Rental Associates, L.P., as of December 31,
1997 and 1996, and the results of its operations and its cash
flows for the years then ended, in conformity with generally
accepted accounting principles.
Rochester, New York
February 9, 1998
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
Telephone (502)756-5704
FAX (502)756-5927
e-mail [email protected]
INDEPENDENT AUDITOR'S REPORT
To the Partners
Cynthiana Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Cynthiana
Properties, Limited (a Kentucky limited partnership), HUD Project
No. 08344096, as of December 31, 1997 and 1996 and the related
statements of operations, partners' capital and cash flows for
the years then ended. These financial statements are the
responsibility of the Project's management. My responsibility is
to express an opinion on these financial statements based on my
audits.
I conducted my audits in accordance with generally accepted
auditing standards, Government Auditing Standards, issued by the
Comptroller General of the United States, and the consolidated
Audit Guide for Audits of HUD Programs(the "Guide"). Those
standards and the Guide require that I plan and perform the
audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Cynthiana Properties, Limited, HUD Project No. 083-44096, as of
December 3 1, 1997 and 1996, and the results of its operations,
changes in its partners' capital, and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 11 and 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Daniel G. Drane
Certified Public Accountant
April 14, 1998
Coopers
&Lybrand
Report of Independent Accountants
To the Partners
Evergreen Hills Associates, L.P.
We have audited the accompanying statements of financial position
of Evergreen Hills Associates, L.P. (A Limited Partnership), as
of December 31, 1997 and 1996, and the related statements of
operations and partners' capital, changes in partners' capital
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Evergreen Hills Associates, L.P., as of December 31, 1997 and
1996, and the results of its operations, changes in partners'
capital and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
Rochester, New York
January 21, 1998
Martin A. Starr, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Virginia Avenue Affordable Housing Limited Partnership
I have audited the accompanying balance sheets of Virginia Avenue
Affordable Housing Limited Partnership as of December 31, 1997
and 1996, and the related statements of operations, partners'
equity and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these
financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Virginia Avenue Affordable Housing Limited Partnership as of
December 31, 1997 and 1996, and the results of its operations,
the changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting
principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 14 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been Subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Martin A. Starr
Certified Public Accountant
February 11, 1998
STANCIL & COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of
Better Homes for Havelock Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Better Homes
for Havelock Limited Partnership (a limited partnership) as of
December 31, 1997 and 1996 and the related statements of
operations, partners' capital, and cash flows for the years then
ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Better Homes for Havelock Limited Partnership as of December
31, 1997 and 1996 and the results of its operations, changes in
partners' capital and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 12 through 16 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
In accordance with Government Auditing Standards, we have also
issued a report dated February 13, 1998 on our consideration of
Better Homes for Havelock Limited Partnership's internal control
and a report dated February 13, 1998 on its compliance with laws
and regulations applicable to the financial statements.
Raleigh, North Carolina
February 13, 1998
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Black River Run Limited Partnership
We have audited the accompanying balance sheets of Black River
Run Limited Partnership as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Black River Run Limited Partnership, as of December 31, 1997
and 1996, and the results of its operations, changes in partners'
equity, and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 13 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 16, 1998
OSCAR N. HARMS & ASSOCIATES, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
OSCAR N. HARRIS, C.P.A.
SHERRY S. JOHNSON, C.P.A.
KENNETH E- MILTON, C.P.A.
CONNIE P. STANCIL, C.P.A.
MEMBERS:
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
NORTH CAROLINA ASSOCIATION OF
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of
LiveOak Village Limited Partnership
Charlotte, North Carolina
We have audited the balance sheets of Live0ak Village Limited
Partnership (an Alabama Limited Partnership) as of December 31,
1997 and 1996, and the repeated statements of partners' capital,
income, and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Live0ak Village Limited Partnership as of December 31, 1997
and 1996, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. Schedules 1, 2, 3,
and 4 on pages 13, 14, 15, and 16 are presented for purposes of
additional analysis and are not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Certified Public Accountants
February 6, 1998
RANKIN, RANKIN & COMPANY
Certified Public Accountants
Lookout Corporate Center
1717 Dixie Highway Suite 600
Ft Wright, Kentucky 41011
Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge
Limited Partnership as of December 31, 1997, and the related
statements of operations, partners' equity and cash flows for the
year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lookout Ridge Limited Partnership as of December 31, 1997, and
the results of its operations, the changes in partners' equity
and cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 9 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statement
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky
February 13, 1998
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Pumphouse Crossing II Limited Partnership
We have audited the accompanying balance sheets of Pumphouse
Crossing H Limited Partnership as of December 31, 1997 and 1996,
and the related statements of operations, partners' equity, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pumphouse Crossing II Limited Partnership, as of December 31,
1997 and 1996, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 13 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 22, 1998
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Pinedale II Limited Partnership
We have audited the accompanying balance sheets of Pinedale II
Limited Partnership as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pinedale II Limited Partnership, as of December 31, 1997 and
1996, and the results of its operations, changes in partners'
equity, and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 13 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 12, 1998
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-
0810 - PHONE(715) 832-3425 - FAX(715) 832-1665
-1-
Jensen Burcham Stelmack Edwards LLP
717 West 5th Avenue, Longmont, Colorado 80501-5420
Telephone (303) 651-3626 - Metro (303) 443-4581
Fax (303) 443-0107 - E-mail [email protected]
Friduss, Lukee, Schiff & CO P.C.
Certified Public Accountants
4747 West Peterson Avenue
Chicago, Illinois 60645
(773)777-4445
(773)777-8557 Fax
Members
American Institute of Certified Public Accountants
Illinois CPA Society
Independent Auditor's Report
To the Partners
ELKS TOWER APARTMENTS LIMITED PARTNERSHIP
(An Illinois Limited Partnership)
We have audited the accompanying balance sheets of ELKS TOWER
APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
as of December 31, 1997 and 1996, and the related statements of
operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of ELKS TOWER APARTMENTS LIMITED PARTNERSHIP,, as of December 31,
1997 and 1996, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
information in Schedule I is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Friduss, Lukee, Schiff & CO P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Chicago, IL
May 26, 1998
INDEPENDENT AUDITORS' REPORT
To the Partner's
Kimbark 1200 Associates,
Limited Partnership
Longmont, Colorado
We have audited the accompanying balance sheet of FHA Project No.
101-98011 of Kimbark 1200 Associates, Limited Partnership, (a
Colorado limited partnership) as of December 31, 1997, and the
related statements of profit and loss, changes in partners'
equity (deficit), and cash flows for the year then ended. These
financial statements are the responsibility of the Project's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence Supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements refereed to above
present fairly, in all material respects, the financial position
of Kimbark 1200 Associates, Limited Partnership, as of December
31, 1997, and the results of its operations and the changes iii
partners' equity and cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the
US. Department of Housing and Urban Development, we have also
issued a report dated January 22, 1998, on our consideration of
Kimbark 1200 Associates, Limited Partnership's, internal control,
and reports dated January 22, 1998, on its compliance with
specific requirements applicable to major HUD programs and
specific requirements applicable to Affirmative Fair Housing.
To the Partners
Kimbark 1200 Associates,
Limited Partnership
Page Two
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying supporting information on pages 17 through 247 is
presented for the purpose of additional analysis and is not a
required part of the basic financial statements of FHA Project
No. 10 1 -98011. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
Certified Public Accountants
January 22, 1998
Audit Partner- Debt-a S. Edwards, CPA
Colorado Permit Number- 6046
IA's Federal I.D. Number- 84-1362772
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine Suite 360
Springfie1d, Missouri 65804
(417) 882-4,103
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lost Tree Limited Partnership
I have audited the accompanying balance sheets of Lost Tree
Limited Partnership as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lost
Tree Limited Partnership as of December 31, 1997 and 1996, and
the results of its operations, changes in partners' equity
(deficit) and cash flows for the years then ended in conformity
with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 14 and 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Tom Mechsner
Certified Public Accountant
March 10, 1998
Matthews, Hearon,
Cutrer & Lindsay, PLLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Philadelphia Housing II, Limited Partnership
Philadelphia, Mississippi
We have audited the accompanying balance sheets of Philadelphia
Housing II, Limited Partnership (a Mississippi limited
partnership), FmHA Project No. 28-050-640808922 as of December
31, 1997 and 1996, and the related statements of operations,
partners' capital (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Philadelphia Housing II, Limited Partnership, and the results
of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purposes of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. We have prepared the Multiple Family Housing
Borrower Balance Sheet (FmHA Form 1930-8) and the Multiple Family
Housing Project Budget (FmHA Form 1930-7). Such information has
been subjected to the audit procedures applied in the audit of
the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic
financial statements taken as a whole.
Jackson, Mississippi
February 4, 1998
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
Telephone (502)756-5704
FAX (502)756-5927
INDEPENDENT AUDITOR'S REPORT
To the Partners
Sacramento Properties Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sacramento
Properties Limited (a Kentucky limited partnership), RHS Project
No.: 20-075-0611257573, as of December 31, 1997, and the related
statements of operations, partners' capital, and cash flows for
the year then ended. These financial statements are the
responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit, as of and for the year December 31, 1997,
in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Sacramento Properties Limited, as of December 3 1, 1997, and the
results of its operations, the changes in its partners' capital
and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Daniel G. Drane
Certified Public Accountant
February 11, 1998
MARGOLIN, WINER & EVENS LLP
CERTIFIED PUBLIC ACCOUNTANTS, ESTABLISHED 1946
400 GARDEN CITY PLAZA
GARDEN CITY, NEW YORK 11530-3317
TEL: (516) 747-2000 FAX: (516) 747-6707
Report of Independent Accountants
Partners
Colonna Redevelopment Company L.P.
Hempstead, New York
We have audited the accompanying balance sheets of Colonna
Redevelopment Company L.P. (a New York Limited Partnership) (the
"Partnership") as of December 31, 1997 and 1996 and the related
statements of operations, cash flows and partners' equity for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Colonna Redevelopment Company L.P. as of December 31, 1997 and
1996, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
January 22, 1998
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Michigan 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners
Halls Ferry Apartments, L.P.
I have audited the accompanying balance sheets of Halls Ferry
Apartments, L.P. as of December 31, 1997, and 1996 and the
related statements of operations, partners' equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Halls
Ferry Apartments, L.P. as of December 31, 1997 and 1996, and the
results of its operations, changes in partners' equity (deficit)
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 15 and 16 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Tom Mechsner
Certified Public Accountant
March 10, 1998
YEO & YEO
Independent Auditors' Report
Partners
Ithaca I Limited Partnership
Ithaca, Michigan
We have audited the accompanying balance sheet of Ithaca I
Limited Partnership RHCD Project No. 26-029-383119117 as of
December 31, 1997 and 1996, and the related statements of income,
partners' equity and cash flows for the years ending December 31,
1997 and 1996. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards, the standards applicable to financial audits
contained in Government Auditing Standards issued by the
Comptroller General of the United States, and the U.S. Department
of Agriculture, Farmers Home Administration Audit Program. Those
standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ithaca I Limited Partnership as of December 31, 1997 and 1996,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 4, 1998 on our consideration of
Ithaca I Limited Partnership's internal control over financial
reporting and our tests of compliance with certain provisions of
laws and regulations, and contracts.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplementary information presented on pages 11 through 17 is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
February 4, 1998
To The Partners
Sacramento SRO Limited Partnership
A California Limited Partnership
600 West Broadway, #1070
San Diego, CA 92101
Independent Auditors' Report
We have audited the accompanying balance sheet of Sacramento SRO
Limited Partnership as of December 31, 1997 and 1996, and the
related statements of operations, partners' capital and
statements of cash flows for the years the ended. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sacramento SRO Limited Partnership as of December 31, 1997 and
1996, and the results of their operations and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
CONSIDINE & CONSIDINE
An Accountancy Corporation
February 20, 1998
GORACKE & WILCOX, P.C.
Certified Public Accountants
5010 South 118th Street, Suite 100
Omaha, Nebraska 68137-2208
Telephone 402-896-1500
INDEPENDENT AUDITORS' REPORT
To the Partners
South Hills Apartments, L.P.
We have audited the accompanying balance sheets of South Hills
Apartments, L.P. as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the partnerships management. our responsibility
is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statement. referred to above
present fairly, in all material respects, the financial position
of South Hills Apartments, L.P. as of December 31, 1997 and 1996,
and the results of its operations, changes in partners, equity
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 14 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Goracke & Wilcox, P.C.
January 26, 1998
YOUNG & PRICKITT, P C. Certified Public Accountants
111 Franklin Road, Suite 302
Roanoke, Virginia 24011-2100
540/982-3852
540/343-9231 FAX
INDEPENDENT AUDITOR'S REPORT
To The Partners
Autumn Ridge Associates
Roanoke, Virginia:
We have audited the accompanying balance sheet of Autumn Ridge
Associates (A Virginia Limited Partnership) as of December 31,
1997 and the related statement for operations and partners'
equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the,
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Autumn Ridge Associates as of December 31, 1997 and the
results of its operation and its cash flows for the year then
ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 13 through 16 is presented for the purpose
of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audit for the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
February 19, 1998
YORK, DILLINGHAM & COMPANY, P.L.L.C
CERTIFIED PUBLIC ACCOUNTANTS
P.O. BOX 551
1708 ALPINE AVENUE
COLUMBIA, TENNESSEE 38402-0551
TELEPHONE (615) 388-0517
FAX (615) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners
Brownsville Associates, Limited
We have audited the accompanying (a Tennessee limited
partnership) d/b/a Brownsville Village Apartments, FmHA Project
No. : 48-038-621467876, as of December 31, 1997 and 1996, and the
related statement of operations, partners' equity, and cash flows
for the year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basic evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Brownsville Associates, Limited (a Tennessee limited
partnership) d/b/a Brownsville Village Apartments, FmHA Project
No. : 48-038-621467876, as of December 31, 1997 and 1996, and the
results of its operations, the changes in partners' equity and
its cash flows for the year then ended in conformity with
generally accepted accenting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 7, 1998 on our consideration of
Brownsville Associates, Limited's internal control structure and
a report dated March 8, 1998 on its compliance with laws and
regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Columbia, Tennessee
March 7, 1998
RBG & CO.
Independent Auditors' Report
To The Partners
Centenary Housing Limited Partnership
St. Louis, Missouri
We have audited the accompanying balance sheet of Centenary
Housing Limited Partnership (Centenary Towers Apartments, Project
No. 085-35239-PM-SR-PR-WAH-L8) as of December 31, 1997 and the
related statements of profit and loss, partners' equity and cash
flows for the period beginning May 29, 1997 and ended December
31, 1997. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Centenary Housing Limited Partnership as of December 31, 1997
and the results of its operations and its cash flows for the
period beginning May 29, 1997 and ended December 31, 1997 in
conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying supplementary information (shown on pages 15 through
19) is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied
in the audit of the financial statements and, in our opinion, is
fairly stated in all material respects in relation to the
financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also
issued a report dated February 28, 1998 on our consideration of
Centenary Housing Limited Partnership's internal control
structure and a report dated February 28, 1998 on its compliance
with laws and regulations.
February 28, 1998
Blume Loveridge & CO., PLLC
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
Partners
Coolidge-Pinal II Associates,
A Washington Limited Partnership
Bellevue, Washington
We have audited the accompanying balance sheets of Coolidge-Pinal
II Associates, A Washington Limited Partnership, as of December
31, 1997 and 1996, and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform an audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Coolidge-Pinal II Associates, A Washington Limited
Partnership, as of December 31, 1997 and 1996, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report, dated February 27, 1998, on our consideration of
the Partnership's internal control structure and a report, dated
February 27, 1998, on its compliance with laws and regulations.
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS -
(CONTINUED)
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The additional
information shown on pages 14 to 17 is presented for the purpose
of complying with the requirements of the U.S. Department of
Agriculture, Rural Housing Service, for the year ended December
31, 1997, and is not a required part of the financial statements.
Such additional information, presented in Column 2 of Parts I, II
and III of the Multiple Family Housing Project Budget (Form RD
1930-7) and on page 17, has been subjected to the auditing
procedures applied in the audit of the financial statements for
that year, and in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole. Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V
and VI of the Multiple Family Housing Project Budget have not
been subjected to the auditing procedures applied in the audits
of the financial statements, and accordingly, we express no
opinion on Columns 1, 3 and 4 of Parts I, II and III and Parts
IV, V and VI of the Multiple Family Housing Project Budget.
February 27, 1998
RNK
INDEPENDENT AUDITORS' REPORT
To the Partners
Elm Street Associates, L.P.
We have audited the accompanying balance sheets of Elm Street
Associates, L.P. as of December 31, 1997 and 1996, and the
related statements of operations, partners' capital and cash
flows for the years then ended. These financial statements are
the responsibility of the partnerships, management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require than we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Elm Street Associates, L.P., as of December 31, 1997 and 1996,
and the results of its operations, changes in partners' capital
and cash flows for the year then ended in conformity with
generally accepted accounting principles.
January 26, 1998
ROSENBERG, NEUWIRTH & KUCHNER
SEVEN PENN PLAZA - NEW YORK, NEW YORK 10001 - TEL (212) 330-6000
- -
FAX (212) 643-1951
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of
Jeremy Associates Limited Partnership:
We have audited the accompanying balance sheets of JEREMY
ASSOCIATES LIMITED
PARTNERSHLP (a Colorado limited partnership) as of December 31,
1997 and 1996, and the related statements of operations,
partners' capital accounts and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Jeremy Associates Limited Partnership as of December 31, 1997
and 1996, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Denver, Colorado
February 13, 1998
James L. Caughren
Certified Public Accountant
P.O. Box 36014
Albuquerque, NM 87176
INDEPENDENT AUDITORS' REPORT
To the Partners
Los Lunas Apartments Limited Partnership
We have audited the accompanying balance sheet of Los Lunas
Apartments Limited Partnership d/b/a Hillridge Apartments as of
December 31, 1997 and 1996, and the related statements of
operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Los Lunas Apartments Limited Partnership d/b/a Hillridge
Apartments as of December 31, 1997 and 1996, and the results of
its operations, changes in partners' equity and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
April 8, 1998
010483 Co
08/01/1996 99.000000
BCTC FUND IV - SERIES 24
Los Lunas Apartments Limited Partnership
James L. Caughren, CPA
James L Caughren
P: (505) 872-0573 F: (505) 881-1781
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
New Hilltop Apartments, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of New Hilltop
Apartments, A Limited Partnership (A South Carolina Limited
Partnership), as of December 31, 1997 and 1996, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of new Hilltop Apartments, A Limited Partnership, as of December
31, 1997 and 1996, and the results of its operations and its cash
flows for the years then ended, in conformity with generally
accepted accounting principles.
January 29, 1999
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 -
Telephone 803-790-0020 - Fax 803-790-0011
Mantyla McReynolds PC
Certified Public Accountants
Independent Auditor's Report
Partners
Shadowcreek Apartments
Elko, Nevada
We have audited the accompanying balance sheet of Shadowcreek
Apartments (Project), FmHA Case No. 33-002-0880283493, as of
December 31, 1997 and the related statements of operations,
changes in Project equity and cash flows for the year ended
December 31, 1997. These financial statements are the
responsibility of the Project's management. Our responsibility is
to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with generally accepted
auditing standards and with Government Auditing Standards, issued
by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the Project as of December 31, 1997 and the results of its
operations and cash flows for the year ended December 31, 1997
and the period October 1, 1996, in conformity with general
accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the financial statements taken as a whole. The supplemental data
included in the report (shown on pages 10 through 12) are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements of the Project
for the year ended December 31, 1997. Such information has been
subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.
Partners
Shadowcreek Apartments
In accordance with Government Auditing Standards, we have issued
a report dated February 4, 1998, on our consideration of the
Project's internal control structure and a report dated February
4, 1998 on its compliance with laws and regulations.
February 4, 1998
BURKE & REA
EDWARD T. BURKE, C.P.A.
BERNARD E. REA, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Pahrump Valley Investors
(A Wyoming Limited Partnership)
Cheyenne, WY
We have audited the accompanying balance sheets of Pahrump Valley
Investors (A Wyoming Limited Partnership), USDA Rural Development
Case No. 33-019-680204949, as of December 31, 1997 and 1996, and
the related statements of income, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. These standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pahrump Valley Investors (A Wyoming Limited Partnership) as of
December 31, 1997 and 1996, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 13, 1998 on our consideration of
Pahrump Valley Investors' internal control structure and a report
dated March 13, 1998 on its compliance with laws and regulations.
Stockton, California
March 13, 1998
Sonnenberg & Company, CPAs
A Professional Corporation
5190 Governor Drive, Suite 201, San Diego, California 92122
Orange County: 2331 W. Lincoln Ave., Suite 300, Anaheim, CA 92801
Los Angeles County: 15840 Ventura Blvd., Suite 208, Encino, CA
91436
Riverside County: P.O. Box 1090, Murrieta, CA 92564
Phone: (619) 457-5252 - (714) 751-0292 - (800) 464-4HOA -
Fax: (619) 457-2211 - (800) 303-4FAX
INDEPENDENT AUDITORS' REPORT
To the Partners
SG-Wyandotte, L.P.
We have audited the accompanying balance sheet of SG-Wyandotte,
L.P., a California Limited Partnership, as of December 31, 1997
and the related statements of operations, partners' equity, and
cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
Except as discussed in the following paragraph, we conducted our
audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
We were unable to obtain written representations from management
of the Partnership concerning transactions prior to July 21,
1997, which took place under substantially different management.
In addition, because of the inadequacy of the accounting records,
we were unable to form an opinion regarding the amounts at which
building and equipment, and accounts payable are recorded in the
accompanying balance sheet at December 31, 1997 (stated at
$6,046,256 and $444,783 respectively).
In our opinion, except for the effects of such adjustments, if
any, as might have been determined to be necessary had the
written representations been furnished and accounting records
concerning property and accounts payable been adequate, the
financial statements referred to above present fairly, in all
material respects, the financial position of SG-Wyandotte, L.P.
as of December 31, 1997, and the results of its operations,
changes in partners' equity and cash flows for the year then
ended in conformity with generally accepted accounting
principles.
As of July 21, 1997, SG Housing Corporation was removed as the
Additional General Partner and a portion of its interest was
automatically transferred to BCTC 94, Inc. As further discussed
in note H to the financial statements, certain matters are in
dispute among the partners.
March 13, 1998
Sonnenberg & C
YORK, DILLINGHAM & COMPANY, P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 551
1708 Alpine Drive
Columbia, Tennessee 38402-0551
Telephone (931) 388-0517
Fax (931) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners
Stanton Associates, Limited
We have audited the accompanying balance sheet of Stanton
Associates, Limited (a Tennessee limited partnership) d/b/a
Stanton Village Apartments, RHS Project No. : 48-038-621542356,
as of December 31, 1997 and 1996, and the related statement of
operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Stanton Associates, Limited (a Tennessee limited partnership)
d/b/a Stanton Village Apartments, RHS Project No. : 48-038-
621542356, as of December 31, 1997 and 1996, and the results of
its operations, the changes in partners' equity and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 14, 1998 on our consideration of
Stanton Associates, Limited's internal control structure and a
report dated March 14, 1998 on its compliance with laws and
regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Columbia, Tennessee
March 14, 1998
Mantyla
McReynolds PC
Certified Public Accountants
Independent Auditor's Report
Partners
Woodlands Apartments
Elko, Nevada
We have audited the accompanying balance sheets of Woodlands
Apartments (Project), FmHA Case No. 33-004-0880314570, as of
December 31, 1997 and 1996 and the related statements of
operations, changes in Project equity and cash flows for the
years then ended. These financial statements are the
responsibility of the Project's management. Our responsibility
is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted
auditing standards and with Government Auditing Standards, issued
by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, -in all material respects, the financial position
of the Project as of December 31, 1997 and 1996 and the results
of its operations and cash flows for the years then ended, in
conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the financial statements taken as a whole. The supplemental data
included in the report (shown on pages 10 through 12) are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements of the Project
for the year ended December 31, 1997. Such information has been
subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly
presented in all material respects in relation to the financial
statements taken as a whole.
Partners
Woodlands Apartments
In accordance with Government Auditing Standards, we have issued
a report dated February 4, 1998, on our consideration of the
Project's internal control structure and a report dated February
4, 1998, on its compliance with laws and regulations.
February 4, 1998
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
The Partners
Ethel Housing, L.P.
Ethel, Mississippi
We have audited the accompanying balance sheet of Ethel Housing,
L.P., RD Case No. 28-0040640823417, as of December 31, 1997 and
1996, and the related statements of operations, partners' equity,
and cash flows for the year ended December 31, 1997 and the
period June 26, 1996 through December 31, 1996. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ethel Housing, L.P. as of December 31, 1997 and 1996, and the
results of its operations and its cash flows for the year ended
December 31, 1997 and the period June 26, 1996 through December
31, 1996 in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the Audit
Program issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February
17, 1998, on our consideration of Ethel Housing, L.P. as internal
control, and reports dated February 17, 1998, on its compliance
with specific requirements applicable to major RD programs and
nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
Ethel Housing, L.P.
Page Two
additional analysis and are not a required part of the financial
statements of Ethel Housing, L.P. Such information, except for
the current budget and proposed budget columns on page 17 through
20, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
February 17, 1998
MILLER, MAYER, SULLIVAN & STEVENS LLP
CERTIFIED PUBLIC ACCOUNTANTS
INNOVATORS OF SOLUTION TECHNOLOGY
INDEPENDENT AUDITORS' REPORT
To the Partners
Horse Cave Family Apartments, Ltd.
We have audited the accompanying balance sheet of Horse Cave
Family Apartments, Ltd., (a limited partnership), as of December
31, 1997 and the related statements of operations, partners'
equity (deficit), and cash flows for the period then ended.
These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Horse Cave Family Apartments, Ltd. as of December31, 1997, and
the results of its operations and its cash flows for the period
then ended in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental data included in this report is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements, and in our opinion, is presented fairly, in
all material respects, in relation to the basic financial
statements taken as a whole.
Lexington, Kentucky
February 3, 1998
Robert C. Morris CPA
716 S. 1100 W
Cedar City, Utah 84720
INDEPENDENT AUDITORS' REPORT
To the Partners
Hurricane Hills I LC
I have audited the accompanying balance sheet of Hurricane Hills
I LC
as of December 31, 1997 and the related statements of operations,
partners' equity and cash flows for the year the ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Hurricane Hills I LC
as of December 31, 1997, and the results of its operations,
changes in partners' equity and cash flows for the year then
ended in conformity with generally accepted accounting
principles.
San Juan, Puerto Rico
Tobin and Company
Certified Public Accountants
2001 Palmer Avenue
Larchmont, New York 10538
914-833-2200 fax: 914-833-2278
INDEPENDENT AUDITORS' REPORT
To the Partners
Main Everett Housing Limited Partnership
We have audited the accompanying balance sheet of Main Everett
Housing Limited Partnership as of December 31, 1997 and the
related statements of operations, partners' equity and cash flows
for the year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatements. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Main Everett Housing Limited Partnership as of December 31,
1997 and the results of its operations, changes in partners'
equity (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming and opinion on
the basic financial statements taken as a whole. The
supplemental information on page 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
The financial statements for the year ended December 31,1996 were
audited by other accountants and they expressed an unqualified
opinion in their report dated February 6, 1997.
Tobin and Company, CPA's
January 12, 1998
Boyd, Franz & Stephans LLP
Certified Public Accountants
Joseph B. Stephans, CPA, CFP
Robert F. Kelly, CPAJohn P. Nanos, CPAStephen M. King, CPAMichael
P. Siebert, CPATo the PartnersM.R.H., L.P.We have audited the
accompanying balance sheet of M.R.H., L.P. as of December 31, 1
997, and the related statement of operations, partners' equity
and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of M.R.H., L.P. as of December 31, 1997 and the results of its
operations, changes in partners @ equity and cash flows for the
year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
January 21, 1998
MISCHLER
NURRE
WAITE
CERTIFIED PUBLIC ACCOUNTANTS
973 HATCH STREET
CINCINNATI, OHIO 45202
513-579-8787
FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the PartnersWashington Arms Apartments(A Limited
Partnership)Dayton, OhioWe have audited the accompanying balance
sheet of HUD Project #046NIO93 of Washington Arms Apartments (a
limited partnership) as of December 31, 1997, and the related
statements of profit and loss, changes in partners' capital and
cash flows for the year ended December 31, 1997. These financial
statements are the responsibility of the Project's management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States, and Consolidated Audit
Guide for Audits of HUD Programs (the "Guide") issued by the U. S.
Department of Housing and Urban Development, Office of Inspector
General in August 1997. Those standards and the Guide require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of HUD
Project #046-NIO93 as of December 31, 1997 and the results of its
operations and its cash flows and its changes in partners' capital
for the period then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 13, 1998 on our consideration of
Washington Arms Apartments' internal controls and a report dated
February 13, 1998 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The additional information
included in the report shown on pages 13-17 is presented for the
purposes of additional analysis and is not a required part of the
financial statements of HUD Project #046-NIO93. Such information
has been subjected to the auditing procedures applied in the audit
of the financial statements and, in our opinion, is fairly stated
in all material respects in relation to the financial statements
taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
February 13, 1998
Tobin and CompanyCertified Public Accountants2001 Palmer
AvenueLarchmont, New York 10538914-833-2200 fax: 914-833-2278
INDEPENDENT AUDITORS' REPORTTo the PartnersOsborne Housing
Limited Partnership
We have audited the accompanying balance sheet of Osborne Housing
Limited Partnership as of December 3 1, 1997 and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatements. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Osborne Housing Limited Partnership as of December 31, 1997
and the results of its operations, changes in partners' equity
(deficit) and cash flows for the year then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming and opinion on
the basic financial statements taken as a whole. The
supplemental information on page 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
The financial statements for the year ended December 31, 1996
were audited by other accountants and they expressed an
unqualified opinion on them on them in their report
dated February 6, 1997.
Tobin and Company, CPA's
January 12, 1998
Junkermier - ClarkCampanella - Stevens - P.C.Certified Public
AccountantsTo the PartnersSandstone Village Limited
PartnershipGreat Falls, Montana
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Sandstone
Village Limited Partnership as of December 31, 1997 and 1996 and
the related statements of operations, partners' capital and cash
flows for the years then ended. These financial statements are
the responsibility of the management of Sandstone Village Limited
Partnership. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sandstone Village Limited Partnership as of December 31, 1997
and 1996, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Great Falls, Montana
February 6, 1998
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
INDEPENDENT AUDITORS' REPORT
The Partners
Shannon Housing, L.P.
Shannon, Mississippi
We have audited the accompanying balance sheets of Shannon
Housing, L.P., RD Case No. 28-0410640835658, as of December 31,
1997 and 1996, and the related statements of operations,
partners' equity, and cash flows for the year ended December 31,
1997 and the period April 11, 1996 through December 31, 1996.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Shannon Housing, L.P. as of December 31, 1997 and 1996, and
the results of its operations and its cash flows for the year
ended December 31, 1997, and the period April 11, 1996 through
December 31, 1996 in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards and the Audit
Program, issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February
14, 1998, on our consideration of Shannon Housing, L.P.'s
internal control, and reports dated February 14, 1998, on its
compliance with specific requirements applicable to major RD
programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
Shannon Housing, L.P.
Page Two
additional analysis and are not a required part of the financial
statements of Shannon Housing, L.P. Such information, except for
the current budget and proposed budget columns on page 17 through
20, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
February 14, 1998
MISCHLER
NURRE
WAITE
CERTIFIED PUBLIC ACCOUNTANTS
973 Hatch Street
Cincinnati, Ohio 45202
513-579-8787
Fax: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of
Sutton Place Apartments
(A Limited Partnership)
Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project
107355035, 073-55037, 073-55038, 073-55061 and 073-55062 of
Sutton Place Apartments (a limited partnership) as of December
31, 1997, and the related statements of profit and loss, changes
in partners' capital and cash flows for the year then ended.
These financial statements are the responsibility of the
Project's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States, and Consolidated Audit
Guide for Audits of HUD Programs (the "Guide") issued by the U.
S. Department of Housing and Urban Development, Office of
Inspector General in August 1997. Those standards and the Guide
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of HUD Project 1073-55035, 073-55037, 073-55038, 073-55061 and
073-55062 as of December 31, 1997 and the results of its
operations and its cash flows and its changes in partners'
capital for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 13, 1998 on our consideration of
Sutton Place Apartments' internal control and a report dated
February 13, 1998 on its compliance with laws and regulations.
We were engaged to conduct an audit for the purpose of forming an
opinion on the financial statements taken as a whole. The
additional information included in the report shown on pages 13-
17 is presented for the purposes of additional analysis and is
not a required part of the financial statements of HUD Project
107355035, 073-55037, 073-55038, 073-55061 and 073-55062. Such
information has been subjected to the auditing procedures applied
in the audit of the financial statements and, in our opinion, is
fairly stated in all material respects in relation to the
financial statements taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
February 13, 1998
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
INDEPENDENT AUDITORS' REPORT
The Partners
West Point Housing, L.P.
West Point, Mississippi
We have audited the accompanying balance sheets of West Point
Housing, L.P., RD Case No. 28-0130630762266, as of December 31,
1997 and 1996, and the related statements of operations,
partners' equity, and cash flows for the year ended December 31,
1997 and the period September 29, 1996 through December 31, 1996.
These financial statements are the responsibility of the
Partnership's management. our responsibility is to express an
Opinion on these financial statements based on our audits.
We conducted cur audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of West Point Housing, L.P. as of December 31, 1997 and 1996, and
the results of its operations and its cash flows for the year
ended December 31, 1997 and the period September 29, 1996 through
December 31, 1996 in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, and the Audit
Program issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February
25, 1998, on our consideration of West Point Housing, L.P.'s
internal control, and reports dated February 25, 1998, on its
compliance with specific requirements applicable to major RD
programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 15 through 21 are presented for purposes of
West Point Housing, L.P.
Page Two
additional analysis and are not a required part of the financial
statements of West Point Housing, L.P. Such information, except
for the current budget and proposed budget columns on page 18
through 21, on which we express no opinion, is fairly stated in
all material respects in relation to the financial statements
taken as a whole.
February 25, 1998
LITTLE, SHANEYFELT, MARSHALL & CO.
CERTIFIED PUBLIC ACCOUNTANTS
PROSPECT BUILDING
1501 N. UNIVERSITY, SUITE 300
LITTLE ROCK, ARKANSAS 72207-5232
INDEPENDENT AUDITOR'S REPORT
To the Partners
Beckwood Manor One Limited Partnership
We have audited the accompanying balance sheets of Beckwood Manor
One Limited Partnership, RD Project No. 03-025-710677259 (the
Partnership), as of December 31, 1997 and 1996 and the related
statements of profit (loss), changes in partners' equity
(deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Beckwood Manor One Limited Partnership as of December 31, 1997
and 1996, and its results of operations, changes in partners,
equity (deficit), and cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated March 15, 1998 on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts and grants.
Little, Shaneyfelt, Marshall & Co.
March 15, 1998
TAPP, TAPP & CHU
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Decro Nordhoff, L.P.
We have audited the accompanying balance sheets of Decro
Nordhoff, L.P. as of December31, 1997 and 1996, and the related
statements of operations. partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Decro Nordhoff, L.P. as of December 31, 1997 and 1996, and the
results of its operations, changes in partners' equity and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 13 and 14 are presented for purposes of
additional analysis and are not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Tapp, Tapp & Chu, CPA's
San Gabriel, California
March 6, 1998
Rothstein, Kass & Company, P.C.
Certified Public Accountants
1177 Avenue of the Americas
New York, New York 10036-2714
212-490-770/Fax 212-730-6892
85 Livingston Avenue
Roseland, New Jersey 07068-1785
973-994-6666/Fax 973-994-0337
INDEPENDENT AUDITORS' REPORT
To the Partners
Escher SRO Project, L.P.
We have audited the accompanying balance sheet of Escher SRO
Project, L.P. as of December 31, 1997, and the related statements
of income, partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Escher SRO Project, L.P. as of December 31, 1997, and the
results of its operations and its cash flows for the year then
ended, in conformity with generally accepted accounting
principles.
Roseland, New Jersey
January 16, 1998
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
Telephone (502)756-5704
FAX (502)756-5927
e-mail [email protected]
INDEPENDENT AUDITOR'S REPORT
To the Partners
Holly Hills Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheet of Holly Hills
Properties, Limited (a Kentucky limited partnership), as of
December 31, 1997 and the related statements of operations,
partners' equity and cash flows for the six-month period then
ended. These financial statements are the responsibility of the
Project's management. My responsibility is to express an opinion
on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards, Government Auditing Standards, issued by the
Comptroller General of the United States, and the Consolidated
Audit Guide for Audits of HUD Programs(the "Guide"). Those
standards and the Guide require that I plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Holly
Hills Properties, Limited, as of December 31, 1997, and the
results of its operations, changes in its partners' capital, and
its cash flows for the six-month period then ended in conformity
with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 11 and 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Daniel G. Drane
Certified Public Accountant
April 14, 1998
SHARPTON, BRUNSON & COMPANY, PA.
CERTIFIED PUBLIC ACCOUNTANTS
ONE SOUTHEAST THIRD AVE., SUITE 2100
MIAMI, FLORIDA 33131
TELEPHONE: (305) 374-1574/FAX: (305) 372-8161
ONE EAST BROWARD BLVD., SUITE 1110
FORT LAUDERDALE, FLORIDA 33301
TELEPHONE: (954) 467-5490/FAX: (954) 467-6184
Independent Accountants' Report
To The Partners
M.B. Apartments Associates, Ltd.
