FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
-------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-26200
---------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3208648
- -------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 624-8900
--------------
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2)has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED June 30, 1998
-----------------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
June 30, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $289,698,608
$263,155,258
OTHER ASSETS
Cash and cash equivalents 23,518,078
4,193,020
Investments 46,073,792
70,135,961
Notes receivable 23,063,148
24,395,853
Deferred acquisition costs 5,309,413
5,541,912
Organization costs, net of
accumulated amortization (Note B) 556,223
603,443
Other assets 21,460,465
18,047,506
-----------
- -----------
$409,679,727
$386,072,953
===========
===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 150,505 $
5,486,292
Accounts payable affiliates 3,496,176
3,413,858
Capital contributions payable (Note D) 72,430,557
70,863,665
-----------
- -----------
76,077,238
79,763,815
-----------
- -----------
1
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
June 30,
March 31,
1998
1998
(Unaudited)
(Audited)
------------
- ------------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest,
$10 stated value per BAC; 65,000,000
authorized BACs; 43,128,707 issued and
outstanding as of June 30, 1998 333,729,363
306,404,507
General Partner (358,100)
(326,595)
Unrealized gain (loss) on securities
available for sale, net 231,226
231,226
-----------
- -----------
333,602,489
306,309,138
-----------
- -----------
$409,679,727
$386,072,953
===========
===========
The accompanying notes are an integral part of these
statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 20
- ---------------------------
June 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $22,683,677
$23,307,328
OTHER ASSETS
Cash and cash equivalents 205,267
198,679
Investments 1,041
374,317
Notes receivable -
- -
Deferred acquisition costs 98,235
98,235
Organization costs, net of
accumulated amortization (Note B) 28,070
33,891
Other assets 694,135
433,334
----------
- ----------
$23,710,425
$24,445,784
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,961 $
- -
Accounts payable affiliates 1,047,489
952,716
Capital contributions payable (Note D) 454,955
524,696
----------
- ----------
1,504,405
1,477,412
----------
- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
- -----------------------------
June 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,866,700 issued and
outstanding as of June 30, 1998 22,313,494
23,068,223
General Partner (108,515)
(100,892)
Unrealized gain (loss) on securities
for sale, net 1,041
1,041
----------
- ----------
22,206,020
22,968,372
----------
- ----------
$23,710,425
$24,445,784
==========
==========
The accompanying notes are an integral part of these
statements.
4
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 21
- ----------------------------
June 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 9,375,056 $
9,560,326
OTHER ASSETS
Cash and cash equivalents 510,732
171,025
Investments 697,447
1,017,352
Notes receivable 641,542
641,542
Deferred acquisition costs 53,731
53,731
Organization costs, net of
accumulated amortization (Note B) 7,784
12,523
Other assets 247,000
249,118
----------
- ----------
$11,533,292
$11,705,617
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,778 $
- -
Accounts payable affiliates 654,290
597,830
Capital contributions payable (Note D) 860,126
860,126
----------
- ----------
1,516,194
1,457,956
----------
- ----------
5
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
21
- ----------------------------
June 30, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 1,892,700 issued and
outstanding as of June 30, 1998 10,076,092
10,304,349
General Partner (61,810)
(59,504)
Unrealized gain (loss) on securities
for sale, net 2,816
2,816
----------
- ----------
10,017,098
10,247,661
----------
- ----------
$11,533,292
$11,705,617
==========
==========
The accompanying notes are an integral part of these
statements.
6
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 22
- ---------------------------
June 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $15,968,398
$16,104,712
OTHER ASSETS
Cash and cash equivalents 477,837
99,260
Investments 243,941
385,678
Notes receivable 1,796,240
1,796,240
Deferred acquisition costs 203,297
202,011
Organization costs, net of
accumulated amortization (Note B) 19,097
22,232
Other assets 196,426
438,091
----------
- ----------
$18,905,236
$19,048,224
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 959 $
- -
Accounts payable affiliates 598,859
536,965
Capital contributions payable (Note D) 1,836,296
1,836,296
----------
- ----------
2,436,114
2,373,261
----------
- -----------
7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
22
- ----------------------------
June 30, March
31,
1998
1998
(Unaudited)
(Audited)
------------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,564,400 issued and
outstanding as of June 30, 1998 16,522,447
16,726,229
General Partner (54,401)
(52,342)
Unrealized gain (loss) on securities
for sale, net 1,076
1,076
----------
- ----------
16,469,122
16,674,963
----------
- ----------
$18,905,236
$19,048,224
==========
==========
The accompanying notes are an integral part of these
statements.
8
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 23
- --------------------------
June 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $23,006,051
$23,271,914
OTHER ASSETS
Cash and cash equivalents 285,818
75,562
Investments 1,734
584,414
Notes receivable 2,186,398
2,186,398
Deferred acquisition costs 166,769
166,697
Organization costs, net of
accumulated amortization (Note B) 26,738
30,006
Other assets 711,204
713,561
----------
- ----------
$26,384,712
$27,028,552
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,924 $
- -
Accounts payable affiliates 357,957
297,891
Capital contributions payable (Note D) 2,353,855
2,724,109
----------
- ----------
2,713,736
3,022,000
----------
- ----------
9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
23
- ---------------------------
June 30, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,336,727 issued and
outstanding as of June 30, 1998 23,717,396
24,049,616
General Partner (48,154)
(44,798)
Unrealized gain (loss) on securities
for sale, net 1,734
1,734
----------
- ----------
23,670,976
24,006,552
----------
- ----------
$26,384,712
$27,028,552
==========
==========
The accompanying notes are an integral part of these
statements.
10
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 24
- --------------------------
June 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $15,057,617
$15,422,126
OTHER ASSETS
Cash and cash equivalents 258,894
275,033
Investments 168,270
198,587
Notes receivable 679,346
779,231
Deferred acquisition costs 278,244
276,690
Organization costs, net of
accumulated amortization (Note B) 29,205
32,450
Other assets 756,428
756,754
----------
- ----------
$17,228,004
$17,740,871
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,818 $
27,000
Accounts payable affiliates 371,398
313,111
Capital contributions payable (Note D) 1,408,457
1,518,325
----------
- ----------
1,781,673
1,858,436
----------
- ----------
11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
24
- ----------------------------
June 30, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,169,878 issued and
outstanding as of June 30, 1998 15,476,658
15,908,401
General Partner (30,840)
(26,479)
Unrealized gain (loss) on securities
for sale, net 513
513
----------
- ----------
15,446,331
15,882,435
----------
- ----------
$17,228,004
$17,740,871
==========
==========
The accompanying notes are an integral part of these
statements.
12
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 25
- --------------------------
June 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $22,047,026
$22,681,362
OTHER ASSETS
Cash and cash equivalents 402,475
173,979
Investments 598,644
998,627
Notes receivable 779,094
754,841
Deferred acquisition costs 279,327
279,327
Organization costs, net of
accumulated amortization (Note B) 26,219
28,842
Other assets 1,424,639
1,713,420
----------
- ----------
$25,557,424
$26,630,398
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,877 $
- -
Accounts payable affiliates 68,169
- -
Capital contributions payable (Note D) 2,951,346
3,396,767
----------
- ----------
3,021,392
3,396,767
----------
- ----------
13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
25
- ---------------------------
June 30, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,026,109 issued and
outstanding as of June 30, 1998 22,565,308
23,255,931
General Partner (32,112)
(25,136)
Unrealized gain (loss) on securities
for sale, net 2,836
2,836
----------
- ----------
22,536,032
23,233,631
----------
- ----------
$25,557,424
$26,630,398
==========
==========
The accompanying notes are an integral part of these
statements.