We have audited the accompanying balance sheet of M.B. Apartments
Associates, Ltd. (A Limited Partnership) as of December 31, 1997,
and the related statements of operations, changes in partners'
equity and cash flows for then year ended. These financial
statements are the responsibility of management of the
Partnership. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of M.B. Apartments Associates, Ltd. (A Limited Partnership) as of
December 31, 1997, and the results of its operations and its cash
flows for the year then ended in conformity with generally
accepted accounting principles.
February 27, 1998
KLINE AND LONDON
CERTIFIED PUBLIC ACCOUNTANTS LLC
STANLEY W. KLINE
STUART W. LONDON
3681 GREEN ROAD #402
BEACHWOOD, OHIO 44122-5716
(216) 591-1718
FAX (216) 591-1927
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners of
New Devonshire West Limited Partnership
(An Ohio Limited Partnership)
Lancaster, Ohio
We have audited the accompanying balance sheet of New Devonshire
West Limited Partnership (an Ohio limited partnership), RD
Project #41-092-0310955693, as of December 31, 1997, and the
related statement of income, changes in partners' deficit, and
cash flows for the year then ended. This financial statement is
the responsibility of the Partnership's management. Our
responsibility is to express an Opinion on this financial
statement based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards, issued by the
Comptroller General of the United States, and the U.S. Department
of Agriculture, Farmers Home Administration "Audit Program"
issued in December, 1989. Those standards require that we plan
and perform our audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statement referred to above present
fairly, in all material respects, the financial position of New
Devonshire West Limited Partnership, (an Ohio limited
partnership), at December 31, 1997, and the results of its
operations, changes in partners' deficit, and cash flows for the
year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 17, 1998, on our consideration of
New Devonshire West Limited Partnership's internal control
structure and a report dated February 17, 1998, on its compliance
with laws and regulations.
Our audit was made for the purpose of forming an opinion on the
financial statement taken as a whole. The accompanying
information included in the report (shown on pages 11 to 18) is
presented for the purpose of additional analysis and is not a
required part of the basic financial statements of New Devonshire
West Limited Partnership. Such information has been subjected to
the auditing procedures applied in the audit of the basic
financial statement and, in our opinion, is fairly stated in all
material respects in relation to the financial statement taken as
a whole.
KLINE AND LONDON
Certified Public Accountants, LLC
Beachwood, Ohio
February 17, 1998
KLINE AND LONDON
CERTIFIED PUBLIC ACCOUNTANTS LLC
STANLEY W. KLINE
STUART W. LONDON
3681 GREEN ROAD #402
BEACHWOOD, OHIO 44122-5716
(216) 591-1718
FAX (216) 591-1927
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners of
New Devonshire II Limited Partnership
(An Ohio Limited Partnership)
Lancaster, Ohio
We have audited the accompanying balance sheet of New Devonshire
II Limited Partnership (an Ohio limited partnership), RD Project
#41-049-311449843, as of December 31, 1997, and the related
statement of income, changes in partners' deficit, and cash flows
for the year then ended. This financial statement is the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on this financial
statement based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards, issued by the
Comptroller General of the United States, and the U.S. Department
of Agriculture, Farmers Home Administration "Audit Program"
issued in December, 1989. Those standards require that we plan
and perform our audits to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of New Devonshire II Limited Partnership, (an Ohio limited
partnership), at December 31, 1997, and the results of its
operations, changes in partners' deficit, and cash flows for the
year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 17, 1998, on our consideration of
New Devonshire II Limited Partnership's internal control
structure and a report dated February 17, 1998, on its compliance
with laws and regulations.
Our audit was made for the purpose of forming an opinion on the
financial statement taken as a whole. The accompanying
information included in the report (shown on pages 11 to 18) is
presented for the purpose of additional analysis and is not a
required part of the basic financial statements of New Devonshire
II Limited Partnership. Such information has been subjected to
the auditing procedures applied in the audit of the basic
financial statement and, in our opinion, is fairly stated in all
material respects in relation to the financial statement taken as
a whole.
KLINE AND LONDON
Certified Public Accountants, LLC
Beachwood, Ohio
February 17, 1998
Report of Independent Accountants
To the Partners
CR Housing Associates, LP
We have audited the accompanying balance sheet of CR Housing
Associates, LP
as of December 31, 1997 and the related statements partners'
capital and cash flows for the year the ended. These financial
statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of CR Housing Associates, LP
as of December 31, 1997, changes in partners' capital and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
San Juan, Puerto Rico
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners
AHAB Project One, L.P.
I have audited the accompanying balance sheet of AHAB Project
One, L.P. as of December 31, 1997 and the related statements of
operations, partners' equity (deficit) and cash flows for the
year then ended. These financial statements are the
responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of AHAB
Project One, L.P. as of December 31, 1997, and the results of its
operations, changes in partners' equity (deficit) and cash flows
for the year then ended in conformity with generally accepted
accounting principles.
Tom Mechsner
Certified Public Accountant
March 10, 1998
GORACKE & WILCOX, P.C.Certified Public Accountants5010 South
118th Street, Suite 100
Omaha, Nebraska 68137-2208
Telephone 402-896-1500
Virgil J. Goracke, C.P.A. Douglas A. Goracke, C.P.A.
Michael E. Wilcox, C.P.A. Paul F. Piotrowski, C.P.A.
Chris E. Ritterbush, C.P.A. Jeffrey A. Dunn, C.P.A.
INDEPENDENT AUDITORS' REPORTTo the PartnersHolly Heights
Apartments, L.P.We have audited the accompanying balance sheets
of Holly Heights Apartments, L.P. as of December 31, 1997 and
1996, and the related statements of operations, partners I equity
and cash flows for the years then ended. These financial
statements are the responsibility of the partnerships management.
our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. we believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Holly Heights Apartments, L.P. as of December 31, 1997 and
1996, and the results of its operations, changes in partners,
equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Goracke & Wilcox, P.C.March 13, 1998
DANIEL G. DRANE Telephone (502)756-5704CERTIFIED PUBLIC
ACCOUNTANT FAX (502)756-5927209 East Third Street - P. 0. Box
577 e-mail [email protected], Kentucky 40143
INDEPENDENT AUDITOR'S REPORTTo the PartnersPear Village
LimitedLeitchfield, KentuckyI have audited the accompanying
balance sheet of Pear Village Limited (a Kentucky limited
partnership), as of December 31, 1997, and the related statements
of operations, partners' capital, and cash flows for the year
then ended. These financial statements are the responsibility of
the partnership's management. My responsibility is to express an
opinion on these financial statements based on my audit.
I conducted my audit, as of and for the year ended December 31,
1997, in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Pear
Village Limited, as of December 31, 1997, and the results of its
operations, the changes in its partners' capital, and its cash
flows for the year then ended in conformity with generally
accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Daniel G. Drane
Certified Public Accountant
February 11, 1998
DANIEL G. DRANE Telephone (502)756-5704CERTIFIED PUBLIC
ACCOUNTANT FAX (502)756-5927209 East Third Street - P. 0.
Box 577 email [email protected], Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the PartnersSunday Sun Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sunday Sun
Limited (a Kentucky limited partnership), as of December 31,
1997, and the related statements of operations, partners'
capital/deficit, and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these
financial statements based on my audit.
I conducted my audit, as of and for the year ended December 31,
1997, in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Sunday Sun Limited, as of December 31, 1997, and the results of
its operations, the changes in its partners' capital/deficit, and
its cash flows for the year then ended in conformity with
generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 13 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Daniel G. Drane
Certified Public Accountant
Trochiano & Daszkowski LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of 1374 Boston Road Associates, L. P.:
We have audited the accompanying balance sheet of 1374 Boston
Road Associates, L. P. as of December 31, 1997, and the related
statements of revenues, expenses, and changes in partners'
capital and cash flows for the year then ended. These financial
statements are the responsibility of the management of 1374
Boston Road Associates, L. P. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of 1374 Boston Road Associates, L. P. as of December 31, 1997,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Trochiano & Daszkowski LLP
Staten Island, NY
January 30, 1998
DANIEL G. DRANE Telephone (502)756-5704
CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927
209 East Third Street - P. 0. Box 577 e-mail
[email protected]
Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners
Ashberry Manor, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheet of Ashberry Manor,
Limited (a Kentucky limited partnership), as of December 31,
1997, and the related statements of operations, partners'
capital/deficit, and cash flows for the period March 12, 1997 to
December 31, 1997. These financial statements are the
responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit, as of December 31, 1997 and for the period
March 12, 1997 to December 31, 1997, in accordance with generally
accepted auditing standards. Those standards require that I plan
and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
I believe that my audit provides a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Ashberry Manor, Limited, as of December 31, 1997, and the results
of its operations, the changes in its partners' capital/deficit,
and its cash flows for the period March 12, 1997 to December 31,
1997 in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Daniel G. Drane
Certified Public Accountant
April 14, 1998
YEO & YEO
Limited Partnership
Partners
Fairway II Dividend Housing Association
Limited Partnership
Marlette, Michigan
We have audited the accompanying balance sheet of Fairway II
Limited Dividend Housing Association Limited Partnership, FmHA
Project No. 26-074-0383047638 as of December 31, 1997 and 1996,
and the related statements of income, partners' equity and cash
flows for the year ending December 31, 1997 and four months
ending December 31, 1996. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, the standards applicable to financial audits
contained in Government Auditing Standards issued by the
Comptroller General of the United States, and the U.S. Department
of Agriculture, Farmers Home Administration Audit Program. Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Fairway II Limited Dividend Housing Association Limited
Partnership as of December 31, 1997 and 1996, and the results of
its operations and its cash flows for the four months then ended
in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 4, 1998 on our consideration of
Fairway II Limited Dividend Housing Association Limited
Partnership's internal control over financial reporting and our
tests of compliance with certain provisions of laws, regulations,
and contracts.
Our audits were conducted for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplementary information presented on pages 11 through 17 is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Yeo & Yeo PC.
Certified Public Accountants
February 4, 1998
DANIEL G. DRANETelephone (502)756-5704
CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927
209 East Third Street - P. 0. Box 577 e-mail
[email protected]
Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners
Sand Lane Manor, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sand Lane Manor,
Limited (a Kentucky limited partnership), as of December 31,
1997. This financial statement is the responsibility of the
partnership's management. My responsibility is to express an
opinion on this financial statement based on my audit.
I conducted my audit, as of December 31, 1997, in accordance with
generally accepted auditing standards. Those standards require
that I plan and perform the audit to obtain reasonable assurance
about whether the financial statement is free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statement. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
I believe that my audit provides a reasonable basis for my
opinion.
In my opinion, the balance sheet referred to above presents
fairly, in all material respects, the financial position of Sand
Lane Manor, Limited, as of December 31, 1997, in conformity with
generally accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
June 3, 1998
KGN
Certified Public Accountants
Financial & Management Consultants
Kupferberg, Goldberg & Neimark, LLC
111 E. Wacker Drive Suite 1400
Chicago, Illinois 60602-4595
312-819-4300 FAX 312-819-4343
e-mail: kgn @kgn.com
To the Partners of
Senior Suites Chicago Austin
Limited Partnership
Chicago, Illinois
We have audited the accompanying balance sheet of Senior Suites
Chicago Austin Limited Partnership (a Development Stage Company)
as of December 31, 1997, and the related statement of partners'
equity for the year then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
presents fairly, in
all material respects, the financial position of Senior Suites
Chicago Austin
Limited Partnership (a Development Stage Company) as of December
31, 1997 and the changes in partners' equity for the year then
ended in
conformity with generate accepted accounting principles.
KUPFERBERG, GOLD
January 22, 1998
STANGL & JASKOWIAK, LTDCERTIFIED PUBLIC ACCOUNTANTSClyde M.
Staitgl, CPAAdam M. Jaskowiak, CPAAllan J. Rudolph, CPARobert J.
Zawacki, LPAINDEPENDENT AUDITORS' REPORTTo the PartnersTerraceview
Limited Partnership
We have audited the accompanying balance sheet of Terraceview
Limited Partnership as of December 31, 1997, and the related
statements of operations, partners' equity (deficit) and cash flows
for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Terraceview Limited Partnership as of December 31, 1997, and the
results of its operations, changes in partners' equity (deficit)
and cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation the basic financial statements taken as a whole.
February 7, 1998
Moore, Camp, Phillips & Co., LLP
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners
Bryson Apartments, LTD.
We have audited the accompanying balance sheet of Bryson
Apartments, Ltd. (a limited partnership) as of December 31, 1997
and the related statement of operations, partners' equity and
cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Bryson Apartments, Ltd. as of December 31, 1997, and the
results of its operations, changes in partners' equity and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on Page I-17 is presented for purposes of additional
analysis and is not a required part of the basic financial state-
To the Partners
Page 2
ments. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Wichita Falls, Texas
March 7, 1998
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
INDEPENDENT AUDITORS' REPORT
The Partners
Collins Housing, L.P.
Collins, Mississippi
We have audited the accompanying balance sheet of Collins
Housing, L.P., RD Case No. 28-0160640864674, as of December 31,
1997, and the related statements of operations, partners' equity,
and cash flows for period October 1, 1997 through December 31,
1997. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Collins Housing, L.P. as of December 31, 1997, and the results
of its operations and its cash flows for the period October 1,
1997 through December 31, 1997 in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards and the Audit
Program, issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February
25, 1998, on our consideration of Collins Housing, L.P.'s
internal control, and reports dated February 25, 1998, on its
compliance with specific requirements applicable to major RD
programs and nonmajor RD program transactions.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
Collins Housing, L.P.
Page Two
additional analysis and are not a required part of the financial
statements of Collins Housing, L.P. Such information, except for
the current budget and proposed budget columns on page 17 through
20, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
February 25, 1998
Moore, Camp, Phillips & Co., LLP
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners
Glenbrook Apartments, Ltd.
We have audited the accompanying balance sheet of Glenbrook
Apartments, Ltd. (a limited partnership) as of December 31, 1997
and the related statements of operations, partners' equity and
cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Glenbrook Apartments, Ltd. as of December 31, 1997, and the
results of its operations, changes in partners, equity and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on Page I-17 is presented for purposes of additional
To the Partners
Page 2
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Wichita Falls, Texas
March 9, 1998
Moore, Camp, Phillips & Co., LLP
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners
Jacksboro Apartments, LTD.
We have audited the accompanying balance sheet of Jacksboro
Apartments, Ltd. (a limited partnership) as of December 31, 1997
and the related statements of operations, partners' equity and
cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Jacksboro Apartments, Ltd. as of December 31, 1997, and the
results of its operations, changes in partners, equity and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on Page I-17 is presented for purposes of additional
analysis and is not a required part of the basic financial state-
To the Partners
Page 2
ments. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Wichita Falls, Texas
March 6, 1998
CONSIDINE & CONSIDINE
To The Partners
Lincoln Hotel Partnership
A California Limited Partnership
600 West Broadway, #1070
San Diego, CA 92101
Independent Auditor's Report
We have audited the accompanying balance sheet of Lincoln Hotel
Partnership, a California Limited Partnership, as of December 31,
1997 and the related statement of operations and partners'
capital and statement of cash flows for the year then ended.
These financial statements are the responsibility of the
company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lincoln Hotel Partnership, a California Limited Partnership,
as of December 31, 1997, and the results of operations and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
CONSIDINE & CONSIDINE
An Accountancy Corporation
February 20, 1998
Matthews, Hearon,
Cutrer & Lindsay, PLLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON INTERNAL
CONTROL STRUCTURE
To the Partners
Lutkin Bayou Apartments, LP
Drew, Mississippi
We have audited the financial statements of Lutkin Bayou
Apartments, LP as of and for the periods ended December 31, 1997
and 1996, and have issued our report thereon dated February 20,
1998.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement.
In planning and performing our audits of the financial statements
of Lutkin Bayou Apartments, LP for the periods ended December 31,
1997 and 1996, we considered its internal control structure in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and not to
provide assurance on the internal control structure.
The management of Lutkin Bayou Apartments, LP is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. The objectives of an internal control structure are
to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from
unauthorized use or disposition, and that transactions are
executed in accordance with management's authorization and
recorded properly to permit the preparation of financial
statements in accordance with generally accepted accounting
principles. Because of inherent limitations in any internal
control structure, errors or irregularities may nevertheless
occur and not be detected. Also, projection of any evaluation of
the structure to future periods is subject to the risk that
procedures may become inadequate because of changes in conditions
or that the effectiveness of the design and operation of policies
and procedures may deteriorate.
For the purpose of this report, we have classified the
significant internal control structure policies and procedures in
the following categories:
- - Financing (notes, loans and capital contributions)
- - Revenue and receipts
- - Purchases and disbursements
- - Accuracy and completeness of external reporting to
regulatory authorities and others
For all of the internal control structure categories listed
above, we obtained an understanding of the design of relevant
policies and procedures and whether they have been placed in
operation, and we assessed control risk.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a reportable condition in
which the design or operation of one or more of the specific
internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. We noted no matters involving the
internal control structure and its operation that we consider to
be material weaknesses as defined above.
This report is intended for the information of the audit
committee, management, and the Farmers Home Administration and
should not be used for any other purpose.
Jackson, Mississippi
February 20, 1998
LOU ANN MONTEY AND ASSOCIATES, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
8400 N. Mopac Expressway Suite 304 Austin, Texas 78759
(512) 338-0044 Facsimile (512) 338-5395
To The Partners
Northway Drive, Ltd.
Bryan, Texas
We have audited the accompanying balance sheet of Northway Drive,
Ltd. - (A Texas Limited Partnership) as of December 31, 1997.
This financial statement is the responsibility of the
partnership's management. Our responsibility is to express and
opinion on this financial statement based on our audit.
We conducted our audit in accordance with Generally Accepted
Auditing Standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the balance sheet is free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
balance sheet presentation. We believe that our audit provides a
reasonable basis for our opinion.
Because we were not engaged to audit the statements of operations
and changes in partner's capital and cash flows, we did not
extend our auditing procedures to enable us to express and
opinion on results of operations and cash flows for the period
ended December 31, 1997. Accordingly, we express no opinion on
them.
In our opinion, the balance sheet referred to above presents
fairly, in all material respects, the financial position of
Northway Drive, Ltd. - (A Texas Limited Partnership) as of
December 31, 1997, in conformity with Generally Accepted
Accounting Principles.
Austin, Texas
April 17,1998
INDEPENDENT AUDITORS' REPORT
To the Partners
Rhome Apartments, Ltd.
We have audited the accompanying balance sheet of Rhome
Apartments, Ltd. (a limited partnership) as of December 31, 1997
and the related statements of operations, partners' equity and
cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Rhome Apartments, Ltd. as of December 31, 1997, and the
results of its operations, changes in partners' equity and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page I-17 is presented for purposes of additional
analysis and is not a required part of the basic financial state-
To the Partners
Page 2
ments. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Wichita Falls, Texas
February 23, 1998
Moore, Camp, Phillips & Co., LLP
CERTIFIED PUBLIC ACCOUNTANTS
To the Partners
Nocona Apartments, Ltd.
Independent Auditors' Report
We have audited the accompanying balance sheet of Nocona
Apartments, Ltd. (a limited partnership), RD Project No: 50-
0690752685663-02-2 as of December 31, 1997, and the related
statement of operations, partners' equity and cash flows for the
five month period then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Nocona Apartments, Ltd. RD Project No.: 50-069-0752685663-02-
2 as of December 31, 1997, and the results of its operations, the
changes in partners, equity and cash flows for the five month
period then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on Page I-17 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit pro-
To the Partners
Nocona Apartments, Ltd.
Page 2
cedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Wichita Falls, Texas
March 3, 1998
EUBANK & BETTS
A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North / Post Office Box 16090 /
Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 / Fax
(601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners
Canton Housing One, L.P.
Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing
One, L.P. a Mississippi limited partnership, as of December 31,
1997, and the related statement of income, partners' capital, and
cash flows for the one month then ended. These financial
statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Canton Housing One, L.P. as of December 31, 1997, and the
results of its operations and its cash flows for the one month
then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 17, 1998, on our consideration of
the Partnership's internal control and a report dated February
17, 1998, on its compliance with specific requirements applicable
to major FmHA programs.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
financial information included on pages 14 through 19 is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information, except for the current budget and proposed budget
columns in Part I and II and the information in Part IV included
on pages 14 through 18, on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the
basic financial statements, and in our opinion, is fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.
EUBANK & BETTS, PLLC
Jackson, Mississippi
February 17, 1998
EUBANK & BETTS
A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North / Post Office Box 16090 /
Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 / Fax
(601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners
Canton Housing Three, L.P.
Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing
Three, L.P., a Mississippi limited partnership, as of December
31, 1997, and the related statement of income, partners' capital,
and cash flows for the one month then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, all material respects, the financial position of
Canton Housing Three, L.P. as of December 31, 1997, and the
results of its operations and its cash flows for the one month
then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 17, 1998, on our consideration of
the Partnership's internal control and a report dated February
17, 1998, on its compliance with specific requirements applicable
to major FmHA programs.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
financial information included on pages 11 through 16 is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information, except for the current budget and proposed budget
columns in Part I and II and the information in part IV included
on pages 11 through 14, on which we express no opinion, has been
subjected to the auditing procedures applied in the audits of the
basic financial statements, and in our opinion, is fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.
Jackson, Mississippi
February 17, 1998
EUBANK & BETTS
A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North / Post Office Box 16090 /
Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 / Fax
(601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners
Canton Housing Two, L.P.
Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing
Two, L.P., a Mississippi limited partnership, FmHA Project No. 28-
045-0640886061 01-5, as of December 31, 1997, and the related
statements of income, partners' capital, and cash flows for the
one month then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to
express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Canton Housing Two, L.P., FmHA Project No. 28-045@0886061 01-
5, as of December 31, 1997, and the results of its operations and
its cash flows for the one month then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 17, 1998, on our consideration of
the Partnership's internal control and reports dated February 17,
1998, on its compliance with specific requirements applicable to
major FmHA programs.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
financial information included on pages 12 through 17 is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information, except for the current budget and proposed budget
columns in Part I and II and the information in Part IV included
on pages 12 through 16, on which we express no opinion, has been
subjected to the auditing procedures applied in the audits of the
basic financial statements, and in our opinion, is fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.
Jackson, Mississippi
February 17, 1998
EUBANK & BETTS
A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North / Post Office Box 16090 /
Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 / Fax
(601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners
Canton Housing Four, L.P.
Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing
Four, L.P., a Mississippi limited partnership, as of December 31,
1997, and the related statement of income, partners' capital, and
cash flows for the one month then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management. as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Canton Housing Four, L.P. as of December 31, 1997, and the
results of its operations and its cash flows for the one month
then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 17, 1998, on our consideration of
the Partnership's internal control and a report dated February
17, 1998, on its compliance with specific requirements applicable
to major FmHA programs.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
financial information included on pages 12 through 17 is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information, except for the current budget and proposed budget
columns in Part I and II and the information in Part IV included
on pages 12 through 15, on which we express no opinion, has been
subjected to the auditing procedures applied in the audits of the
basic financial statements, and in our opinion, is fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.
EUBANK & BETTS, PLLC
Jackson, Mississippi
February 17, 1998
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 76107
(817) 336-5880
Independent Auditor's Report
To the Partners of
Eagles Ridge Terrace, L. P.
Decatur, Texas
I have audited the accompanying balance sheet of Eagles Ridge
Terrace, L. P. as of December 31, 1997, and the related
statements of operations, partners' equity and cash flows for the
period then ended. These financial statements are the
responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Eagles Ridge Terrace, L. P. as of December 31, 1997 and the
results of its operations, changes in partners' equity and cash
flows for the period then ended in conformity with generally
accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages I-16 and I-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to a whole.
Fort Worth, Texas
March 13, 1998
Matthews, Hearon,
Cutrer & Lindsay, PLLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Ellisville Housing, L.P.
West Point, Mississippi
We have audited the accompanying balance sheets of Ellisville
Housing, L.P. (a Mississippi limited partnership), FmHA Project No.
28-034-0640864667 as of December 31, 1997, and the related
statements of operations, partners' capital (deficit) and cash
flows for the period then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Ellisville Housing, L.P., and the results of its operations and its
cash flows for the period then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information is presented for purposes of additional analysis and is
not a required part of the basic financial statements. We have
prepared the Multiple Family Housing Borrower Balance Sheet (FmHA
Form 1930-8) and the Multiple Family Housing Project Budget (FmHA
Form 1930-7). Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Jackson, Mississippi
February 25, 1998
Matthews, Hearon,
Cutrer & Lindsay, PLLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Hattiesburg Housing, LP
Jackson, Mississippi
We have audited the accompanying balance sheet of Hattiesburg
Housing, LP (a Mississippi limited partnership), FmHA Project No.
28-018-640864668 as of December 31, 1997, and the related
statements of operations, partners' capital and cash flows for the
period then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Hattiesburg Housing, LP, and the results of its operations and its
cash flows for the period then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information is presented for purposes of additional analysis and is
not a required part of the basic financial statements. We have
prepared the Multiple Family Housing Borrower Balance Sheet (FmHA
Form 1930-8) and the Multiple Family Housing Project Budget (FmHA
Form 1930-7). Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Jackson, Mississippi
February 17, 1998
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 76107
(817) 336-5880
Independent Auditor's Report
To the Partners of
Henderson Terrace, L. P.
Bridgeport, Texas
I have audited the accompanying balance sheet of Henderson
Terrace,
L. P. as of December 31, 1997, and the related statements of
operations,
partners, equity and cash flows for the year then ended. These
financial
statements are the responsibility of the partnership's
management. My
responsibility is to express an opinion on these financial
statements based
on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Henderson Terrace, L. P. as of December 31, 1997 and the results
of its operations, changes in partners, equity and cash flows for
the year then ended in conformity with generally accepted
accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages I-16 and I-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Fort Worth, Texas
March 13, 1998
Robert C. Morris, CPA
716 S 1100 W
Cedar City, Utah 84720
INDEPENDENT AUDITORS' REPORT
To the partners
Hurricane Hills II LC
I have audited the accompanying balance sheets of Hurricane Hills
II LC as of December 31, 1997, and the related partners' equity
for the year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examination, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management as well as evaluating
the overall financial statement presentation. We believe that
our audits provided a reasonable basis for our opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Hurricane Hills II LC as of December 31, 1997, and the results of
its operations, changes in Partners, equity and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
I-3
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 76107
(817) 336-5880
Independent Auditor's Report
To the Partners of
Lakeview Little Elm, L. P.
Little Elm, Texas
I have audited the accompanying balance sheet of Lakeview Little
Elm, L. P. as of December 31, 1997, and the related statements of
operations, partners' equity and cash flows for the period then
ended. These financial statements are the responsibility of the
partnership's management. My responsibility is to express an
opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Lakeview Little Elm, L. P. as of December 31, 1997 and the
results of its operations, changes in partners, equity and cash
flows for the period then ended in conformity with generally
accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages I-16 and I-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Fort Worth, Texas
March 13, 1998
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 76107
(817) 336-5880
Independent Auditor's Report
To the Partners of
Mesquite Trails, L. P.
Jacksboro, Texas
I have audited the accompanying balance sheet of Mesquite Trails,
L. P. as of December 31, 1997, and the related statements of
operations, partners, equity and cash flows for the period then
ended. These financial statements are the responsibility of the
partnership's management. My responsibility is to express an
opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Mesquite Trails, L. P. as of December 31, 1997 and the results of
its operations, changes in partners, equity and cash flows for
the period then ended in conformity with generally accepted
accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages I-16 and I-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Fort Worth, Texas
March 13, 1998
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 76107
(817) 336-5880
Independent Auditor's Report
To the Partners of
Pilot Point Apartments, L. P.
Pilot Point, Texas
I have audited the accompanying balance sheet of Pilot Point
Apartments, L. P. as of December 31, 1997, and the related
statements of operations, partners, equity and cash flows for the
period then ended. These financial statements are the
responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Pilot
Point Apartments, L. P. as of December 31, 1997 and the results
of its operations, changes in partners I equity and cash flows
for the period then ended in conformity with generally accepted
accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages I-16 and I-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Fort Worth, Texas
March 13, 1998 .
Fishbein & Company, P.C.
Certified Public Accountants
Elkins Park Square - Suite 200
8080 Old York Road
Elkins, PA 19027-1455
215-635-3100
Fax: 215-635-5788
INDEPENDENT AUDITOR'S REPORT
Partners
Sencit Hampden Associates, L.P.
Harrisburg, Pennsylvania
We have audited the accompanying balance sheet of SENCIT HAMPDEN
ASSOCIATES, L.P., ROTH VILLAGE TOWNHOMES, PHFA Project No. 0-546,
as of
December 31, 1997, the end of the initial accounting period of
the
Partnership. This balance sheet is the responsibility of the
Partnership's
management. Our responsibility is to express an opinion on this
balance sheet
based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the balance sheet is free of material misstatement. An audit
include examining, on a test basis, evidence supporting the
amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents
fairly, in all material respects, the financial position of
Sencit Hampden Associates, L.P. as of December 31, 1997, in
conformity with generally accepted accounting principles.
Charles Bailly & Company
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Ashbury Apartments Limited Partnership
Sioux Falls, South Dakota
We have audited the accompanying balance sheets of Ashbury
Apartments Limited Partnership as of December 31, 1996 and 1995,
and the related statements of operations, partners' equity and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. A.
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ashbury Apartments Limited Partnership as of December 31, 1996
and 1995, and the results of its operations, changes in partners,
equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 11 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Sioux Falls, South Dakota
January 28, 1997
THOMAS C. CUNNINGHAM, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(703) 669-5531
(703) 669-5576 fax
INDEPENDENT AUDITOR'S REPORT
To the Partners
Bennetts Pointe Limited Partnership
I have audited the accompanying balance sheets of Bennetts Pointe
Limited Partnership, FmHA Case No.: 46-035-0541643546, as of
December 31, 1996 and 1995 and the related statements of
operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an
opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards and Government Standards issued by the
Comptroller General of the United
States. Those standards require that I plan and perform the
audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Bennetts Pointe Limited Partnership, as of December 31, 1996 and
1995 and the results of its operations, changes in partners'
equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 15 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
In accordance with Government Auditing Standards, I have also
issued a report dated February 15, 1997 on my consideration of
Bennetts Pointe Limited Partnership's internal control structure
and a report dated February 15, 1997 on its compliance with laws
and regulations applicable to the financial statements.
Thomas C. Cunningham, CPA PC
Bristol , Virginia
February 15, 1997
Suby, Von Haden
& Associates, S.C.
CERTIFIED PUBLIC ACCOUNTANTS
Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Breeze Cove Limited Partnership
Madison, Wisconsin
We have audited the accompanying balance sheet of Breeze Cove
Limited Partnership as of December 31, 1996, and the related
statements of loss, partners' equity and cash flows for the year
then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit. The
financial statements of Breeze Cove Limited Partnership for the
year ended December 31, 1 995 were audited by other auditors,
whose report dated January 17, 1996 expressed an unqualified
opinion on those statements.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Breeze Cove Limited Partnership as of December 31, 1 996, and
the results of its operations, changes in partners' equity and
its cash flows for the year then ended in conformity with
generally accepted accounting principles.
The accompanying financial statements have been prepared assuming
that the partnership will continue as a going concern. As
discussed in Note I to the financial statements, the partnership
has incurred recurring negative cash flows and anticipates that
negative cash flows will continue. These factors raise
substantial doubt about the partnership's ability to continue as
a going concern. Management's plans in regard to these matters
are also described in Note 1. The financial statements do not
include any adjustments that might result from the outcome of
this uncertainty.
January 17, 1997
Coopers
&Lybrand
Report of independent Accountants
To the Partners
College Greene Rental Associates, L.P.
We have audited the accompanying balance sheets of College Greene
Rental Associates, L.P. (A Limited Partnership), as of December
31, 1996 and 1995, and the related statements of operations and
partners' capital and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of College Greene Rental Associates, L.P., as of December 3 1,
1996 and 1995, and the results of its operations and its cash
flows for the years then ended, in conformity with generally
accepted accounting principles.
Rochester, New York
February 5, 1997
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
4747 WEST PETERSON AVENUE
CHICAGO, ILLINOIS 60646
(312) 7 7 7-4445
FAX (312) 777-6557
MEMBERS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
ILLINOIS CPA SOCIETY
INDEPENDENT AUDITOR'S REPORT
To The Partners Of
EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited
Partnership)
We have audited the accompanying balance sheets of EAST DOUGLAS
APARTMENTS
LIMITED PARTNERSHIP (An Illinois Limited Partnership) as of
December 31, 1995
and 1994, and the related statements of operations, partners'
equity and cash
flows for the years then ended. These financial statements are
the
responsibility of the Partnership's management. Our
responsibility is to
express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing
standards. Those standards require that we plan and perform the
audits to
obtain reasonable assurance about whether the financial
statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence
supporting the amounts and disclosures in the financial
statements. An audit
also includes assessing the accounting principles used and
significant
estimates made by management, as well as evaluating the overall
financial
statement presentation. We believe that our audits provide a
reasonable basis
for our opinion.
In our opinion, the financial statements referred to above
present fairly, in
all material respects, the financial position of EAST DOUGLAS
APARTMENTS
LIMITED PARTNERSHIP as of December 31, 1995 and 1994, and the
results of its
operations and its cash flows for the years then ended in
conformity with
generally accepted accounting principles.
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
Certified Public Accountants
Chicago, Illinois
May 29, 1996
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
Larry R. Golden, CPA
Janine D. Graham, CPA
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31310
INDEPENDENT AUDITOR'S REPORT
To The Partners
Fairoaks Lane Limited Partnership
We have audited the accompanying balance sheets of Fairoaks Lane
Limited Partnership, as of December 31, 1996 and 1995, and the
related statements of operations, changes in partners' equity and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Fairoaks Lane Limited Partnership as of December 31, 1996 and
1995, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 29, 1997 on our consideration of
Fairoaks Lane Limited Partnership's internal control structure
and a report dated January 29, 1997 on its compliance with laws
and regulations.
GOLDEN ASSOCIATES
January 29, 1997
Hinesville, Georgia
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
Larry R. Golden, CPA
Janine D. Graham, CPA
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31310
INDEPENDENT AUDITOR'S REPORT
To The Partners
Forest Glen Village Limited Partnership
We have audited the accompanying balance sheets of Forest Glen
Village Limited Partnership, as of December 31, 1996 and 1995,
and the related statements of operations, changes in partners'
equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Forest Glen Village Limited Partnership as of December 31,
1996 and 1995, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 29, 1997 on our consideration of
Forest Glen Village Limited Partnership's internal control
structure and a report dated January 29, 1997 on its compliance
with laws and regulations.
GOLDEN ASSOCIATES
January 29, 1997
Hinesville, Georgia
Bob T. Robinson
Certified Public Accountant
2084 Dunbarton Drive
Jackson, Mississippi 39216
(601) 982-3875
To the Partners
Bradley Elderly, L.P.
Independent Auditor's Report
I have audited the accompanying balance sheet of Bradley Elderly,
L.P. as of December 31, 1995 and 1994, and the related statements
of operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Bradley Elderly, L.P. as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then
ended, in conformity with generally accepted accounting
principles.
Jackson, Mississippi
January 23, 1996
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
4747 WEST PETERSON AVENUE
CHICAGO, ILLINOIS 60646
(312) 777-4445
FAX (312) 777-6557
INDEPENDENT AUDITOR'S REPORT
To The Partners Of
EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP
(An Illinois Limited Partnership)
We have audited the accompanying balance sheets of EAST DOUGLAS
APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in
all material respects, the financial position of EAST DOUGLAS
APARTMENTS
LIMITED PARTNERSHIP as of December 31, 1995 and 1994, and the
results of its
operations and its cash flows for the years then ended in
conformity with
generally accepted accounting principles.
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
Certified Public Accountants
Chicago, Illinois
May 29, 1996
Coopers
&Lybrand
Report of Independent Accountants
To the Partners
Evergreen Hills Associates, L.P.
We have audited the accompanying balance sheet of Evergreen Hills
Associates, L.P. (A Limited Partnership), as of December 31,
1995, and the related statements of operations and partners'
capital and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Evergreen Hills Associates, L.P., as of December 31, 1995, and
the results of its operations, changes in partners' capital and
its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Rochester, New York
February 5, 1996
Bob T. Robinson
Certified Public Accountant
2084 Dunbarton E)rive
Jackson, Mississippi 39216
(601) 982-3875
To the Partners
Northfield Apartments, L.P.
Independent Auditor's Report
I have audited the accompanying balance sheet of Northfield
Apartments, L.P. as of December 31, 1995 and 1994 and the related
statements of operations, partners, equity (deficit) and cash
flows for years then ended. These financial statements are the
responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Northfield Apartments, L.P. as of December 31, 1995 and 1994 and
the results of its operation. and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied
in the audits of the basis financial statements and, in my
opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Jackson, Mississippi
March 13, 1996
MCMILLAN, PATE & KING, L.L.P.
CERTIFIED PUBLIC ACCOUNTANTS
615 OBERLIN ROAD, SUITE 200
RALEIGH, NC 27605
INDEPENDENT AUDITORS' REPORT
Partners
Better Homes for Havelock Limited Partnership
We have audited the balance sheet of Better Homes for Havelock
Limited Partnership as of December 31, 1995 and the related
statements of operations, partners' capital, and cash flows for
the year then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
McMillan, Pate & Robertson, Certified Public Accountants, a North
Carolina partnership, ceased business operations on February 29,
1996. In accordance with North Carolina General Statutes and the
North Carolina Accountancy Rules, the Company directed its
records to be transferred to McMillan, Pate & King, L.L.P., which
commenced business operations on March 1, 1996. Incomplete
accounting and tax services of McMillan, Pate & Robertson are
being completed by McMillan, Pate & King, L.L.P.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Better Homes for Havelock Limited Partnership as of December
31, 1995 and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 10 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
February 16, 1996
and March 1, 1996
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Black River Run Limited Partnership
We have audited the accompanying balance sheets of Black River
Run Limited Partnership as of December 31, 1996 and 1995, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Black River Run Limited Partnership, as of December 31, 1996
and 1995, and the results of its operations, changes in partners'
equity, and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 14 and 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 9, 1997
OSCAR N. HARRIS & ASSOCIATES, P.A.