14
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 26
- --------------------------
June 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $29,395,826
$29,729,194
OTHER ASSETS
Cash and cash equivalents 1,032,101
105,301
Investments 2,930,804
6,645,272
Notes receivable 899,691
1,173,727
Deferred acquisition costs 659,244
601,034
Organization costs, net of
accumulated amortization (Note B) 56,793
61,526
Other assets 6,496,030
3,764,864
----------
- ----------
$41,470,489
$42,080,918
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 385 $
82
Accounts payable affiliates 115,154
17,324
Capital contributions payable (Note D) 8,916,296
9,269,613
----------
- ----------
9,031,835
9,287,019
----------
- ----------
15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
26
- ---------------------------
June 30, March
31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,995,900 issued and
outstanding as of June 30, 1998 32,436,004
32,787,697
General Partner (16,085)
(12,533)
Unrealized gain (loss) on securities
for sale, net 18,735
18,735
----------
- ----------
32,438,654
32,793,899
----------
- ----------
$41,470,489
$42,080,918
==========
==========
The accompanying notes are an integral part of these
statements.
16
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 27
- --------------------------
June 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $18,746,351
$18,158,317
OTHER ASSETS
Cash and cash equivalents 798,971
258,292
Investments 1,187,152
2,664,947
Notes receivable 653,377
653,377
Deferred acquisition costs 393,633
458,280
Organization costs, net of
accumulated amortization (Note B) 50,447
54,328
Other assets 1,593,433
1,515,909
----------
- ----------
$23,423,364
$23,763,450
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 12,772 $
- -
Accounts payable affiliates 201,156
125,327
Capital contributions payable (Note D) 3,287,094
3,524,022
----------
- ----------
3,501,022
3,649,349
----------
- ----------
17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
27
- ---------------------------
June 30, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,460,700 issued and
outstanding as of June 30, 1998 19,926,509
20,116,351
General Partner (10,031)
(8,114)
Unrealized gain (loss) on securities
for sale, net 5,864
5,864
----------
- ----------
19,922,342
20,114,101
----------
- ----------
$23,423,364
$23,763,450
==========
==========
The accompanying notes are an integral part of these
statements.
18
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
SERIES 28
- --------------------------
June 30, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $28,096,827
$28,144,829
OTHER ASSETS
Cash and cash equivalents 2,615,538
483,635
Investments 9,125,263
12,270,184
Notes receivable 404,957
240,575
Deferred acquisition costs 594,919
539,209
Organization costs, net of
accumulated amortization (Note B) 71,140
76,222
Other assets 191,665
204,913
----------
- ----------
$41,100,309
$41,959,567
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 256 $
- -
Accounts payable affiliates 4,681
4,681
Capital contributions payable (Note D) 6,344,871
7,185,987
----------
- ----------
6,349,808
7,190,668
----------
- ----------
19
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
28
- ---------------------------
June 30, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,000,738 issued and
outstanding as of June 30,1998 34,719,629
34,737,846
General Partner 3,376
3,557
Unrealized gain (loss) on securities
for sale, net 27,496
27,496
----------
- ----------
34,750,501
34,768,899
----------
- ----------
$41,100,309
$41,959,567
==========
==========
The accompanying notes are an integral part of these
statements.
20
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
----------------
- ----------
June 30,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $29,177,901
$24,760,987
OTHER ASSETS
Cash and cash equivalents 1,008,328
305,731
Investments 8,605,864
13,567,187
Notes receivable 4,642,806
1,428,362
Deferred acquisition costs 259,576
816,252
Organization costs, net of
accumulated amortization (Note B) 60,859
64,663
Other assets 1,672,200
2,437,225
----------
- ----------
$45,427,534
$43,380,407
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 280 $
- -
Accounts payable affiliates 56,703
56,703
Capital contributions payable (Note D) 11,474,205
9,330,218
----------
- ----------
11,531,188
9,386,921
----------
- ----------
21
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
29
- ---------------------------
June 30, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,991,800 issued and
outstanding as of June 30, 1998 33,845,554
33,941,732
General Partner (3,720)
(2,758)
Unrealized gain (loss) on securities
for sale, net 54,512
54,512
----------
- ----------
33,896,346
33,993,486
----------
- ----------
$45,427,534
$43,380,407
==========
==========
The accompanying notes are an integral part of these
statements.
22
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30
-----------------------
- ----
June 30,
March 31,
1998
1998
(Unaudited)
(Unaudited)
----------- ---
- --------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $14,433,610
$14,400,077
OTHER ASSETS
Cash and cash equivalents 3,359,021
1,162,518
Investments 6,175,139
10,891,290
Notes receivable 2,835,094
1,422,259
Deferred acquisition costs 1,071,309
1,062,082
Organization costs, net of
accumulated amortization (Note B) 58,894
62,358
Other assets 2,078,601
3,853,336
----------
- ----------
$30,011,668
$32,853,920
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 1,002
1,002
Capital contributions payable (Note D) 6,756,093
9,721,288
----------
- ----------
6,757,095
9,722,290
----------
- ----------
23
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
30
----------------
- ----------
June 30,
March 31,
1998
1998
(Unaudited)
(Unaudited)
----------- -
- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,651,100,
issued and outstanding
as of June 30, 1998 23,228,075
23,106,377
General Partner 4,558
3,313
Unrealized gain (loss) on securities
for sale, net 21,940
21,940
----------
- ----------
23,254,573
23,131,630
----------
- ----------
$30,011,668
$32,853,920
==========
==========
The accompanying notes are an integral part of these
statements.
24
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
-----------------------
- ----
June 30,
March 31,
1998
1998
(Unaudited)
(Unaudited)
----------- ---
- --------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $31,435,140
$29,042,410
OTHER ASSETS
Cash and cash equivalents 1,132,564
811,235
Investments 10,233,348
14,537,576
Notes receivable 7,309,603
7,309,603
Deferred acquisition costs 408,220
672,182
Organization costs, net of
accumulated amortization (Note B) 61,662
65,087
Other assets 351,987
489,053
----------
- ----------
$50,932,524
$52,927,146
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 37,861 $
27,359
Accounts payable affiliates 17,342
417,337
Capital contributions payable (Note D) 12,823,100
14,425,302
----------
- ----------
12,878,303
14,869,998
----------
- ----------
25
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
---------------
- -----------
June 30, March 31,
1998
1998
(Unaudited)
(Unaudited)
----------- -
- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,417,857
issued and outstanding
as of June 30, 1998 37,988,307
37,991,231
General Partner (700)
(697)
Unrealized gain (loss) on securities
for sale, net 66,614
66,614
----------
- ----------
38,054,221
38,057,148
----------
- ----------
$50,932,524
$52,927,146
==========
==========
The accompanying notes are an integral part of these
statements.
26
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
-----------------------
- ----
June 30,
March 31,
1998
1998
(Unaudited)
(Unaudited)
----------- ---
- --------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $30,275,128 $
8,571,676
OTHER ASSETS
Cash and cash equivalents 11,430,532
72,770
Investments 6,105,145
6,000,530
Notes receivable 235,000
6,009,698
Deferred acquisition costs 842,909
316,182
Organization costs, net of
accumulated amortization (Note B) 59,315
59,315
Other assets 5,046,717
1,477,928
----------
- ----------
$53,994,746
$22,508,099
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 88,634 $
5,431,851
Accounts payable affiliates 1,976
92,971
Capital contributions payable (Note D) 12,963,863
6,546,916
----------
- ----------
13,054,473
12,071,738
----------
- ----------
27
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
---------------
- -----------
June 30, March 31,
1998
1998
(Unaudited)
(Unaudited)
----------- -
- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,754,198 issued and
outstanding as of June 30, 1998 40,913,890
10,410,524
General Partner 334
(212)
Unrealized gain (loss) on securities
for sale, net 26,049
26,049
----------
- ----------
40,940,273
10,436,361
----------
- ----------
$53,994,746
$22,508,099
==========
==========
The accompanying notes are an integral part of these
statements.
28
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
1998 1997
---- ----
Income
Interest income $ 1,060,736 $ 648,562
Other Income 1,500 -
---------- ----------
1,062,236 648,562
---------- ----------
Share of income (loss) from
Operating Partnerships (2,896,448)
(1,900,179)
---------- ----------
Expenses
Professional fees 170,383 48,568
Fund management fee (Note C) 794,659 510,394
Amortization 47,217 36,525
General and administrative expenses 304,003 310,396
---------- ----------
1,316,262 905,883
---------- ----------
NET INCOME (LOSS) $(3,150,474)
$(2,157,500)
========== ==========
Net income (loss) allocated to
limited partners $(3,118,969)
$(2,135,926)
========== ==========
Net income (loss) allocated to
general partner $ (31,505) $
(21,574)
========== ==========
Net income (loss) per BAC $ (1.06) $
(.84)
========== ==========
The accompanying notes are an integral part of these
statements.
29
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 20
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 6,223 $
10,624
Other income -
- -
--------
- --------
6,223
10,624
--------
- --------
Share of income (loss) from Operating
Partnerships (651,369)
(610,355)
--------
- --------
Expenses
Professional fees 8,358
1,148
Fund management fee (Note C) 93,153
94,243
Amortization 5,821
5,821
General and administrative expense 9,874
15,268
--------
- --------
117,206
116,480
--------
- --------
NET INCOME (LOSS) $(762,352)
$(716,211)
========
========
Net income (loss) allocated to
limited partners $(754,729)
$(709,049)
========
========
Net income (loss) allocated to
general partner $ (7,623) $
(7,162)
========
========
Net income (loss) per BAC $ (.20) $
(.18)
========
========
The accompanying notes are an integral part of these
statements.
30
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 21
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 23,053 $
10,658
Other income -
- -
--------
- --------
23,053
10,658
--------
- --------
Share of income (loss) from Operating
Partnerships (185,268)
(468,212)
--------
- --------
Expenses
Professional fees 7,357
652
Fund management fee (Note C) 42,460
54,872
Amortization 4,739
4,739
General and administrative expense 13,792
9,941
--------
- --------
68,348
70,204
--------
- --------
NET INCOME (LOSS) $(230,563)
$(527,758)
========
========
Net income (loss) allocated to
limited partners $(228,257)
$(522,480)
========
========
Net income (loss) allocated to
general partner $ (2,306) $
(5,278)
========
========
Net income (loss) per BAC $ (.13) $
(.28)
========
========
The accompanying notes are an integral part of these
statements.
31
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 22
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 9,405 $
10,534
Other income 1,500
- -
-------- -
- -------
10,905
10,534
-------- -
- -------
Share of income (loss) from Operating
Partnerships (136,316)
(316,288)
-------- -
- -------
Expenses
Professional fees 7,593
2,475
Fund management fee (Note C) 60,743
58,993
Amortization 3,135
3,135
General and administrative expense 8,959
11,722
-------- -
- -------
80,430
76,325
-------- -
- -------
NET INCOME (LOSS) $(205,841)
$(382,079)
========
========
Net income (loss) allocated to
limited partners $(203,782)
$(378,258)
========
========
Net income (loss) allocated to
general partner $ (2,059) $
(3,821)
========
========
Net income (loss) per BAC $ (.08) $
(.15)
========
========
The accompanying notes are an integral part of these
statements.
32
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 23
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 9,402 $
21,584
Other income -
- -
-------- -
- -------
9,402
21,584
-------- -
- -------
Share of income (loss) from Operating
Partnerships (265,863)
(367,772)
-------- -
- -------
Expenses
Professional fees 7,946
3,468
Fund management fee (Note C) 58,816
58,663
Amortization 3,268
3,268
General and administrative expense 9,085
15,935
-------- -
- -------
79,115
81,334
-------- -
- -------
NET INCOME (LOSS) $(335,576)
$(427,522)
========
========
Net income (loss) allocated to
limited partners $(332,220)
$(423,247)
========
========
Net income (loss) allocated to
general partner $ (3,356) $
(4,275)
========
========
Net income (loss) per BAC $ (.10) $
(.13)
========
========
The accompanying notes are an integral part of these
statements.
33
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 24
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 5,489 $
5,357
Other income -
- -
-------- -
- -------
5,489
5,357
-------- -
- -------
Share of income (loss) from Operating
Partnerships (364,511)
(297,135)
-------- -
- -------
Expenses
Professional fees 7,312
300
Fund management fee (Note C) 58,287
43,730
Amortization 3,245
3,245
General and administrative expense 8,238
8,695
-------- -
- -------
77,082
55,970
-------- -
- -------
NET INCOME (LOSS) $(436,104)
$(347,748)
========
========
Net income (loss) allocated to
limited partners $(431,743)
$(344,271)
========
========
Net income (loss) allocated to
general partner $ (4,361) $
(3,477)
========
========
Net income (loss) per BAC $ (.20) $
(.16)
========
========
The accompanying notes are an integral part of these
statements.
34
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 25
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 21,318 $
41,243
Other income -
- -
-------- -
- -------
21,318
41,243
-------- -
- -------
Share of income (loss) from Operating
Partnerships (628,641)
(84,455)
-------- -
- -------
Expenses
Professional fees 8,906
3,014
Fund management fee (Note C) 64,369
64,718
Amortization 2,623
2,622
General and administrative expense 14,378
25,062
-------- -
- -------
90,276
95,416
-------- -
- -------
NET INCOME (LOSS) $(697,599)
$(138,628)
========
========
Net income (loss) allocated to
limited partners $(690,623)
$(137,242)
========
========
Net income (loss) allocated to
general partner $ (6,976) $
(1,386)
========
========
Net income (loss) per BAC $ (.22) $
(.05)
========
========
The accompanying notes are an integral part of these
statements.
35
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 26
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 126,427 $
141,321
Other income -
- -
-------- -
- -------
126,427
141,321
-------- -
- -------
Share of income (loss) from Operating
Partnerships (332,331)
149,139
-------- -
- -------
Expenses
Professional fees 13,318
12,034
Fund management fee (Note C) 88,830
56,902
Amortization 4,733
4,733
General and administrative expense 42,460
73,193
-------- -
- -------
149,341
146,862
-------- -
- -------
NET INCOME (LOSS) $(355,245) $
143,598
========
========
Net income (loss) allocated to
limited partners $(351,693) $
142,162
========
========
Net income (loss) allocated to
general partner $ (3,552) $
1,436
========
========
Net income (loss) per BAC $ (.09) $
.04
========
========
The accompanying notes are an integral part of these
statements.
36
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 27
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 44,958 $
98,971
Other income -
- -
-------- -
- -------
44,958
98,971
-------- -
- -------
Share of income (loss) from Operating
Partnerships (128,857)
190,339
-------- -
- -------
Expenses
Professional fees 9,788
3,919
Fund management fee (Note C) 75,829
63,051
Amortization 3,881
3,881
General and administrative expense 18,362
33,980
-------- -
- -------
107,860
104,831
-------- -
- -------
NET INCOME (LOSS) $(191,759) $
184,479
========
========
Net income (loss) allocated to
limited partners $(189,842) $
182,634
========
========
Net income (loss) allocated to
general partner $ (1,917) $
1,845
========
========
Net income (loss) per BAC $ (.08) $
.07
========
========
The accompanying notes are an integral part of these
statements.