Certified Public Accountants
OSCAR N. HARRIS, C.P.A.
SHERRY S. JOHNSON, C.P.A.
KENNETH E. MILTON, C.P.A.
CONNIE P. STANCIL, C.P.A.
MEMBERS:
AMERICAN INDUSTRY OF
CERTIFIED PUBLIC ACCOUNTANTS
NORTH CAROLINA ASSOCIATION OF
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners of
LiveOak Village Limited Partnership
Charlotte, North Carolina
We have audited the balance sheets of LiveOak village Limited
Partnership (an Alabama Limited Partnership) as of December 31,
1996 and 1995, and the related statements of partners' capital,
income, and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Live0ak Village Limited Partnership as of December 31, 1996
and 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. Schedules 1, 2, 3,
and 4 on pages 13, 14, 15, and 16 are presented for purposes of
additional analysis and are not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Certified Public Accountants
January 31, 1997
RANKIN, RANKIN & COMPANY
Certified Public Accountants
Lookout Corporate Center
1717 Dixie Highway Suite 600
Ft Wright, Kentucky 41011
Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge
Limited Partnership as of December 31, 1996, and the related
statements of operations, partners' equity (deficit) and cash
flows for the year then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lookout Ridge Limited Partnership as of December 31, 1996, and
the results of its operations, the changes in partners' equity
(deficit) and cash flows for the year then ended in conformity
with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 9 and 10 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statement and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky
February 20, 1997
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Pinedale II Limited Partnership
We have audited the accompanying balance sheets of Pinedale II
Limited Partnership as of December 31, 1996 and 1995, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pinedale II Limited Partnership, as of December 31, 1996 and
1995, and the results of its operations, changes in partners'
equity, and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 13 and 14 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 13, 1997
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Pumphouse Crossing II Limited Partnership
We have audited the accompanying balance sheets of Pumphouse
Crossing II Limited Partnership as of December 31, 1996 and 1995,
and the related statements of operations, partners' equity, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pumphouse Crossing II Limited Partnership, as of December 31,
1996 and 1995, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 13 and 14 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 20, 1997
RANKIN, RANKIN & COMPANY
Certified Public Accountants
Lookout Corporate Center
1717 Dixie Highway Suite 600
Ft Wright, Kentucky 41011
Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lookout Ridge Limited Partnership
We have audited the accompanying balance sheets of Lookout Ridge
Limited Partnership as of December 31, 1995, and the related
statements of operations, partners' equity (deficit) and cash
flows for the year then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express and opinion on these financial
statements based on our audits.
We conducted our audit in accordance with generally accepted
auditing standards. Those standard require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lookout Ridge Limited Partnership as of December 31, 1995, and
the results of its operations, the changes in partners' equity
(deficit) and cash flows for the year then ended in conformity
with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 9 and 10 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statement and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky
April 24,1996
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 MIDDLEBELT ROAD
FARMINGTON, MICHIGAN 48334-1726
(810) 626-3800
FAX NO (810) 626-2276
Independent Auditor's Report
To the Partners of
Clarendon Court Limited Partnership
We have audited the accompanying balance sheet of CLARENDON COURT
LIMITED PARTNERSHIP as of December 31, 1996 and 1995, and the
related statements of operations, changes in partners' equity
(deficit) and cash flows for the year ended December 31, 1996 and
the period March 29, 1995 (date operational) to December 31,
1995. These financial statements are the responsibility of the
general partner and management of the partnership. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly in all material respects, the financial position
of CLARENDON COURT LIMITED PARTNERSHIP, as of December 31, 1996
and 1995, and the results of its operations and its cash flows
for the year ended December 31, 1996 and the period March 29,
1995 (date operational) to December 31, 1995 in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
accompanying information listed in the table of contents is
presented for the purpose of additional analysis and is not a
required part of the basic financial statements. This
accompanying information is the responsibility of the
partnership's management. Such information, except for the
portion marked "unaudited" on which we express no opinion, has
been subjected to the auditing procedures applied in our audit of
the basic financial statements and, in our opinion, is fairly
stated in all material respects when-considered in relation to
the basic financial statements taken as a whole.
Farmington Hills, Michigan
January 31, 1997
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lost Tree Limited Partnership
I have audited the accompanying balance sheets of Lost Tree
Limited Partnership as of December 31, 1996 and 1995, and the
related statements of operations, partners, equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lost
Tree Limited Partnership as of December 31, 1996 and 1995, and
the results of its operations, changes in partners, equity
(deficit) and cash flows for the years then ended in conformity
with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 15 and 16 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Tom Mechsner
Certified Public Accountant
February 17, 1997
Matthews, Hearon,
Cutrer & Lindsay, PLLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Philadelphia Housing II, Limited Partnership
Philadelphia, Mississippi
We have audited tie accompanying balance sheets of Philadelphia
Housing II, Limited Partnership (a Mississippi limited
partnership), FmHA Project No. 28-050-640808922 as of December
31, 1996 and 1995, and the related statements of operations,
partners' capital (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Philadelphia Housing II, Limited Partnership, and the results
of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purposes of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. We have prepared the Multiple Family Housing
Borrower Balance Sheet (FmHA Form 1930-8) and the Multiple Family
Housing Project Budget (FmHA Form 1930-7). Such information has
been subjected to the audit procedures applied in the audit of
the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic
financial statements taken as a whole.
Jackson, Mississippi
January 16, 1997
MARGOLIN, WINER & EVENS LLP
CERTIFIED PUBLIC ACCOUNTANTS ESTABLISHED 1946
400 GARDEN CITY PLAZA GARDEN CITY, NEW YORK 11530-3317
TEL: (516) 747-2000 FAX: (516) 747-6707
Report of Independent Accountants
Partners
Colonna Redevelopment Company L.P.
Hempstead, New York
We have audited the accompanying balance sheets of Colonna
Redevelopment Company L.P. (a New York Limited Partnership) (the
'Partnership") as of December 31, 1996 and 1995 and the related
statements of operations, cash flows and partners' equity for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Colonna Redevelopment Company L.P. as of December 31, 1996 and
1995, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 13 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
January 21, 1997
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners
Halls Ferry Apartments, L.P.
I have audited the accompanying balance sheets of Halls Ferry
Apartments, L.P. as of December 31, 1996, and 1995 and the
related statements of operations, partners, equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Halls
Ferry Apartments, L.P. as of December 31, 1996 and 1995, and the
results of its operations, changes in partners' equity (deficit)
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Tom Mechsner
Certified Public Accountant
February 17, 1997
YEO & YEO
Independent Auditors' Report
Partners
Ithaca I Limited Partnership
Ithaca, Michigan
We have audited the accompanying balance sheet of Ithaca I
Limited Partnership FmHA Project No. 26-029-383119117 as of
December 31, 1996 and 1995, and the related statements of income,
partners' equity and cash flows for the years ending December 31,
1996 and 1995. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In accordance with Government Auditing Standards, we have also
issued a report dated February 25, 1996 on our consideration of
Ithaca I Limited Partnership's internal control structure and a
report dated February 25, 1996 on its compliance with laws and
regulations.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ithaca I Limited Partnership as of December 31, 1996 and 1995,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplementary information presented on pages 10 through 15 is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
February 25, 1997
Ehrhardt
Keefe
Steiner &
Hottman PC
INDEPENDENT AUDITORS' REPORT
To the Partners
Kimbark 1200 Associates, Limited Partnership
We have audited the accompanying balance sheet of Kimbark 1200
Associates, Limited Partnership as of December 31, 1995, and the
related statements of operations, partners' equity and cash flows
for the year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Kimbark 1200 Associates, Limited Partnership as of December
31, 1995, and the results of its operations, changes in partners'
equity and cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 14 and 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
January 29, 1996
Denver, Colorado
Ehrhardt
Keefe
Steiner &
Hottman PC
INDEPENDENT AUDITORS' REPORT
To the Partners
Kimbark 1200 Associates, Limited Partnership
Longmont, Colorado
We have audited the accompanying balance sheet of FHA Project No.
101-98011 of Kimbark 1200 Associates, Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss,
changes in partners' equity, and cash flows for the year then
ended. These financial statements are the responsibility of the
Project's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of FHA Project No. 101-98011 as of December 31, 1996, and the
results of its operations and the changes in partners' equity and
cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 14, 1997 on our consideration of
FHA Project No. 101-98011's internal control structure and a
report dated February 14, 1997 on its compliance with specific
requirements applicable to major HUD programs and specific
requirements applicable to affirmative fair housing.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supporting
data included in the report (shown on pages 15 through 20) are
presented for the purpose of additional analysis and are not. a
required part of the basic financial statements of FHA Project
No. 101-98011. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
Ehrhardt Keefe Steiner & Hottman PC
February 14, 1997
Denver, Colorado
Audit Partner: Lisa M. Pease
EIN: 84-0869721
CONSIDINE & CONSIDINE
To The Partners
Lincoln Hotel Partnership
A California Limited Partnership
600 West Broadway, #1070
San Diego, CA 92101
Independent Auditor's Report
We have audited the accompanying balance sheets of Sacramento SRO
Limited Partnership, as of December 31, 1996 and 1995 and the
related statements of operations and partners' capital and
statements of cash flows for the years then ended. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sacramento SRO Limited Partnership, as of December 31, 1996
and 1995, and the results of their operations and cash flows for
the year then ended in conformity with generally accepted
accounting principles.
CONSIDINE & CONSIDINE
An Accountancy Corporation
March 17, 1997
GORACKE & WILCOX, P.C.
Certified Public Accountants
5010 118th Street, Suite 100 Omaha, Nebraska 68137-2208
Telephone 402-896-1500
INDEPENDENT AUDITORS' REPORT
To the PartnersSouth Hills Apartments, L.P.
We have audited the accompanying balance sheets f South Hill.
Apartments, L.P. as of December 31, 1996 and 1995, and the
related statements of operations, partners, equity and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of South Hills Apartments, L.P. as of December 31, 1996 and 1995,
and the results of its operations, changes in partners, equity
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 14 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Goracke & Wilcox, P.C.
February 5, 1997
NOVOGRADAC
& COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners of
Village Woods Estates, L.P., A Kansas Limited Partnership
We have audited the accompanying balance sheet of Village Woods
Estates, L.P., A Kansas Limited Partnership, as of December 31,
1995, and the related statements of net loss, partners' capital
and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Village Woods Estates, L.P. as of December 31, 1995 and its
operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Los Angeles, California
May 30, 1996
YOUNG & PRICKITT, P. C. Certified Public Accountants
111 Franklin Road, Suite 302
Roanoke, Virginia 24011-21 00
540/982-3852
540/343-9231 FAX
INDEPENDENT AUDITOR'S REPORT
To Partners
Autumn Ridge Associates
Roanoke, Virginia:
We have audited the accompanying balance sheet of Autumn Ridge
Associates (A Virginia Limited Partnership) as of December 31,
1996. This financial statement is the responsibility of the
Company's management. Our responsibility is to express an
opinion on this financial statement based .. our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the balance sheet is free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
balance sheet presentation. We believe that our audit of the
balance sheet provides a reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents
fairly, in all material respects, the financial position of
Autumn Ridge Associates (A Virginia Limited Partnership) as of
December 31, 1996, in conformity with generally accepted
accounting principles.
February 21, 1997
YORK, DILLINGHAM & COMPANY, P.L.L.C
CERTIFIED PUBLIC ACCOUNTANTS
P.O. BOX 551
1708 ALPINE AVENUE
COLUMBIA, TENNESSEE 38402-0551
TELEPHONE (615) 388-0517
FAX (615) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners
Brownsville Associates, Limited
We have audited the accompanying (a Tennessee limited
partnership) d/b/a Brownsville Village Apartments, FmHA Project
No. : 48-038-621467876, as of December 31, 1996 and 1995, and the
related statement of operations, partners' equity, and cash flows
for the year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basic evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Brownsville Associates, Limited (a Tennessee limited
partnership) d/b/a Brownsville Village Apartments, FmHA Project
No. : 48-038-621467876, as of December 31, 1996 and 1995, and the
results of its operations, the changes in partners' equity and
its cash flows for the year then ended in conformity with
generally accepted accenting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 17, 1997 on our consideration of
Brownsville Associates, Limited's internal control structure and
a report dated February 17, 1997 .. its compliance with laws and
regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Columbia, Tennessee
February 17, 1997
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
New Hilltop Apartments, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of New Hilltop
Apartments, A Limited Partnership (A South Carolina Limited
Partnership), as of December 31, 1996 and 1995, and the related
statements of operations, partners' equity and cash flows for
December 31, 1996 and from November 8, 1995 to December 31, 1995.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of New Hilltop Apartments, A Limited Partnership, as of December
31, 1996 and 1995, and the results of its operations and its cash
flows for December 31, 1996 and from November 8, 1995 to December
31, 1995, in conformity with generally accepted accounting
principles.
February 19, 1997
Sonnenberg & Company, CPAs
A Professional Corporation
Corporate Office: 5190 Governor Drive, Suite 201, San Diego,
California 92122
Regional Office: 15840 Ventura Blvd., Suite 208, Encino,
California 91436
Phone: (818) 986-5551 (800) 464-4HOA FAX (818) 986-6318
INDEPENDENT AUDITORS' REPORT
To the Partners
SG-Wyandotte, L.P.
We have audited the accompanying balance sheet of SG-Wyandotte,
L.P., a California Limited Partnership, as of December 31, 1996,
and the related statement of partners' equity for the year then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of SG-Wyandotte, L.P. as of December 31, 1996, and the changes in
partners' equity for the year then ended in conformity with
generally accepted accounting principles.
Sonnenberg & Company, CPAs
February 12, 1997
YORK, DILLINGHAM & COMPANY, P.L.L.C
CERTIFIED PUBLIC ACCOUNTANTS
P.O. BOX 551
1708 ALPINE AVENUE
COLUMBIA, TENNESSEE 38402-0551
TELEPHONE (615) 388-0517
FAX (615) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners
Stanton Associates, Limited
We have audited the accompanying balance sheet of Stanton
Associates, Limited (a Tennessee limited partnership) d/b/a
Stanton Village Apartments, FmHA Project No.: 48-038-621542356,
as of December 31, 1996 and 1995, and the related statement of
operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government: Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Stanton Associates, Limited (a Tennessee limited partnership)
d/b/a Stanton Village Apartments, FmHA Project No.: 48-038-
621542356, as of December 31, 1996 and 1995, and the results of
its operations, the changes in partners' equity and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 14, 1997 on our consideration of
Stanton Associates, Limited's internal control structure and a
report dated February 14, 1997 on its compliance with laws and
regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relating to the basic financial statements taken as a whole.
Columbia, Tennessee
February 14, 1997
Bybee & Company
A BUSINESS DEVELOPMENT COMPANY
100 South 500 West, Suite 200
Bountiful, Utah 84010
(801) 295-2992
Independent Auditor's Report
Partners
Shadowcreek Apartments
Elko, Nevada
We have audited the accompanying balance sheet of Shadowcreek
Apartments (Project), FmHA Case No. 33-002-0880283493, as of
December 31, 1996 and the related statements of operations,
changes in Project equity and cash flows for the period October
1, 1996 through December 31,1996. These financial statements are
the responsibility of the Project's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and with Government Auditing Standards, issued
by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the Project as of December 31, 1996 and the results of its
operations and cash flows for the period October 1, 1996, in
conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the financial statements taken as a whole. The supplemental data
included in the report (shown on pages 10 and 11) are presented
for the purpose of additional analysis and are not a required
part of the basic financial statements of the Project for the
period October 1, 1996 through December 31, 1996. Such
information has been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Partners
Shadowcreek Apartments
In accordance with Government Auditing Standards, we have issued
a report dated May 30, 1997, on our consideration of the
Project's internal control structure and a report dated May 30,
1997, on its compliance with laws and regulations.
May 30, 1997
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A Professional Corporation
Independent Auditors' Report
The Partners
Ethel Housing, L.P.
Ethel, Mississippi
We have audited the accompanying balance sheet of Ethel Housing,
L.P., RECD Case No. 28-0040640823417, as of December 31, 1996,
and the related statements of operations, partners' equity, and
cash flows for the period June 26, 1996 through December 31,
1996. These financial statements are the responsibility of the
project's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States, and the Audit
Program issued by the United States Department of Agriculture,
Rural Economic and Community Development. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ethel Housing, L.P. as of December 31, 1996, and the results
of its operations and its cash flows for the period June 26, 1996
through December 31, 1996 in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 7, 1997, on our consideration of
Ethel Housing, L.P.'s internal control structure, and reports
dated February 7, 1997, on its compliance with specific
requirements applicable to major RECD programs and nonmajor RECD
transactions.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
Ethel Housing, L.P.
Page Two
additional analysis and are not a required part of the financial
statements of Ethel Housing, L.P. Such information, except for
the current budget and proposed budget columns on page 17 through
20, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
February 7, 1997
SPAR & BOYER
Certified Public Accountants, L.L.P.
Stewart A. Spar CFA
Keith Boyer CFA
Paul R. Galizia CPA
Independent Auditors' Report
MAIN EVERETT HOUSING L.P.
New Rochelle NY 10801
We have audited the accompanying balance sheet of MAIN EVERETT
HOUSING L.P. as of December 31, 1996, and the related statements
of income, changes in partners' capital and cash flows for the
year then ended. These financial statements are the
responsibility of the Company's management. Our responsibility is
to express an opinion on these financial statements based on our
audit.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of MAIN EVERETT HOUSING L.P. as at December 31, 1996, and its
cash flows and changes in partners capital for the years then
ended in conformity with generally accepted accounting
principles.
Dobbs Ferry, New York
February 6, 1996
SPAR & BOYER
Certified Public Accountants, L.L.P.
Stewart A. Spar CFA
Keith Boyer CFA
Paul R. Galizia CPA
Independent Auditors' Report
OSBORNE HOUSING L.P.
New Rochelle NY 10801
We have audited the accompanying balance sheet of OSBORNE HOUSING
L.P. as of December 31, 1996, and the related statements of
income, changes in partners,
Capital and cash flows for the year then ended. These financial
statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of OSBORNE HOUSING L.P. as at
December 31, 1996, and its cash flows and changes in partners
capital for the years then ended in conformity with generally
accepted accounting principles.
Dobbs Ferry, New York
February 6, 1996
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A Professional Corporation
Independent Auditors' Report
The Partners
Shannon Housing, L.P.
Shannon, Mississippi
We have audited the accompanying balance sheet of Shannon
Housing, L.P., RECD Case No. 28-0410640835658, as of December 31,
1996, and the related statements of operations, partners' equity,
and cash flows for the period April 11, 1996 through December 31,
1996. These financial statements are the responsibility of the
project's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States, and the Audit
Program issued by the United States Department of Agriculture,
Rural Economic and Community Development. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Shannon Housing, L.P. as of December 31, 1996, and the results
of its operations and its cash flows for the period April 11,
1996 through December 31, 1996 in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 7, 1997, on our consideration of
Shannon Housing, L.P.'s internal control structure, and reports
dated February 7, 1997, on its compliance with specific
requirements applicable to major RECD programs and nonmajor RECD
transactions.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
Shannon Housing, L.P.
Page Two
additional analysis and are not a required part of the financial
statements of Shannon Housing, L.P. Such information, except for
the current budget and proposed budget columns on page 17 through
20, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
February 7, 1997
MISCHLER
NURRE
WAITE
CERTIFIED PUBLIC ACCOUNTANTS
973 HATCH STREET
CINCINNATI, OHIO 45202
513-579-8787
FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of
Sutton Place Apartments
(A Limited Partnership)
Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project
#07355035, 073-55037, 073-55038, 073-55061 and 073-55062 of
Sutton Place Apartments (a limited partnership) as of December
31, 1996, and the related statements of profit and loss, changes
in partners' capital and cash flows for the year then ended.
These financial statements are the responsibility of the
Project's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States, and Consolidated Audit
Guide for Audits of HUD Programs (the "Guide,,) issued by the U.
S. Department of Housing and Urban Development, Office of
Inspector General in July 1993. Those standards and the Guide
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of HUD Project #073-55035, 073-55037, 073-55038, 073-55061 and
073-55062 as of December 31, 1996 and the results of its
operations and its cash flows and its changes in partners,
capital for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 5, 1997 on our consideration of
Sutton Place Apartments, internal control structure and a report
dated February 5, 1997 on its compliance with laws and
regulations.
We were engaged to conduct an audit for the purpose of forming an
opinion on the financial statements taken as a whole. The
additional information included in the report shown on pages 13-
15 is presented for the purposes of additional analysis and is
not a required part of the financial statements of HUD Project
#07355035, 073-55037, 073-55038, 073-55061 and 073-55062. Such
information has been subjected to the auditing procedures applied
in the audit of the financial statements and, in our opinion, is
fairly stated in all material respects in relation to the
financial statements taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
February 5, 1997
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A Professional Corporation
Independent Auditors' Report
The Partners
West Point Housing, L.P.
West Point, Mississippi
We have audited the accompanying balance sheet of West Point
Housing, L.P., RECD Case No. 28-0130630762266, as of December 31,
1996, and the related statements of operations, partners' equity,
and cash flows for the period September 29, 1996 through December
31, 1996. These financial statements are the responsibility of
the project's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States, and the Audit
Program issued by the United States Department of Agriculture,
Rural Economic and Community Development. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in-all material respects, the financial position
of West Point Housing, L.P. as of December 31, 1996, and the
results of its operations and its cash flows for the period
September 29, 1996 through December 31, 1996 in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 10, 1997, on our consideration of
West Point Housing, L.P.'s internal control structure, and
reports dated February 10, 1997, on its compliance with specific
requirements applicable to major RECD programs and nonmajor RECD
transactions.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 15 through 21 are presented for purposes of
West Point Housing, L.P.
Page Two
additional analysis and are not a required part of the financial
statements of West Point Housing, L.P. Such information, except
for the current budget and proposed budget columns on page 18
through 21, on which we express no opinion, is fairly stated in
all material respects in relation to the financial statements
taken as a whole.
February 10, 1997
JCCS
Junkermier - Clark
Campanella - Stevens - P.C.
Certified Public Accountants
Sandstone Village Limited Partnership
Great Falls, Montana
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of Sandstone
Village Limited Partnership as of December 31, 1995 and the
related statements of income and partners' capital and cash flows
for the two month period then ended. These financial statements
are the responsibility of the management of Sandstone Village
Limited Partnership. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sandstone Village Limited Partnership as of December 31, 1995,
and the results of its operations and its cash flows for the two
month period then ended in conformity with
generally accepted accounting principles.
Great Falls, Montana
February 3, 1996
MISCHLER
NURRE
WAITE
CERTIFIED PUBLIC ACCOUNTANTS
973 HATCH STREET
CINCINNATI, OHIO 45202
513-579-8787
FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of
Washington Arms Apartments
(A Limited Partnership)
Dayton, Ohio
We have audited the accompanying balance sheet of HUD Project
#046NIO93 of Washington Arms Apartments (a limited partnership)
as of December 31, 1996, and the related statements of profit and
loss, changes in partners, capital and cash flows for the year
ended December 31, 1996. These financial statements are the
responsibility of the Project's management. Our responsibility
is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States, and Consolidated Audit
Guide for Audits of HUD Programs (the "Guide,,) issued by the U.
S. Department of Housing and Urban Development, Office of
Inspector General in July 1993. Those standards and the Guide
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of HUD Project #046-NIO93 as of December 31, 1996 and the results
of its operations and its cash flows and its changes in partners,
capital for the period then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
a report dated January 29, 1997 on our consideration of Washington
Arms Apartments I internal control structure and a report dated
January 29, 1997 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The additional information
included in the report shown on pages 13-18 is presented for the
purposes of additional analysis and is not a required part of the
financial statements of HUD Project #046-NT093. Such information
has been subjected to the auditing procedures applied in the audit
of the financial statements and, in our opinion, is fairly stated
in all material respects in relation to the financial statements
taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
January 29, 1997
Sonnenberg & Company, CPAs
A Professional Corporation
Corporate Office: 5190 Governor Drive, Suite 201, San Diego,
California 92122
Regional Office: 15840 Ventura Blvd., Suite 208, Encino,
California 91436
Phone: (818) 986-5551 (800) 464-4HOA FAX (818) 986-6318
INDEPENDENT AUDITORS' REPORT
To the Partners
SG-Hazeltine, L.P.
We have audited the accompanying balance sheet of SG-Hazeltine,
L.P., a California Limited Partnership, as of December 31, 1996 and
the related statement of partners' equity for the year then ended.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of SG-
Hazeltine, L.P. as of December 31, 1996, and the changes in
partners' equity for the year then ended in conformity with
generally accepted accounting principles.
Sonnenberg & Company, CPAs
February 12, 1997
San Diego, California
LITTLE & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
P. 0. BOX 2485 1111 NORTH 19TH STREET
MONROE, LOUISIANA 71207
TELEPHONE (318) 323-1717
TELECOPIER (318) 322-5121
INDEPENDENT AUDITOR'S REPORT
The Willows Apartments Partnership, Ltd.
Smithville, Texas
We have audited the accompanying balance sheet of The Willows
Apartments Partnership, Ltd., (the Partnership) as of December 31,
1996, and the related statements of operations, partners' equity,
and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and the Standards for Financial and Compliance
Audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatements An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of The
Willows Apartments Partnership, Ltd., as of December 31, 1996, and
the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated May 27, 1997, on our consideration of the
internal control structure and a report dated May 27, 1997, on its
compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying schedule
listed in the table of contents is presented for the purpose of
additional analysis and is not a required part of the financial
statements of The Willows Apartments Partnership, Ltd. Such
information has been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in our opinion,
is fairly presented in all material respects in relation to the
financial statements taken as a whole.
Monroe, Louisiana
May 27, 1997
<PAGE>
through March 31, 1996 for Series 29, for the period June 23,
1997
(date of inception) through March 31, 1998 for Series 30, for
the
period September 11, 1997 (date of inception) through March
31,
1998 for Series 31, and for the period January 19, 1998 (date
of
inception) through March 31, 1998 for Series 32 in conformity
with
generally accepted accounting principles.
We and other auditors have also audited the
information
included in the related financial statement schedules listed
in
Form 10-K, Item 14(a) of Boston Capital Tax Credit Fund IV L.P.
- -
Series 20 through Series 32 as of March 31, 1998. In our
opinion,
the schedules present fairly, in all material respects,
the
information required to be set forth therein, in conformity
with
generally accepted accounting principles.
Bethesda, Maryland
July 15, 1998
F-5
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
March 31, 1998 and 1997
<TABLE>
Total
- -----------------------------------
1998
1997
- --------------- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 263,155,258
$ 164,581,635
OTHER ASSETS
Cash and cash equivalents (notes A, H and
I) 4,193,020
14,801,634
Investments available-for-sale (notes A and
G) 70,135,961
46,568,694
Notes receivable (note D) 24,395,853
12,972,311
Prepaid expenses -
6,458
Deferred acquisition costs (notes A and C) 5,541,912
6,888,731
Organization costs, net of accumulated
amortization (note A) 603,443
534,968
Other assets (note E) 18,047,506
12,846,156
- --------------- ----------------
$ 386,072,953
$ 259,200,587
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 486,292
$ 6,683
Line of credit 5,000,000
- -
Syndication costs payable -
280,815
Accounts payable - affiliates (note B) 3,413,858
1,536,042
Capital contributions payable (note C) 70,863,665
34,744,876
- --------------- ----------------
79,763,815
36,568,416
- --------------- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
39,610,709 and 28,327,352 at March
31, 1998 and 1997 are issued and
outstanding to the assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 39,610,709
and 28,327,352 at March 31, 1998 and
1997 issued and outstanding 306,404,507
222,767,338
General Partner
(326,595) (191,910)
Unrealized gain on securities available for
sale, net 231,226
56,743
- --------------- ----------------
306,309,138
222,632,171
- --------------- ----------------
$ 386,072,953
$ 259,200,587
=============== ================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-6
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 20
- -----------------------------------
1998
1997
- --------------- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 23,307,328
$ 25,829,683
OTHER ASSETS
Cash and cash equivalents (notes A, H and
I) 198,679
429,105
Investments available-for-sale (notes A and
G) 374,317
778,954
Notes receivable (note D) -
874,787
Prepaid expenses -
4,410
Deferred acquisition costs (notes A and C) 98,235
98,235
Organization costs, net of accumulated
amortization (note A) 33,891
57,176
Other assets (note E) 433,334
255,951
- --------------- ----------------
$ 24,445,784
$ 28,328,301
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates (note B) 952,716
573,651
Capital contributions payable (note C) 524,696
1,942,326
- --------------- ----------------
1,477,412
2,515,977
- --------------- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
3,866,700 at March 31, 1998 and 1997
are issued and outstanding to the
assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 3,866,700
at March 31, 1998 and 1997 issued and
outstanding 23,068,223
25,884,026
General Partner
(100,892) (72,450)
Unrealized gain on securities available for
sale, net 1,041
748
- --------------- ----------------
22,968,372
25,812,324
- --------------- ----------------
$ 24,445,784
$ 28,328,301
=============== ================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-7
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 21
- ----------------------------------
1998
1997
- --------------- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 9,560,326
$ 11,515,577
OTHER ASSETS
Cash and cash equivalents (notes A, H and
I) 171,025
494,112
Investments available-for-sale (notes A and
G) 1,017,352
701,042
Notes receivable (note D) 641,542
641,542
Prepaid expenses -
- -
Deferred acquisition costs (notes A and C) 53,731
53,731
Organization costs, net of accumulated
amortization (note A) 12,523
31,480
Other assets (note E) 249,118
245,722
- --------------- ----------------
$ 11,705,617
$ 13,683,206
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates (note B) 597,830
371,990
Capital contributions payable (note C) 860,126
967,561
- --------------- ----------------
1,457,956
1,339,551
- --------------- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
1,892,700 at March 31, 1998 and 1997
are issued and outstanding to the
assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 1,892,700
at March 31, 1998 and 1997 issued and
outstanding 10,304,349
12,381,436
General Partner
(59,504) (38,523)
Unrealized gain on securities available for
sale, net 2,816
742
- --------------- ----------------
10,247,661
12,343,655
- --------------- ----------------
$ 11,705,617
$ 13,683,206
=============== ================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-8
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 22
- ----------------------------------
1998
1997
- --------------- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 16,104,712
$ 17,576,959
OTHER ASSETS
Cash and cash equivalents (notes A, H and
I) 99,260
648,647
Investments available-for-sale (notes A and
G) 385,678
621,520
Notes receivable (note D) 1,796,240
2,209,273
Prepaid expenses -
- -
Deferred acquisition costs (notes A and C) 202,011
166,684
Organization costs, net of accumulated
amortization (note A) 22,232
34,770
Other assets (note E) 438,091
518,706
- --------------- ----------------
$ 19,048,224
$ 21,776,559
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates (note B) 536,965
289,397
Capital contributions payable (note C) 1,836,296
3,158,246
- --------------- ----------------
2,373,261
3,447,643
- --------------- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
2,564,400 at March 31, 1998 and 1997
are issued and outstanding to the
assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 2,564,400
at March 31, 1998 and 1997 issued and
outstanding 16,726,229
18,363,950
General Partner
(52,342) (35,799)
Unrealized gain on securities available for
sale, net 1,076
765
- --------------- ----------------
16,674,963
18,328,916
- --------------- ----------------
$ 19,048,224
$ 21,776,559
=============== ================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-9
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series
23
- -----------------------------------
1998
1997
---------------
- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 23,271,914 $
25,009,648
OTHER ASSETS
Cash and cash equivalents (notes A, H
and I) 75,562
1,578,798
Investments available-for-sale (notes A
and G) 584,414
1,100,369
Notes receivable (note D) 2,186,398
2,186,398
Prepaid expenses -
2,048
Deferred acquisition costs (notes A and
C) 166,697
168,247
Organization costs, net of accumulated
amortization (note A) 30,006
43,078
Other assets (note E) 713,561
434,706
---------------
- ----------------
$ 27,028,552 $
30,523,292
===============
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $
- -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates (note B) 297,891
60,215
Capital contributions payable (note C) 2,724,109
4,529,018
---------------
- ----------------
3,022,000
4,589,233
---------------
- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership
interest consisting of 65,000,000
authorized beneficial assignee
certificates (BACs), $10 stated
value per BAC, 3,336,727 at March
31, 1998 and 1997 are issued and
outstanding to the assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of
the assignor limited partner,
3,336,727 at March 31, 1998 and
1997 issued and outstanding 24,049,616
25,958,000
General Partner (44,798)
(25,521)
Unrealized gain on securities available
for sale, net 1,734
1,580
---------------
- ----------------
24,006,552
25,934,059
---------------
- ----------------
$ 27,028,552 $
30,523,292
===============
================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-10
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series
24
- -----------------------------------
1998
1997
---------------
- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 15,422,126 $
15,915,977
OTHER ASSETS
Cash and cash equivalents (notes A, H
and I) 275,033
644,685
Investments available-for-sale (notes A
and G) 198,587
303,949
Notes receivable (note D) 779,231
1,654,702
Prepaid expenses -
- -
Deferred acquisition costs (notes A and
C) 276,690
313,911
Organization costs, net of accumulated
amortization (note A) 32,450
45,429
Other assets (note E) 756,754
1,438,557
---------------
- ----------------
$ 17,740,871 $
20,317,210
===============
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 27,000 $
- -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates (note B) 313,111
79,964
Capital contributions payable (note C) 1,518,325
2,779,449
---------------
- ----------------
1,858,436
2,859,413
---------------
- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership
interest consisting of 65,000,000
authorized beneficial assignee
certificates (BACs), $10 stated
value per BAC, 2,169,878 at March
31, 1998 and 1997 are issued and
outstanding to the assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of
the assignor limited partner,
2,169,878 at March 31, 1998 and
1997 issued and outstanding 15,908,401
17,468,005
General Partner (26,479)
(10,725)
Unrealized gain on securities available
for sale, net 513
517
---------------
- ----------------
15,882,435
17,457,797
---------------
- ----------------
$ 17,740,871 $
20,317,210
===============
================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-11
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 25
- -----------------------------------
1998
1997
- --------------- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 22,681,362
$ 24,266,974
OTHER ASSETS
Cash and cash equivalents (notes A, H and
I) 173,979
956,365
Investments available-for-sale (notes A and
G) 998,627
3,065,387
Notes receivable (note D) 754,841
405,700
Prepaid expenses -
- -
Deferred acquisition costs (notes A and C) 279,327
113,810
Organization costs, net of accumulated
amortization (note A) 28,842
39,330
Other assets (note E) 1,713,420
2,638,118
- --------------- ----------------
$ 26,630,398
$ 31,485,684
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ 983
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates (note B) -
16,554
Capital contributions payable (note C) 3,396,767
6,437,839
- --------------- ----------------
3,396,767
6,455,376
- --------------- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
3,026,109 at March 31, 1998 and 1997
are issued and outstanding to the
assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 3,026,109
at March 31, 1998 and 1997 issued and
outstanding 23,255,931
25,031,932
General Partner
(25,136) (7,202)
Unrealized gain on securities available for
sale, net 2,836
5,578
- --------------- ----------------
23,233,631
25,030,308
- --------------- ----------------
$ 26,630,398
$ 31,485,684
=============== ================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-12
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 26
- -----------------------------------
1998
1997
- --------------- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 29,729,194
$ 21,613,713
OTHER ASSETS
Cash and cash equivalents (notes A, H and
I) 105,301
1,239,330
Investments available-for-sale (notes A and
G) 6,645,272
12,173,007
Notes receivable (note D) 1,173,727
1,070,887
Prepaid expenses -
- -
Deferred acquisition costs (notes A and C) 601,034
1,471,671
Organization costs, net of accumulated
amortization (note A) 61,526
80,457
Other assets (note E) 3,764,864
3,275,364
- --------------- ----------------
$ 42,080,918
$ 40,924,429
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 82
$ -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates (note B) 17,324
9,630
Capital contributions payable (note C) 9,269,613
7,104,113
- --------------- ----------------
9,287,019
7,113,743
- --------------- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
3,995,900 at March 31, 1998 and 1997,
are issued and outstanding to the
assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 3,995,900
at March 31, 1998 and 1997, issued
and outstanding 32,787,697
33,793,663
General Partner
(12,533) (2,372)
Unrealized gain on securities available for
sale, net 18,735
19,395
- --------------- ----------------
32,793,899
33,810,686
- --------------- ----------------
$ 42,080,918
$ 40,924,429
=============== ================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-13
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 27
- ----------------------------------
1998
1997
- --------------- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 18,158,317
$ 13,365,524
OTHER ASSETS
Cash and cash equivalents (notes A, H and
I) 258,292
2,180,687
Investments available-for-sale (notes A and
G) 2,664,947
6,919,629
Notes receivable (note D) 653,377
565,365
Prepaid expenses -
- -
Deferred acquisition costs (notes A and C) 458,280
929,985
Organization costs, net of accumulated
amortization (note A) 54,328
69,850
Other assets (note E) 1,515,909
341,850
- --------------- ----------------
$ 23,763,450
$ 24,372,890
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates (note B) 125,327
- -
Capital contributions payable (note C) 3,524,022
3,470,122
- --------------- ----------------
3,649,349
3,470,122
- --------------- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
2,460,700 at March 31, 1998 and 1997
are issued and outstanding to the
assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 2,460,700
at March 31, 1998 and 1997 issued and
outstanding 20,116,351
20,895,461
General Partner
(8,114) (243)
Unrealized gain on securities available for
sale, net 5,864
7,550
- --------------- ----------------
20,114,101
20,902,768
- --------------- ----------------
$ 23,763,450
$ 24,372,890
=============== ================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-14
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 28
- ----------------------------------
1998
1997
- --------------- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 28,144,829
$ 3,387,008
OTHER ASSETS
Cash and cash equivalents (notes A, H and
I) 483,635
4,589,026
Investments available-for-sale (notes A and
G) 12,270,184
20,904,837
Notes receivable (note D) 240,575
3,363,657
Prepaid expenses -
- -
Deferred acquisition costs (notes A and C) 539,209
3,239,183
Organization costs, net of accumulated
amortization (note A) 76,222
96,548
Other assets (note E) 204,913
266,712
- --------------- ----------------
$ 41,959,567
$ 35,846,971
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ 5,700
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates (note B) 4,681
2,100
Capital contributions payable (note C) 7,185,987
1,338,985
- --------------- ----------------
7,190,668
1,346,785
- --------------- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
4,000,738 at March 31, 1998 and 1997
are issued and outstanding to the
assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 4,000,738
at March 31, 1998 and 1997 issued and
outstanding 34,737,846
34,479,402
General Partner 3,557
916
Unrealized gain on securities available for
sale, net 27,496
19,868
- --------------- ----------------
34,768,899
34,500,186
- --------------- ----------------
$ 41,959,567
$ 35,846,971
=============== ================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-15
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 29
- ----------------------------------
1998
1997
- --------------- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $ 24,760,987
$ 6,100,572
OTHER ASSETS
Cash and cash equivalents (notes A, H and
I) 305,731
2,040,879
Investments available for sale (notes A and
G) 13,567,187
- -
Notes receivable (note D) 1,428,362
- -
Prepaid expenses -
- -
Deferred acquisition costs (notes A and C) 816,252
258,274
Organization costs, net of accumulated
amortization (note A) 64,663
36,850
Other assets (note E) 2,437,225
3,505,470
- --------------- ----------------
$ 43,380,407
$ 11,942,045
=============== ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit -
- -
Syndication costs payable -
280,815
Accounts payable - affiliates (note B) 56,703
132,541
Capital contributions payable (note C) 9,330,218
3,017,217
- --------------- ----------------
9,386,921
3,430,573
- --------------- ----------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
3,991,800 and 1,013,500 at March 31,
1998 and 1997, respectively, are
issued and outstanding to the
assignees -
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 3,991,800
and 1,013,500 at March 31, 1998 and
1997, respectively, issued and
outstanding 33,941,732
8,511,463
General Partner
(2,758) 9
Unrealized gain on securities available for
sale, net 54,512
- -
- --------------- ----------------
33,993,486
8,511,472
- --------------- ----------------
$ 43,380,407
$ 11,942,045
=============== ================
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-16
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 30
- ---------------
1998
- ---------------
<S> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $
14,400,077
OTHER ASSETS
Cash and cash equivalents (notes A, H and I)
1,162,518
Investments available for sale (notes A and
G)
10,891,290
Notes receivable (note D)
1,422,259
Prepaid expenses
- -
Deferred acquisition costs (notes A and C)
1,062,082
Organization costs, net of accumulated
amortization (note A)
62,358
Other assets (note E)
3,853,336
- ---------------
$
32,853,920
===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $
- -
Line of credit
- -
Syndication costs payable
- -
Accounts payable - affiliates (note B)
1,002
Capital contributions payable (note C)
9,721,288
- ---------------
9,722,290
- ---------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
2,651,000 at March 31, 1998, are issued
and outstanding to the assignees
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 2,651,000 at
March 31, 1998, issued and outstanding
23,106,377
General Partner
3,313
Unrealized gain on securities available for
sale, net
21,940
- ---------------
23,131,630
- ---------------
$
32,853,920
===============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-17
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 31
- ---------------
1998
- ---------------
<S> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $
29,042,410
OTHER ASSETS
Cash and cash equivalents (notes A, H and I)
811,235
Investments available for sale (notes A and
G)
14,537,576
Notes receivable (note D)
7,309,603
Prepaid expenses
- -
Deferred acquisition costs (notes A and C)
672,182
Organization costs, net of accumulated
amortization (note A)
65,087
Other assets (note E)
489,053
- ---------------
$
52,927,146
===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $
27,359
Line of credit
- -
Syndication costs payable
- -
Accounts payable - affiliates (note B)
417,337
Capital contributions payable (note C)
14,425,302
- ---------------
14,869,998
- ---------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
4,417,857 at March 31, 1998, are issued
and outstanding to the assignees
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 4,417,857 at
March 31, 1998, issued and outstanding
37,991,231
General Partner
(697)
Unrealized gain on securities available for
sale, net
66,614
- ---------------
38,057,148
- ---------------
$
52,927,146
===============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-18
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 32
- ---------------
1998
- ---------------
<S> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and C) $
8,571,676
OTHER ASSETS
Cash and cash equivalents (notes A, H and I)
72,770
Investments available for sale (notes A and
G)
6,000,530
Notes receivable (note D)
6,009,698
Prepaid expenses
- -
Deferred acquisition costs (notes A and C)
316,182
Organization costs, net of accumulated
amortization (note A)
59,315
Other assets (note E)
1,477,928
- ---------------
$
22,508,099
===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $
431,851
Line of credit
5,000,000
Syndication costs payable
- -
Accounts payable - affiliates (note B)
92,971
Capital contributions payable (note C)
6,546,916
- ---------------
12,071,738
- ---------------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner
Units of limited partnership interest
consisting of 65,000,000 authorized
beneficial assignee certificates
(BACs), $10 stated value per BAC,
1,236,200 at March 31, 1998, are issued
and outstanding to the assignees
- -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 1,236,200 at
March 31, 1998, issued and outstanding
10,410,524
General Partner
(212)
Unrealized gain on securities available for
sale, net
26,049
- ---------------
10,436,361
- ---------------
$
22,508,099
===============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
See notes to financial statements
F-19
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
<TABLE>
Total
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 4,007,240
$ 2,498,953 $ 1,027,956
---------------
- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (12,821,176)
(10,783,903)* (5,472,852)
---------------
- --------------- ---------------
Expenses
Fund management fee (note B) 2,454,590
1,747,642 1,144,124
Amortization (note A) 163,770
118,360 70,986
General and administrative expenses (note
B) 1,528,261
1,099,740 479,785
Professional fees 507,864
317,809 144,752
---------------
- --------------- ---------------
4,654,485
3,283,551 1,839,647
---------------
- --------------- ---------------
NET LOSS (note A) $ (13,468,421)
$ (11,568,501) $ (6,284,543)
===============
=============== ===============
Net loss allocated to general partner $ (134,685)
$ (115,684) $ (62,846)
===============
=============== ===============
Net loss allocated to assignees $ (13,333,736)
$ (11,452,817) $ (6,221,697)
===============
=============== ===============
Net loss per BAC $ (0.36)
$ (0.50) $ (0.41)
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included. Series
30,
31 and 32 were not formed until after March 31, 1997, therefore
no
comparative information has been included.
* Includes net of gain on disposition of investment of $25,059
for
Series 21, $4,596 for Series 22, and $23,253 for Series 24.
(continued)
F-20
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 20
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 52,699
$ 41,051 $ 151,206
---------------
- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (2,516,153)
(2,941,378) (2,804,393)
---------------
- --------------- ---------------
Expenses
Fund management fee (note B) 270,336
325,113 352,662
Amortization (note A) 23,285
23,285 23,285
General and administrative expenses (note
B) 56,682
43,900 59,150
Professional fees 30,488
27,598 27,100
---------------
- --------------- ---------------
380,791
419,896 462,197
---------------
- --------------- ---------------
NET LOSS (note A) $ (2,844,245)
$ (3,320,223) $ (3,115,384)
===============
=============== ===============
Net loss allocated to general partner $ (28,442)
$ (33,202) $ (31,154)
===============
=============== ===============
Net loss allocated to assignees $ (2,815,803)
$ (3,287,021) $ (3,084,230)
===============
=============== ===============
Net loss per BAC $ (0.73)
$ (0.85) $ (0.80)
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31, 1996,
therefore no
comparative information has been included. Series 30, 31 and 32
were not
formed until after March 31, 1997, therefore no comparative
information has
been included.
(continued)
F-21
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 21
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 53,299
$ 63,343 $ 109,287
---------------
- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (1,854,423)
(2,109,014)* (902,586)
---------------
- --------------- ---------------
Expenses
Fund management fee (note B) 215,217
224,252 227,886
Amortization (note A) 18,957
18,957 16,968
General and administrative expenses (note
B) 40,040
39,434 32,530
Professional fees 22,730
33,123 34,911
---------------
- --------------- ---------------
296,944
315,766 312,295
---------------
- --------------- ---------------
NET LOSS (note A) $ (2,098,068)
$ (2,361,437) $ (1,105,594)
===============
=============== ===============
Net loss allocated to general partner $ (20,981)
$ (23,614) $ (11,056)
===============
=============== ===============
Net loss allocated to assignees $ (2,077,087)
$ (2,337,823) $ (1,094,538)
===============
=============== ===============
Net loss per BAC $ (1.10)
$ (1.24) $ (0.58)
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
* Includes net of gain on disposition of investments of $25,059.
(continued)
F-22
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 22
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 35,289
$ 80,225 $ 93,986
---------------
- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (1,372,762)
(1,817,108)* (1,155,551)
---------------
- --------------- ---------------
Expenses
Fund management fee (note B) 225,636
223,892 243,174
Amortization (note A) 12,538
12,538 12,538
General and administrative expenses (note
B) 44,605
57,572 44,702
Professional fees 34,012
27,957 24,860
---------------
- --------------- ---------------
316,791
321,959 325,274
---------------
- --------------- ---------------
NET LOSS (note A) $ (1,654,264)
$ (2,058,842) $ (1,386,839)
===============
=============== ===============
Net loss allocated to general partner $ (16,543)
$ (20,588) $ (13,868)
===============
=============== ===============
Net loss allocated to assignees $ (1,637,721)
$ (2,038,254) $ (1,372,971)
===============
=============== ===============
Net loss per BAC $ (0.64)
$ (0.79) $ (0.54)
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
* Includes net of gain on disposition of investment of $4,596.
(continued)
F-23
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 23
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 78,002
$ 190,215 $ 395,171
---------------
- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (1,705,493)
(1,847,436) (483,614)
---------------
- --------------- ---------------
Expenses
Fund management fee (note B) 188,213
212,843 236,748
Amortization (note A) 13,072
13,072 9,804
General and administrative expenses (note
B) 62,957
93,594 195,444
Professional fees 35,928
20,186 15,765
---------------
- --------------- ---------------
300,170
339,695 457,761
---------------
- --------------- ---------------
NET LOSS (note A) $ (1,927,661)
$ (1,996,916) $ (546,204)
===============
=============== ===============
Net loss allocated to general partner $ (19,277)
$ (19,969) $ (5,462)
===============
=============== ===============
Net loss allocated to assignees $ (1,908,384)
$ (1,976,947) $ (540,742)
===============
=============== ===============
Net loss per BAC $ (0.57)
$ (0.59) $ (0.18)
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997
therefore no comparative information has been included.
(continued)
F-24
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 24
- ------------------------------------------------------
Period
June 29, 1995
(date of
inception)
Year ended March
Year ended March through
31, 1998
31, 1997 March 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 50,741
$ 193,065 $ 139,594
---------------
- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (1,342,281)
(797,796)* (149,023)
---------------
- --------------- ---------------
Expenses
Fund management fee (note B) 208,597
212,130 62,532
Amortization (note A) 12,979
12,980 5,769
General and administrative expenses (note
B) 33,088
73,370 63,731
Professional fees 29,154
25,402 2,396
---------------
- --------------- ---------------
283,818
323,882 134,428
---------------
- --------------- ---------------
NET LOSS (note A) $ (1,575,358)
$ (928,613) $ (143,857)
===============
=============== ===============
Net loss allocated to general partner $ (15,754)
$ (9,286) $ (1,439)
===============
=============== ===============
Net loss allocated to assignees $ (1,559,604)
$ (919,327) $ (142,418)
===============
=============== ===============
Net loss per BAC $ (0.72)
$ (0.42) $ (0.08)
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
* Net of gain on disposition of investment of $23,253.
(continued)
F-25
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 25
- ------------------------------------------------------
Period September
22, 1995 (date
of inception)
Year ended March
Year ended March through March
31, 1998
31, 1997 31,1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 134,963
$ 442,637 $ 130,046
---------------
- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (1,550,724)
(767,183) 22,315
---------------
- --------------- ---------------
Expenses
Fund management fee (note B) 248,382
214,610 19,146
Amortization (note A) 10,488
10,488 2,622
General and administrative expenses (note
B) 82,717
171,239 71,054
Professional fees 36,017
39,787 18,994
---------------
- --------------- ---------------
377,604
436,124 111,816
---------------
- --------------- ---------------
NET INCOME (LOSS) (note A) $ (1,793,365)
$ (760,670) $ 40,545
===============
=============== ===============
Net income (loss) allocated to general
partner $ (17,934)
$ (7,607) $ 405
===============
=============== ===============
Net income (loss) allocated to assignees $ (1,775,431)
$ (753,063) $ 40,140
===============
=============== ===============
Net income (loss) per BAC $ (0.59)
$ (0.25) $ 0.02
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included. Series
30,
31 and 32 were not formed until after March 31, 1997, therefore
no
comparative information has been included.
(continued)
F-26
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 26
Period
January 18, 1996
(date
of inception)
Year ended March
Year ended March through March
31, 1998
31, 1997 31,1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 534,030
$ 962,666 $ 8,666
---------------
- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (869,148)
(493,405) -
---------------
- --------------- ---------------
Expenses
Fund management fee (note B) 346,887
181,052 1,976
Amortization (note A) 18,931
14,198 -
General and administrative expenses (note
B) 225,083
378,577 13,174
Professional fees 90,108
105,431 20,726
---------------
- --------------- ---------------
681,009
679,258 35,876
---------------
- --------------- ---------------
NET LOSS (note A) $ (1,016,127)
$ (209,997) $ (27,210)
===============
=============== ===============
Net loss allocated to general partner $ (10,161)
$ (2,100) $ (272)
===============
=============== ===============
Net loss allocated to assignees $ (1,005,966)
$ (207,897) $ (26,938)
===============
=============== ===============
Net loss per BAC $ (0.25)
$ (0.06) $ (0.07)
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-27
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 27
- ----------------------------------
Period
June 17,
1996 (date
of
inception)
Year ended March through
March
31, 1998 31, 1997
---------------
- ---------------
<S> <C> <C>
Income
Interest income $ 323,118 $
269,562
---------------
- ---------------
Share of losses from
operating limited
partnerships (note A) (689,756)
(9,016)
---------------
- ---------------
Expenses
Fund management fee (note
B) 275,320
144,692
Amortization (note A) 15,522
7,761
General and administrative
expenses (note B) 99,622
114,535
Professional fees 30,003
17,885
---------------
- ---------------
420,467
284,873
---------------
- ---------------
NET LOSS (note A) $ (787,105) $
(24,327)
===============
===============
Net loss allocated to general
partner $ (7,871) $
(243)
===============
===============
Net loss allocated to
assignees $ (779,234) $
(24,084)
===============
===============
Net loss per BAC $ (0.32) $
(0.02)
===============
===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-28
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 28
- -----------------------------------
Period
September
30, 1996
(date
of
inception)
Year ended March through
March
31, 1998 31, 1997
---------------
- ---------------
<S> <C> <C>
Income
Interest income $ 1,280,997 $
254,197
---------------
- ---------------
Share of losses from
operating limited
partnerships (note A) (351,007)
(1,567)
---------------
- ---------------
Expenses
Fund management fee (note
B) 155,994
9,058
Amortization (note A) 20,326
5,081
General and administrative
expenses (note B) 393,649
126,461
Professional fees 95,950
20,440
---------------
- ---------------
665,919
161,040
---------------
- ---------------
NET INCOME (note A) $ 264,071 $
91,590
===============
===============
Net income allocated to
general partner $ 2,641 $
916
===============
===============
Net income allocated to
assignees $ 261,430 $
90,674
===============
===============
Net income per BAC $ 0.07 $
0.08
===============
===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-29
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 29
- -----------------------------------
Period
February
10, 1997
(date
of
inception)
Year ended March through
March
31, 1998 31, 1997
---------------
- ---------------
<S> <C> <C>
Income
Interest income $ 800,608 $
1,992
---------------
- ---------------
Share of losses from
operating limited
partnerships (note A) (626,915)
- -
---------------
- ---------------
Expenses
Fund management fee (note
B) 192,348
- -
Amortization (note A) 8,633
- -
General and administrative
expenses (note B) 202,191
1,058
Professional fees 47,266
- -
---------------
- ---------------
450,438
1,058
---------------
- ---------------
NET (LOSS) INCOME (note
A) $ (276,745) $
934
===============
===============
Net (loss) income allocated
to general partner $ (2,767) $
9
===============
===============
Net (loss) income allocated
to assignees $ (273,978) $
925
===============
===============
Net (loss) income per BAC $ (0.08) $
0.02
===============
===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-30
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 30
- ----------------
Period
June 23,
1997 (date
of
inception)
through
March
31, 1998
- ---------------
<S> <C>
Income
Interest income $
459,716
- ---------------
Share of income from operating limited
partnerships (note A)
100,573
- ---------------
Expenses
Fund management fee (note B)
55,733
Amortization (note A)
5,613
General and administrative expenses (note B)
144,751
Professional fees
22,861
- ---------------
228,958
- ---------------
NET INCOME (note A) $
331,331
===============
Net income allocated to general partner $
3,313
===============
Net income allocated to assignees $
328,018
===============
Net income per BAC $
0.15
===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series 30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-31
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 31
- ---------------
Period
September
11, 1997
(date
of
inception)
through
March
31, 1998
- ---------------
<S> <C>
Income
Interest income $
200,996
- ---------------
Share of losses from operating limited
partnerships (note A)
(43,087)
- ---------------
Expenses
Fund management fee (note B)
69,951
Amortization (note A)
3,426
General and administrative expenses (note B)
121,735
Professional fees
32,486
- ---------------
227,598
- ---------------
NET LOSS (note A) $
(69,689)
===============
Net loss allocated to general partner $
(697)
===============
Net loss allocated to assignees $
(68,992)
===============
Net loss per BAC $
(0.02)
===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series 30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-32
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 32
- ---------------
Period
January 19,
1998
(date of
inception)
through
March
31, 1998
- ---------------
<S> <C>
Income
Interest income $
2,782
- ---------------
Share of losses from operating limited
partnerships (note A)
- -
- ---------------
Expenses
Fund management fee (note B)
1,976
Amortization (note A)
- -
General and administrative expenses (note B)
21,141
Professional fees
861
- ---------------
23,978
- ---------------
NET LOSS (note A) $
(21,196)
===============
Net loss allocated to general partner $
(212)
===============
Net loss allocated to assignees $
(20,984)
===============
Net loss per BAC $
(0.04)
===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series 30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
See notes to financial statements
F-33
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Total Assignees partner
sale, net Total
- ---------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Partners' capital (deficit),
March 31, 1995 $ 76,472,015 $ (13,380)
$ 6,671 $ 76,465,306
Capital contributions 86,229,000 -
- - 86,229,000
Selling commissions and
registration costs (11,909,415) -
- - (11,909,415)
Net change in unrealized
gain (loss) on securities
available for sale - -
20,303 20,303
Net loss (6,221,697) (62,846)
- - (6,284,543)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1996 144,569,903 (76,226)
26,974 144,520,651
Capital contributions 104,754,000 -
- - 104,754,000
Selling commissions and
registration costs (15,103,748) -
- - (15,103,748)
Net change in unrealized
gain (loss) on securities
available for sale - -
29,769 29,769
Net loss (11,452,817) (115,684)
- - (11,568,501)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1997 222,767,338 (191,910)
56,743 222,632,171
Capital contributions 112,693,500 -
- - 112,693,500
Selling commissions and
registration costs (15,722,595) -
- - (15,722,595)
Net change in unrealized
gain (loss) on securities
available for sale - -
174,483 174,483
Net loss (13,333,736) (134,685)
- - (13,468,421)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 306,404,507 $ (326,595)
$ 231,226 $ 306,309,138
=============== ===============
=============== ===============
</TABLE>
(continued)
F-34
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 20 Assignees partner
sale, net Total
- ---------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Partners' capital (deficit),
March 31, 1995 $ 31,815,724 $ (8,094)
$ 4,767 $ 31,812,397
Selling commissions and
registration costs (271) -
- - (271)
Reallocation of selling
commissions and
registration costs 439,824 -
- - 439,824
Net change in unrealized
gain (loss) on
securities available for
sale - -
(4,659) (4,659)
Net loss (3,084,230) (31,154)
- - (3,115,384)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1996 29,171,047 (39,248)
108 29,131,907
Net change in unrealized
gain (loss) on
securities available for
sale - -
640 640
Net loss (3,287,021) (33,202)
- - (3,320,223)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1997 25,884,026 (72,450)
748 25,812,324
Net change in unrealized
gain (loss) on
securities available for
sale - -
293 293
Net loss (2,815,803) (28,442)
- - (2,844,245)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 23,068,223 $ (100,892)
$ 1,041 $ 22,968,372
=============== ===============
=============== ===============
</TABLE>
(continued)
F-35
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 21 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Partners' capital (deficit),
March 31, 1995 $ 15,490,510 $ (3,853)
$ 1,904 $ 15,488,561
Reallocation of selling
commissions and
registration costs 323,287 -
- - 323,287
Net change in unrealized
gain (loss) on
securities available for
sale - -
(1,131) (1,131)
Net loss (1,094,538) (11,056)
- - (1,105,594)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1996 14,719,259 (14,909)
773 14,705,123
Net change in unrealized
gain (loss) on
securities available for
sale - -
(31) (31)
Net loss (2,337,823) (23,614)
- - (2,361,437)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1997 12,381,436 (38,523)
742 12,343,655
Net change in unrealized
gain (loss) on
securities available for
sale - -
2,074 2,074
Net loss (2,077,087) (20,981)
- - (2,098,068)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 10,304,349 $ (59,504)
$ 2,816 $ 10,247,661
=============== ===============
=============== ===============
</TABLE>
(continued)
F-36
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 22 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Partners' capital (deficit),
March 31, 1995 $ 21,674,727 $ (1,343)
$ - $ 21,673,384
Selling commissions and
registration costs (12,514) -
- - (12,514)
Reallocation of selling
commissions and
registration costs 112,962 -
- - 112,962
Net change in unrealized
gain (loss) on
securities available for
sale - -
824 824
Net loss (1,372,971) (13,868)
- - (1,386,839)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1996 20,402,204 (15,211)
824 20,387,817
Net change in unrealized
gain (loss) on
securities available for
sale - -
(59) (59)
Net loss (2,038,254) (20,588)
- - (2,058,842)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1997 18,363,950 (35,799)
765 18,328,916
Net change in unrealized
gain (loss) on
securities available for
sale - -
311 311
Net loss (1,637,721) (16,543)
- - (1,654,264)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 16,726,229 $ (52,342)
$ 1,076 $ 16,674,963
=============== ===============
=============== ===============
</TABLE>
(continued)
F-37
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 23 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Partners' capital (deficit),
March 31, 1995 $ 7,491,054 $ (90)
$ - $ 7,490,964
Capital contributions 24,338,000 -
- - 24,338,000
Selling commissions and
registration costs (3,353,365) -
- - (3,353,365)
Net change in unrealized
gain (loss) on
securities available for
sale - -
6,631 6,631
Net loss (540,742) (5,462)
- - (546,204)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1996 27,934,947 (5,552)
6,631 27,936,026
Net change in unrealized
gain (loss) on
securities available for
sale - -
(5,051) (5,051)
Net loss (1,976,947) (19,969)
- - (1,996,916)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1997 25,958,000 (25,521)
1,580 25,934,059
Net change in unrealized
gain (loss) on
securities available for
sale - -
154 154
Net loss (1,908,384) (19,277)
- - (1,927,661)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 24,049,616 $ (44,798)
$ 1,734 $ 24,006,552
=============== ===============
=============== ===============
</TABLE>
(continued)
F-38
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 24 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Capital contributions $ 21,697,000 $ -
$ - $ 21,697,000
Selling commissions and
registration costs (3,167,250) -
- - (3,167,250)
Net change in unrealized
gain (loss) on
securities available for
sale - -
4,545 4,545
Net loss (142,418) (1,439)
- - (143,857)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1996 18,387,332 (1,439)
4,545 18,390,438
Net change in unrealized
gain (loss) on
securities available for
sale - -
(4,028) (4,028)
Net loss (919,327) (9,286)
- - (928,613)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1997 17,468,005 (10,725)
517 17,457,797
Net change in unrealized
gain (loss) on
securities available for
sale - -
(4) (4)
Net loss (1,559,604) (15,754)
- - (1,575,358)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 15,908,401 $ (26,479)
$ 513 $ 15,882,435
=============== ===============
=============== ===============
</TABLE>
(continued)
F-39
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 25 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Capital contributions $ 30,248,000 $ -
$ - $ 30,248,000
Selling commissions and
registration costs (4,499,493) -
- - (4,499,493)
Net change in unrealized
gain (loss) on
securities available for
sale - -
12,764 12,764
Net income 40,140 405
- - 40,545
--------------- ---------------
- --------------- ---------------
Partners' capital, March 31,
1996 25,788,647 405
12,764 25,801,816
Selling commissions and
registration costs (3,652) -
- - (3,652)
Net change in unrealized
gain (loss) on
securities available for
sale - -
(7,186) (7,186)
Net loss (753,063) (7,607)
- - (760,670)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1997 25,031,932 (7,202)
5,578 25,030,308
Selling commissions and
registration costs (570) -
- - (570)
Net change in unrealized
gain (loss) on
securities available for
sale - -
(2,742) (2,742)
Net loss (1,775,431) (17,934)
- - (1,793,365)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 23,255,931 $ (25,136)
$ 2,836 $ 23,233,631
=============== ===============
=============== ===============
</TABLE>
(continued)
F-40
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 26 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Capital contributions $ 9,946,000 $ -
$ - $ 9,946,000
Selling commissions and
registration costs (1,752,595) -
- - (1,752,595)
Net change in unrealized
gain (loss) on
securities available for
sale - -
1,329 1,329
Net loss (26,938) (272)
- - (27,210)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1996 8,166,467 (272)
1,329 8,167,524
Capital contributions 30,013,000 -
- - 30,013,000
Selling commissions and
registration costs (4,177,907) -
- - (4,177,907)
Net change in unrealized
gain (loss) on
securities available for
sale - -
18,066 18,066
Net loss (207,897) (2,100)
- - (209,997)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1997 33,793,663 (2,372)
19,395 33,810,686
Net change in unrealized
gain (loss) on
securities available for
sale - -
(660) (660)
Net loss (1,005,966) (10,161)
- - (1,016,127)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 32,787,697 $ (12,533)
$ 18,735 $ 32,793,899
=============== ===============
=============== ===============
</TABLE>
(continued)
F-41
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 27 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Capital contributions $ 24,607,000 $ -
$ - $ 24,607,000
Selling commissions and
registration costs (3,687,455) -
- - (3,687,455)
Net change in unrealized
gain (loss) on
securities available for
sale - -
7,550 7,550
Net loss (24,084) (243)
- - (24,327)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1997 20,895,461 (243)
7,550 20,902,768
Capital contributions - -
- - -
Selling commissions and
registration costs 124 -
- - 124
Net change in unrealized
gain (loss) on
securities available for
sale - -
(1,686) (1,686)
Net loss (779,234) (7,871)
- - (787,105)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 20,116,351 $ (8,114)
$ 5,864 $ 20,114,101
=============== ===============
=============== ===============
</TABLE>
(continued)
F-42
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 28 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Capital contributions $ 39,999,000 $ -
$ - $ 39,999,000
Selling commissions and
registration costs (5,610,272) -
- - (5,610,272)
Net change in unrealized
gain (loss) on
securities available for
sale - -
19,868 19,868
Net income 90,674 916
- - 91,590
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1997 34,479,402 916
19,868 34,500,186
Capital contributions - -
- - -
Selling commissions and
registration costs (2,986) -
- - (2,986)
Net change in unrealized
gain (loss) on
securities available for
sale - -
7,628 7,628
Net income 261,430 2,641
- - 264,071
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 34,737,846 $ 3,557
$ 27,496 $ 34,768,899
=============== ===============
=============== ===============
</TABLE>
(continued)
F-43
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 29 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Capital contributions $ 10,135,000 $ -
$ - $ 10,135,000
Selling commissions and
registration costs (1,624,462) -
- - (1,624,462)
Net income 925 9
- - 934
--------------- ---------------
- --------------- ---------------
Partners' capital, March 31,
1997 8,511,463 9
- - 8,511,472
Capital contributions 29,783,000 -
- - 29,783,000
Selling commissions and
registration costs (4,078,753) -
- - (4,078,753)
Net change in unrealized
gain (loss) on
securities available for
sale - -
54,512 54,512
Net loss (273,978) (2,767)
- - (276,745)
--------------- ---------------
- --------------- ---------------
Partners' capital, March 31,
1998 $ 33,941,732 $ (2,758)
$ 54,512 $ 33,993,486
=============== ===============
=============== ===============
</TABLE>
(continued)
F-44
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 30 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Capital contributions $ 26,490,750 $ -
$ - $ 26,490,750
Selling commissions and
registration costs (3,712,391) -
- - (3,712,391)
Net change in unrealized
gain (loss) on
securities available for
sale - -
21,940 21,940
Net income 328,018 3,313
- - 331,331
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 23,106,377 $ 3,313
$ 21,940 $ 23,131,630
=============== ===============
=============== ===============
</TABLE>
(continued)
F-45
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 31 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Capital contributions $ 44,057,750 $ -
$ - $ 44,057,750
Selling commissions and
registration costs (5,997,527) -
- - (5,997,527)
Net change in unrealized
gain (loss) on
securities available for
sale - -
66,614 66,614
Net loss (68,992) (697)
- - (69,689)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 37,991,231 $ (697)
$ 66,614 $ 38,057,148
=============== ===============
=============== ===============
</TABLE>
(continued)
F-46
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Unrealized gain
(loss) on
securities
General
available for
Series 32 Assignees partner
sale, net Total
- --------------------------- --------------- ---------------
- --------------- ---------------
<S> <C> <C>
<C> <C>
Capital contributions $ 12,362,000 $ -
$ - $ 12,362,000
Selling commissions and
registration costs (1,930,492) -
- - (1,930,492)
Net change in unrealized
gain (loss) on
securities available for
sale - -
26,049 26,049
Net loss (20,984) (212)
- - (21,196)
--------------- ---------------
- --------------- ---------------
Partners' capital (deficit),
March 31, 1998 $ 10,410,524 $ (212)
$ 26,049 $ 10,436,361
=============== ===============
=============== ===============
</TABLE>
See notes to financial statements
F-47
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
<TABLE>
Total
- ------------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (13,468,421)
$ (11,568,501) $ (6,284,543)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Share of losses from operating limited
partnerships 12,821,176
10,783,903 5,472,852
Distributions received from operating
limited partnerships 56,484
1,391 -
Amortization 163,770
118,360 70,986
Organization costs (232,245)
(264,394) (177,392)
Changes in assets and liabilities
Prepaid expenses 6,458
(247) (4,191)
Other assets 1,615,579
(117,439) 3,817,092
Accounts payable and accrued expenses 479,609
(317,080) 164,094
Accounts payable - affiliates 1,877,816
1,045,255 444,955
---------------
- --------------- ---------------
Net cash provided by (used in)
operating activities 3,320,226
(318,752) 3,503,853
---------------
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (12,648,551)
(11,151,932) (9,017,111)
Capital contributions paid to operating
limited partnerships (55,573,742)
(41,188,223) (29,067,964)
Deposits for purchases of operating
limited partnerships (11,903,719)
(5,021,622) (5,838,846)
Advances to operating limited
partnerships (12,100,134)
(7,549,854) (7,185,943)
Purchase of investments (net of proceeds
from sale of investments) (23,392,784)
(28,077,767) (14,752,716)
---------------
- --------------- ---------------
Net cash used in investing
activities (115,618,930)
(92,989,398) (65,862,580)
---------------
- --------------- ---------------
Cash flows from financing activities
Capital contributions received 112,693,500
103,779,906 84,861,547
Selling commissions and registration
costs paid (16,003,410)
(15,124,909) (12,675,119)
Proceeds from line of credit 5,000,000
- - -
---------------
- --------------- ---------------
Net cash provided by financing
activities 101,690,090
88,654,997 72,186,428
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (10,608,614)
(4,653,153) 9,827,701
Cash and cash equivalents, beginning 14,801,634
19,454,787 9,627,086
---------------
- --------------- ---------------
Cash and cash equivalents, ending $ 4,193,020
$ 14,801,634 $ 19,454,787
===============
=============== ===============
</TABLE>
(continued)
F-48
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Total
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnerships $ 83,394,434
$ 58,516,586 $ 36,181,369
===============
=============== ===============
The fund has decreased its investment and
decreased its capital contribution
obligation in operating limited
p a rtnerships for low income tax
credits not generated $ 653,582
$ 1,126,529 $ 509,849
===============
=============== ===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ -
$ 3,505,470 $ 2,531,376
===============
=============== ===============
The fund has applied notes receivable and
advances to its capital contribution
obligation in operating limited
partnerships $ 5,302,786
$ 13,848,014 $ -
===============
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses) $ 174,483
$ 29,769 $ 20,303
===============
=============== ===============
The fund has decreased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnership
disposed of during the year $ -
$ 1,773,705 $ -
===============
=============== ===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year $ -
$ 90,208 $ -
===============
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships $ 313,388
$ 236,894 $ 256,361
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included.