37
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 28
---------------
- -----------
1998 1997
---- ----
Income
Interest income $ 193,365 $ 256,450
Other income - -
-------- --------
193,365 256,450
-------- --------
Share of income (loss) from
Operating Partnerships (47,997) (95,440)
-------- --------
Expenses
Professional fees 18,459 20,941
Fund management fee (Note C) 69,177 15,222
Amortization 5,081 5,081
General and administrative expense 70,757 104,520
-------- --------
163,474 145,764
-------- --------
NET INCOME (LOSS) $ (18,106) $ 15,246
======== ========
Net income (loss) allocated to
limited partners $ (17,925) $ 15,093
======== ========
Net income (loss) allocated to
general partner $ (181) $ 153
======== ========
Net income (loss) per BAC $ - $ -
======== ========
The accompanying notes are an integral part of these
statements.
38
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 29
---------------
- -----------
1998 1997
---- ----
Income
Interest income $ 144,937 $ 51,820
Other income - -
-------- --------
144,937 51,820
-------- --------
Share of income (loss) from
Operating Partnerships (110,963) -
-------- --------
Expenses
Professional fees 40,762 617
Fund management fee (Note C) 69,218 -
Amortization 3,804 -
General and administrative expense 16,405 12,080
-------- --------
130,189 12,697
-------- --------
NET INCOME (LOSS) $ (96,215) $ 39,123
======== ========
Net income (loss) allocated to
limited partners $ (95,253) $ 38,732
======== ========
Net income (loss) allocated to
general partner $ (962) $ 391
======== ========
Net income (loss) per BAC $ (.02) $ -
======== ========
The accompanying notes are an integral part of these
statements.
39
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 30* SERIES
31*
-----------
- -----------
1998 1998
---- ----
Income
Interest income $ 160,643 $ 205,163
Other income - -
-------- --------
160,643 205,163
-------- --------
Share of income (loss) from
Operating Partnerships 41,475 (72,009)
-------- --------
Expenses
Professional fees 14,218 20,740
Fund management fee (Note C) 30,359 63,381
Amortization 3,461 3,426
General and administrative expense 29,504 45,864
-------- --------
77,542 133,411
-------- --------
NET INCOME (LOSS) $ 124,576 $ (257)
======== ========
Net income (loss) allocated to
limited partners $ 123,331 $ (254)
======== ========
Net income (loss) allocated to
general partner $ 1,245 $ (3)
======== ========
Net income (loss) per BAC $ .05 $ -
======== ========
* Series 30 and 31 did not commence operations until after June
30,
1997, therefore they do not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
40
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
SERIES 32*
-----------
1998
----
Income
Interest income $ 110,353
Other income -
----------
110,353
----------
Share of (income) loss from Operating
Partnerships (13,798)
----------
Expenses
Professional fees 5,626
Fund management fee (Note C) 20,037
Amortization -
General and administrative expense 16,325
----------
41,988
----------
NET INCOME (LOSS) $ 54,567
==========
Net income (loss) allocated to
limited partners $ 54,021
==========
Net income (loss) allocated to
general partner $ 546
==========
Net income (loss) per BAC $ .01
==========
* Series 32 did not commence operations until after June 30,
1997, therefore it does not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
41
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Partners' capital
(deficit),
April 1, 1998 $306,404,507 $ (326,595) $ 231,226
$306,309,138
Capital contribu-
tions 35,069,000 - -
35,069,000
Selling commissions
and registration
costs (4,625,175) - -
(4,625,175)
Net income (loss) (3,118,969) (31,505) -
(3,150,474)
---------- -------- -------
- -----------
Partners' capital
(deficit),
June 30, 1998 $333,729,363 $(358,100) $231,226
$333,602,489
=========== ======== =======
===========
The accompanying notes are an integral part of these
statements.
42
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 20
- --------
Partners' capital
(deficit),
April 1, 1998 $23,068,223 $(100,892) $ 1,041
$22,968,372
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (754,729) (7,623) -
(762,352)
---------- -------- -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $22,313,494 $(108,515) $ 1,041
$22,206,020
=========== ======== =======
==========
Series 21
- --------
Partners' capital
(deficit),
April 1, 1998 $10,304,349 $ (59,504) $ 2,816
$10,247,661
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (228,257) (2,306) -
(230,563)
---------- -------- --------
- ----------
Partners' capital
(deficit),
June 30, 1998 $10,076,092 $ (61,810) $ 2,816
$10,017,098
========== ======== ========
==========
The accompanying notes are an integral part of these
statements.
43
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 22
- --------
Partners' capital
(deficit),
April 1, 1998 $16,726,229 $ (52,342) $ 1,076
$16,674,963
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (203,782) (2,059) -
(205,841)
---------- -------- ------
- ----------
Partners' capital
(deficit),
June 30, 1998 $16,522,447 $ (54,401) $ 1,076
$16,469,122
========== ======== =======
==========
Series 23
- --------
Partners' capital
(deficit),
April 1, 1998 $24,049,616 $ (44,798) $ 1,734
$24,006,552
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (332,220) (3,356) -
(335,576)
---------- -------- -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $23,717,396 $ (48,154) $ 1,734
$23,670,976
========== ======== =======
==========
The accompanying notes are an integral part of these
statements
44
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 24
- --------
Partners' capital
(deficit),
April 1, 1998 $15,908,401 $ (26,479) $ 513
$15,882,435
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (431,743) (4,361) -
(436,104)
---------- -------- -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $15,476,658 $ (30,840) $ 513
$15,446,331
========== ======== =======
==========
Series 25
- --------
Partners' capital
(deficit),
April 1, 1998 $23,255,931 $ (25,136) $ 2,836
$23,233,631
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (690,623) (6,976) -
(697,599)
---------- -------- -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $22,565,308 $ (32,112) $ 2,836
$22,536,032
========== ======== =======
==========
The accompanying notes are an integral part of these
statements.
45
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 26
- --------
Partners' capital
(deficit),
April 1, 1998 $32,787,697 $(12,533) $ 18,735
$32,793,899
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (351,693) (3,552) -
(355,245)
---------- -------- -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $32,436,004 $(16,085) $ 18,735
$32,438,654
========== ======= =======
==========
Series 27
- --------
Partners' capital
(deficit),
April 1, 1998 $20,116,351 $ (8,114) $ 5,864
$20,114,101
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (189,842) (1,917) -
(191,759)
--------- ------- -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $19,926,509 $(10,031) $ 5,864
$19,922,342
========== ======= =======
==========
The accompanying notes are an integral part of these
statements.
46
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 28
- --------
Partners' capital
(deficit),
April 1, 1998 $34,737,846 $ 3,557 $ 27,496
$34,768,899
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (292) - -
(292)
Net income (loss) (17,925) (181) -
(18,106)
--------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $34,719,629 $ 3,376 $ 27,496
$34,750,501
========== ====== =======
==========
Series 29
- --------
Partners' capital
(deficit),
April 1, 1998 $33,941,732 $(2,758) $ 54,512
$33,993,486
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (925) - -
(925)
Net income (loss) (95,253) (962) -
(96,215)
--------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $33,845,554 $(3,720) $ 54,512
$33,896,346
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
47
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 30
- --------
Partners' capital
(deficit),
April 1, 1998 $23,106,377 $ 3,313 $ 21,940
$23,131,630
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (1,633) - -
(1,633)
Net income (loss) 123,331 1,245 -
124,576
--------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $23,228,075 $ 4,558 $ 21,940
$23,254,573
========== ====== =======
==========
Series 31
- --------
Partners' capital
(deficit),
April 1, 1998 $37,991,231 $ (697) $ 66,614
$38,057,148
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (2,670) - -
(2,670)
Net income (loss) (254) (3) -
(257)
--------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $37,988,307 $ (700) $ 66,614 $
38,054,221
========== ====== =======
==========
The accompanying notes are an integral part of these statements.
48
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 32
- --------
Partners' capital
(deficit),
April 1, 1998 $10,410,524 $ (212) $ 26,049
$10,436,361
Capital contribu-
tions 35,069,000 - -
35,069,000
Selling commissions
and registration
costs (4,619,655) - -
(4,619,655)
Net income (loss) 54,021 546 -
54,567
--------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1998 $40,913,890 $ 334 $ 26,049
$40,940,273
========== ====== =======
==========
The accompanying notes are an integral part of these statements.