(continued)
F-49
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 20
- ----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (2,844,245)
$ (3,320,223) $ (3,115,384)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Share of losses from operating limited
partnerships 2,516,153
2,941,378 2,804,393
Distributions received from operating
limited partnerships 17,236
88 -
Amortization 23,285
23,285 23,285
Organization costs -
- - -
Changes in assets and liabilities
Prepaid expenses 4,410
(247) (2,143)
Other assets (96,053)
67,528 190,857
Accounts payable and accrued expenses -
- - -
Accounts payable - affiliates 379,065
378,973 186,366
---------------
- --------------- ---------------
Net cash provided by (used in)
operating activities (149)
90,782 87,374
---------------
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships -
(4) 56,387
Capital contributions paid to operating
limited partnerships (553,877)
(943,061) (4,134,806)
Deposits for purchases of operating
limited partnerships (81,330)
- - 817,988
(Advances to) repayment from operating
limited partnerships -
41,266 (540,750)
Purchase of investments (net of proceeds
from sale of investments) 404,930
(66,553) 1,127,106
---------------
- --------------- ---------------
Net cash used in investing
activities (230,277)
(968,352) (2,674,075)
---------------
- --------------- ---------------
Cash flows from financing activities
Capital contributions received -
- - -
Selling commissions and registration -
- - 439,553
Proceeds from line of credit -
- - -
---------------
- --------------- ---------------
Net cash provided by financing -
- - 439,553
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (230,426)
(877,570) (2,147,148)
Cash and cash equivalents, beginning 429,105
1,306,675 3,453,823
---------------
- --------------- ---------------
Cash and cash equivalents, ending $ 198,679
$ 429,105 $ 1,306,675
===============
=============== ===============
</TABLE>
(continued)
F-50
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 20
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnerships $ -
$ - $ -
===============
=============== ===============
The fund has decreased its investment and
decreased its capital contribution
obligation in operating limited
p a r tnerships for low income tax
credits not generated $ -
$ 75,779 $ 59,008
===============
=============== ===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ -
$ - $ -
===============
=============== ===============
The fund has applied notes receivable and
advances to its capital contribution
obligation in operating limited
partnerships $ 874,787
$ 912,500 $ -
===============
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses) $ 293
$ 640 $ (4,659)
===============
=============== ===============
The fund has decreased its investments in
operating limited partnerships for
unpaid capital contributions due to
t h e operating limited partnership
disposed of during the year $ -
$ - $ -
===============
=============== ===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year $ -
$ - $ -
===============
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
c r edits not generated by the
operating limited partnerships $ -
$ - $ -
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-51
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 21
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (2,098,068)
$ (2,361,437) $ (1,105,594)
Adjustments to reconcile net loss to net
cash provided by operating activities
Share of losses from operating limited
partnerships 1,854,423
2,109,014 902,586
Distributions received from operating
limited partnerships 22,158
- - -
Amortization 18,957
18,957 16,968
Organization costs -
- - -
Changes in assets and liabilities
Prepaid expenses -
- - -
Other assets (1,644)
62,784 888,908
Accounts payable and accrued expenses -
- - (18,735)
Accounts payable - affiliates 225,840
225,840 144,688
---------------
- --------------- ---------------
Net cash provided by operating
activities 21,666
55,158 828,821
---------------
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships -
- - (15,979)
Capital contributions paid to operating
limited partnerships (30,517)
(318,005) (3,332,351)
Deposits for purchases of operating
limited partnerships -
- - -
(Advances to) repayment from operating
limited partnerships -
(420,377) 533,781
Purchase of investments (net of proceeds
from sale of investments) (314,236)
(221,571) 1,363,980
---------------
- --------------- ---------------
Net cash used in investing
activities (344,753)
(959,953) (1,450,569)
---------------
- --------------- ---------------
Cash flows from financing activities
Capital contributions received -
- - 323,287
Selling commissions and registration -
- - -
Proceeds from line of credit -
- - -
---------------
- --------------- ---------------
Net cash provided by financing -
- - 323,287
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (323,087)
(904,795) (298,461)
Cash and cash equivalents, beginning 494,112
1,398,907 1,697,368
---------------
- --------------- ---------------
Cash and cash equivalents, ending $ 171,025
$ 494,112 $ 1,398,907
===============
=============== ===============
</TABLE>
(continued)
F-52
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 21
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments
in operating limited partnerships
for unpaid capital contributions due
to the operating limited
partnerships $ -
$ - $ -
===============
=============== ===============
The fund has decreased its investment
a n d decreased its capital
contribution obligation in operating
limited partnerships for low income
tax credits not generated $ 78,670
$ 299,263 $ 208,544
===============
=============== ===============
T h e fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ -
$ - $ -
===============
=============== ===============
The fund has applied notes receivable
and advances to its capital
contribution obligation in operating
limited partnerships $ -
$ 138,080 $
===============
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses) $ 2,074
$ (31) $ (1,131)
===============
=============== ===============
The fund has decreased its investments
in operating limited partnerships
for unpaid capital contributions due
to the operating limited partnership
disposed of during the year $ -
$ 319,435 $ -
===============
=============== ===============
The fund has increased its deferred
a c quisition costs for operating
partnerships disposed of during the
year $ -
$ - $ -
===============
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships $ 1,752
$ 118,031 $ 125,174
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-53
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 22
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (1,654,264)
$ (2,058,842) $ (1,386,839)
Adjustments to reconcile net loss to net
cash provided by operating activities
Share of losses from operating limited
partnerships 1,372,762
1,817,108 1,155,551
Distributions received from operating
limited partnerships 3,342
- - -
Amortization 12,538
12,538 12,538
Organization costs -
- - (5,336)
Changes in assets and liabilities
Prepaid expenses -
- - -
Other assets 115,918
109,096 3,275,723
Accounts payable and accrued expenses -
(1,199) (2,813)
Accounts payable - affiliates 247,568
242,675 38,558
---------------
- --------------- ---------------
Net cash provided by operating
activities 97,864
121,376 3,087,382
---------------
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (35,327)
(38,438) (230,858)
Capital contributions paid to operating
limited partnerships (1,261,110)
(611,151) (3,722,407)
Deposits for purchases of operating
limited partnerships -
- - (533,330)
(Advances to) repayment from operating
limited partnerships 413,033
(342,847) 549,777
Purchase of investments (net of proceeds
from sale of investments) 236,153
(166,640) (454,115)
---------------
- --------------- ---------------
Net cash used in investing
activities (647,251)
(1,159,076) (4,390,933)
---------------
- --------------- ---------------
Cash flows from financing activities
Capital contributions received -
- - -
Selling commissions and registration -
- - (12,514)
Proceeds from line of credit -
- - -
---------------
- --------------- ---------------
Net cash used in financing -
- - (12,514)
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (549,387)
(1,037,700) (1,316,065)
Cash and cash equivalents, beginning 648,647
1,686,347 3,002,412
---------------
- --------------- ---------------
Cash and cash equivalents, ending $ 99,260
$ 648,647 $ 1,686,347
===============
=============== ===============
</TABLE>
(continued)
F-54
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 22
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments
in operating limited partnerships
for unpaid capital contributions due
to the operating limited
partnerships $ -
$ 664,633 $ 4,651,600
===============
=============== ===============
The fund has decreased its investment
a n d decreased its capital
contribution obligation in operating
limited partnerships for low income
tax credits not generated $ 60,840
$ 114,458 $ 128,374
===============
=============== ===============
T h e fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ -
$ - $ -
===============
=============== ===============
The fund has applied notes receivable
and advances to its capital
contribution obligation in operating
limited partnerships $ -
$ 2,123,455 $ -
===============
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses) $ 311
$ (59) $ 824
===============
=============== ===============
The fund has decreased its investments
in operating limited partnerships
for unpaid capital contributions due
to the operating limited partnership
disposed of during the year $ -
$ 995,075 $ -
===============
=============== ===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year $ -
$ 90,208 $ -
===============
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships $ 35,303
$ - $ 131,187
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-55
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 23
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (1,927,661)
$ (1,996,916) $ (546,204)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Share of losses from operating limited
partnerships 1,705,493
1,847,436 483,614
Distributions received from operating
limited partnerships 360
378 -
Amortization 13,072
13,072 9,804
Organization costs -
- - (9,087)
Changes in assets and liabilities
Prepaid expenses 2,048
- - (2,048)
Other assets 239
(181,000) (268,438)
Accounts payable and accrued expenses -
- - (59,955)
Accounts payable - affiliates 237,676
50,832 (18,511)
---------------
- --------------- ---------------
Net cash provided by (used in)
operating activities 31,227
(266,198) (410,825)
---------------
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships 1,550
(32,371) (2,676,499)
Capital contributions paid to operating
limited partnerships (1,705,632)
(3,749,205) (10,553,952)
Deposits for purchases of operating
limited partnerships (346,490)
- - (588,004)
Advances to operating limited
partnerships -
409,630 (2,122,312)
Purchase of investments (net of proceeds
from sale of investments) 516,109
3,903,324 (5,002,113)
---------------
- --------------- ---------------
Net cash provided by (used in)
investing activities (1,534,463)
531,378 (20,942,880)
---------------
- --------------- ---------------
Cash flows from financing activities
Capital contributions received -
- - 24,738,812
Selling commissions and registration -
- - (3,544,972)
Proceeds from line of credit -
- - -
---------------
- --------------- ---------------
Net cash provided by financing -
- - 21,193,840
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,503,236)
265,180 (159,865)
Cash and cash equivalents, beginning 1,578,798
1,313,618 1,473,483
---------------
- --------------- ---------------
Cash and cash equivalents, ending $ 75,562
$ 1,578,798 $ 1,313,618
===============
=============== ===============
</TABLE>
(continued)
F-56
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 23
- -----------------------------------------------------
Year ended March
Year ended March Year ended March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments
in operating limited partnerships
for unpaid capital contributions due
to the operating limited
partnerships $ -
$ 80,126 $ 19,056,893
===============
=============== ===============
The fund has decreased (increased) its
investment and decreased (increased)
its capital contribution obligation
in operating limited partnerships
for low income tax credits not
generated $ (723)
$ 293,659 $ 101,078
===============
=============== ===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ -
$ - $ -
===============
=============== ===============
The fund has applied notes receivable
and advances to its capital
contribution obligation in operating
limited partnership $ 100,000
$ 2,105,920 $ -
===============
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses) $ 154
$ (5,051) $ 6,631
===============
=============== ===============
The fund has decreased its investments
in operating limited partnerships
for unpaid capital contributions due
to the operating limited partnership
disposed of during the year $ -
$ - $ -
===============
=============== ===============
The fund has increased its deferred
a c quisition costs for operating
partnerships disposed of during the
year $ -
$ - $ -
===============
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships $ 32,604
$ 118,863 $ -
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-57
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 24
- -----------------------------------------------------
Period June 29,
1995 (date of
inception)
Year ended March
Year ended March through March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (1,575,358)
$ (928,613) $ (143,857)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Share of losses from operating limited
partnerships 1,342,281
797,796 149,023
Distributions received from operating
limited partnerships 9,835
925 -
Amortization 12,979
12,980 5,769
Organization costs -
- - (64,178)
Changes in assets and liabilities
Prepaid expenses -
- - -
Other assets 3,730
13,326 (114,135)
Accounts payable and accrued expenses 27,000
(236,334) 236,334
Accounts payable - affiliates 233,147
46,367 33,597
---------------
- --------------- ---------------
Net cash provided by (used in)
operating activities 53,614
(293,553) 102,553
---------------
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (76,061)
(220,514) (2,240,982)
Capital contributions paid to operating
limited partnerships (1,377,894)
(5,596,362) (4,842,663)
Deposits for purchases of operating
limited partnerships (148,335)
(413,344) (1,805,091)
(Advances to) repayment from operating
limited partnerships 1,073,666
(259,283) (2,012,394)
Purchase of investments (net of proceeds
from sale of investments) 105,358
2,631,254 (2,934,686)
---------------
- --------------- ---------------
Net cash used in investing
activities (423,266)
(3,858,249) (13,835,816)
---------------
- --------------- ---------------
Cash flows from financing activities
Capital contributions received -
- - 21,697,000
Selling commissions and registration -
- - (3,167,250)
Proceeds from line of credit -
- - -
---------------
- --------------- ---------------
Net cash provided by financing -
- - 18,529,750
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (369,652)
(4,151,802) 4,796,487
Cash and cash equivalents, beginning 644,685
4,796,487 -
---------------
- --------------- ---------------
Cash and cash equivalents, ending $ 275,033
$ 644,685 $ 4,796,487
===============
=============== ===============
</TABLE>
(continued)
F-58
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 24
- ------------------------------------------------------
Period June 29,
1995 (date of
inception)
Year ended March
Year ended March through March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments
in operating limited partnerships
for unpaid capital contributions due
to the operating limited
partnerships $ 787,582
$ 6,484,723 $ 4,939,386
===============
=============== ===============
The fund has decreased (increased) its
investment and decreased (increased)
its capital contribution obligation
in operating limited partnerships
for low income tax credits not
generated $ (28,458)
$ 191,888 $ 12,845
===============
=============== ===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ -
$ - $ -
===============
=============== ===============
The fund has applied notes receivable
and advances to its capital
contribution obligation in operating
limited partnerships $ 699,270
$ 1,497,662 $ -
===============
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses) $ (4)
$ (4,028) $ 4,545
===============
=============== ===============
The fund has decreased its investments
in operating limited partnerships
for unpaid capital contributions due
to the operating limited partnership
disposed of during the year $ -
$ 459,195 $ -
===============
=============== ===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year $ -
$ - $ -
===============
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships $ 71,057
$ - $ -
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-59
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 25
- ------------------------------------------------------
Period
September 22,
1995 (date of
inception)
Year ended March
Year ended March through March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $ (1,793,365)
$ (760,670) $ 40,545
Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities
Share of income (losses) from
operating limited partnerships 1,550,724
767,183 (22,315)
Distributions received from operating
limited partnerships 3,468
- - -
Amortization 10,488
10,488 2,622
Organization costs -
- - (52,440)
Changes in assets and liabilities
Prepaid expenses -
- - -
Other assets 6,282
41,697 (147,947)
Accounts payable and accrued expenses (983)
392 591
Accounts payable - affiliates (16,554)
15,095 1,459
---------------
- --------------- ---------------
Net cash provided by (used in)
operating activities (239,940)
74,185 (177,485)
---------------
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (302,197)
(394,746) (2,891,760)
Capital contributions paid to operating
limited partnerships (1,996,981)
(7,672,304) (1,939,506)
Deposits for purchases of operating
limited partnerships 42,425
(3,403,085) (3,272,307)
Advances to operating limited
partnerships (349,141)
139,287 (2,190,960)
Purchase of investments (net of proceeds
from sale of investments) 2,064,018
4,908,818 (7,968,627)
---------------
- --------------- ---------------
Net cash used in investing
activities (541,876)
(6,422,030) (18,263,160)
---------------
- --------------- ---------------
Cash flows from financing activities
Capital contributions received -
- - 30,248,000
Selling commissions and registration (570)
(3,652) (4,499,493)
Proceeds from line of credit -
- - -
---------------
- --------------- ---------------
Net cash provided by (used in)
financing activities (570)
(3,652) 25,748,507
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (782,386)
(6,351,497) 7,307,862
Cash and cash equivalents, beginning 956,365
7,307,862 -
---------------
- --------------- ---------------
Cash and cash equivalents, ending $ 173,979
$ 956,365 $ 7,307,862
===============
=============== ===============
</TABLE>
F-60
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 25
- ------------------------------------------------------
Period September
22, 1995 (date
of inception)
Year ended March
Year ended March through March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments
in operating limited partnerships
for unpaid capital contributions due
to the operating limited
partnerships $ -
$ 15,092,627 $ 4,911,886
===============
=============== ===============
The fund has decreased its investment
a n d decreased its capital
contribution obligation in operating
limited partnerships for low income
tax credits not generated $ 72,102
$ 104,873 $ -
===============
=============== ===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ -
$ - $ -
===============
=============== ===============
The fund has applied notes receivable
and advances to its capital
contribution obligation in operating
limited partnerships $ 971,989
$ 5,789,497 $ -
===============
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses) $ (2,742)
$ (7,186) $ 12,764
===============
=============== ===============
The fund has decreased its investments
in operating limited partnerships
for unpaid capital contributions due
to the operating limited partnership
disposed of during the year $ -
$ - $ -
===============
=============== ===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year $ -
$ - $ -
===============
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships $ 95,998
$ - $ -
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
F-61
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 26
- ------------------------------------------------------
Period
January 18, 1996
(date of
inception)
Year ended March
Year ended March through March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (1,016,127)
$ (209,997) $ (27,210)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Share of losses from operating limited
partnerships 869,148
493,405 -
Distributions received from operating
limited partnerships -
- - -
Amortization 18,931
14,198 -
Organization costs -
(48,304) (46,351)
Changes in assets and liabilities
Prepaid expenses -
- - -
Other assets 20,397
(51,068) (7,876)
Accounts payable and accrued expenses 82
(85,639) 8,672
Accounts payable - affiliates 7,694
(49,168) 58,798
---------------
- --------------- ---------------
Net cash provided by (used in)
operating activities (99,875)
63,427 (13,967)
---------------
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (310,027)
(3,163,343) (1,017,420)
Capital contributions paid to operating
limited partnerships (5,715,139)
(10,395,846) (542,279)
Deposits for purchases of operating
limited partnerships (433,223)
(1,145,193) (458,102)
Advances to operating limited
partnerships (102,840)
(2,559,748) (1,403,085)
Purchase of investments (net of proceeds
from sale of investments) 5,527,075
(11,269,351) (884,261)
---------------
- --------------- ---------------
Net cash used in investing
activities (1,034,154)
(28,533,481) (4,305,147)
---------------
- --------------- ---------------
Cash flows from financing activities
Capital contributions received -
32,544,376 7,414,624
Selling commissions and registration -
(4,479,883) (1,450,619)
Proceeds from line of credit -
- - -
---------------
- --------------- ---------------
Net cash provided by financing -
28,064,493 5,964,005
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,134,029)
(405,561) 1,644,891
Cash and cash equivalents, beginning 1,239,330
1,644,891 -
---------------
- --------------- ---------------
Cash and cash equivalents, ending $ 105,301
$ 1,239,330 $ 1,644,891
===============
=============== ===============
</TABLE>
(continued)
F-62
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 26
- -----------------------------------------------------
Period
January 18, 1996
(date of
inception)
Year ended March
Year ended March through March
31, 1998
31, 1997 31, 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnerships $ 8,201,085
$ 16,205,864 $ 2,621,604
===============
=============== ===============
The fund has decreased its investment and
decreased its capital contribution
obligation in operating limited
partnerships for low income tax
credits not generated $ 320,446
$ 46,609 $ -
===============
=============== ===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent $ -
$ - $ 2,531,376
===============
=============== ===============
The fund has applied notes receivable and
advances to its capital contribution
obligation in operating limited
partnerships $ -
$ 1,280,900 $ -
===============
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses) $ (660)
$ 18,066 $ 1,329
===============
=============== ===============
The fund has decreased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnership
disposed of during the year $ -
$ - $ -
===============
=============== ===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year $ -
$ - $ -
===============
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships $ 76,674
$ - $ -
===============
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series 30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-63
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 27
- -----------------------------------
Period
June 16, 1996
(date of
inception)
Year ended March through March
31, 1998 31, 1997
- --------------- ---------------
<S>
<C> <C>
Cash flows from operating activities
Net loss
$ (787,105) $ (24,327)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Share of losses from operating limited
partnerships
689,756 9,016
Distributions received from operating
limited partnerships
- - -
Amortization
15,522 7,761
Organization costs
- - (77,611)
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
(11,075) (33,090)
Accounts payable and accrued expenses
- - -
Accounts payable - affiliates
125,327 -
- --------------- ---------------
Net cash provided by (used in)
operating activities
32,425 (118,251)
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships
(243,421) (2,611,813)
Capital contributions paid to operating
limited partnerships
(4,713,523) (8,222,590)
Deposits for purchases of operating
limited partnerships
(1,162,984) (60,000)
Advances to operating limited
partnerships
(88,012) (814,125)
Purchase of investments (net of proceeds
from sale of investments)
4,252,996 (6,912,079)
- --------------- ---------------
Net cash used in investing
activities
(1,954,944) (18,620,607)
- --------------- ---------------
Cash flows from financing activities
Capital contributions received
- - 24,607,000
Selling commissions and registration
124 (3,687,455)
Proceeds from line of credit
- - -
- --------------- ---------------
Net cash provided by financing
124 20,919,545
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
(1,922,395) 2,180,687
Cash and cash equivalents, beginning
2,180,687 -
- --------------- ---------------
Cash and cash equivalents, ending
$ 258,292 $ 2,180,687
=============== ===============
</TABLE>
(continued)
F-64
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 27
- ----------------------------------
Period
June 16, 1996
(date of
inception)
Year ended March through March
31, 1998 31, 1997
- --------------- ---------------
<S>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnerships
$ 4,836,443 $ 11,692,712
=============== ===============
The fund has decreased its investment and
decreased its capital contribution
obligation in operating limited
partnerships for low income tax
credits not generated
$ 69,020 $ -
=============== ===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent
$ - $ -
=============== ===============
The fund has applied notes receivable and
advances to its capital contribution
obligation in operating limited
partnerships
$ - $ -
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses)
$ (1,686) $ 7,550
=============== ===============
The fund has decreased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnership
disposed of during the year
$ - $ -
=============== ===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year
$ - $ -
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships
$ - $ -
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-65
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 28
- -----------------------------------
Period September
30, 1996 (date
of inception)
Year ended March through March
31, 1998 31, 1997
- --------------- ---------------
<S>
<C> <C>
Cash flows from operating activities
Net income
$ 264,071 $ 91,590
Adjustments to reconcile net income to
net cash provided by (used in) operating
activities
Share of losses from operating limited
partnerships
351,007 1,567
Distributions received from operating
limited partnerships
85 -
Amortization
20,326 5,081
Organization costs
- - (101,629)
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
(13,201) (146,712)
Accounts payable and accrued expenses
(5,700) 5,700
Accounts payable - affiliates
2,581 2,100
- --------------- ---------------
Net cash provided by (used in)
operating activities
619,169 (142,303)
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships
(391,912) (3,665,291)
Capital contributions paid to operating
limited partnerships
(16,095,025) (1,363,482)
Deposits for purchases of operating
limited partnerships
- - -
Repayments from (advances to) operating
limited partnerships
3,123,082 (3,743,657)
Purchase of investments (net of proceeds
from sale of investments)
8,642,281 (20,884,969)
- --------------- ---------------
Net cash used in investing
activities
(4,721,574) (29,657,399)
- --------------- ---------------
Cash flows from financing activities
Capital contributions received
- - 39,999,000
Selling commissions and registration
(2,986) (5,610,272)
Proceeds from line of credit
- - -
- --------------- ---------------
Net cash provided by (used in)
financing activities
(2,986) 34,388,728
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
(4,105,391) 4,589,026
Cash and cash equivalents, beginning
4,589,026 -
- --------------- ---------------
Cash and cash equivalents, ending
$ 483,635 $ 4,589,026
=============== ===============
</TABLE>
(continued)
F-66
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 28
- -----------------------------------
Period September
30, 1996 (date
of inception)
Year ended March through March
31, 1998 31, 1997
- --------------- ---------------
<S>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnerships
$ 21,987,016 $ 2,962,467
=============== ===============
The fund has decreased its investment and
decreased its capital contribution
obligation in operating limited
p a rtnerships for low income tax
credits not generated
$ 44,989 $ -
=============== ===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent
$ - $ -
=============== ===============
The fund has applied notes receivable and
advances to its capital contribution
obligation in operating limited
partnerships
$ - $ -
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses)
$ 7,628 $ 19,868
=============== ===============
The fund has decreased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnership
disposed of during the year
$ - $ -
=============== ===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year
$ - $ -
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships
$ - $ -
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-67
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 29
- -----------------------------------
Period
February 10,
1997 (date of
inception)
Year ended March through March
31, 1998 31, 1997
- --------------- ---------------
<S>
<C> <C>
Cash flows from operating activities
Net (loss) income
$ (276,745) $ 934
Adjustments to reconcile net income to
net cash provided by operating activities
Share of losses from operating limited
partnerships
626,915 -
Distributions received from operating
limited partnerships
- - -
Amortization
8,633 -
Organization costs
(36,446) (36,850)
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
3,398,682 -
Accounts payable and accrued expenses
- - -
Accounts payable - affiliates
(75,838) 132,541
- --------------- ---------------
Net cash provided by operating
activities
3,645,201 96,625
- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships
(2,993,202) (1,025,412)
Capital contributions paid to operating
limited partnerships
(8,746,483) (2,316,217)
Deposits for purchases of operating
limited partnerships
(4,123,059) -
Advances to operating limited
partnerships
(1,428,362) -
Purchase of investments (net of proceeds
from sale of investments)
(13,512,675) -
- --------------- ---------------
Net cash used in investing
activities
(30,803,781) (3,341,629)
- --------------- ---------------
Cash flows from financing activities
Capital contributions received
29,783,000 6,629,530
Selling commissions and registration
(4,359,568) (1,343,647)
Proceeds from line of credit
- - -
- --------------- ---------------
Net cash provided by financing
25,423,432 5,285,883
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
(1,735,148) 2,040,879
Cash and cash equivalents, beginning
2,040,879 -
- --------------- ---------------
Cash and cash equivalents, ending
$ 305,731 $ 2,040,879
=============== ===============
</TABLE>
(continued)
F-68
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 29
- -----------------------------------
Period
February 10,
1997 (date of
inception)
Year ended March through March
31, 1998 31, 1997
- --------------- ---------------
<S>
<C> <C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnerships
$ 16,888,802 $ 5,333,434
=============== ===============
The fund has decreased its investment and
decreased its capital contribution
obligation in operating limited
partnerships for low income tax
credits not generated
$ 36,696 $ -
=============== ===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent
$ - $ 3,505,470
=============== ===============
The fund has applied notes receivable and
advances to its capital contribution
obligation in operating limited
partnerships
$ 1,792,622 $ -
=============== ===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses)
$ 54,512 $ -
=============== ===============
The fund has decreased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnership
disposed of during the year
$ - $ -
=============== ===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year
$ - $ -
=============== ===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships
$ - $ -
=============== ===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-69
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 30
- ---------------
Period
June 23, 1997
(date of
inception)
through March
31, 1998
- ---------------
<S>
<C>
Cash flows from operating activities
Net income
$ 331,331
Adjustments to reconcile net income to
net cash used in operating activities
Share of income from operating limited
partnerships
(100,573)
Distributions received from operating
limited partnerships
- -
Amortization
5,613
Organization costs
(67,971)
Changes in assets and liabilities
Prepaid expenses
- -
Other assets
(171,223)
Accounts payable and accrued expenses
- -
Accounts payable - affiliates
1,002
- ---------------
Net cash used in operating
activities
(1,821)
- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships
(2,574,202)
Capital contributions paid to operating
limited partnerships
(2,201,978)
Deposits for purchases of operating
limited partnerships
(4,546,231)
Advances to operating limited
partnerships
(1,422,259)
Purchase of investments (net of proceeds
from sale of investments)
(10,869,350)
- ---------------
Net cash used in investing
activities
(21,614,020)
- ---------------
Cash flows from financing activities
Capital contributions received
26,490,750
Selling commissions and registration
(3,712,391)
Proceeds from line of credit
- -
- ---------------
Net cash provided by financing
22,778,359
- ---------------
NET INCREASE IN CASH AND CASH
EQUIVALENTS
1,162,518
Cash and cash equivalents, beginning
- -
- ---------------
Cash and cash equivalents, ending
$ 1,162,518
===============
</TABLE>
(continued)
F-70
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 30
- ---------------
Period
June 23, 1997
(date of
inception)
through March
31, 1998
- ---------------
<S>
<C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnerships
$ 9,721,288
===============
The fund has decreased its investment and
decreased its capital contribution
obligation in operating limited
partnerships for low income tax
credits not generated
$ -
===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent
$ -
===============
The fund has applied notes receivable and
advances to its capital contribution
obligation in operating limited
partnerships
$ 864,118
===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses)
$ 21,940
===============
The fund has decreased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnership
disposed of during the year
$ -
===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year
$ -
===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships
$ -
===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-71
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 31
- ---------------
Period September
11, 1997 (date
of inception)
through March
31, 1998
- ---------------
<S>
<C>
Cash flows from operating activities
Net loss
$ (69,689)
Adjustments to reconcile net loss to net
cash provided by operating activities
Share of losses from operating limited
partnerships
43,087
Distributions received from operating
limited partnerships
- -
Amortization
3,426
Organization costs
(68,513)
Changes in assets and liabilities
Prepaid expenses
- -
Other assets
(158,545)
Accounts payable and accrued expenses
27,359
Accounts payable - affiliates
417,337
- ---------------
Net cash provided by operating
activities
194,462
- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships
(4,329,695)
Capital contributions paid to operating
limited partnerships
(10,228,698)
Deposits for purchases of operating
limited partnerships
(1,104,492)
Advances to operating limited
partnerships
(7,309,603)
Purchase of investments (net of proceeds
from sale of investments)
(14,470,962)
- ---------------
Net cash used in investing
activities
(37,443,450)
- ---------------
Cash flows from financing activities
Capital contributions received
44,057,750
Selling commissions and registration
(5,997,527)
Proceeds from line of credit
- -
- ---------------
Net cash provided by financing
38,060,223
- ---------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
811,235
Cash and cash equivalents, beginning
- -
- ---------------
Cash and cash equivalents, ending
$ 811,235
===============
</TABLE>
(continued)
F-72
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 31
- ---------------
Period September
11, 1997 (date
of inception)
through March
31, 1998
- ---------------
<S>
<C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnerships
$ 14,425,302
===============
The fund has decreased its investment and
decreased its capital contribution
obligation in operating limited
p a rtnerships for low income tax
credits not generated
$ -
===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent
$ -
===============
The fund has applied notes receivable and
advances to its capital contribution
obligation in operating limited
partnerships
$ -
===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses)
$ 66,614
===============
The fund has decreased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnership
disposed of during the year
$ -
===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year
$ -
===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships
$ -
===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
(continued)
F-73
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 32
- ---------------
Period
January 19, 1998
(date of
inception)
through March
31, 1998
- ---------------
<S>
<C>
Cash flows from operating activities
Net loss
$ (21,196)
Adjustments to reconcile net loss to net
cash used in operating activities
Share of losses from operating limited
partnerships
- -
Distributions received from operating
limited partnerships
- -
Amortization
- -
Organization costs
(59,315)
Changes in assets and liabilities
Prepaid expenses
- -
Other assets
(1,477,928)
Accounts payable and accrued expenses
431,851
Accounts payable - affiliates
92,971
- ---------------
Net cash used in operating
activities
(1,033,617)
- ---------------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships
(1,394,057)
Capital contributions paid to operating
limited partnerships
(946,885)
Deposits for purchases of operating
limited partnerships
- -
Advances to operating limited
partnerships
(6,009,698)
Purchase of investments (net of proceeds
from sale of investments)
(5,974,481)
- ---------------
Net cash used in investing
activities
(14,325,121)
- ---------------
Cash flows from financing activities
Capital contributions received
12,362,000
Selling commissions and registration
(1,930,492)
Proceeds from line of credit
5,000,000
- ---------------
Net cash provided by financing
15,431,508
- ---------------
NET INCREASE IN CASH AND CASH
EQUIVALENTS
72,770
Cash and cash equivalents, beginning
- -
- ---------------
Cash and cash equivalents, ending
$ 72,770
===============
</TABLE>
F-74
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 32
- ---------------
Period
January 19, 1998
(date of
inception)
through March
31, 1998
- ---------------
<S>
<C>
Supplemental schedule of noncash investing
and financing activities
The fund has increased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnerships
$ 6,546,916
===============
The fund has decreased its investment and
decreased its capital contribution
obligation in operating limited
p a rtnerships for low income tax
credits not generated
$ -
===============
The fund has recorded capital
contributions (syndication proceeds)
being held and subsequently released
by the escrow agent
$ -
===============
The fund has applied notes receivable and
advances to its capital contribution
obligation in operating limited
partnerships
$ -
===============
The fund has increased (decreased) its
investment available for sale for
unrealized gain (losses)
$ 26,049
===============
The fund has decreased its investments in
operating limited partnerships for
unpaid capital contributions due to
the operating limited partnership
disposed of during the year
$ -
===============
The fund has increased its deferred
acquisition costs for operating
partnerships disposed of during the
year
$ -
===============
The fund has decreased its investments
and recorded a receivable for tax
credits not generated by the
operating limited partnerships
$ -
===============
</TABLE>
Series 27, 28 and 29 were not formed until after March 31,
1996,
therefore no comparative information has been included.
Series
30, 31 and 32 were not formed until after March 31,
1997,
therefore no comparative information has been included.
See notes to financial statements
F-75
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
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 apartment complexes
which
qualify for the Low-Income Housing Tax Credit established by
the
Tax Reform Act of 1986. Certain of the apartment complexes
may
also qualify for the Historic Rehabilitation Tax Credit
for
their rehabilitation of certified historic
structures;
accordingly, the apartment complexes are restricted as to
rent
charges and operating methods and are subject to the
provisions
of Section 42(g)(2) of the Internal Revenue Code relating to
the
Rehabilitation Investment Credit. The general partner of
the
fund is Boston Capital Associates IV L.P. and the
limited
partner is BCTC IV Assignor Corp. (the assignor
limited
partner).
In accordance with the limited partnership agreement,
profits,
losses, and cash flow (subject to certain priority
allocations
and distributions) and tax credits are allocated 99% to
the
assignees and 1% to the general partner.
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 beneficial
assignee
certificates ("BACs") representing assignments of units of
the
beneficial interest of the limited partnership interest of
the
assignor limited partner. The fund has registered
65,000,000
BACs at $10 per BAC for sale to the public in one or
more
series. BACs sold in bulk are offered to investors at a
reduced
cost per BAC.
The BACs issued and outstanding in each series at March 31,
1998
and 1997 are as follows:
<TABLE>
1998 1997
--------------- ---------------
<S> <C> <C>
Series 20 3,866,700 3,866,700
Series 21 1,892,700 1,892,700
Series 22 2,564,400 2,564,400
Series 23 3,336,727 3,336,727
Series 24 2,169,878 2,169,878
Series 25 3,026,109 3,026,109
Series 26 3,995,900 3,995,900
Series 27 2,460,700 2,460,700
Series 28 4,000,738 4,000,738
Series 29 3,991,800 1,013,500
Series 30 2,651,000 -
Series 31 4,417,857 -
Series 32 1,236,200 -
--------------- ---------------
39,610,709 28,327,352
=============== ===============
</TABLE>
F-76
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (Continued)
Investment in Operating Limited Partnerships
--------------------------------------------
The fund accounts for the investment in the operating
limited
partnership using the equity method, whereby, the fund
adjusts
the investment cost for its share of the operating
limited
partnership's results of operations and for any
distributions
received or accrued. However, the fund recognizes
individual
operating limited partnership's losses only to the extent
that
the fund's share of losses of the operating partnerships
does
not exceed the carrying amount of its investment.
Unrecognized
losses will be suspended and offset against future
individual
operating limited partnership's income.
A loss in value of an investment in an operating
partnership
other than a temporary decline would be recorded as
an
impairment loss. Impairment is measured by comparing
the
investment carrying amount to the sum of the total amount of
the
remaining tax credits allocated to the fund and the
estimated
residual value of the investment.
Capital contributions to operating partnerships are adjusted
by
tax credit adjusters. Tax credit adjusters are defined
as
adjustments to operating partnership capital contributions
due
to reductions in actual tax credits from those
originally
projected. The fund records tax credit adjusters as a
reduction
in investment in operating partnerships and
capital
contributions payable.
The operating partnerships maintain their financial
statements
based on a calendar year and the fund utilizes a March 31
year
end. The fund records losses and income from the
operating
partnerships on a calendar year basis which is not
materially
different from losses and income generated if the
operating
partnerships utilized a March 31 year end.
The fund records capital contributions payable to the
operating
partnerships once there is a binding obligation to fund
a
specified amount. The operating partnerships record
capital
contributions from the fund when received.
The fund records acquisition cost as an increase in
its
i n vestment in operating partnerships. Certain
operating
partnerships have not recorded the acquisition costs as
a
capital contribution from the fund. These differences are
shown
as reconciling items in note C.
F-77
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (Continued)
Investment in Operating Limited Partnerships (Continued)
--------------------------------------------
During the years ended March 31, 1998 and 1997, the
fund
acquired interests in operating limited partnerships as
follows:
<TABLE>
1998 1997
--------------- ---------------
<S> <C> <C>
Series 20 - -
Series 21 - -
Series 22 - 1
Series 23 - -
Series 24 1 9
Series 25 - 17
Series 26 10 26
Series 27 6 7
Series 28 20 5
Series 29 14 3
Series 30 13 -
Series 31 22 -
Series 32 3 -
--------------- ---------------
89 68
=============== ===============
</TABLE>
Organization Costs
------------------
Initial organization and offering expenses common to all
Series,
are allocated on a percentage of equity raised to each Series.
F-78
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (Continued)
Organization Costs (Continued)
------------------
Organization costs are being amortized on the
straight-line
method over 60 months. Accumulated amortization for the
years
ended March 31, 1998 and 1997 is as follows:
<TABLE>
1998 1997
--------------- ---------------
<S> <C> <C>
Series 20 $ 85,325 $ 62,040
Series 21 60,277 41,320
Series 22 41,909 29,371
Series 23 35,948 22,876
Series 24 31,728 18,749
Series 25 23,598 13,110
Series 26 33,129 14,198
Series 27 23,283 7,761
Series 28 25,407 5,081
Series 29 8,633 -
Series 30 5,613 -
Series 31 3,426 -
Series 32 - -
--------------- ---------------
$ 378,276 $ 214,506
=============== ===============
</TABLE>
Deferred Acquisition Costs
--------------------------
Deferred acquisition costs which are not allocated to
the
investments in operating limited partnerships will be
amortized
on the straight-line method over 27.5 years upon the
final
acquisition of limited partnership interests in
operating
limited partnerships.
Income Taxes
------------
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 general partner
and
assignees individually.
F-79
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (Continued)
Selling Commissions and Registration Costs
------------------------------------------
Selling commissions paid in connection with the public
offering
are charged against the assignees' capital upon admission
of
investors as assignees. Registration costs associated with
the
public offering are charged against assignees' capital
as
incurred.
Cash Equivalents
----------------
Cash equivalents include overnight repurchase agreements,
tax-
exempt sweep accounts and money market accounts having
original
maturities at date of acquisition of three months or less.
The
carrying value approximates fair value because of the
short
maturity of these instruments.
Fiscal Year
-----------
For financial reporting purposes, the fund uses a March 31
year
end, whereas for income tax reporting purposes, the fund uses
a
calendar year. The operating limited partnerships use
a
calendar year for both financial and income tax reporting.
Net Income (Loss) Per Beneficial Assignee Certificate Unit
----------------------------------------------------------
Net income (loss) per beneficial assignee certificate unit
is
calculated based upon the weighted average number of
units
outstanding during the year or period. The weighted
average
number of units in each series at March 31, 1998, 1997 and
1996
are as follows:
<TABLE>
1998 1997
1996
--------------- ---------------
- ---------------
<S> <C> <C> <C>
Series 20 3,866,700 3,866,700
3,866,700
Series 21 1,892,700 1,892,700
1,892,700
Series 22 2,564,400 2,564,400
2,564,400
Series 23 3,336,727 3,336,727
3,000,842
Series 24 2,169,878 2,169,878
1,761,881
Series 25 3,026,109 3,026,109
1,712,043
Series 26 3,995,900 3,404,374
413,814
Series 27 2,460,700 1,379,917
- -
Series 28 4,000,738 1,100,465
- -
Series 29 3,554,530 55,363
- -
Series 30 2,248,616 -
- -
Series 31 2,850,062 -
- -
Series 32 577,668 -
- -
--------------- ---------------
- ---------------
36,544,728 22,796,633
15,212,380
=============== ===============
===============
</TABLE>
F-80
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (Continued)
Investments Available-for-Sale
------------------------------
Investments held to maturity are being carried at
amortized
costs and investments available-for-sale are carried at
fair
market value.
Use of Estimates
----------------
The preparation of financial statements in conformity
with
generally accepted accounting principles requires management
to
make estimates and assumptions that affect the reported
amounts
of assets and liabilities and disclosure of contingent
assets
and liabilities at the date of the financial statements and
the
reported amounts of revenue and expenses during the
reporting
period. Actual results could differ from those estimates.
Adoption of Accounting Standard
-------------------------------
On March 31, 1997, the fund adopted Statement of
Financial
Accounting Standards ("SFAS") No. 128, "Earnings per Share"
and
S F A S No. 129, "Disclosure of Information about
Capital
Structure." SFAS No. 128 provides accounting and
reporting
standards for the amount of earnings per share. SFAS No.
129
requires the disclosure in summary form within the
financial
statements of pertinent rights and privileges of the
various
securities outstanding. The implementation of these
standards
has not materially affected the fund's financial statements.
In June 1997, the Financial Accounting Standards Board
issued
SFAS No. 130, "Reporting Comprehensive Income" and SFAS No.
131,
"Disclosures about Segments of an Enterprise and
Related
Information." In February 1998, the Financial
Accounting
Standards Board issued SFAS No. 132, "Employees'
Disclosures
about Pensions and Other Post-retirement Benefits." SFAS
No.
130 is effective for years beginning after December 15,
1997.
SFAS No. 131 and No. 132 are effective for years beginning
after
December 31, 1997 and early adoption is encouraged.
The fund does not have any items of other comprehensive
income,
does not have other segments of its business or when to
report,
and does not have any pensions or other
post-retirement
benefits. Consequently, these pronouncements are expected
to
have no effect on the fund's financial statements.
F-81
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1998, 1997 and 1996, the
fund
entered into several transactions with various affiliates of
the
general partner, including Boston Capital Partners, Inc.
(BCP),
Boston Capital Holdings L.P. (BCHLP), Boston Capital
Services,
Inc. (BCS) and Boston Capital Asset Management
Limited
Partnership (BCAM) (formerly Boston Capital
Communications
Limited Partnership) as follows:
Boston Capital Asset Management Limited Partnership is
entitled
to an annual fund management fee based on .5 percent of
the
aggregate cost of all apartment complexes acquired by
the
operating limited partnerships, less the amount of
certain
partnership management and reporting fees paid or payable by
the
operating limited partnerships. The aggregate cost is
comprised
of the capital contributions made by each Series to
the
operating limited partnership and 99% of the permanent
financing
at the operating limited partnership level. The annual
fund
fees charged to operations during the years ended March
31,
1998, 1997 and 1996, are as follows:
<TABLE>
1998 1997 1996
--------------- ---------------
- ---------------
<S> <C> <C> <C>
Series 20 $ 270,336 $
325,113 $
352,662
Series 21 215,217 224,252
227,886
Series 22 225,636 223,892
243,174
Series 23 188,213 212,843
236,748
Series 24 208,597 212,130
62,532
Series 25 248,382 214,610
19,146
Series 26 346,887 181,052
1,976
Series 27 275,320 144,692
- -
Series 28 155,994 9,058
- -
Series 29 192,348 -
- -
Series 30 55,733 -
- -
Series 31 69,951 -
- -
Series 32 1,976 -
- -
--------------- ---------------
- ---------------
$ 2,454,590 $
1,747,642 $
1,144,124
=============== ===============
===============
</TABLE>
F-82
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Services, Inc. received dealer-manager fees
for
the marketing advice and investment banking services
performed
at the time of the fund's offering of BACs. The
dealer-manager
fees are included in partners' capital as selling
commissions
and registration costs. During the years ended March 31,
1998,
1997 and 1996, Boston Capital Services, Inc. fees received
by
series are as follows:
<TABLE>
1998 1997
1996
--------------- ---------------
- ---------------
<S> <C> <C> <C>
Series 20 $ - $ - $
- -
Series 21 - -
- -
Series 22 - -
- -
Series 23 - -
449,215
Series 24 - -
393,770
Series 25 - -
570,510
Series 26 - 604,650
182,235
Series 27 - 455,135
- -
Series 28 - 763,875
- -
Series 29 545,135 170,880
- -
Series 30 502,098 -
- -
Series 31 932,325 -
- -
Series 32 222,335 -
- -
--------------- ---------------
- ---------------
$ 2,201,893 $ 1,994,540 $
1,595,730
=============== ===============
===============
</TABLE>
Boston Capital Holdings LP is entitled to asset acquisition
fees for selecting, evaluating, structuring, negotiating,
and
closing the fund's acquisition of interests in the
operating
limited partnerships. The fund incurred $9,578,948,
$8,964,635
and $7,597,693, respectively, of acquisition fees to
Boston
Capital Holdings LP during the years ended March 31, 1998,
1997 and 1996. The acquisition fees incurred to Boston
Capital
Holdings LP series are as follows:
<TABLE>
1998 1997
1996
--------------- ---------------
- ---------------
<S> <C> <C> <C>
Series 20 $ - $ - $
- -
Series 21 - -
- -
Series 22 - -
- -
Series 23 - -
2,193,064
Series 24 - -
1,902,550
Series 25 - -
2,656,669
Series 26 - 2,575,165
845,410
Series 27 - 2,126,367
- -
Series 28 - 3,401,628
- -
Series 29 2,531,555 861,475
- -
Series 30 2,251,714 -
- -
Series 31 3,744,909 -
- -
Series 32 1,050,770 -
- -
--------------- ---------------
- ---------------
$ 9,578,948 $ 8,964,635 $
7,597,693
=============== ===============
===============
</TABLE>
F-83
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
During the years ended March 31, 1998, 1997 and 1996,
general
and administrative expenses incurred by Boston Capital
Partners,
Inc., Boston Capital Holdings LP and/or Boston Capital
Asset
Management Limited Partnership were charged to each
series'
operations as follows:
<TABLE>
1998 1997
1996
--------------- ---------------
- ---------------
<S> <C> <C> <C>
Series 20 $ 27,590 $ 23,876 $
27,179
Series 21 17,368 16,948
17,771
Series 22 22,206 19,314
23,652
Series 23 33,765 22,265
25,992
Series 24 20,500 21,547
12,092
Series 25 24,231 23,178
7,606
Series 26 29,659 23,336
- -
Series 27 23,836 15,368
- -
Series 28 31,809 3,284
- -
Series 29 32,467 1,028
- -
Series 30 20,152 -
- -
Series 31 23,078 -
- -
Series 32 11,655 -
- -
--------------- ---------------
- ---------------
$ 318,316 $ 170,144 $
114,292
=============== ===============
===============
</TABLE>
Accounts payable - affiliates at March 31, 1998 and
1997
represents general and administrative expenses, fund
management
fees, and commissions which are payable to Boston
Capital
Partners, Inc., Boston Capital Holdings LP, Boston
Capital
Services, Inc., and Boston Capital Asset Management
Limited
Partnership.
During the years ended March 31, 1998 and 1997, the
fund
reimbursed affiliates of the general partner a total
of
$330,066 and $321,859, respectively, for amounts
in
connection with the offering of BACs. These
reimbursements
include, but are not limited to postage, printing, travel
and
overhead allocations and are included in partners' capital
as
selling commissions and registrations costs at March 31,
1998
and 1997. During the year and period ended March 31, 1998
and
1997, the selling commission and registration costs incurred
to
affiliates by series are as follows:
<TABLE>
1998 1997
--------------- ---------------
<S> <C> <C>
Series 20 $ - $ -
Series 21 - -
Series 22 - -
Series 23 - -
Series 24 - -
Series 25 - -
Series 26 - 97,020
Series 27 - 91,600
Series 28 - 104,919
Series 29 79,710 28,320
Series 30 92,926 -
Series 31 92,401 -
Series 32 65,029 -
--------------- ---------------
$ 330,066 $ 321,859
=============== ===============
</TABLE>
F-84
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1998 and 1997, the fund has limited
partnership
interests in operating limited partnerships, which own or
are
constructing or rehabilitating operating apartment
complexes.
The number of operating limited partnerships in which the
fund
has limited partnership interests at March 31, 1998 and 1997
by
series are as follows:
<TABLE>
1998 1997
--------------- ---------------
<S> <C> <C>
Series 20 24 24
Series 21 14 14
Series 22 28 28
Series 23 22 22
Series 24 24 23
Series 25 22 22
Series 26 42 33
Series 27 13 7
Series 28 25 5
Series 29 17 3
Series 30 13 -
Series 31 22 -
Series 32 3 -
--------------- ---------------
269 181
=============== ===============
</TABLE>
During the year end March 31, 1998, Series 26 disposed of
their
interest in 1 operating partnership.
During the year end March 31, 1997, Series 21, 22 and
24
disposed of their interest in 1, 3 and 1 operating
partnerships,
respectively.
F-85
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
Under the terms of the fund's investment in each
operating
limited partnership, the fund is required to make
capital
contributions to the operating limited partnerships.
These
contributions are payable in installments over several
years
upon each operating limited partnership achieving
specified
levels of construction or operations. At March 31, 1998
and
1997, contributions are payable to operating
limited
partnerships as follows:
<TABLE>
1998 1997
--------------- ---------------
<S> <C> <C>
Series 20 $ 524,696 $ 1,942,326
Series 21 860,126 967,561
Series 22 1,836,296 3,158,246
Series 23 2,724,109 4,529,018
Series 24 1,518,325 2,779,449
Series 25 3,396,767 6,437,839
Series 26 9,269,613 7,104,113
Series 27 3,524,022 3,470,122
Series 28 7,185,987 1,338,985
Series 29 9,330,218 3,017,217
Series 30 9,721,288 -
Series 31 14,425,302 -
Series 32 6,546,916 -
--------------- ---------------
$ 70,863,665 $ 34,744,876
=============== ===============
</TABLE>
F-86
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investment in operating limited partnerships at
March
31, 1998 is summarized as follows (Series 32 invested
in
operating limited partnerships subsequent to December 31,
1997):
<TABLE>
Total Series 20 Series 21
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax credit
adjusters $
257,525,283 $ 28,405,078 $ 12,802,839
Acq uisition costs of operating limited
partnerships
35,650,160 3,726,293 1,923,140
Cumulative distributions from operating limited
partnerships
(57,875) (17,324) (22,158)
Cumulative losses from operating limited
partnerships
(29,962,310) (8,806,719) (5,143,495)
- --------------- --------------- --------------
Investment per balance sheet
263,155,258 23,307,328 9,560,326
The fund has recorded capital contributions to
the operating limited partnerships during the
year ended March 31, 1998 which have not been
included in the partnership's capital account
included in the operating limited partnerships'
financial statements as of December 31, 1997 (See
note A)
(78,900,484) (509,165) (1,290,486)
The fund has recorded acquisition costs at March
31, 1998 which have not been recorded in the net
assets of the operating limited partnerships (See
note A)
(9,095,289) (444,246) (123,536)
Cumulative losses from operating limited
partnerships for the three months ended March 31,
1998 which the operating limited partnerships
have not included in their capital as of December
31, 1997 due to different year ends (See note A)
2,650,127 404,710 651,466
The fund has recorded low income housing tax
credit adjusters not recorded by operating
limited partnerships (See note A)
2,540,900 89,954 717,116
Other
(299,227) (31,555) (15,843)
- --------------- --------------- --------------
Equity per operating limited partnerships'
combined financial statements $
180,051,285 $ 22,817,026 $ 9,499,043
=============== =============== ==============
</TABLE>
F-87
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investment in operating limited partnerships at
March
31, 1998 is summarized as follows (Series 32 invested
in
operating limited partnerships subsequent to December 31,
1997):
<TABLE>
Series 22 Series 23 Series 24
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax credit
adjusters $
18,045,472 $ 23,804,642 $ 15,691,672
Acquisition costs of operating limited
partnerships
2,470,115 3,504,553 2,030,314
Cumulative distributions from operating limited
partnerships
(3,342) (738) (10,760)
Cumulative losses from operating limited
partnerships
(4,407,533) (4,036,543) (2,289,100)
- --------------- --------------- --------------
Investment per balance sheet
16,104,712 23,271,914 15,422,126
The fund has recorded capital contributions to
the operating limited partnerships during the
year ended March 31, 1998 which have not been
included in the partnership's capital account
included in the operating limited partnerships'
financial statements as of December 31, 1997 (See
note A)
(1,917,738) (2,439,095) (939,167)
The fund has recorded acquisition costs at March
31, 1998 which have not been recorded in the net
assets of the operating limited partnerships (See
note A)
(274,244) (1,072,905) (867,698)
Cumulative losses from operating limited
partnerships for the three months ended March 31,
1998 which the operating limited partnerships
have not included in their capital as of December
31, 1997 due to different year ends (See note A)
259,228 179,850 95,695
The fund has recorded low income housing tax
credit adjusters not recorded by operating
limited partnerships (See note A)
312,702 364,593 265,163
Other
(107,697) 24,580 45,883
- --------------- --------------- --------------
Equity per operating limited partnerships'
combined financial statements $
14,376,963 $ 20,328,937 $ 14,022,002
=============== =============== ==============
</TABLE>
F-88
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investment in operating limited partnerships at
March
31, 1998 is summarized as follows (Series 32 invested
in
operating limited partnerships subsequent to December 31,
1997):
<TABLE>
Series 25 Series 26 Series 27
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax credit
adjusters $
22,176,745 $ 27,310,023 $ 16,479,609
Acq uisition costs of operating limited
partnerships
2,803,677 3,781,724 2,377,480
Cumulative distribution from operating limited
partnerships
(3,468) - -
Cumulative losses from operating limited
partnerships
(2,295,592) (1,362,553) (698,772)
- --------------- --------------- ---------------
Investment per balance sheet
22,681,362 29,729,194 18,158,317
The fund has recorded capital contributions to
the operating limited partnerships during the
year ended March 31, 1998 which have not been
included in the partnership's capital account
included in the operating limited partnerships'
financial statements as of December 31, 1997 (See
note A)
(1,447,451) (7,697,445) (3,695,805)
The fund has recorded acquisition costs at March
31, 1998 which have not been recorded in the net
assets of the operating limited partnerships (See
note A)
(1,131,320) (623,897) (1,279,240)
Cumulative losses from operating limited
partnerships for the three months ended March 31,
1998 which the operating limited partnerships
have not included in their capital as of December
31, 1997 due to different year ends (See note A)
335,542 123,195 205,532
The fund has recorded low income housing tax
credit adjusters not recorded by operating
limited partnerships (See note A)
237,540 403,127 69,020
Other
(129,095) (52,855) 122
- --------------- --------------- ---------------
Equity per operating limited partnerships'
combined financial statements $
20,546,578 $ 21,881,319 $ 13,457,946
=============== =============== ===============
</TABLE>
F-89
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investment in operating limited partnerships at
March
31, 1998 is summarized as follows (Series 32 invested
in
operating limited partnerships subsequent to December 31,
1997):
<TABLE>
Series 28 Series 29
- --------------- ---------------
<S>
<C> <C>
Capital contributions paid and to be paid to operating
limited
partnerships, net of tax credit adjusters
$ 24,914,492 $ 22,185,541
Acquisition costs of operating limited partnerships
3,582,996 3,202,361
Cumulative distributions from operating limited partnerships
(85) -
Cumulative losses from operating limited partnerships
(352,574) (626,915)
- --------------- ---------------
Investment per balance sheet
28,144,829 24,760,987
The fund has recorded capital contributions to the operating
limited
partnerships during the year ended March 31, 1998 which
have not
been included in the partnership's capital account included
in the
operating limited partnerships' financial statements as of
December
31, 1997 (See note A)
(14,723,487) (12,500,084)
The fund has recorded acquisition costs at March 31, 1998
which have
not been recorded in the net assets of the operating
limited
partnerships (See note A)
(434,652) (27,657)
Cumulative losses from operating limited partnerships for the
three
months ended March 31, 1998 which the operating limited
partnerships
have not included in their capital as of December 31, 1997
due to
different year ends (See note A)
129,668 265,241
The fund has recorded low income housing tax credit
adjusters not
recorded by operating limited partnerships (See note A)
44,989 36,696
Other
(19,682) (13,183)
- --------------- --------------
Equity per operating limited partnerships' combined
financial
statements
$ 13,141,665 $ 12,522,000
=============== ==============
</TABLE>
F-90
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investment in operating limited partnerships at
March
31, 1998 is summarized as follows (Series 32 invested
in
operating limited partnerships subsequent to December 31,
1997):
<TABLE>
Series 30 Series 31 Series 32
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax credit
adjusters $
12,787,384 $ 25,427,985 $ 7,493,801
A c q uisition costs of operating limited
partnerships
1,512,120 3,657,512 1,077,875
Cumulative distribution from operating limited
partnerships
- - - -
Cumulative income (losses) from operating limited
partnerships
100,573 (43,087) -
- --------------- --------------- ---------------
Investment per balance sheet
14,400,077 29,042,410 8,571,676
The fund has recorded capital contributions to
the operating limited partnerships during the
year ended March 31, 1998 which have not been
included in the partnership's capital account
included in the operating limited partnerships'
financial statements as of December 31, 1997 (See
note A)
(8,736,973) (15,509,787) (7,493,801)
The fund has recorded acquisition costs at March
31, 1998 which have not been recorded in the net
assets of the operating limited partnerships (See
note A)
(711,378) (1,026,641) (1,077,875)
Cumulative losses from operating limited
partnerships for the three months ended March 31,
1998 which the operating limited partnerships
have not included in their capital as of December
31, 1997 due to different year ends (See note A)
- - - -
The fund has recorded low income housing tax
c r edit adjusters not recorded by operating
limited partnerships (See note A)
- - - -
Other
- - 98 -
- --------------- --------------- ---------------
Equity per operating limited partnerships'
combined financial statements $
4,951,726 $ 12,506,080 $ -
=============== =============== ===============
</TABLE>
F-91
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investment in operating limited partnerships at
March
31, 1997 is summarized as follows (Series 29 invested
in
operating limited partnerships subsequent to December 31,
1996):
<TABLE>
Total Series 20 Series 21
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax credit
adjusters $
159,913,216 $ 28,394,044 $ 12,881,509
Acq uisition costs of operating limited
partnerships
21,810,944 3,726,293 1,923,140
Cumulative distributions from operating limited
partnerships
(1,391) (88) -
Cumulative losses from operating limited
partnerships
(17,141,134) (6,290,566) (3,289,072)
- --------------- --------------- ---------------
Investment per balance sheet
164,581,635 25,829,683 11,515,577
The fund has recorded capital contributions to
the operating limited partnerships during the
year ended March 31, 1997 which have not been
included in the partnership's capital account
included in the operating limited partnerships'
financial statements as of December 31, 1996 (See
note A)
(40,802,009) (1,242,585) (1,318,082)
The fund has recorded acquisition costs at March
31,1997 which have not been recorded in the net
assets of the operating limited partnerships (See
note A)
(5,752,475) (444,246) (123,536)
Cumulative losses from operating limited
partnerships for the three months ended March 31,
1997 which the operating limited partnerships
have not included in their capital as of December
31, 1996 due to different year ends (See note A)
2,049,722 404,710 651,466
The fund has recorded low income housing tax
credit adjusters not recorded by operating
limited partnerships (See note A)
1,549,250 89,954 640,086
Other
(117,208) 4,881 (34,793)
- --------------- --------------- ---------------
Equity per operating limited partnerships'
combined financial statements $
121,508,915 $ 24,642,397 $ 11,330,718
=============== =============== ===============
</TABLE>
F-92
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investment in operating limited partnerships at
March
31, 1997 is summarized as follows (Series 29 invested
in
operating limited partnerships subsequent to December 31,
1996):
<TABLE>
Series 22 Series 23 Series 24
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax credit
adjusters $
18,141,615 $ 23,836,523 $ 14,946,689
Acq uisition costs of operating limited
partnerships
2,470,115 3,504,553 1,917,032
Cumulative distributions from operating limited
partnerships
- - (378) (925)
Cumulative losses from operating limited
partnerships
(3,034,771) (2,331,050) (946,819)
Investment per balance sheet
17,576,959 25,009,648 15,915,977
The fund has recorded capital contributions to
the operating limited partnerships during the
year ended March 31, 1997 which have not been
included in the partnership's capital account
included in the operating limited partnerships'
financial statements as of December 31, 1996 (See
note A)
(2,599,500) (3,791,800) (1,958,808)
The fund has recorded acquisition costs at March
31, 1997 which have not been recorded in the net
assets of the operating limited partnerships (See
note A)
(274,244) (1,072,905) (1,049,990)
Cumulative losses from operating limited
partnerships for the three months ended March 31,
1997 which the operating limited partnerships
have not included in their capital as of December
31, 1996 due to different year ends (See note A)
259,228 179,885 95,695
The fund has recorded low income housing tax
credit adjusters not recorded by operating
limited partnerships (See note A)
265,822 297,257 160,795
Other
(107,289) 9,677 5,575
- --------------- --------------- ---------------
Equity per operating limited partnerships'
combined financial statements $
15,120,976 $ 20,631,762 $ 13,169,244
=============== =============== ===============
</TABLE>
F-93
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March
31, 1997 is summarized as follows (Series 29 invested in
operating limited partnerships subsequent to December 31, 1996):
<TABLE>
Series
25 Series 26 Series 27
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax credit
adjusters $
22,208,165 $ 19,506,058 11,692,712
Acquisition costs of operating limited
partnerships
2,803,677 2,601,060 1,681,828
Cumulative distribution from operating limited
partnerships
- - - -
Cumulative losses from operating limited
partnerships
(744,868) (493,405) (9,016)
- --------------- --------------- ---------------
Investment per balance sheet
24,266,974 21,613,713 13,365,524
The fund has recorded capital contributions to
the operating limited partnerships during the
year ended March 31, 1997 which have not been
included in the partnership's capital account
included in the operating limited partnerships'
financial statements as of December 31, 1996 (See
note A)
(5,383,812) (10,596,741) (5,358,641)
The fund has recorded acquisition costs at March
31, 1997 which have not been recorded in the net
assets of the operating limited partnerships (See
note A)
(1,224,369) (71,417) (699,098)
Cumulative losses from operating limited
partnerships for the three months ended March 31,
1997 which the operating limited partnerships
have not included in their capital as of December
31, 1996 due to different year ends (See note A)
335,543 123,195 -
The fund has recorded low income housing tax
c r edit adjusters not recorded by operating
limited partnerships (See note A)
46,647 48,689 -
Other
4,956 (215) -
- --------------- --------------- ---------------
Equity per operating limited partnerships'
combined financial statements $
18,045,939 $ 11,117,224 $ 7,307,785
=============== =============== ===============
</TABLE>
F-94
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March
31, 1997 is summarized as follows (Series 29 invested in
operating limited partnerships subsequent to December 31, 1996):
<TABLE>
Series 28 Series 29
- --------------- ---------------
<S>
<C> <C>
Capital contributions paid and to be paid to operating
limited
partnerships, net of tax credit adjusters
$ 2,972,467 $ 5,333,434
Acquisition costs of operating limited partnerships
416,108 767,138
Cumulative distributions from operating limited partnerships
- - -
Cumulative losses from operating limited partnerships
(1,567) -
- --------------- ---------------
Investment per balance sheet
3,387,008 6,100,572
The fund has recorded capital contributions to the operating
limited
partnerships during the year ended March 31, 1997 which have
not
been included in the partnership's capital account included in
the
operating limited partnerships' financial statements as of
December
31, 1996 (See note A)
(3,218,606) (5,333,434)
The fund has recorded acquisition costs at March 31, 1997 which
have
not been recorded in the net assets of the operating
limited
partnerships (See note A)
(25,532) (767,138)
Cumulative losses from operating limited partnerships for the
three
months ended March 31, 1997 which the operating limited
partnerships
have not included in their capital as of December 31, 1996
due to
different year ends (See note A)
- - -
The fund has recorded low income housing tax credit adjusters
not
recorded by operating limited partnerships (See note A)
- - -
Other
- - -
- --------------- ---------------
Equity per operating limited partnerships' combined
financial
statements
$ 142,870 $ -
=============== ===============
</TABLE>
F-95
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 31 hold an
interest as of December 31, 1997 are as follows (Series 32
i n vested in operating limited partnerships subsequent to
December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Total
Series 20 Series 21
- --------------- --------------- ---------------
<S> <C>
<C> <C>
ASSETS
Buildings and improvements, net of accumulated
depreciation $
604,858,775 $ 88,299,641 $ 38,877,300
Construction in progress
38,848,148 - -
Land
42,235,703 6,345,961 2,937,606
Other assets
64,741,805 4,445,180 2,461,410
- --------------- --------------- ---------------
$
750,684,431 $ 99,090,782 $ 44,276,316
=============== =============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable $
404,807,223 $ 59,166,418 $ 27,388,308
Accounts payable and accrued expenses
26,280,296 2,432,939 1,743,740
Other liabilities
74,058,902 6,833,807 4,034,016
- --------------- --------------- ---------------
505,146,421 68,433,164 33,166,064
- --------------- --------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P.
180,051,285 22,817,026 9,499,043
Other partners
65,486,725 7,840,592 1,611,209
- --------------- --------------- ---------------
245,538,010 30,657,618 11,110,252
- --------------- --------------- ---------------
$
750,684,431 $ 99,090,782 $ 44,276,316
=============== =============== ===============
</TABLE>
F-96
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 31 hold an
interest as of December 31, 1997 are as follows (Series 32
invested in operating limited partnerships subsequent to
December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series
22 Series 23 Series 24
- --------------- --------------- ---------------
<S> <C>
<C> <C>
ASSETS
Buildings and improvements, net of accumulated
depreciation $
80,246,804 $ 75,994,130 $ 62,964,019
Construction in progress
- - - -
Land
4,121,526 3,814,911 3,941,855
Other assets
4,843,526 4,406,128 5,623,475
- --------------- --------------- ---------------
$
89,211,856 $ 84,215,169 $ 72,529,349
=============== =============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable $
52,360,173 $ 43,627,909 $ 41,876,740
Accounts payable and accrued expenses
1,843,467 2,018,818 2,080,107
Other liabilities
6,147,870 9,047,670 6,493,213
- --------------- --------------- ---------------
60,351,510 54,694,397 50,450,060
- --------------- --------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P.
14,376,963 20,328,937 14,022,002
Other partners
14,483,383 9,191,835 8,057,287
- --------------- --------------- ---------------
28,860,346 29,520,772 22,079,289
- --------------- --------------- ---------------
$
89,211,856 $ 84,215,169 $ 72,529,349
=============== =============== ===============
</TABLE>
F-97
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 31 hold an
interest as of December 31, 1997 are as follows (Series 32
invested in operating limited partnerships subsequent to
December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series
25 Series 26 Series 27
- --------------- --------------- ---------------
<S> <C>
<C> <C>
ASSETS
Buildings and improvements, net of accumulated
depreciation $
66,678,909 $ 64,341,702 $ 37,885,061
Construction in progress
- - 3,921,404 13,379,781
Land
3,695,640 4,480,943 5,143,963
Other assets
8,301,292 4,640,051 4,361,584
- --------------- --------------- ---------------
$
78,675,841 $ 77,384,100 $ 60,770,389
=============== =============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable $
39,449,958 $ 44,044,958 $ 34,741,904
Accounts payable and accrued expenses
2,489,987 1,793,878 2,501,374
Other liabilities
8,442,823 6,969,470 7,102,514
- --------------- --------------- ---------------
50,382,768 52,808,306 44,345,792
- --------------- --------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P.
20,546,578 21,881,319 13,457,946
Other partners
7,746,495 2,694,475 2,966,651
- --------------- --------------- ---------------
28,293,073 24,575,794 16,424,597
- --------------- --------------- ---------------
$
78,675,841 $ 77,384,100 $ 60,770,389
=============== =============== ===============
</TABLE>
F-98
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 31 hold an
interest as of December 31, 1997 are as follows (Series 32
invested in operating limited partnerships subsequent to
December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 28 Series 29
- --------------- ---------------
<S>
<C> <C>
ASSETS
Buildings and improvements, net of accumulated depreciation
$ 41,232,184 $ 23,496,725
Construction in progress
6,271,637 6,662,659
Land
3,249,249 1,285,319
Other assets
4,496,464 5,008,615
- --------------- ---------------
$ 55,249,534 $ 36,453,318
=============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable
$ 20,558,820 $ 16,599,438
Accounts payable and accrued expenses
3,192,497 1,844,232
Other liabilities
7,802,956 5,443,481
- --------------- ---------------
31,554,273 23,887,151
- --------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P.
13,141,665 12,522,000
Other partners
10,553,596 44,167
- --------------- ---------------
23,695,261 12,566,167
- --------------- ---------------
$ 55,249,534 $ 36,453,318
=============== ===============
</TABLE>
F-99
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 31 hold an
interest as of December 31, 1997 are as follows (Series 32
invested in operating limited partnerships subsequent to
December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 30 Series 31
- --------------- ---------------
<S>
<C> <C>
ASSETS
Buildings and improvements, net of accumulated depreciation
$ 6,529,488 $ 18,312,812
Construction in progress
1,975,090 6,637,577
Land
783,338 2,435,392
Other assets
2,898,853 13,255,227
- --------------- ---------------
$ 12,186,769 $ 40,641,008
=============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable
$ 4,096,040 $ 20,896,557
Accounts payable and accrued expenses
702,623 3,636,634
Other liabilities
2,187,501 3,553,581
- --------------- ---------------
6,986,164 28,086,772
- --------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P.
4,951,726 12,506,080
Other partners
248,879 48,156
- --------------- ---------------
5,200,605 12,554,236
- --------------- ---------------
$ 12,186,769 $ 40,641,008
=============== ===============
</TABLE>
F-100
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 28 hold an
interest as of December 31, 1996 are as follows (Series 29
invested in operating limited partnerships subsequent to
December 31, 1996):
<TABLE>
Total
Series 20 Series 21
- --------------- --------------- ---------------
<S> <C>
<C> <C>
ASSETS
Buildings and improvements, net of accumulated
depreciation $
423,894,293 $ 91,849,719 $ 39,972,714
Construction in progress
33,578,533 - -
Land
30,629,604 6,345,961 2,937,606
Other assets
38,600,630 3,967,404 2,251,707
- --------------- --------------- ---------------
$
526,703,060 $ 102,163,084 $ 45,162,027
=============== =============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable $
286,908,373 $ 58,917,993 $ 27,537,759
Accounts payable and accrued expenses
20,013,076 6,108,512 1,410,581
Other liabilities
47,000,701 4,656,895 3,145,535
- --------------- --------------- ---------------
353,922,150 69,683,400 32,093,875
- --------------- --------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P.
121,508,915 24,642,397 11,330,718
Other partners
51,271,995 7,837,287 1,737,434
- --------------- --------------- ---------------
172,780,910 32,479,684 13,068,152
- --------------- --------------- ---------------
$
526,703,060 $ 102,163,084 $ 45,162,027
=============== =============== ===============
</TABLE>
F-101
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 28 hold an
interest as of December 31, 1996 are as follows (Series 29
invested in operating limited partnerships subsequent to
December 31, 1996):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series
22 Series 23 Series 24
- --------------- --------------- ---------------
<S> <C>
<C> <C>
ASSETS
Buildings and improvements, net of accumulated
depreciation $
81,989,455 $ 77,618,471 $ 50,942,839
Construction in progress
- - - 9,032,176
Land
4,093,571 3,820,911 4,091,645
Other assets
5,407,904 5,134,480 5,909,818
- --------------- --------------- ---------------
$
91,490,930 $ 86,573,862 $ 69,976,478
=============== =============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable $
51,954,993 $ 44,266,858 $ 39,319,491
Accounts payable and accrued expenses
2,077,748 2,753,635 2,463,955
Other liabilities
6,892,563 9,051,679 6,786,483
- --------------- --------------- ---------------
60,925,304 56,072,172 48,569,929
- --------------- --------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P.
15,120,976 20,631,762 13,169,244
Other partners
15,444,650 9,869,928 8,237,305
- --------------- --------------- ---------------
30,565,626 30,501,690 21,406,549
- --------------- --------------- ---------------
$
91,490,930 $ 86,573,862 $ 69,976,478
=============== =============== ===============
</TABLE>
F-102
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 28 hold an
interest as of December 31, 1996 are as follows (Series 29
invested in operating limited partnerships subsequent to
December 31, 1996):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series
25 Series 26 Series 27
- --------------- --------------- ---------------
<S> <C>
<C> <C>
ASSETS
Buildings and improvements, net of accumulated
depreciation $
48,971,548 $ 29,818,743 $ 2,139,797
Construction in progress
11,325,935 3,879,804 8,623,633
Land
3,055,703 2,607,008 3,629,199
Other assets
9,702,483 4,242,788 1,659,642
- --------------- --------------- ---------------
$
73,055,669 $ 40,548,343 $ 16,052,271
=============== =============== ===============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable $
37,085,395 $ 22,358,812 $ 4,376,146
Accounts payable and accrued expenses
2,830,933 1,366,367 988,825
Other liabilities
8,608,690 5,240,764 2,179,467
- --------------- --------------- ---------------
48,525,018 28,965,943 7,544,438
- --------------- --------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P.
18,045,939 11,117,224 7,307,785
Other partners
6,484,712 465,176 1,200,048
- --------------- --------------- ---------------
24,530,651 11,582,400 8,507,833
- --------------- --------------- ---------------
$
73,055,669 $ 40,548,343 $ 16,052,271
=============== =============== ===============
</TABLE>
F-103
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through Series 28 hold an
interest as of December 31, 1996 are as follows (Series 29
invested in operating limited partnerships subsequent to
December 31, 1996):
<TABLE>
Series 28
- ---------------
<S>
<C>
ASSETS
Buildings and improvements, net of accumulated depreciation $
591,007
Construction in progress
716,985
Land
48,000
Other assets
324,404
- ---------------
$
1,680,396
===============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable $
1,090,926
Accounts payable and accrued expenses
12,520
Other liabilities
438,625
- ---------------
1,542,071
- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P.