49
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $(3,150,474) $
(2,157,500)
Adjustments
Amortization 47,217
36,525
Distributions from
Operating Partnerships 1,625
22,988
Share of loss from Operating
Partnerships 2,896,448
1,900,179
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(11,447)
(Decrease) Increase in accounts
payable and accrued expenses (5,335,787)
403,694
Decrease (Increase) in prepaid
expenses -
247
Decrease (Increase) in accounts
receivable (3,413,017)
(2,024,707)
(Decrease) Increase in accounts
payable affiliates 82,318
426,900
----------- -
- ----------
Net cash (used in) provided by
operating activities (8,871,670)
(1,403,121)
----------- -
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (3,466,680)
(3,199,880)
Capital contributions paid to
Operating Partnerships (24,175,291)
(8,813,398)
Advances to Operating Partnerships 1,332,705
(3,151,242)
Investments 24,062,169
(6,751,138)
----------- -
- ----------
Net cash (used in) provided by
investing activities (2,247,097)
(21,915,658)
----------- -
- ----------
50
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (4,625,175)
(3,913,196)
Capital contributions received 35,069,000
29,783,000
Net cash (used in) provided by ----------- -
- ----------
financing activities 30,443,825
25,869,804
----------- -
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 19,325,058
2,551,025
Cash and cash equivalents, beginning 4,193,020
14,801,634
----------- -
- ----------
Cash and cash equivalents, ending $ 23,518,078 $
17,352,659
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 16,640,013 $
12,037,104
===========
==========
The accompanying notes are an integral part of these
statements.
51
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 20
- ---------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (762,352) $
(716,211)
Adjustments
Amortization 5,821
5,821
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 651,369 610,355
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 1,961
25
Decrease (Increase ) in prepaid
expenses -
247
Decrease (Increase) in accounts
receivable (260,801)
(138,041)
(Decrease) Increase in accounts
payable affiliates 94,773
94,745
----------
- ----------
Net cash (used in) provided by
operating activities (269,229)
(143,059)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships (97,459)
(815,180)
Advances to Operating Partnerships -
756,774
Investments 373,276
12,545
----------
- ----------
Net cash (used in) provided by
investing activities 275,817
(45,861)
----------
- ----------
52
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 20
- -------------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 6,588
(188,920)
Cash and cash equivalents, beginning 198,679
429,105
----------
- ----------
Cash and cash equivalents, ending $ 205,267 $
240,185
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
53
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 21
- ---------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (230,563) $
(527,758)
Adjustments
Amortization 4,739
4,739
Distributions from
Operating Partnerships -
21,714
Share of loss from Operating
Partnerships 185,268
468,212
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 1,778
98
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 2,120
(1,109)
(Decrease) Increase in accounts
payable affiliates 56,460
56,460
----------
- ----------
Net cash (used in) provided by
operating activities 19,802
23,356
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships -
(30,517)
Advances to Operating Partnerships -
- -
Investments 319,905
9,058
----------
- ----------
Net cash (used in) provided by
investing activities 319,905
(21,459)
----------
- ----------
54
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 21
- -----------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ---------- -
- ---------
financing activities -
- -
---------- -
- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 339,707
897
Cash and cash equivalents, beginning 171,025
494,112
----------
- ----------
Cash and cash equivalents, ending $ 510,732 $
495,009
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
55
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 22
- ---------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (205,841) $
(382,079)
Adjustments
Amortization 3,135
3,135
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 136,316 316,288
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 959
142
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 241,665
(32,548)
(Decrease) Increase in accounts
payable affiliates 61,894
61,893
----------
- ----------
Net cash (used in) provided by
operating activities 238,128
(33,169)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (1,288)
(170)
Capital contributions paid to
Operating Partnerships -
(489,239)
Advances to Operating Partnerships -
413,033
Investments 141,737
7,660
----------
- ----------
Net cash (used in) provided by
investing activities 140,449
(68,716)
----------
- ----------
56
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 22
- ---------------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ---------
financing activities -
- -
----------
- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (378,577)
(101,885)
Cash and cash equivalents, beginning 99,260
648,647
----------
- ----------
Cash and cash equivalents, ending $ 477,837 $
546,762
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
57
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 23
- ---------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (335,576) $
(427,522)
Adjustments
Amortization 3,268
3,268
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 265,863
367,772
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 1,924
179
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 2,357
(2,528)
(Decrease) Increase in accounts
payable affiliates 60,066
59,913
----------
- ----------
Net cash (used in) provided by
operating activities (2,098)
1,082
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (72)
- -
Capital contributions paid to
Operating Partnerships (370,254)
(437,243)
Advances to Operating Partnerships -
- -
Investments 582,680
17,114
----------
- ----------
Net cash (used in) provided by
investing activities 212,354
(420,129)
----------
- ----------
58
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 23
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 210,256
(419,047)
Cash and cash equivalents, beginning 75,562
1,578,798
----------
- ----------
Cash and cash equivalents, ending $ 285,818 $
1,159,751
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
59
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 24
- ---------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (436,104) $
(347,748)
Adjustments
Amortization 3,245
3,245
Distributions from
Operating Partnerships -
1,274
Share of loss from Operating
Partnerships 364,511 297,135
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses (25,182)
8,841
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 326
(29,473)
(Decrease) Increase in accounts
payable affiliates 58,287
53,579
----------
- ----------
Net cash (used in) provided by
operating activities (34,917)
(13,147)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (1,556)
(22,867)
Capital contributions paid to
Operating Partnerships (109,868)
(1,288,379)
Advances to Operating Partnerships 99,885
916,912
Investments 30,317
198,091
----------
- ----------
Net cash (used in) provided by
investing activities 18,778
(196,243)
----------
- ----------
60
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 24
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (16,139)
(209,390)
Cash and cash equivalents, beginning 275,033
644,685
----------
- ----------
Cash and cash equivalents, ending $ 258,894 $
435,295
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
149,238
==========
==========
The accompanying notes are an integral part of these
statements.
61
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 25
- ---------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (697,599) $
(138,628)
Adjustments
Amortization 2,623
2,622
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 628,641 84,455
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 1,877
(834)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 288,781
667,142
(Decrease) Increase in accounts
payable affiliates 68,169
- -
----------
- ----------
Net cash (used in) provided by
operating activities 292,492
614,757
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(75,704)
Capital contributions paid to
Operating Partnerships (439,726)
(1,275,083)
Advances to Operating Partnerships (24,253)
(72,000)
Investments 399,983
248,477
----------
- ----------
Net cash (used in) provided by
investing activities (63,996)
(1,174,310)
----------
- ----------
62
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 25
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 228,496
(559,553)
Cash and cash equivalents, beginning 173,979
956,365
----------
- ----------
Cash and cash equivalents, ending $ 402,475 $
396,812
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
63
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 26
- ---------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (355,245) $
143,598
Adjustments
Amortization 4,733
4,733
Distributions from
Operating Partnerships 1,625
- -
Share of (income) loss from
Operating Partnerships 332,331
(149,139)
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 303
17,749
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (2,731,166)
(14,655)
(Decrease) Increase in accounts
payable affiliates 97,830
- -
----------
- ----------
Net cash (used in) provided by
operating activities (2,649,589)
2,286
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (58,210)
(187,075)
Capital contributions paid to
Operating Partnerships (353,905)
(1,067,433)
Advances to Operating Partnerships 274,036
(1,321,208)
Investments 3,714,468
2,230,346
---------- -
- ----------
Net cash (used in) provided by
investing activities 3,576,389
(345,370)
---------- -
- ----------
64
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 26
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
(9)
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
(9) ----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 926,800
(343,093)
Cash and cash equivalents, beginning 105,301
1,239,330
----------
- ----------
Cash and cash equivalents, ending $ 1,032,101 $
896,237
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
4,817,771
==========
==========
The accompanying notes are an integral part of these
statements.