142,870
Other partners
(4,545)
- ---------------
138,325
- ---------------
$
1,680,396
===============
</TABLE>
F-104
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1997 for operating limited partnerships in which Series 20
through Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Total
- ---------------
<S>
<C>
Revenue
Rent
$ 57,194,219
Interest and other
3,058,826
- ---------------
60,253,045
- ---------------
Expenses
Interest
24,052,106
Depreciation and amortization
19,725,469
Taxes and insurance
7,899,564
Repairs and maintenance
8,120,403
Operating expenses
16,906,496
Other expenses
1,194,061
- ---------------
77,898,099
- ---------------
NET LOSS
$ (17,645,054)
===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (12,220,735)
===============
Net loss allocated to other partners
$ (5,424,319)
===============
</TABLE>
F-105
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1997 for operating limited partnerships in which Series 20
through Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 20 Series 21
- --------------- ---------------
<S>
<C> <C>
Revenue
Rent
$ 10,216,602 $ 5,008,470
Interest and other
513,527 234,328
- --------------- ---------------
10,730,129 5,242,798
- --------------- ---------------
Expenses
Interest
4,294,969 2,624,300
Depreciation and amortization
3,927,354 1,235,333
Taxes and insurance
1,284,403 585,724
Repairs and maintenance
1,453,633 858,062
Operating expenses
2,915,869 1,548,188
Other expenses
186,300 310,103
- --------------- ---------------
14,062,528 7,161,710
- --------------- ---------------
NET LOSS
$ (3,332,399) $ (1,918,912)
=============== ===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (2,516,153) $ (1,854,423)
=============== ===============
Net loss allocated to other partners
$ (816,246) $ (64,489)
=============== ===============
</TABLE>
F-106
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1997 for operating limited partnerships in which Series 20
through Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
<TABLE>
Series 22 Series 23
- --------------- ---------------
<S>
<C> <C>
Revenue
Rent
$ 7,587,995 $ 6,989,608
Interest and other
589,406 297,411
- --------------- ---------------
8,177,401 7,287,019
- --------------- ---------------
Expenses
Interest
2,907,135 2,973,157
Depreciation and amortization
3,118,036 2,676,417
Taxes and insurance
1,213,517 1,166,749
Repairs and maintenance
1,124,171 903,855
Operating expenses
2,398,019 1,952,694
Other expenses
6,763 249,098
- --------------- ---------------
10,767,641 9,921,970
- --------------- ---------------
NET LOSS
$ (2,590,240) $ (2,634,951)
=============== ===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (1,372,762) $ (1,705,493)
=============== ===============
Net loss allocated to other partners
$ (1,217,478) $ (929,458)
=============== ===============
</TABLE>
F-107
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1997 for operating limited partnerships in which Series 20
through Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
<TABLE>
Series 24 Series 25
- --------------- ---------------
<S>
<C> <C>
Revenue
Rent
$ 6,571,071 $ 8,857,720
Interest and other
378,879 365,881
- --------------- ---------------
6,949,950 9,223,601
- --------------- ---------------
Expenses
Interest
3,056,376 3,351,373
Depreciation and amortization
2,432,228 2,582,193
Taxes and insurance
896,197 1,125,562
Repairs and maintenance
746,014 1,501,994
Operating expenses
1,783,985 2,462,469
Other expenses
112,874 139,081
- --------------- ---------------
9,027,674 11,162,672
- --------------- ---------------
NET LOSS
$ (2,077,724) $ (1,939,071)
=============== ===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (1,342,281) $ (1,550,724)
=============== ===============
Net loss allocated to other partners
$ (735,443) $ (388,347)
=============== ===============
</TABLE>
F-108
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1997 for operating limited partnerships in which Series 20
through Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
<TABLE>
Series 26 Series 27
- --------------- ---------------
<S>
<C> <C>
Revenue
Rent
$ 5,634,879 $ 2,195,422
Interest and other
345,222 108,253
- --------------- ---------------
5,980,101 2,303,675
- --------------- ---------------
Expenses
Interest
2,030,739 1,137,355
Depreciation and amortization
1,830,957 620,143
Taxes and insurance
700,788 284,979
Repairs and maintenance
742,244 231,086
Operating expenses
1,565,560 660,042
Other expenses
87,076 13,000
- --------------- ---------------
6,957,364 2,946,605
- --------------- ---------------
NET LOSS
$ (977,263) $ (642,930)
=============== ===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (869,148) $ (484,224)
=============== ===============
Net loss allocated to other partners
$ (108,115) $ (158,706)
=============== ===============
</TABLE>
F-109
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1997 for operating limited partnerships in which Series 20
through Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
<TABLE>
Series 28 Series 29
- --------------- ---------------
<S>
<C> <C>
Revenue
Rent
$ 2,591,372 $ 734,639
Interest and other
161,601 45,417
- --------------- ---------------
2,752,973 780,056
- --------------- ---------------
Expenses
Interest
1,281,632 198,576
Depreciation and amortization
946,915 260,571
Taxes and insurance
353,427 156,417
Repairs and maintenance
323,560 118,644
Operating expenses
919,329 472,421
Other expenses
79,063 6,785
- --------------- ---------------
3,903,926 1,213,414
- --------------- ---------------
NET LOSS
$ (1,150,953) $ (433,358)
=============== ===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (221,339) $ (361,674)
=============== ===============
Net loss allocated to other partners
$ (929,614) $ (71,684)
=============== ===============
</TABLE>
F-110
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1997 for operating limited partnerships in which Series 20
through Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
<TABLE>
Series
30 Series 31
- --------------- ---------------
<S> <C>
<C>
Revenue
Rent $
439,276 $ 367,165
Interest and other
10,182 8,719
- --------------- ---------------
449,458 375,884
- --------------- ---------------
Expenses
Interest
84,594 111,900
Depreciation and amortization
52,604 42,718
Taxes and insurance
70,204 61,597
Repairs and maintenance
56,525 60,615
Operating expenses
85,544 142,376
Other expenses
3,700 218
- --------------- ---------------
353,171 419,424
- --------------- ---------------
NET INCOME (LOSS) $
96,287 $ (43,540)
=============== ===============
Net income (loss) allocated to Boston Capital Tax
Credit Fund IV L.P. $
100,573 $ (43,087)
=============== ===============
Net loss allocated to other partners $
(4,286) $ (453)
=============== ===============
</TABLE>
F-111
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1996 for operating limited partnerships in which Series 20
through Series 28 had an interest as of December 31, 1996 are as
follows (Series 29 invested in operating limited partnerships
subsequent to December 31, 1996):
<TABLE>
Total
- ---------------
<S>
<C>
Revenue
Rent
$ 35,005,141
Interest and other
2,380,543
- ---------------
37,385,684
- ---------------
Expenses
Interest
16,056,409
Depreciation and amortization
14,299,586
Taxes and insurance
4,789,327
Repairs and maintenance
4,776,708
Operating expenses
11,554,893
Other expenses
974,178
- ---------------
52,451,101
- ---------------
NET LOSS
$ (15,065,417)
===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (10,314,488)
===============
Net loss allocated to other partners
$ (4,750,929)
===============
</TABLE>
F-112
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1996 for operating limited partnerships in which Series 20
through Series 28 had an interest as of December 31, 1996 are as
follows (Series 29 invested in operating limited partnerships
subsequent to December 31, 1996):
<TABLE>
Series 20 Series 21
- --------------- ---------------
<S>
<C> <C>
Revenue
Rent
$ 9,859,006 $ 4,214,782
Interest and other
586,488 304,410
- --------------- ---------------
10,445,494 4,519,192
- --------------- ---------------
Expenses
Interest
4,284,612 2,400,963
Depreciation and amortization
4,227,579 1,267,834
Taxes and insurance
1,219,186 591,815
Repairs and maintenance
1,297,342 680,068
Operating expenses
2,793,939 1,776,847
Other expenses
451,468 -
- --------------- ---------------
14,274,126 6,717,527
- --------------- ---------------
NET LOSS
$ (3,828,632) $ (2,198,335)
=============== ===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (2,941,378) $ (2,134,073)
=============== ===============
Net loss allocated to other partners
$ (887,254) $ (64,262)
=============== ===============
</TABLE>
F-113
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1996 for operating limited partnerships in which Series 20
through Series 28 had an interest as of December 31, 1996 are as
follows (Series 29 invested in operating limited partnerships
subsequent to December 31, 1996):
<TABLE>
Series 22 Series 23
- --------------- ---------------
<S>
<C> <C>
Revenue
Rent
$ 6,464,794 $ 5,168,811
Interest and other
534,232 405,676
- --------------- ---------------
6,999,026 5,574,487
- --------------- ---------------
Expenses
Interest
2,865,472 2,738,838
Depreciation and amortization
3,343,336 2,593,057
Taxes and insurance
1,021,291 680,064
Repairs and maintenance
850,511 614,980
Operating expenses
2,363,559 1,681,751
Other expenses
11,073 363,266
- --------------- ---------------
10,455,242 8,671,956
- --------------- ---------------
NET LOSS
$ (3,456,216) $ (3,097,469)
=============== ===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (1,821,704) $ (1,847,436)
=============== ===============
Net loss allocated to other partners
$ (1,634,512) $ (1,250,033)
=============== ===============
</TABLE>
F-114
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1996 for operating limited partnerships in which Series 20
through Series 28 had an interest as of December 31, 1996 are as
follows (Series 29 invested in operating limited partnerships
subsequent to December 31, 1996):
<TABLE>
Series 24 Series 25
- --------------- ---------------
<S>
<C> <C>
Revenue
Rent
$ 3,419,844 $ 4,962,944
Interest and other
204,838 275,267
- --------------- ---------------
3,624,682 5,238,211
- --------------- ---------------
Expenses
Interest
1,662,180 1,611,135
Depreciation and amortization
1,413,240 1,065,770
Taxes and insurance
547,667 588,231
Repairs and maintenance
341,401 890,211
Operating expenses
1,128,112 1,493,588
Other expenses
84,027 45,402
- --------------- ---------------
5,176,627 5,694,337
- --------------- ---------------
NET LOSS
$ (1,551,945) $ (456,126)
=============== ===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (757,464) $ (431,640)
=============== ===============
Net loss allocated to other partners
$ (794,481) $ (24,486)
=============== ===============
</TABLE>
F-115
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1996 for operating limited partnerships in which Series 20
through Series 28 had an interest as of December 31, 1996 are as
follows (Series 29 invested in operating limited partnerships
subsequent to December 31, 1996):
<TABLE>
Series 26 Series 27
- --------------- ---------------
<S>
<C> <C>
Revenue
Rent
$ 870,342 $ 1,740
Interest and other
46,206 2,191
- --------------- ---------------
916,548 3,931
- --------------- ---------------
Expenses
Interest
467,926 1,340
Depreciation and amortization
371,136 9,411
Taxes and insurance
131,809 87
Repairs and maintenance
95,627 494
Operating expenses
297,216 1,444
Other expenses
18,679 263
- --------------- ---------------
1,382,393 13,039
- --------------- ---------------
NET LOSS
$ (465,845) $ (9,108)
=============== ===============
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.
$ (370,210) $ (9,016)
=============== ===============
Net loss allocated to other partners
$ (95,635) $ (92)
=============== ===============
</TABLE>
F-116
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1996 for operating limited partnerships in which Series 20
through Series 28 had an interest as of December 31, 1996 are as
follows (Series 29 invested in operating limited partnerships
subsequent to December 31, 1996):
<TABLE>
Series 28
- ---------------
<S>
<C>
Revenue
Rent
$ 42,878
Interest and other
21,235
- ---------------
64,113
- ---------------
Expenses
Interest
23,943
Depreciation and amortization
8,223
Taxes and insurance
9,177
Repairs and maintenance
6,074
Operating expenses
18,437
Other expenses
- -
- ---------------
65,854
- ---------------
NET LOSS
$ (1,741)
===============
Net loss allocated to Boston Capital Tax Credit IV L.P.
$ (1,567)
===============
Net loss allocated to other partners
$ (174)
===============
</TABLE>
F-117
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE D - NOTES RECEIVABLE
Notes receivable at March 31, 1998 and 1997 consist of advance
installments of $24,395,853 and $12,972,311, respectively, of
capital contributions to operating limited partnerships. Series
20 through Series 32 notes are comprised of noninterest bearing
and interest bearing notes with rates ranging from prime plus 1%
to 4.5%. Prime was 8.5% and 8.5% as of March 31, 1998 and 1997,
respectively. These notes will be applied against future
payments of capital contributions. The carrying value of the
notes receivable at March 31, 1998 and 1997 approximates fair
value. The notes at March 31, 1998 and 1997 by series are as
follows:
<TABLE>
1998 1997
--------------- ---------------
<S> <C> <C>
Series 20 $ - $ 874,787
Series 21 641,542 641,542
Series 22 1,796,240 2,209,273
Series 23 2,186,398 2,186,398
Series 24 779,231 1,654,702
Series 25 754,841 405,700
Series 26 1,173,727 1,070,887
Series 27 653,377 565,365
Series 28 240,575 3,363,657
Series 29 1,428,362 -
Series 30 1,422,259 -
Series 31 7,309,603 -
Series 32 6,009,698 -
--------------- ---------------
$ 24,395,853 $ 12,972,311
=============== ===============
</TABLE>
NOTE E - OTHER ASSETS
Other assets include $2,780,023 and $5,039,295 of cash held by
an escrow agent at March 31, 1998 and 1997, respectively. The
cash held for Series 20 through 32 at March 31, 1998 and Series
20 through 29 at March 31, 1997 represents capital contributions
to be released to the operating limited partnerships when
certain criteria have been met. The escrows held at March 31,
1998 and 1997 by series are as follows:
F-118
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE E - OTHER ASSETS (Continued)
<TABLE>
1998 1997
--------------- ---------------
<S> <C> <C>
Series 20 $ 67,702 $ 67,702
Series 21 - -
Series 22 - 351,894
Series 23 - -
Series 24 - 927,273
Series 25 320,000 1,720,371
Series 26 774,587 1,603,295
Series 27 1,067,226 248,760
Series 28 120,000 120,000
Series 29 - -
Series 30 100,000 -
Series 31 330,508 -
Series 32 - -
--------------- ---------------
$ 2,780,023 $ 5,039,295
=============== ===============
</TABLE>
F-119
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1998 are
reconciled as follows:
<TABLE>
Total
- ---------------
<S>
<C>
Net income (loss) for financial reporting purposes
$ (13,468,421)
Operating limited partnership rents received in advance
48,110
Partnership fund management fee
1,325,271
Other
1,236,507
Excess of tax depreciation over book depreciation on operating
limited
partnership assets
(2,611,106)
Tax exempt interest income
(1,854,039)
Difference due to fiscal year for book purposes and calendar
year for
tax purposes
67,719
- ---------------
Income (loss) for tax return purposes, December 31, 1997
$ (15,255,959)
===============
</TABLE>
F-120
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1997 are
reconciled as follows:
<TABLE>
Series 20 Series 21
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ (2,844,245) $ (2,098,068)
Operating limited partnership rents received in advance
- - (3,151)
Partnership fund management fee
379,063 225,840
Other
72,501 1,014,954
Excess of tax depreciation over book depreciation on operating
limited partnership assets
(311,288) (411,960)
Tax exempt interest income
(19,367) (12,384)
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
(47,715) (11,084)
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1997
$ (2,771,051) $ (1,295,853)
=============== ===============
</TABLE>
F-121
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1998 are
reconciled as follows:
<TABLE>
Series 22 Series 23
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ (1,654,264) $ (1,927,661)
Operating limited partnership rents received in advance
10,951 (2,744)
Partnership fund management fee
247,569 239,652
Other
39,464 23,056
Excess of tax depreciation over book depreciation on operating
limited partnership assets
(287,977) (651,071)
Tax exempt interest income
(33,274) (60,868)
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
14,578 27,730
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1997
$ (1,662,953) $ (2,351,906)
=============== ===============
</TABLE>
F-122
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1998 are
reconciled as follows:
<TABLE>
Series 24 Series 25
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ (1,575,358) $ (1,793,365)
Operating limited partnership rents received in advance
(7,142) 32,795
Partnership fund management fee
233,147 -
Other
(26,967) (153,387)
Excess of tax depreciation over book depreciation on operating
limited partnership assets
(148,745) (158,227)
Tax exempt interest income
(9,514) (101,730)
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
(37,664) (22,144)
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1997
$ (1,572,243) $ (2,196,058)
=============== ===============
</TABLE>
F-123
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1998 are
reconciled as follows:
<TABLE>
Series 26 Series 27
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ (1,016,127) $ (787,105)
Operating limited partnership rents received in advance
9,336 7,246
Partnership fund management fee
- - -
Other
215,102 269,349
Excess of tax depreciation over book depreciation on operating
limited partnership assets
(381,484) (251,394)
Tax exempt interest income
(484,778) (177,395)
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
106,602 156,016
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1997
$ (1,551,349) $ (783,283)
=============== ===============
</TABLE>
F-124
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1998 are
reconciled as follows:
<TABLE>
Series 28 Series 29
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ 264,071 $ (276,745)
Operating limited partnership rents received in advance
819 -
Partnership fund management fee
- - -
Other
(189,476) 131,994
Excess of tax depreciation over book depreciation on operating
limited partnership assets
36,048 (27,920)
Tax exempt interest income
(600,678) (207,158)
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
426 (17,957)
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1997
$ (488,790) $ (397,786)
=============== ===============
</TABLE>
F-125
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1998 are
reconciled as follows:
<TABLE>
Series 30 Series 31
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ 331,331 $ (69,689)
Operating limited partnership rents received in advance
- - -
Partnership fund management fee
- - -
Other
(148,896) (11,187)
Excess of tax depreciation over book depreciation on operating
limited partnership assets
(3,900) (13,188)
Tax exempt interest income
(136,059) (10,834)
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
(85,451) (36,814)
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1997
$ (42,975) $ (141,712)
=============== ===============
</TABLE>
F-126
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1998 are
reconciled as follows:
<TABLE>
Series 32
- ---------------
<S>
<C>
Net income (loss) for financial reporting purposes
$ (21,196)
Operating limited partnership rents received in advance
- -
Partnership fund management fee
- -
Other
- -
Excess of tax depreciation over book depreciation on operating
limited
partnership assets
- -
Tax exempt interest income
- -
Difference due to fiscal year for book purposes and calendar
year for
tax purposes
21,196
- ---------------
Income (loss) for tax return purposes, December 31, 1997
$ -
===============
</TABLE>
F-127
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1997 are
reconciled as follows:
<TABLE>
Total
- ---------------
<S>
<C>
Net income (loss) for financial reporting purposes
$ (11,568,501)
Operating limited partnership rents received in advance
35,809
Partnership fund management fee
831,331
Excess of tax depreciation over book depreciation on operating
limited
partnership assets
(1,887,714)
Difference due to fiscal year for book purposes and calendar
year for
tax purposes
2,152,116
- ---------------
Income (loss) for tax return purposes, December 31, 1996
$ (10,436,959)
===============
</TABLE>
F-128
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1997 are
reconciled as follows:
<TABLE>
Series 20 Series 21
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ (3,320,223) $ (2,361,437)
Operating limited partnership rents received in advance
9,269 6,512
Partnership fund management fee
382,458 225,840
Excess of tax depreciation over book depreciation on operating
limited partnership assets
(424,809) (403,920)
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
783,658 1,246,724
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1996
$ (2,569,647) $ (1,286,281)
=============== ===============
</TABLE>
F-129
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1997 are
reconciled as follows:
<TABLE>
Series 22 Series 23
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ (2,058,842) $ (1,996,916)
Operating limited partnership rents received in advance
6,036 7,697
Partnership fund management fee
223,033 -
Excess of tax depreciation over book depreciation on operating
limited partnership assets
(227,380) (494,688)
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
260,159 167,424
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1996
$ (1,796,994) $ (2,316,483)
=============== ===============
</TABLE>
F-130
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1997 are
reconciled as follows:
<TABLE>
Series 24 Series 25
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ (928,613) $ (760,670)
Operating limited partnership rents received in advance
6,147 148
Partnership fund management fee
- - -
Excess of tax depreciation over book depreciation on operating
limited partnership assets
(169,224) (60,563)
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
32,301 367,347
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1996
$ (1,059,389) $ (453,738)
=============== ===============
</TABLE>
F-131
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1997 are
reconciled as follows:
<TABLE>
Series 26 Series 27
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ (209,997) $ (24,327)
Operating limited partnership rents received in advance
- - -
Partnership fund management fee
- - -
Excess of tax depreciation over book depreciation on operating
limited partnership assets
(105,948) -
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
(444,660) (153,539)
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1996
$ (760,605) $ (177,866)
=============== ===============
</TABLE>
F-132
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31
year end. The fund's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1997 are
reconciled as follows:
<TABLE>
Series 28 Series 29
- --------------- ---------------
<S>
<C> <C>
Net income (loss) for financial reporting purposes
$ 91,590 $ 934
Operating limited partnership rents received in advance
- - -
Partnership fund management fee
- - -
Excess of tax depreciation over book depreciation on operating
limited partnership assets
(1,182) -
Difference due to fiscal year for book purposes and calendar
year
for tax purposes
(106,364) (934)
- --------------- ---------------
Income (loss) for tax return purposes, December 31, 1996
$ (15,956) $ -
=============== ===============
</TABLE>
F-133
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Total
- ---------------
<S>
<C>
Investment in operating limited partnerships - tax return
December 31, 1997
$ 237,583,213
Operating limited partnerships acquired during the three
month period
ended March 31, 1998
31,040,460
Historic tax credits - cumulative
794,154
Less share of loss - three months ended March 31, 1998
(2,667,364)
Other
(3,595,205)
- ---------------
Investment in operating limited partnerships - as reported
$ 263,155,258
===============
</TABLE>
F-134
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 20 Series 21
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1997
$ 23,117,400 $ 11,794,434
Operating limited partnerships acquired during the three
month
period ended March 31, 1998
- - -
Historic tax credits - cumulative
570,617 -
Less share of loss - three months ended March 31, 1998
(404,710) (669,050)
Other
24,021 (1,565,058)
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 23,307,328 $ 9,560,326
=============== ===============
</TABLE>
F-135
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 22 Series 23
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1997
$ 16,318,370 $ 22,677,303
Operating limited partnerships acquired during the three
month
period ended March 31, 1998
- - -
Historic tax credits - cumulative
223,537 -
Less share of loss - three months ended March 31, 1998
(255,971) (182,761)
Other
(181,224) 777,372
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 16,104,712 $ 23,271,914
=============== ===============
</TABLE>
F-136
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 24 Series 25
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1997
$ 15,052,954 $ 22,823,375
Operating limited partnerships acquired during the three
month
period ended March 31, 1998
- - -
Historic tax credits - cumulative
- - -
Less share of loss - three months ended March 31, 1998
(95,695) (335,542)
Other
464,867 193,529
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 15,422,126 $ 22,681,362
=============== ===============
</TABLE>
F-137
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 26 Series 27
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1997
$ 27,768,915 $ 17,899,944
Operating limited partnerships acquired during the three
month
period ended March 31, 1998
2,378,497 300,304
Historic tax credits - cumulative
- - -
Less share of loss - three months ended March 31, 1998
(123,194) (205,532)
Other
(295,024) 163,601
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 29,729,194 $ 18,158,317
=============== ===============
</TABLE>
F-138
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 28 Series 29
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1997
$ 20,398,700 $ 19,212,918
Operating limited partnerships acquired during the three
month
period ended March 31, 1998
7,726,869 5,783,783
Historic tax credits - cumulative
- - -
Less share of loss - three months ended March 31, 1998
(129,668) (265,241)
Other
148,928 29,527
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 28,144,829 $ 24,760,987
=============== ===============
</TABLE>
F-139
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 30 Series 31
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1997
$ 7,728,600 $ 32,790,300
Operating limited partnerships acquired during the three
month
period ended March 31, 1998
5,775,438 503,893
Historic tax credits - cumulative
- - -
Less share of loss - three months ended March 31, 1998
- - -
Other
896,039 (4,251,783)
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 14,400,077 $ 29,042,410
=============== ===============
</TABLE>
F-140
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 32
- ---------------
<S>
<C>
Investment in operating limited partnerships - tax return
December 31, 1997 $ -
Operating limited partnerships acquired during the three
month period
ended March 31, 1998
8,571,676
Historic tax credits - cumulative
- -
Less share of loss - three months ended March 31, 1998
- -
Other
- -
- ---------------
Investment in operating limited partnerships - as reported
$ 8,571,676
===============
</TABLE>
F-141
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1997, the
differences are as follows:
<TABLE>
Total
- ---------------
<S>
<C>
Investment in operating limited partnerships - tax return
December 31, 1996 $ 153,730,676
Operating limited partnerships acquired during the three
month period ended
March 31, 1997
20,802,182
Historic tax credits - cumulative
794,154
Less share of loss - three months ended March 31, 1997
(1,566,783)
Other
(9,178,594)
- ---------------
Investment in operating limited partnerships - as reported
$ 164,581,635
===============
</TABLE>
F-142
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1997, the
differences are as follows:
<TABLE>
Series 20 Series 21
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1996
$ 25,971,223 $ 13,411,093
Operating limited partnerships acquired during the three
month
period ended March 31, 1997
- - -
Historic tax credits - cumulative
570,617 -
Less share of loss - three months ended March 31, 1997
(404,710) (669,050)
Other
(307,447) (1,226,466)
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 25,829,683 $ 11,515,577
=============== ===============
</TABLE>
F-143
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1997, the
differences are as follows:
<TABLE>
Series 22 Series 23
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1996
$ 17,674,266 $ 25,223,283
Operating limited partnerships acquired during the three
month
period ended March 31, 1997
670,850 -
Historic tax credits - cumulative
223,537 -
Less share of loss - three months ended March 31, 1997
(255,971) (182,761)
Other
(735,723) (30,874)
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 17,576,959 $ 25,009,648
=============== ===============
</TABLE>
F-144
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1997, the
differences are as follows:
<TABLE>
Series 24 Series 25
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1996
$ 15,820,048 $ 22,422,932
Operating limited partnerships acquired during the three
month
period ended March 31, 1997
- - 2,060,647
Historic tax credits - cumulative
- - -
Less share of loss - three months ended March 31, 1997
(54,291) -
Other
150,220 (216,605)
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 15,915,977 $ 24,266,974
=============== ===============
</TABLE>
F-145
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1997, the
differences are as follows:
<TABLE>
Series 26 Series 27
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1996
$ 16,557,611 $ 16,368,915
Operating limited partnerships acquired during the three
month
period ended March 31, 1997
5,099,390 3,764,709
Historic tax credits - cumulative
- - -
Less share of loss - three months ended March 31, 1997
- - -
Other
(43,288) (6,768,100)
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 21,613,713 $ 13,365,524
=============== ===============
</TABLE>
F-146
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN (Continued)
The difference between the investment in operating limited
partnerships for tax purposes and financial statements purposes
is primarily due to the differences in the losses not recognized
under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 1997, the
differences are as follows:
<TABLE>
Series 28 Series 29
- --------------- ---------------
<S>
<C> <C>
Investment in operating limited partnerships - tax return
December 31, 1996
$ 281,305 $ -
Operating limited partnerships acquired during the three
month
period ended March 31, 1997
3,106,014 6,100,572
Historic tax credits - cumulative
- - -
Less share of loss - three months ended March 31, 1997
- - -
Other
(311) -
- --------------- ---------------
Investment in operating limited partnerships - as reported
$ 3,387,008 $ 6,100,572
=============== ===============
</TABLE>
F-147
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE
At March 31, 1998, the amortized cost and fair value of
investments available-for-sale are as follows:
<TABLE>
Gross
unrealized Gross unrealized
Amortized cost gains
losses Fair value
---------------
- --------------- --------------- ---------------
<S> <C> <C>
<C> <C>
Tax exempt municipal bonds $ 65,778,960 $
231,226 $ - $ 66,010,186
Other 4,125,775
- - - 4,125,775
---------------
- --------------- --------------- ---------------
$ 69,904,735 $
231,226 $ - $ 70,135,961
===============
=============== =============== ===============
</TABLE>
The amortized cost and fair value of securities available-for-
sale as of March 31, 1998 is shown below:
<TABLE>
Amortized cost Fair value
- --------------- ---------------
<S>
<C> <C>
Due in one year or less
$ 42,334,227 $ 42,220,229
Due in one year through five years
26,170,508 26,467,929
Due in five years through ten years
500,000 510,588
Due in ten years and after
900,000 937,215
- --------------- ---------------
$ 69,904,735 $ 70,135,961
=============== ===============
</TABLE>
Proceeds and periods from sales and maturities of investments
during the year ended March 31, 1998 was $12,151,077 resulting
in a realized loss of $96,231 included in interest income.
In selecting investments to purchase and sell, the general
partner and its advisors stringently monitor the ratings of the
investments and safety of principal. The tax-exempt coupon
rates for the investments held during the year ranged from 3.2%
to 14%.
F-148
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE (Continued)
At March 31, 1997, the amortized cost and fair value of
investments available-for-sale are as follows:
<TABLE>
Gross
unrealized Gross unrealized
Amortized cost gains
losses Fair value
---------------
- --------------- --------------- ---------------
<S> <C> <C>
<C> <C>
Tax exempt municipal bonds $ 45,944,261 $
68,236 $ (11,493) $ 46,001,004
Other 567,690
- - - 567,690
---------------
- --------------- --------------- ---------------
$ 46,511,951 $
68,236 $ (11,493) $ 46,568,694
===============
=============== =============== ===============
</TABLE>
The amortized cost and fair value of securities available-for-
sale as of March 31, 1997 is shown below:
<TABLE>
Amortized cost Fair value
- --------------- ---------------
<S>
<C> <C>
Due in one year or less
$ 20,638,049 $ 22,034,568
Due in one year through five years
20,214,301 19,393,061
Due in five years through ten years
3,109,421 2,540,482
Due in ten years and after
2,550,180 2,600,583
- --------------- ---------------
$ 46,511,951 $ 46,568,694
=============== ===============
</TABLE>
Proceeds and periods from sales and maturities of investments
during the year ended March 31, 1997 was $4,416,315 resulting in
a realized loss of $62,724 included in interest income.
In selecting investments to purchase and sell, the general
partner and its advisors stringently monitor the ratings of the
investments and safety of principal. The tax-exempt coupon rates
for the investments held during the year ranged from 3.9% to
14.25%.
F-149
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE H - CASH EQUIVALENTS
On March 31, 1998 and 1997, the fund purchased $1,750,000 and
$12,700,000 of U.S. Government Securities under agreements for
resale on April 1, 1998 and 1997, respectively. Interest is
earned at rates ranging from 2.7% to 3.3% per annum.
Cash equivalents of $2,382,429 and $14,759,648 as of March 31,
1998 and 1997, respectively, include tax exempt sweep accounts
and money market accounts with interest rate ranging from 2.6%
to 3.7% per annum.
NOTE I - CONCENTRATION OF CREDIT RISK
The fund maintains its cash balances at a number of banks. The
deposits are insured by the Federal Deposit Insurance
Corporation (FDIC) up to $100,000 at each bank. The balances in
and between banks fluctuates daily. The amount of deposits, as
well as the institutions that they are deposited in, are
continually monitored by the general partner. As of March 31,
1998, the uninsured portion of the cash balances on deposit was
$558,407.
NOTE J - LINE OF CREDIT
The Partnership has a line of credit with a bank in the amount
of $5,000,000 which was advanced during the year ended March 31,
1998 and is outstanding at March 31, 1998. The line bears
interest at the prime rate (8.5% at March 31, 1998). Interest
is payable monthly. The line is guaranteed by BCP and
affiliates.
F-150
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 20
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount
at which
cost to company costs** carried at close
of period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
2730 Lafferty
Street 5,224,311 435,550 3,717,895 4,173,633 435,550 7,891,528
8,327,078 1,034,670 09/95 06/94 5-27.5
Ashbury
Apts. 1,294,046 148,007 2,158,237 32,592 148,007 2,190,829
2,338,836 325,064 06/94 04/94 5-27.5
Bennets Pt. 1,349,864 71,749 1,557,622 16,440 71,749 1,574,062
1,645,811 234,900 08/94 03/94 5-27.5
Bradley
Elderly 802,261 4,000 986,204 0 4,000 986,204
990,204 111,625 03/95 08/94 5-27.5
Breeze Cove 2,804,644 128,751 5,333,835 20,015 128,751 5,353,850
5,482,601 813,500 10/94 05/94 5-27.5
Cascades
Commons 14,847,736 5,131,293 2,743,532 23,493,161 3,375,809 26,236,693
29,612,502 2,346,755 10/95 06/94 5-27.5
Clarksville
Estates 700,019 28,550 838,235 850 28,550 839,085
867,635 182,336 09/94 06/94 5-27.5
College
Green 3,781,020 225,000 6,813,536 0 225,000 6,813,536
7,038,536 703,949 08/95 03/95 5-27.5
F-150
Boston Capital Tax Credit Fund IV L.P. -
Series 20
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings
Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land
provements Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Concordia
Housing, I 1,472,129 0 1,997,510 0 0 1,997,510
1,997,510 129,301 07/95 08/94 10-40
Coushatta
Sr., II 713,205 25,700 904,920 0 25,700 904,920
930,620 78,734 03/94 05/94 5-27.5
Cynthiana
Properties 898,979 32,117 1,016,135 678,695 32,117 1,694,830
1,726,947 251,763 04/95 10/94 5-27.5
East Douglas
Apts. 1,960,847 23,913 2,593,259 1,406,931 23,913 4,000,190
4,024,103 375,280 12/95 07/94 5-27.5
Edison Lane 722,430 6,900 951,249 0 6,900 951,249
958,149 90,081 10/95 09/94 5-27.5
Evergreen
Hills 2,819,733 157,537 4,337,312 561,968 157,537 4,899,280
5,056,817 765,356 01/95 08/94 5-27.5
Fair Oaks
Lane 1,419,074 123,600 1,767,207 0 125,000 1,767,207
1,892,207 193,525 05/95 07/94 5-27.5
Floral
Acres II 1,038,441 148,672 1,187,134 0 148,672 1,187,134
1,335,806 100,164 08/94 05/94 5-27.5
Forest Glen
Village 1,336,137 84,800 1,663,592 0 109,800 1,663,592
1,773,392 208,394 02/95 07/94 5-27.5
F-151
Boston Capital Tax Credit Fund IV L.P. -
Series 20
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Franklinton
Elderly 1,711,310 64,300 2,074,319 1,150 64,300 2,075,469
2,139,769 168,077 10/94 04/94 5-50
Goldenrod,
Ltd. 7,590,684 800,000 13,425,210 0 770,000 13,425,210
14,195,210 1,461,854 06/95 04/94 5-27.5
Harrisonburg
Senior 693,899 10,160 877,026 0 10,160 877,026
887,186 86,476 01/94 05/94 7-40
Northfield
Apts. 2,973,185 192,208 4,326,388 2,057,271 193,208 6,383,659
6,576,867 669,125 05/95 06/94 5-27.5
Parkside
Housing 703,359 80,000 943,917 2,835 80,000 946,752
1,026,752 120,387 01/94 12/94 5.27.5
Shady Lane
Sr. Apts 951,507 60,000 1,157,181 0 60,000 1,157,181
1,217,181 121,156 10/93 05/94 5.27.5
Virginia
Avenue 1,357,598 121,238 3,510,339 5,299 121,238 3,515,638
3,636,876 460,521 10/94 10/94 5-27.5
---------- --------- ---------- ---------- --------- ----------
- ----------- ---------
59,166,418 8,104,045 66,881,794 32,450,840 6,345,961 99,332,634
105,678,595 11,032,993
========== ========= ========== ========== ========= ==========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1997. Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-152
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 20
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 47,152,331
Other............................................. 0
$ 47,152,331
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
-----------
Balance at close of period - 03/31/95...........................$ 47,152,331
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 6,999,847
Improvements, etc................................. 50,521,023
Other............................................. 0
-----------
$ 57,520,870
Deductions during period:
Cost of real estate sold..........................$ 0
Other.............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$104,673,201
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 718,412
Other............................................. 0
-----------
$ 718,412
Deductions during period:
Cost of real estate sold..........................$ 0
Other.............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/97............................$105,391,613
F-153
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 20
Balance at close of period - 03/31/97............................$105,391,613
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 286,982
Other............................................. 0
-----------
$ 286,982
Deductions during period:
Cost of real estate sold..........................$ 0
Other.............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$105,678,595
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94.........................$ 0
Current year additions*...............................$ 509,226
---------
Balance at close of period - 3/31/95..............................$ 509,226
Current year additions*...............................$2,750,192
---------
Balance at close of period - 3/31/96..............................$ 3,259,418
Current year additions*...............................$3,936,515
---------
Balance at close of period - 3/31/97..............................$ 7,195,933
Current year additions*.................................$3,837,060
---------
Balance at close of period - 3/31/98..............................$11,032,993
==========
* Total includes current year expense and amounts capitalized to building
basis.
F-154
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 21
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Atlantic
City 5,585,000 100,000 8,334,766 896,371 100,000 9,231,137
9,331,137 675,380 10/95 09/94 5-27.5
Black
River Run 1,261,525 15,000 2,171,360 0 15,000 2,171,360
2,186,360 190,313 12/94 10/94 5-27.5
Campton
Housing 1,040,915 74,511 1,256,245 35,329 74,511 1,291,574
1,366,085 113,782 10/94 08/94 5-40
Cattaragus
Manor 1,110,054 56,630 1,238,241 53,729 56,630 1,291,970
1,348,600 97,748 04/95 08/94 5-27.5
Centrum
Fairfax 4,804,000 1,160,250 7,247,614 (193,671) 1,160,250 7,053,943
8,214,193 392,084 09/95 11/94 5-30
Centrum
Frederick 4,520,000 1,380,000 6,922,259 0 1,080,000 6,922.259
8,002,259 414,990 09/95 10/94 5-27.5
Fort Halifax 1,171,928 120,000 1,324,762 204,770 121,200 1,529,532
1,650,732 201,894 01/95 09/94 -27.5
Havelock
Manor 1,860,798 120,000 2,194,078 3,419 120,000 2,197,497
2,317,497 187,628 10/95 12/94 5-27.5
F-155
Boston Capital Tax Credit Fund IV L.P. -
Series 21
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Holly
Village 718,374 15,270 962,236 2,172 15,270 964,408
979,678 107,335 06/95 08/94 5-27.5
Live Oak
Village 769,659 63,210 899,606 24,746 63,210 924,352
987,562 63,090 07/95 10/94 6-40
Lookout Ridge 675,678 62,000 1,639,096 0 62,000 1,639,096
1,701,096 178,809 12/94 12/94 27.5
Pinedale II 1,433,116 27,906 2,876,158 0 12,906 2,876,158
2,889,064 250,230 12/94 10/94 5-27.5
Pumphouse
Crossing II 1,301,054 10,000 2,431,087 0 10,000 2,431,087
2,441,087 223,580 12/94 10/94 5-27.5
Tower View 1,136,207 46,629 1,571,026 (1,951) 46,629 1,569,075
1,615,704 119,285 05/95 11/94 5-27.5
---------- --------- ----------- ------- --------- ----------
- ---------- ---------
27,388,308 3,251,406 41,068,534 1,024,914 2,937,606 42,093,448
45,031,054 3,216,148
========== ========= ========== ========= ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1997.
*Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-156
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 21
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 14,011,014
Improvements, etc................................. 0
Other............................................. 0
----------
$ 14,011,014
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 14,011,014
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 31,821,601
Improvements, etc................................ 693,221
Other............................................ 0
-----------
$ 32,514,822
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 46,525,836
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 102,815
Other............................................ 0
-----------
$ 102,815
Deductions during period:
Cost of real estate sold.........................$ (1,512,675)
Other............................................ (193,671)
-----------
$ (1,706,346)
-----------
Balance at close of period - 03/31/97............................$ 44,922,305
F-157
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 21
Balance at close of period - 03/31/97............................$ 44,922,305
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 108,749
Other............................................ 0
-----------
$ 108,749
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 45,031,054
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94.........................$ 0
Current year expense..................................$ 117,569
---------
Balance at close of period - 3/31/95..............................$ 117,569
Current year expense..................................$ 790,213
---------
Balance at close of period - 3/31/96..............................$ 907,782
Current year expense..................................$1,104,203
---------
Balance at close of period - 3/31/97..............................$ 2,011,985
Current year expense..................................$1,204,163
---------
Balance at close of period - 3/31/98..............................$ 3,216,148
==========
* Total includes current year expense and amounts capitalized to building
basis.