65
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 27
- ---------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (191,759) $
184,479
Adjustments
Amortization 3,881
3,881
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 128,857
(190,339)
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(1)
(Decrease) Increase in accounts
payable and accrued expenses 12,772
30,857
Decrease (Increase) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (77,524)
(222,577)
(Decrease) Increase in accounts
payable affiliates 75,829
- -
----------
- ----------
Net cash (used in) provided by
operating activities (47,944)
(193,700)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (25,502)
(92,741)
Capital contributions paid to
Operating Partnerships (863,670)
(932,278)
Advances to Operating Partnerships -
(538,910)
Investments 1,477,795
1,006,358
---------- -
- ----------
Net cash (used in) provided by
investing activities 588,623
(557,571)
---------- -
- ----------
66
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 27
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
(11)
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
(11)
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 540,679
(751,282)
Cash and cash equivalents, beginning 258,292
2,180,687
----------
- ----------
Cash and cash equivalents, ending $ 798,971 $
1,429,405
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 188,022 $
902,310
==========
==========
The accompanying notes are an integral part of these
statements.
67
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
28
---------------
- ----------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (18,106)
$ 15,246
Adjustments
Amortization 5,081
5,081
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 47,997
95,440
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 256
28,656
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 13,248
(5,212)
(Decrease) Increase in accounts
payable affiliates -
- -
----------
- -----------
Net cash (used in) provided by
operating activities 48,476
139,211
----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (55,704)
(120,700)
Capital contributions paid to
Operating Partnerships (841,116)
(578,986)
Advances to Operating Partnerships (164,382)
(448,520)
Investments 3,144,921
(1,303,047)
----------
- -----------
Net cash (used in) provided by
investing activities 2,083,719
(2,451,253)
----------
- -----------
68
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
28
- ---------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (292)
275
Capital contributions received -
- -
Net cash (used in) provided by ----------
- -----------
financing activities (292)
275
----------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 2,131,903
(2,311,767)
Cash and cash equivalents, beginning 483,635
4,589,026
----------
- -----------
Cash and cash equivalents, ending $ 2,615,538 $
2,277,259
==========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
1,293,023
==========
===========
The accompanying notes are an integral part of these
statements.
69
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
29
------------------
- ---------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (96,215) $
39,123
Adjustments
Amortization 3,804
- -
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 110,963
- -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(11,446)
(Decrease) Increase in accounts
payable and accrued expenses 280
317,981
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 765,025
(2,245,706)
(Decrease) Increase in accounts
payable affiliates -
100,310
---------
- -----------
Net cash (used in) provided by
operating activities 783,857
(1,799,738)
---------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (11,571)
(2,700,623)
Capital contributions paid to
Operating Partnerships (1,815,643)
(1,899,060)
Advances to Operating Partnerships (3,214,444)
(2,857,323)
Investments 4,961,323
(9,177,740)
----------
- -----------
Net cash (used in) provided by
investing activities (80,335)
(16,634,746)
---------- -
- ----------
70
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
29
-------------
- ---------
1998 1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (925)
(3,913,451)
Capital contributions received -
29,783,000
Net cash (used in) provided by ---------
- -----------
financing activities (925)
25,869,549
---------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 702,597
7,435,065
Cash and cash equivalents, beginning 305,731
2,040,879
-----------
- -----------
Cash and cash equivalents, ending $ 1,008,328 $
9,475,944
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 3,940,022 $
4,874,762
===========
===========
The accompanying notes are an integral part of these
statements.
71
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 30*
Series 31*
----------
- ----------
1998
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ 124,576 $
(257)
Adjustments
Amortization 3,461
3,426
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships (41,475)
72,009
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
10,502
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 1,774,735
137,006
(Decrease) Increase in accounts
payable affiliates -
(399,995)
----------- -
- -----------
Net cash (used in) provided by
operating activities 1,861,297
(177,309)
----------- -
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (9,223)
(45,916)
Capital contributions paid to
Operating Partnerships (2,957,254)
(3,757,004)
Advances to Operating Partnerships (1,412,835)
- -
Investments 4,716,151
4,304,228
----------- -
- -----------
Net cash (used in) provided by
investing activities 336,839
501,308
----------- -
- -----------
72
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 30*
Series 31*
----------
- ----------
1998
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (1,633)
(2,670)
Capital contributions received -
- -
Net cash (used in) provided by -----------
- ----------
financing activities (1,633)
(2,670)
-----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 2,196,503
321,329
Cash and cash equivalents, beginning 1,162,518
811,235
-----------
- ----------
Cash and cash equivalents, ending $ 3,359,021 $
1,132,564
===========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
646,440
===========
==========
*Series 30 and 31 did not commence operation until after June 30,
1997,
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these
statements.
73
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 32*
----------
1998
----
Cash flows from operating activities:
Net income (loss) $ 54,567
Adjustments
Amortization -
Distributions from
Operating Partnerships -
Share of (income) loss from
Operating Partnerships 13,798
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(Decrease) Increase in accounts
payable and accrued expenses (5,343,217)
Decrease (Increase ) in prepaid
expenses -
Decrease (Increase) in accounts
receivable (3,568,789)
(Decrease) Increase in accounts
payable affiliates (90,995)
-----------
Net cash (used in) provided by
operating activities (8,934,636)
-----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (3,257,638)
Capital contributions paid to
Operating Partnerships (12,569,392)
Advances to Operating Partnerships 5,774,698
Investments (104,615)
-----------
Net cash (used in) provided by
investing activities (10,156,947)
-----------
74
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 32*
----------
1998
----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (4,619,655)
Capital contributions received 35,069,000
Net cash (used in) provided by -----------
financing activities 30,449,345
-----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 11,357,762
Cash and cash equivalents, beginning 72,770
-----------
Cash and cash equivalents, ending $ 11,430,532
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 12,518,969
===========
*Series 32 did not commence operation until after June 30, 1997,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of these
statements.
75
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 1998
(Unaudited)
NOTE A - ORGANIZATION
Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized
under the
laws of the State of Delaware as of October 5, 1993, for the
purpose of
acquiring, holding, and disposing of limited partnership
interests in
Operating Partnerships which will acquire, develop, rehabilitate,
operate and own newly constructed, existing or rehabilitated
low-income
apartment complexes ("Operating Partnerships"). The general
partner of
the Fund is Boston Capital Associates IV L.P., a Delaware limited
Partnership. Boston Capital Associates, a Massachusetts general
partnership, whose only two partners are Herbert F. Collins and
John P.
Manning, the principals of Boston Capital Partners, Inc., is the
sole
general partner of the general partner. The limited partner of
the
general partner is Capital Investment Holdings, a general
partnership
whose partners are certain officers and employees of Boston
Capital
Partners, Inc., and its affiliates. The Assignor Limited Partner
is
BCTC IV Assignor Corp., a Delaware corporation which is
wholly-owned by
Herbert F. Collins and John P. Manning.
Pursuant to the Securities Act of 1933, the Fund filed a Form
S-11
Registration Statement with the Securities and Exchange
Commission,
effective December 16, 1993 which covered the offering (the
"Public
Offering") of the Fund's beneficial assignee certificates
("BACs")
representing assignments of units of the beneficial interest of
the
limited partnership interest of the Assignor Limited Partner.