F-158
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund L.P. -
Series 22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Albamarle
Village 1,465,568 91,280 1,720,443 14,033 91,280 1,734,476
1,825,756 252,724 09/94 09/94 5-27.5
Bayou
Crossing 8,412,488 867,209 16,061,472 50,464 857,500 16,111,936
16,969,436 964,361 01/96 11/94 12-39
Bellwood
Gardens 1,254,342 64,715 1,505,852 22,488 64,715 1,528,340
1,593,055 99,649 07/95 09/95 5-27.5
Birch Ridge 2,817,500 178,000 0 5,631,241 178,000 5,631,241
5,809,241 284,213 03/96 01/95 5-40
Black River
Run 1,261,525 15,000 2,171,360 0 15,000 2,171,360
2,186,360 190,313 12/94 04/95 5-27.5
Clarendon
Court 1,455,966 41,930 1,799,906 0 41,930 1,799,906
1,841,836 208,320 04/95 10/94 7-27.5
Cobblestone
Village 1,422,551 79,567 1,679,627 0 79,567 1,679,627
1,759,194 247,017 05/94 01/95 5-27.5
F-159
Boston Capital Tax Credit Fund IV L.P. -
Series 22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Condordia
Housing II 1,499,934 169,820 1,854,563 0 169,820 1,854,563
2,024,383 122,829 11/95 01/95 10-40
Concordia
Housing III 1,494,310 0 0 1,894,169 172,090 1,894,169
2,066,259 110,831 12/95 02/95 10-40
Crystal City/
Festus 1,539,803 120,732 3,137,651 47,254 120,732 3,184,905
3,305,637 296,543 11/95 01/95 5-27.5
Drakes
Branch 1,272,661 75,473 1,511,490 0 75,473 1,511,490
1,586,963 164,177 06/95 01/95 5-27.5
Edmond
Properties 3,969,967 160,000 0 7,048,537 160,000 7,048,537
7,208,537 484,194 03/96 11/94 5-27.5
Elks
Tower 806,802 10,000 1,344,357 294,430 10,000 1,638,787
1,648,787 95,877 12/96 10/95 27.5
Fonda LP 1,038,300 25,000 1,310,014 15,793 25,000 1,325,807
1,350,807 181,818 10/94 12/94 5-27.5
Goldenrod
Ltd. 7,590,684 770,000 13,323,746 101,464 770,000 13,425,210
14,195,210 1,461,854 06/95 03/95 7-27.5
Kimbark 1200
Associates 2,001,814 495,120 3,102,192 72,433 495,120 3,174,625
3,669,745 178,810 12/95 09/95 40
F-160
Boston Capital Tax Credit Fund L.P. -
Series 22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Lake Street
Apts. 1,365,588 20,000 1,846,543 12,714 20,000 1,859,257
1,879,257 128,373 09/95 04/95 5-27.5
Lost Tree 1,634,014 85,000 4,510,201 4,482 85,000 4.514,683
4,599,683 369,145 06/95 04/95 5-27.5
Marksville
Square 968,125 66,000 250,449 982,764 66,000 1,233,213
1,299,213 64,832 01/96 01/95 N/A
Philadelphia
Housing I 545,403 13,750 757,989 1,699 13,750 759,688
773,438 38,731 08/95 07/95 5-27.5
Philadelphia
Housing II 852,191 25,000 1,219,579 2,043 25,000 1,221,622
1,246,622 62,235 08/95 07/95 5-27.5
Quankey
Hills 1,020,252 51,368 1,189,397 6,230 51,368 1,195,627
1,246,995 138,771 03/95 01/95 5-27.5
Richmond
Hardin 948,220 55,000 2,143,538 13,777 55,232 2,157,315
2,212,547 269,668 02/95 12/94 5-27.5
Roxbury
Veterans 748,150 0 0 1,284,166 27,956 1,284,166
1,312,122 38,000 05/97 12/96 5-27.5
Sacramento
Properties 437,445 18,000 575,442 0 18,000 575,442
593,442 54,324 09/95 08/95 5-27.5
F-161
Boston Capital Tax Credit Fund L.P. -
Series 22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial Capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Salem LP 974,010 33,093 1,132,389 0 33,093 1,132,389
1,165,482 143,303 12/94 01/95 5-27.5
Swedesboro
Housing 1,489,208 168,295 1,814,291 (28,970) 168,295 1,785,321
1,953,616 124,338 06/95 07/95 5-27.5
Troy Villa 2,073,352 231,605 4,084,841 0 231,605 4,084,841
4,316,446 496,489 06/95 12/94 5-27.5
---------- --------- ---------- ---------- --------- ----------
- ---------- ---------
52,360,173 3,930,957 70,047,332 17,471,211 4,121,526 87,518,543
91,640,069 7,271,739
========== ========= ========== ========== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1997.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-162
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 22
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 2,699,758
Improvements, etc................................. 0
Other............................................. 0
----------
$ 2,699,758
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 2,699,758
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 75,121,060
Improvements, etc................................. 15,793
Other............................................. 0
----------
$ 75,136,853
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 77,836,611
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 16,438,316
Other............................................. 0
----------
$ 16,438,316
Deductions during period:
Cost of real estate sold..........................$(3,852,006)
Other............................................. 0
----------
$ (3,852,006)
-----------
Balance at close of period - 03/31/97............................$ 90,422,921
F-163
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 22
Balance at close of period - 03/31/97............................$ 90,422,921
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 1,217,148
Other............................................. 0
----------
$ 1,217,148
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 91,640,069
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94........................$ 0
Current year additions*..............................$ 16,389
---------
Balance at close of period - 3/31/95.............................$ 16,389
Current year additions*..............................$1,685,278
---------
Balance at close of period - 3/31/96.............................$ 1,701 667
Current year additions*..............................$2,638,228
---------
Balance at close of period - 3/31/97.............................$ 4,339,895
Current year additions*..............................$2,931,844
---------
Balance at close of period - 3/31/98.............................$ 7,271,739
===========
* Total includes current year expense and amounts capitalized to building
basis.
F-164
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 23
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Barlee
Properties 842,800 64,000 1,641,754 0 64,000 1,641,754
1,705,754 134,699 11/95 07/94 5-30
Bayou
Crossing 8,412,488 857,500 16,061,472 50,464 857,500 16,111,936
16,969,436 964,361 01/96 02/95 12-39
Birch
Ridge 2,800,000 178,000 0 5,631,241 178,000 5,631,241
5,809,241 284,213 03/96 01/95 10-40
Broderick
Housing 2,200,000 275,037 4,540,011 1,649 275,037 4,541,660
4,816,697 229,209 UC 08/95 NA
Colonna
Redevelopment 1,317,008 374,310 3,470,813 12,252 374,310 3,483,065
3,857,375 253,926 05/94 05/95 7-40
Concordia II
Housing 1,536,334 169,820 1,854,563 0 169,820 1,854,563
2,024,383 122,829 11/95 01/95 10-40
Concordia III
Housing 1,530,710 0 0 1,894,169 172,090 1,894,169
2,066,259 110,831 12/95 02/95 N/A
Crystal
City Festus 1,539,803 120,732 3,137,651 47,254 120,732 3,184,905
3,305,637 296,543 11/95 02/95 5-40
F-165
Boston Capital Tax Credit Fund IV L.P. -
Series 23
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Edmond
Properties 3,969,967 160,000 0 7,048,537 160,000 7,048,537
7,208,537 484,194 03/96 11/94 N/A
Halls
Ferry Apts. 1,255,511 5,064 2,984,978 195,969 5,064 3,180,947
3,186,011 179,194 12/95 08/95 5-40
Hurleyville 1,182,451 143,182 1,549,696 (20,622) 143,182 1,529,074
1,672,256 82,963 12/95 07/95 N/A
Ithaca I Apts. 680,202 37,945 808,775 0 37,945 808,775
846,720 58,449 07/95 11/95 7-27.5
Kimbark 1200 2,001,814 495,120 3,102,192 72,433 495,120 3,174,625
3,669,745 178,810 12/95 09/95 5-40
Mathis Apts. 918,230 25,819 1,176,999 0 25,819 1,176,999
1,202,818 87,424 01/95 01/95 5-40
Mid City
Associates 3,102,095 15,058 6,616,466 0 15,058 6,616,466
6,631,524 831,766 06/94 09/95 5-27.5
Orange Grove 673,221 43,180 824,814 0 43,180 824,814
867,994 58,993 02/95 01/95 5-40
Philmont 1,498,768 40,000 1,885,476 1,685 40,000 1,887,161
1,927,161 209,018 05/95 05/95 5-40
Sacramento Sro
Properties 2,300,126 0 0 4,764,179 0 4,764,179
4,764,179 151,177 UC 09/95 N/A
F-166
Boston Capital Tax Credit IV Fund L.P. -
Series 23
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings
Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land
provements Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
South Hills 1,890,499 131,000 1,261,754 2,630,952 131,000
3,892,706 4,023,706 210,112 02/96 06/95 5-40
St. Peters
Villa 1,963,524 425,974 0 3,483,709 425,974
3,483,709 3,909,683 297,876 03/96 07/95 N/A
Village
Woods 1,688,022 51,080 3,637,023 518,943 51,080
4,155,966 4,207,046 208,103 12/95 05/95 5-40
Woodland
Properties 324,336 30,000 593,884 0 30,000
593,884 623,884 52,315 06/95 07/95 7-30
---------- --------- ---------- ---------- ---------
- ---------- ---------- ---------
43,627,909 3,642,821 55,148,321 26,332,814 3,814,911
81,481,135 85,296,046 5,487,005
========== ========= ========== ========== =========
========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1997. Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-167
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 23
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 58,791,142
Improvements, etc................................. 0
Other............................................. 0
----------
$ 58,791,142
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 58,791,142
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 25,651,522
Improvements, etc................................. 0
Other............................................. 0
----------
$ 25,651,522
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. (21,382)
----------
$ (21,382)
-----------
Balance at close of period - 03/31/97............................$ 84,421,282
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 874,764
Improvements, etc................................. 0
Other............................................. 0
----------
$ 874,764
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 85,296,046
===========
F-168
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 23
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 693,729
---------
Balance at close of period - 3/31/96..............................$ 693,729
Current year additions*...............................$2,288,171
---------
Balance at close of period - 3/31/97..............................$ 2,981,900
Current year additions*.................................$2,505,105
---------
Balance at close of period - 3/31/98..............................$ 5,487,005
==========
*_Total includes current year expense and amounts capitalized to building
basis.
F-169
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 24
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ------------------------------------------
Autumn Ridge 1,544,348 125,347 0 1,746,443 125,347 1,746,443
1,871,790 67,654 1/97 7/96 N/A
Brooks
Summit Apts. 1,121,159 44,000 0 1,456,826 44,000 1,456,826
1,500,826 77,103 11/96 12/95 N/A
Brownsville
Associates 1,207,113 58,945 1,476,197 (267,769) 58,945 1,208,428
1,267,373 85,737 09/95 09/95 5-40
Centenary
Housing 2,800,000 57,760 3,697,046 0 57,760 3,697,046
3,754,806 55,787 12/97 05/97 5-27.5
Century
East IV Apts. 630,463 90,000 984,989 0 90,000 984,989
1,074,989 71,379 08/95 08/95 5-40
Century
East V Apts. 630,463 90,000 982,504 401 90,000 982,905
1,072,905 69,161 09/95 11/95 5-40
Commerce
Parkway 1,950,000 242,000 1,579,251 2,676,501 242,000 4,255,752
4,497,752 203,331 4/97 09/95 N/A
Coolidge
Pinal II 1,139,884 40,000 1,363,991 0 40,000 1,363,991
1,403,991 64,915 4/96 4/96 5-27.5
F-170
Boston Capital Tax Credit Fund IV L.P. -
Series 24
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Edenfield
Elderly 1,309,752 10,280 1,709,535 0 10,280 1,709,535
1,719,815 131,736 12/96 1/96 28
Elm Street 2,183,629 183,547 3,715,562 (6) 183,547 3,715,556
3,899,103 174,528 1/96 1/96 5-27.5
Jeremy
Associates 3,658,614 522,890 6,954,516 49,155 522,890 7,003,671
7,526,561 340,957 12/95 6/96 5-40
Lake I Apts. 615,080 85,000 1,012,730 1,292 85,000 1,014,022
1,099,022 75,652 7/95 08/95 5-40
Laurelwood
Park 2,417,370 230,000 5,379,607 0 230,000 5,379,607
5,609,607 280,133 10/96 2/96 5-27.5
Los Lunas 1,220,990 150,000 2,280,094 499 150,000 2,280,593
2,430,593 139,065 6/96 8/96 5-27.5
New
Hilltop 1,724,738 54,366 2,145,934 2,063 52,591 2,147,997
2,200,588 197,194 11/95 11/95 5-40
New Madison
Park IV 7,772,018 541,624 11,606,586 113,673 541,624 11,720,259
12,261,883 743,667 3/97 5/96 5-27.5
North Hampton
Place 873,933 207,550 2,230,062 2,200 0 2,232,262
2,232,262 191,639 3/96 11/95 N/A
Northfield
Housing 197,582 70,000 446,355 3,513 70,000 449,868
519,868 34,616 9/96 12/96 5-27.5
F-171
Boston Capital Tax Credit Fund IV L.P. -
Series 24
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Overton
Associates 1,232,717 130,000 1,529,213 3,491 130,000 1,532,704
1,662,704 47,938 9/96 6/96 5-40
Pahrump
Valley 1,402,061 63,000 1,757,158 0 63,000 1,757,158
1,820,158 110,701 7/96 7/96 7-27.5
Stanton
Associates 1,216,812 85,971 1,535,425 (282,577) 85,971 1,252,848
1,338,819 82,707 9/95 9/95 5-40
SG Wyandotte 3,010,000 950,000 0 6,046,256 950,000 6,046,256
6,996,256 180,493 2/97 4/96 5-27.5
Woodland
Associates 1,140,694 108,900 1,437,608 59,664 108,900 1,497,272
1,606,172 82,108 9/95 11/95 5-50
Zwolle Apts. 877,320 10,000 930,782 188,315 10,000 1,119,097
1,129,097 82,865 4/96 11/95 5-40
---------- --------- ---------- --------- --------- ----------
- ---------- ---------
41,876,740 4,151,180 54,755,145 11,799,940 3,941,855 66,555,085
70,496,940 3,591,066
========== ========= ========== ========= ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1997.
*Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-172
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund L.P. - Series 24
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 15,269,744
Improvements, etc................................. 0
Other............................................. 0
----------
$ 15,269,744
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 15,269,744
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 44,018,168
Improvements, etc................................. 1,703,291
Other............................................. 0
----------
$ 45,721,459
Deductions during period:
Cost of real estate sold..........................$(4,136,393)
Other............................................. (550,346)
----------
$ (4,686,739)
-----------
Balance at close of period - 03/31/97............................$ 56,304,464
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 3,754,806
Improvements, etc................................. 10,437,670
Other............................................. 0
----------
$ 14,192,476
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 70,496,940
===========
F-173
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 24
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 176,661
---------
Balance at close of period - 3/31/96..............................$ 176,661
Current year additions*...............................$1,093,319
---------
Balance at close of period - 3/31/97..............................$ 1,269,980
Current year additions*...............................$2,321,086
---------
Balance at close of period - 3/31/98..............................$ 3,591,066
==========
*_Total includes current year expense and amounts capitalized to building
basis.
F-174
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 25
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
352 Lenox
Associates 416,030 6,250 167,568 1,616,323 6,250 1,783,891
1,790,141 25,292 9/97 10/96 5-27.5
Century
East II 542,553 70,000 888,314 230 70,000 888,544
958,544 37,689 6/96 8/96 5-27.5
Dogwood
Park 2,648,460 235,000 0 6,458,231 241,948 6,458,231
6,700,179 335,809 10/96 12/95 5-27.5
Dublin
Housing II 682,762 15,000 0 816,370 15,000 816,370
831,370 32,495 12/96 09/96 N/A
Ethel
Housing 817,365 18,600 1,058,460 92,812 18,600 1,151,272
1,169,872 38,852 12/96 06/96 5-27.5
Horse Cave 857,145 75,000 1,053,944 0 75,000 1,053,944
1,128,944 33,795 11/96 5/96 5-27.5
Hurricane
Hills LC 1,312,500 150,000 416,357 3,242,433 248,816 3,658,790
3,907,606 63,037 4/97 9/96 N/A
Laurelwood
Park 2,417,370 230,000 5,379,607 0 230,000 5,379,607
5,609,607 280,133 10/96 2/96 5-27.5
F-175
Boston Capital Tax Credit Fund IV L.P. -
Series 25
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Main Everett 636,546 95,786 1,378,380 0 95,786 1,378,380
1,474,166 50,629 6/96 6/96 N/A
Maple Hill 965,615 182,000 1,560,386 0 182,000 1,560,386
1,742,386 24,162 2/98 2/97 5-27.5
Mokapoke LP 1,227,743 60,000 1,907,937 0 60,000 1,907,937
1,967,937 95,778 4/96 2/96 5-27.5
MRH LP 411,130 105,726 3,610,331 0 105,726 3,610,331
3,716,057 138,277 6/96 1/97 5-27.5
New Madison
Park IV 7,772,018 541,624 11,606,586 113,673 541,624 11,720,259
12,261,883 743,667 3/97 5/96 5-27.5
Ohio
Investors 2,156,566 31,650 2,354,099 12,094 31,650 2,366,193
2,397,843 229,845 9/95 2/96 5-27.5
Osborne
Housing 439,615 50,667 1,099,730 0 50,667 1,099,730
1,150,397 33,513 12/96 6/96 27.5
Rose Square 378,904 106,942 615,913 0 106,942 615,913
722,855 14,545 2/97 10/96 N/A
Sandstone
Village 1,255,565 96,047 0 2,588,296 96,047 2,588,296
2,684,343 138,371 8/96 11/95 5-27.5
Shannon
Housing 1,272,218 34,800 1,466,352 143,730 34,800 1,610,082
1,644,882 60,134 1/97 4/96 40.7
Smith House 2,336,580 107,284 5,108,688 55,430 107,284 5,164,118
5,271,402 343,241 3/97 4/96 5-27.5
F-176
Boston Capital Tax Credit Fund IV L.P. -
Series 25
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
SG Wyandotte 3,454,783 950,000 1,254,765 4,791,491 950,000 6,046,256
6,996,256 180,493 2/97 4/96 5-27.5
Sutton Place 6,275,000 352,500 7,055,577 592,087 352,500 7,647,664
8,000,164 522,699 10/97 11/96 5-27.5
West Point
Housing 1,173,490 75,000 1,188,623 449,852 75,000 1,638,475
1,713,475 43,304 4/96 9/96 40.7
---------- --------- ---------- ---------- --------- ----------
- ---------- ---------
39,449,958 3,589,876 49,171,617 20,973,052 3,695,640 70,144,669
73,840,309 3,465,760
========== ========= ========== ========== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1997.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-177
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 25
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 331,047
Improvements, etc................................. 0
Other............................................. 0
----------
$ 331,047
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 331,047
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 43,624,585
Improvements, etc................................. 9,149,104
Other............................................. 0
----------
$ 52,773,689
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 53,104,736
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 5,458,443
Improvements, etc................................. 15,277,130
Other............................................. 0
----------
$ 20,735,573
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 73,840,309
===========
F-178
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 25
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 20,636
---------
Balance at close of period - 3/31/96..............................$ 20,636
Current year additions*...............................$1,056,849
---------
Balance at close of period - 3/31/97..............................$ 1,077,485
Current year additions*...............................$2,388,275
---------
Balance at close of period - 3/31/98..............................$ 3,465,760
==========
*_Total includes current year expense and amounts capitalized to building
basis.
F-179
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
AVA LP 773,241 82,757 914,666 0 82,757 914,666
997,423 27,387 UC 11/97 N/A
Beauregard
Apts. 827,721 70,000 1,640,768 0 70,000 1,640,768
1,710,768 61,820 9/96 8/96 7-40
Beckwood
Manor One 1,049,910 20,000 1,335,215 0 20,000 1,335,215
1,355,215 78,483 10/96 8/96 5-27.5
Bradley
Phase I 2,806,743 290,000 3,476,912 0 290,000 3,476,912
3,766,912 56,213 12/97 2/97 20-40
Bradley
Phase II 1,628,514 190,000 2,405,548 0 190,000 2,405,548
2,595,548 38,736 12/97 2/97 20-40
Brookhaven
Apts. 998,223 52,272 1,800,921 0 52,272 1,800,921
1,853,193 51,998 1/97 2/97 7-40
Butler
Apts. 177,250 2,908 314,128 0 2,908 314,128
317,036 9,324 10/96 8/96 40
F-180
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Calgory
Apts. I 632,144 100,000 985,781 0 100,000 985,781
1,085,781 56,322 12/95 2/96 5-27.5
Calgory
Apts. II 592,665 100,000 988,294 0 100,000 988,294
1,088,294 56,173 12/95 2/96 5-27.5
Calgory
Apts. III 632,144 100,000 983,301 0 100,000 983,301
1,083,301 56,190 12/95 2/96 5-27.5
Cameron
Housing 873,509 74,000 1,736,306 0 74,000 1,736,306
1,810,306 54,312 10/96 8/96 40
Country
Edge 1,100,000 140,000 2,258,924 0 140,000 2,258,924
2,398,924 6,026 12/97 7/97 5-27.5
Decro
Nordoff 1,990,000 555,000 3,240,184 0 555,000 3,240,184
3,795,184 48,984 7/97 9/96 5-27.5
East
Park II 588,906 35,000 1,120,448 0 35,000 1,120,448
1,155,448 46,058 8/96 8/96 5-27.5
F-181
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Edgewood
Estates 624,806 27,000 759,092 0 27,000 759,092
786,092 17,396 11,96 6,97 7-40
Edgewood
Park 1,500,000 125,000 2,943,474 0 125,000 2,943,474
3,068,474 105,531 1/97 5/96 5-27.5
Escher St. 1,549,680 100,000 356,532 0 100,000 356,532
456,532 9,058 UC 4/97 5-27.5
Grandview
Apts. 1,190,900 180,000 2,198,865 0 180,000 2,198,865
2,378,865 80,422 8/96 8/96 5-27.5
GVA LP 1,156,838 54,946 1,445,428 0 54,946 1,445,428
1,500,374 31,401 11/97 4/97 5-27.5
Hanover
Towers 4,964,754 580,000 7,092,714 0 580,000 7,092,714
7,672,714 111,108 11/97 2/97 5-27.5
Holly
Hills 1,381,158 60,000 1,685,727 0 60,000 1,685,727
1,745,727 23,672 8/97 5/97 5-27.5
Lake IV
Apts. 646,960 85,000 1,016,090 0 85,000 1,016,090
1,101,090 57,763 12/95 2/96 5-27.5
Lake V
Apts. 617,946 85,000 1,018,755 0 85,000 1,018,755
1,103,755 58,066 12/95 2/96 5-27.5
F-182
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Liberty
Village 1,624,317 43,085 2,165,569 0 43,085 2,165,569
2,208,654 53,616 5/97 1/97 5-27.5
Little Valley
Estates 1,151,515 44,000 1,453,331 0 44,000 1,453,331
1,497,331 30,447 4/97 1/97 5-27.5
Mason
LP 935,008 14,000 1,195,375 0 14,000 1,195,375
1,209,375 103,463 1/96 2/96 5-27.5
Maxton
Green 975,985 30,500 1,264,803 0 30,500 1,264,803
1,295,303 77,262 12/96 9/96 5-27.5
MB Apts. 424,402 350,000 2,321,961 0 350,000 2,321,961
2,671,961 50,798 6/97 3/96 5-27.5
Mosby Forest 783,692 31,275 1,342,190 0 31,275 1,342,190
1,373,465 69,989 10/96 10/96 5-27.5
New Devonshire
II 793,645 76,211 904,064 0 76,211 904,064
980,275 44,901 12/96 1/97 5-27.5
New Devonshire
West 546,687 31,000 628,776 0 31,000 628,776
659,776 29,499 1/97 1/97 5-27.5
SG Hazeltine 1,440,000 464,955 2,934,870 0 464,955 2,934,870
3,399,825 90,226 1/97 6/96 5-27.5
F-183
Boston Capital Tax Credit Fund IV L.P. -
Series 26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Southwind
Apts. 801,170 32,000 1,607,903 0 32,000 1,607,903
1,639,903 48,469 12/96 8/96 40
TR Bobb
Apts. 774,011 75,000 1,530,233 0 75,000 1,530,233
1,605,233 51,917 1/96 8/96 40
Timmonsville
Green 1,076,823 41,000 1,427,096 0 41,000 1,427,096
1,468,096 80,941 2/97 10/96 5-27.5
Tremont
Station 1,074,528 35,803 1,633,750 0 35,803 1,633,750
1,669,553 51,671 11/96 5/96 5-27.5
The
Willows 823,195 13,000 1,067,939 0 13,000 1,067,939
1,080,939 54,786 5/96 5/96 5-27.5
VVA LP 683,570 21,861 935,951 0 21,861 935,951
957,812 29,527 UC 4/97 7-40
Warrensburg
Heights 1,123,881 23,370 1,397,872 7,936 23,370 1,405,808
1,429,178 84,891 11/96 12/96 5-27.5
F-184
Boston Capital Tax Credit Fund IV L.P. -
Series 26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
WPVA LP 708,517 45,000 929,628 0 45,000 929,628
974,628 30,772 3/98 4/97 5-27.5
---------- --------- ---------- ----- --------- ---------- ---
- ------- ---------
44,044,958 4,480,943 66,459,384 7,936 4,480,943 66,467,320
70,948,263 2,125,618
========== ========= ========== ===== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1997.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-185
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 26
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/96..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 32,787,138
Improvements, etc................................. 0
Other............................................. 0
----------
$ 32,787,138
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 32,787,138
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 31,051,915
Improvements, etc................................. 7,109,210
Other............................................. 0
----------
$ 38,161,125
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 70,948,263
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 361,387
---------
Balance at close of period - 3/31/97..............................$ 361,387
Current year additions*.................................$ 1,764,231
---------
Balance at close of period - 3/31/98..............................$ 2,125,618
==========
*_Total includes current year expense and amounts capitalized to building
basis.
F-186
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 27
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
AHAB Project
#1 494,868 2,850 1,253,094 0 2,850 1,253,094
1,255,944 17,292 11/97 6/97 5-27.5
Angelou
Court 420,770 0 0 0 0 0
0 0 UC 10/97 NA
Casa Rosa 791,499 0 2,487,701 0 0 2,487,701
2,487,701 0 UC 9/97 NA
Centrum
Fairfax II 6,834,653 1,054,099 0 7,444,901 1,054,099 7,444,901
8,499,000 111,296 6/97 8/96 5-27.5
Harbor LP 12,757,355 1,250,000 14,491,429 0 1,250,000 14,491,429
15,741,429 247,141 11/97 2/97 5-40
Holly
Heights 497,613 31,914 0 0 31,914 0
31,914 0 UC 4/97 NA
Lake
Apts. II 615,405 80,000 930,841 0 80,000 930,841
1,010,841 24,358 12/95 1/97 5-27.5
Magnolia
Place 1,258,431 150,000 0 0 150,000 0
150,000 0 1/98 11/97 NA
F-187
Boston Capital Tax Credit Fund IV L.P. - Series
27
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Pear Village 623,332 50,000 512,155 545,102 50,000 1,057,257
1,107,257 39,161 2/97 8/96 5-27.5
Randolph
Village 3,590,812 1,168,500 0 9,187,147 1,168,500 9,187,147
10,355,647 87,595 8/97 9/96 NA
Sunday Sun 293,648 156,600 1,638,376 0 156,600 1,638,376
1,794,976 78,842 12/96 10/96 5-27.5
Wayne Housing 6,563,518 1,200,000 0 0 1,200,000 0
1,200,000 0 UC 11/96 NA
---------- --------- ---------- ---------- --------- ----------
- --------- -------
34,741,904 5,143,963 21,313,596 17,177,150 5,143,963 38,490,746
43,634,709 605,685
========== ========= ========== ========== ========= ==========
========== =======
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1997.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-188
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 27
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/96..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 5,779,730
Improvements, etc................................. 0
Other............................................. 0
----------
$ 5,779,730
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 5,779,730
-----------
Balance at close of period - 03/31/97............................$ 5,779,730
Additions during period:
Acquisitions through foreclosure..................$20,677,829
Other acquisitions................................ 13,433,505
Improvements, etc................................. 0
Other............................................. 0
----------
$ 34,111,334
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 34,111,334
-----------
Balance at close of period - 03/31/98............................$ 39,891,064
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 10,734
---------
Balance at close of period - 3/31/97..............................$ 10,734
Current year additions*.................................$ 577,659
---------
Balance at close of period - 3/31/98..............................$ 588,393
==========
F-189
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 28
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
1374 Boston
Post Road 583,799 100,000 1,086,670 0 100,000 1,086,670
1,186,670 35,921 6/97 2/97 5-27.5
Ashberry Manor 647,431 100,500 1,192,737 0 100,500 1,192,737
1,293,237 26,249 3/97 2/97 5-27.5
Bienville, L.P. 965,769 20,300 1,194,688 0 20,300 1,194,688
1,214,988 46,969 2/97 2/97 7-40
Blanchard Apts 917,903 20,000 807,233 0 20,000 807,233
827,233 0 7/97 7/97 7-70
Chandler Village 914,896 32,000 1,249,842 0 32,000 1,249,842
1,281,842 22,896 4/98 4/97 5-30
Cottonwood 740,735 20,000 0 0 20,000 0
20,000 0 7/97 7/97 5-27.5
Evangeline
Apartments 978,205 20,000 1,364,939 0 20,000 1,364,939
1,384,939 13,996 1/98 11/97 7-40
Evergreen III 470,899 6,000 1,250,781 0 6,000 1,250,781
1,256,781 35,185 4/97 2/97 5-27.5
Fairway II LP 1,087,913 48,000 1,277,751 0 48,000 1,277,751
1,325,751 40,751 3/97 12/96 7-40
Jackson Place 1,031,073 74,943 2,095,999 0 74,943 2,095,999
2,170,942 13,502 10/97 7/97 5-27.5
Milton Senior
L.P. 1,168,944 51,400 2,385,863 0 51,400 2,385,863
2,437,263 41,867 6/97 2/97 5-27.5
F-190
Boston Capital Tax Credit Fund IV L.P. - Series 28
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Pin Oak
Elderly Assoc. 3,325,788 832,000 7,701,570 0 832,000 7,701,570
8,533,570 429,473 1/96 11/97 5-27.5
Randolph
Village 1,275,000 1,168,500 9,187,147 0 1,168,500 9,187,147
10,355,647 87,595 8/97 12/97 5-27.5
RVKY,LP 1,045,041 65,582 1,315,622 0 65,582 1,315,622
1,381,204 37,929 UC 11/97 5-27.5
Sand Lane
Manor 82,224 104,000 0 0 104,000 0
104,000 0 UC 8/97 NA
Senior Suites
Chicago 219,021 14,922 0 0 14,922 0
14,922 0 UC 12/97 NA
Terraceview
Apartments 807,862 16,900 1,612,988 0 16,900 1,612,988
1,629,888 35,369 10/97 7/97 5-27.5
Tilghman Square
LP 835,355 60,314 1,108,725 0 60,314 1,108,725
1,169,039 9,149 10/97 11/97 5-27.5
F-191
Boston Capital Tax Credit Fund IV L.P. - Series 28
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Wellston
Village 377,493 12,500 412,617 0 12,500 412,617
425,117 5,942 4/98 4/97 5-27.5
West Memphis
(Clubview) 3,083,469 481,388 7,259,784 0 481,388 7,259,784
7,741,172 389,949 11/96 12/97 5-27.5
---------- --------- ---------- -------- ---------- ----------
- ---------- ---------
20,558,820 3,249,249 42,504,956 0 3,249,249 42,504,956
45,754,205 1,272,772
=========== ========= ========== ======== ========== ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1997.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-192
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 28
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/96..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 647,230
Improvements, etc................................. 0
Other............................................. 0
----------
$ 647,230
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/97............................$ 647,230
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 45,106,975
Improvements, etc................................. 0
Other............................................. 0
----------
$ 45,106,975
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/98............................$ 45,754,205
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/96.........................$ 0
Current year additions*...............................$
8,223
--
- -------
Balance at close of period -
3/31/98..............................$ 8,223
==========
Balance at beginning of period -
04/01/97.........................$ 0
Current year
additions*...............................$1,264,549
--
- -------
Balance at close of period -
3/31/98..............................$ 1,272,772
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-193
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 29
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Barrington
Cove 1,776,900 183,750 6,403,281 0 183,750 6,403,281
6,587,031 116,183 5/97 4/97 5-39
Bryson Apts 375,947 10,728 269,886 0 10,728 269,886
280,614 6,462 1/97 8/97 5-27.5
Collins.
Housing 295,606 22,500 370,580 0 22,500 370,580
393,080 2,316 U/C 9/97 5-27.5
Forest Hill
Apts 0 191,250 0 0 191,250 0
191,250 0 U/C 7/97 N/A
Glenbrook Apts 526,670 4,606 674,111 0 4,606 674,111
678,717 19,645 3/97 12/97 5-27.5
Jacksboro Apts 456,418 31,893 268,583 0 31,893 268,583
300,476 6,626 1/98 12/97 5-27.5
Jackson
Partners 5,700,000 300,067 6,039,223 0 300,067 6,039,223
6,339,290 7,508 U/C 12/96 5-27.5
Lutkin
Bayou Assoc 835,786 25,000 878,839 0 25,000 878,839
903,839 20,946 6/97 11/97 5-27.5
The Lincoln
Hotel 939,243 0 1,454,115 0 0 1,454,115
1,454,115 24,814 7/97 2/97 5-27.5
F-194
Boston Capital Tax Credit Fund IV L.P. - Series 29
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Northfield
Apts III 4,300,000 200,613 5,814,532 0 200,613 5,814,532
6,015,145 29,575 2/98 12/96 5-27.5
Northway
Drive 0 280,849 1,480 0 280,849 1,480
282,329 0 UC 4/97 5-45
Ozark Assoc 463,162 13,750 511,269 0 13,750 511,269
525,019 11,969 7/97 10/97 5-27.5
Poplarville
Apts 398,788 12,000 406,502 0 12,000 406,502
418,502 9,393 7/97 10/97 5-27.5
Rhome Apts 530,918 8,313 675,804 0 8,313 675,804
684,117 16,043 7/97 12/97 5-27.5
Westfield Apts 0 0 0 0 0 0
0 0 UC 11/97 NA
----------- --------- ---------- -------- ---------- ----------
- ---------- -------
16,599,438 1,285,319 23,768,205 0 1,285,319 23,768,205
25,053,524 271,480
=========== ========= ========== ======== ========== ==========
========== =======
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-195
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 29
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/97..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 25,053,524
Improvements, etc................................. 0
Other............................................. 0
----------
$ 25,053,524
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/98............................$ 25,053,524
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/97.........................$ 0
Current year additions*.............................$ 271,480
---------
Balance at close of period -
3/31/98..............................$ 271,480
===========
*Total includes current year expense and amounts capitalized to
building basis.
F-196
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 30
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Bellwood
Four 0 45,000 676,598 0 45,000 676,598
721,598 0 UC 9/97 N/A
Bowie Apts 353,006 32,714 267,955 0 32,714 267,955
300,669 2,617 UC 8/97 5-27.5
Byam. 1,503,976 185,000 2,261,674 0 185,000 2,261,674
2,446,674 36,365 2/98 2/97 5-27.5
Graham
Apts 511,472 45,563 366,387 0 45,563 366,387
411,950 3,684 UC 8/97 5-27.5
JMC Limited
Liability 210,000 50,000 0 0 50,000 0
50,000 0 UC 8/97 N/A
Madison
Partners L.P. 13,275 314,510 788,736 0 314,510 788,736
1,103,246 0 UC 11/97 N/A
Nocona
Apts 252,262 15,651 207,520 0 15,651 207,520
223,171 2,014 UC 8/97 5-27.5
F-197
Boston Capital Tax Credit Fund IV L.P. - Series
30
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
West
Swanzey 1,252,049 94,900 2,010,096 0 94,900 2,010,096
2,104,996 4,798 2/98 7/97 5-27.5
---------- --------- --------- -------- -------- ---------
- --------- -------
4,096,040 783,338 6,578,966 0 783,338 6,578,966
7,362,304 49,478
========== ========= ========= ======== ======== =========
========= =======
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-198
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 30
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/97..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 7,362,304
Improvements, etc................................. 0
Other............................................. 0
----------
$ 7,362,304
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/98............................$ 7,362,304
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/97.........................$ 0
Current year additions*.............................$ 49,478
---------
Balance at close of period -
3/31/98..............................$ 49,478
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-199
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 31
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Canton
Housing I L.P. 2,267,398 99,900 2,245,160 0 99,900 2,245,160
2,345,060 2,375 UC 11/97 5-27.5
Canton
Housing II L.P.1,144,526 66,920 1,023,746 0 66,920 1,023,746
1,090,666 1,105 UC 11/97 5-27.5
Canton
Housing III L.P. 843,666 38,205 799,913 0 38,205 799,913
838,118 861 UC 11/97 5-27.5
Canton
Housing IV L.P. 821,603 40,500 784,923 0 40,500 784,923
825,423 853 UC 11/97 5-27.5
Cleveland
Partners L.P. 0 244,500 1,941,969 0 244,500 1,941,969
2,186,469 0 UC 11/97 N/A
Eagle's Ridge
Terrace 546,422 63,200 508,815 0 63,200 508,815
572,015 2,120 UC 12/97 5-27.5
Ellisville
L.P. 681,576 31,000 723,650 0 31,000 723,650
754,650 1,601 UC 12/97 5-27.5
F-200
Boston Capital Tax Credit Fund IV L.P. - Series
31
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Hattiesburg
L.P. 836,747 15,000 979,143 0 15,000 979,143
994,143 2,077 UC 12/97 5-27.5
Henderson
Terrace L.P. 185,804 22,000 221,549 0 22,000 221,549
243,549 923 UC 11/97 5-27.5
Heritage
I L.P. 317,785 46,000 522,601 0 46,000 522,601
568,601 0 UC 10/97 N/A
Hurricane
Hills L.P. 0 0 0 0 0 0
0 0 UC 9/97 N/A
Lakeview
Little Elm 224,461 28,750 255,929 0 28,750 255,929
284,679 1,066 UC 11/97 5-27.5
Mesquite
Trails L.P. 146,923 10,860 240,143 0 10,860 240,143
251,003 1,001 UC 11/97 5-27.5
Montfort
Housing 3,925,059 436,143 2,661,689 0 436,143 2,661,689
3,097,832 26,223 UC 9/97 5-27.5
Pilot
Point L.P. 329,751 65,570 339,377 0 65,570 339,377
404,947 1,414 UC 11/97 5-27.5
F-201
Boston Capital Tax Credit Fund IV L.P. -
Series 31
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Riverbend
Apts. 239,936 201,961 0 0 201,961 0
201,961 0 UC 10/97 N/A
San Angelo
Bent Tree 477,900 294,023 0 0 294,023 0
294,023 0 UC 12/97 N/A
Sencit
Hampden L.P. 230,000 307,860 0 307,860
307,860 0 UC 10/97 N/A
Silver
Creek 175,000 175,000 0 0 175,000 0
175,000 0 UC 3/97 N/A
Windsor Park
Partners 7,500,000 248,000 5,105,823 0 248,000 5,105,823
5,353,823 0 UC 11/97 N/A
----------- --------- ---------- -------- --------- ----------
- ---------- -------
20,896,557 2,435,392 18,354,431 0 2,435,392 18,354,431
20,789,823 41,619
=========== ========= ========== ======== ========= ==========
========== =======
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1997.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-202
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 31
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/97..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 20,896,557
Improvements, etc................................. 0
Other............................................. 0
----------
$ 20,896,557
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/98............................$ 20,896,557
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/97.........................$ 0
Current year additions*.............................$ 41,619
---------
Balance at close of period -
3/31/98..............................$ 41,619
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-203
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000913778
<NAME> BOSTON CAPITAL TAX CREDIT FUND IV L.P.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<TOTAL-ASSETS> 386,072,953
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 386,072,953
<TOTAL-REVENUES> 4,007,240
<INCOME-TAX> 0
<INCOME-CONTINUING> (17,475,661)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (13,468,421)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