The Fund
registered 30,000,000 BACs at $10 per BAC for sale to the public
in one
or more series. One April 18, 1996 an amendment to Form S-11
which
registered an additional 10,000,000 BACs for sale to the public
in one or more
series became effective. On April 2, 1998 an amendment to Form S-
11, which registered an additional 25,000,000 BACs for sale to
the public in one or more series became effective. Offers and
sales of BACs in Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29, Series 30, Series 31 and Series 32 were
completed and the last of the BACs in Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29, Series 30, Series 31 and Series 32 were
issued by the Fund on June 24, 1994, September 30, 1994,
December 28, 1994, June 23, 1995, September 22, 1995, December
29, 1995, June 25, 1996, September 17, 1996, January 29, 1997,
June 10, 1997, September 10, 1997, January 18, 1998 and June 23,
1998 respectively. The Fund sold 3,866,700 of Series 20 BACs,
for a total of $38,667,000; 1,892,700 of Series 21 BACs for a
total of $18,927,000; 2,564,400 of Series 22 BACs for a total of
$25,644,000; 3,336,727 of Series 23 BACs for a total of
$33,366,000; 2,169,878 of Series 24 BACs for a total of
$21,697,000; 3,026,109 of Series 25 BACs for a total of
$30,248,000; 3,995,900 of Series 26 BACs for a total of
$39,959,000; 2,460,700 of Series 27 BACS for a total of
$24,607,000; 4,000,738 of Series 28 BACs for a total of
$39,999,000; 3,918,000 of Series 29 BACs for a total of
$39,918,000; 2,649,075 of Series 30 BACs for a total of
$26,490,750; 4,417,857 of Series 31 BACs for a total of
$44,057,750; and 4,754,198 of Series 32 BACs for a total of
$47,431,000. The fund is continuing to offer BACs in Series 33
at June 30, 1998.
76
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of June 30, 1998 and
for the
three months then ended have been prepared by the Fund, without
audit, pursuant to the rules and regulations of the Securities
and Exchange
Commission. The Fund accounts for its investments in Operating
Partnerships
using the equity method, whereby the Fund adjusts its investment
cost for its
share of each Operating Partnership's results of operations and
for any
distributions received or accrued. Costs incurred by the Fund in
acquiring
the investments in the Operating Partnerships are capitalized to
the
investment account.
The Fund's accounting and financial reporting policies are in
conformity
with generally accepted accounting principles and include
adjustments in
interim periods considered necessary for a fair presentation of
the
results of operations. Such adjustments are of a normal
recurring
nature. Certain information and footnote disclosures normally
included
in financial statements prepared in accordance with generally
accepted
accounting principals have been condensed or omitted pursuant to
such
rules and regulations. It is suggested that these condensed
financial
statements be read in conjunction with the financial statements
and
notes thereto included in the Fund's Annual Report on Form 10-K.
Investment Securities
- ---------------------
The Fund has determined that all of its investment securities are
to be
categorized as securities available for sale. Securities
classified as
available for sale are those debt securities that the Fund
purchased that may
be liquidated prior to the maturity date should the need arise.
These
securities are carried at approximate fair market value. All of
the
investments held by the Fund are tax-exempt municipal bonds and
Certificates of Deposit.
The amortized cost of securities available for sale as of June
30, 1998
by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $32,220,026
Due after one year 13,622,540
----------
Total $45,842,566
==========
The fair market value of the securities is $46,073,792. The
difference
being an unrealized gain on securities available for sale of
$231,226, as
of June 30, 1998.
77
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
Amortization
- ------------
The Fund amortizes organizational costs over 60 months. As of
June 30, 1998 and 1997 the Fund has accumulated amortization of
$425,498 and $251,855
respectively.
The breakdown of accumulated amortization within the fund is as
follows:
1998 1997
---- ----
Series 20 $ 91,145 $ 67,860
Series 21 65,017 46,060
Series 22 45,045 32,507
Series 23 39,217 26,144
Series 24 34,973 21,994
Series 25 26,221 16,554
Series 26 37,862 18,931
Series 27 27,164 11,642
Series 28 30,489 10,163
Series 29 12,437 -
Series 30 9,077 -
Series 31 6,851 -
------- -------
$425,498 $251,855
======= =======
Series 32 organization costs will be amortized over 60 months
beginning July 1, 1998.
NOTE C - RELATED PARTY TRANSACTIONS
The Fund has entered into several transactions with various
affiliates
of the general partner, including Boston Capital Holdings Limited
Partnership, Boston Capital Services, Inc., and Boston Capital
Asset Management L.P. (formerly Boston Capital Communications
Limited Partnership) as follows:
For the quarter ended June 30, 1998, Boston Capital Services,
Inc.
received $753,600 for Series 32 as Dealer-Manager fees for
marketing advice and investment banking services performed at the
time of the Fund's offering of BACs. Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29, Series 30, and Series 31 completed payment
of all Dealer-Manager fees prior to the quarter ended June 30,
1998.
Boston Capital Partners, Inc. is entitled to asset acquisition
fees for
selecting, evaluating, structuring, negotiating, and closing the
Fund's
acquisition of interest in the Operating Partnerships. During
the quarter
ended June 30, 1998, Series 32 paid $2,980,865 for acquisition
fees to Boston Capital Holdings Limited Partnership. Series 20,
Series 21, Series 22, Series 23, Series 24, Series 25, Series 26,
Series 27, Series 28, Series 29 Series 30, and Series 31
completed payment of all acquisition fees prior to the quarter
ended June 30, 1998.
78
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (cont.)
Of the total acquisition fees and expenses incurred, $98,235,
$53,731, $203,297, $166,769, $278,244, $297,327, $659,244,
$393,633, $594,919, $259,576, $1,071,309, $408,220 and $842,909
for Series 20, Series 21, Series 22, Series 23, Series 24, Series
25, Series 26, Series 27, Series 28, Series 29, Series 30, Series
31, and Series 32, respectively, related to costs incurred in
connection with the purchase of interests in Operating
Partnerships not finalized as of June 30, 1998.
An annual fund management fee based on .5 percent of the
aggregate cost
of all apartment complexes owned by the Operating Partnerships
has been
accrued or paid to Boston Capital Asset Management L.P. (formerly
Boston
Capital Communications Limited Partnership).
The fund management fees accrued for the quarters ended June 30,
1998 and
1997 are as follows:
1998 1997
---- ----
Series 20 $ 94,773 $ 94,745
Series 21 56,460 56,460
Series 22 61,893 61,893
Series 23 60,066 59,913
Series 24 58,287 53,580
Series 25 68,169 -
Series 26 97,830 -
Series 27 75,829 -
------- -------
$573,307 $326,591
======= =======
The fund management fees paid for the quarters ended June 30,
1998 and
1997 are as follows:
1998 1997
---- ----
Series 28 70,977 64,718
Series 29 69,218 71,902
Series 30 30,359 63,051
Series 31 63,381 15,122
Series 32 22,037 -
------- -------
$255,972 $214,793
======= =======
79
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At June 30, 1998 and 1997 the Fund has limited partnership
interests in
276 and 204 Operating Partnerships, respectively, which own or
are
constructing apartment complexes. The breakdown of Operating
Partnerships
within the Fund at June 30, 1998 and 1997 is as follows:
1998 1997
---- ----
Series 20 24 24
Series 21 14 14
Series 22 28 28
Series 23 22 22
Series 24 24 24
Series 25 22 22
Series 26 42 40
Series 27 14 9
Series 28 25 14
Series 29 18 7
Series 30 13 -
Series 31 23 -
Series 32 7 -
--- ---
276 204
=== ===
Under the terms of the Fund's investment in each Operating
Partnership, the
Fund is required to make capital contributions to the Operating
Partnerships.
These contributions are payable in installments over several
years upon each
Operating Partnership achieving specified levels of construction
and/or
operations. The contributions payable at June 30, 1998 and 1997
are as
follows:
1998 1997
---- ----
Series 20 $ 454,955 $ 1,138,180
Series 21 860,126 929,965
Series 22 1,836,296 2,669,008
Series 23 2,353,855 4,091,775
Series 24 1,408,457 2,274,311
Series 25 2,951,346 5,158,262
Series 26 8,916,296 11,417,788
Series 27 3,287,094 3,903,474
Series 28 6,344,871 2,491,677
Series 29 11,474,205 7,662,159
Series 30 6,756,093 -
Series 31 12,823,100 -
Series 32 12,963,863 -
---------- ----------
$72,430,557 $41,736,599
========== ==========
80
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (Cont.)
The Fund's fiscal year ends March 31st for each year, while all
the Operating
Partnerships' fiscal years are the calendar Year. Pursuant to
the provisions
of each Operating Partnership Agreement, financial results for
each of the
Operating Partnerships are provided to the Fund within 45 days
after the close
of each Operating Partnership's quarterly period. Accordingly,
the current
financial results available for the Operating Partnerships are
for the three
months ended March 31, 1998.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 20
- ---------------------------
1998 1997
---- ----
Revenues
Rental $ 2,052,899 $
1,896,765
Interest and other 108,438
81,194
---------
- ---------
2,161,337
1,977,959
---------
- ---------
Expenses
Interest 810,760
781,855
Depreciation and amortization 766,913
736,410
Operating expenses 1,253,340
1,087,985
---------
- ---------
2,831,013
2,606,250
---------
- ---------
NET LOSS $ (669,676) $
(628,291)
==========
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (651,369) $
(610,355)
==========
==========
Net loss allocated to
other partners $ (6,697) $
(6,283)
==========
==========
Net Loss Suspended $ (11,610) $
(11,653)
==========
==========
81
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 21
- --------------------------
1998 1997
---- ----
Revenues
Rental $ 1,226,138 $
1,020,299
Interest and other 51,219
51,328
---------
- ---------
1,277,357
1,071,627
---------
- ---------
Expenses
Interest 477,207
555,826
Depreciation and amortization 310,989
386,864
Operating expenses 676,301
601,878
---------
- ---------
1,464,497
1,544,568
---------
- ---------
NET INCOME (LOSS) $ (187,140) $
(472,941)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (185,268) $
(468,212)
=========
=========
Net loss allocated to
other partners $ (1,872) $
(4,729)
=========
=========
82
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months ended March 31,
(Unaudited)
Series 22
- --------------------------
1998 1997
Revenues ---- ----
Rental $1,080,912
$1,092,233
Interest and other 60,536
53,954
---------
- ---------
1,141,448
1,146,187
---------
- ---------
Expenses
Interest 331,719
396,429
Depreciation and amortization 313,111
449,333
Operating expenses 634,311
619,908
---------
- ---------
1,279,141
1,465,670
---------
- ---------
NET INCOME (LOSS) $ (137,693) $
(319,483)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (136,316) $
(316,288)
=========
=========
Net loss allocated to
other partners $ (1,377) $
(3,195)
=========
=========
83
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 23
- ----------------------------
1998 1997
Revenues ---- ----
Rental $ 1,311,776 $
1,255,291
Interest and other 64,667
58,220
----------
- ----------
1,376,443
1,313,511
----------
- ----------
Expenses
Interest 459,185
460,702
Depreciation and amortization 469,704
524,278
Operating expenses 716,102
700,018
----------
- ----------
1,644,991
1,684,998
----------
- ----------
NET INCOME (LOSS) $ (268,548) $
(371,487)
==========
==========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (265,863) $
(367,772)
==========
==========
Net income (loss) allocated to
other partners $ (2,685) $
(3,715)
==========
==========
84
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months ended March 31,
(Unaudited)
Series 24
-------------------------
1998 1997
Revenues ---- --------
Rental $ 1,236,097 $ 951,135
Interest and other 30,612 19,608
--------- ---------
1,266,709 970,743
--------- ---------
Expenses
Interest 430,152 367,244
Depreciation and amortization 481,002 286,807
Operating expenses 723,746 616,827
--------- ---------
1,634,900 1,270,878
--------- ---------
NET INCOME (LOSS) $ (368,191) $ (300,135)
========== =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (364,511) $ (297,135)
========== =========
Net loss allocated to
other partners $ (3,680) $ (3,000)
========== =========
85
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Threee months ended March 31,
(Unaudited)
Series 25
---------------------
- ------
1998
1997
Revenues ---- -
- ---
Rental $1,672,810
$1,834,216
Interest and other 45,095
57,776
--------- ----
- -----
1,717,905
1,891,992
--------- ----
- -----
Expenses
Interest 619,633
455,561
Depreciation and amortization 542,819
302,080
Operating expenses 1,190,444
1,219,659
--------- ----
- -----
2,352,896
1,977,300
--------- ----
- -----
NET INCOME (LOSS) $ (634,991) $
(85,308)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (628,641) $
(84,455)
=========
==========
Net loss allocated to
other partners $ (6,350) $
(853)
=========
========
86
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 26
----------------
- ----------
1998 1997
Revenues ---- ----
Rental $1,551,516 $
732,902
Interest and other 80,218
158,295
---------
- ---------
1,631,734
891,197
---------
- ---------
Expenses
Interest 506,120
137,075
Depreciation and amortization 562,947
111,570
Operating expenses 898,355
491,907
---------
- ---------
1,967,422
740,552
---------
- ---------
NET INCOME (LOSS) $ (335,688) $
150,645
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (332,331) $
149,139
=========
=========
Net income (loss) allocated to
other partners $ (3,357) $
1,506
=========
=========
87
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 27
-------------------------
1998 1997
Revenues ---- ----
Rental $ 860,529 $
223,707
Interest and other 34,201
85,977
---------
- ---------
894,730
309,684
---------
- ---------
Expenses
Interest 395,247
15,278
Depreciation and amortization 163,638
9,450
Operating expenses 466,004
92,694
---------
- ---------
1,024,889
117,422
---------
- ---------
NET INCOME (LOSS) $ (130,159) $
192,262
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (128,857) $
190,339
=========
=========
Net income (loss) allocated to
other partners $ (1,302) $
1,923
=========
=========
88
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 28
-------------------------
1998 1997
Revenues ---- ----
Rental $ 598,936 $
27,715
Interest and other 21,176
66,696
---------
- ---------
620,112
94,411
---------
- ---------
Expenses
Interest 208,596
2,522
Depreciation and amortization 114,230
4,112
Operating expenses 345,768
184,181
---------
- ---------
668,594
190,815
---------
- ---------
NET INCOME (LOSS) $ (48,482) $
(96,404)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (47,997) $
(95,440)
=========
=========
Net income (loss) allocated to
other partners $ (485) $
(964)
=========
=========
89
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 29* Series
30*
--------- -------
- ---
1997 1997
Revenues ---- ----
Rental $ 392,107
271,150
Interest and other 26,415
10,092
--------- --------
- -
418,522
281,242
--------- --------
- -
Expenses
Interest 139,074 75,158
Depreciation and amortization 34,001 936
Operating expenses 357,531 163,254
--------- --------
530,606 239,348
--------- --------
NET INCOME (LOSS) $ (112,084) 41,894
========= ========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (110,963) 41,475
========= ========
Net income (loss) allocated to
other partners $ (1,121) 419
========= ========
* Series 29 and Series 30 did not commence operations until
after March 31, 1998 therefore they do not have comparative
information to report.
90
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 31* Series
32*
--------- -------
- ---
1997 1997
Revenues ---- ----
Rental $ 277,397 $
12,997
Interest and other 5,214
796
--------- -------
- -
282,611
13,793
--------- -------
- -
Expenses
Interest 87,517
18,227
Depreciation and amortization 34,794
7,833
Operating expenses 233,036
1,670
--------- -------
- -
355,347
27,730
--------- -------
- -
NET INCOME (LOSS) $ (72,736) $
(13,937)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (72,009)
(13,798)
=========
=========
Net income (loss) allocated to
other partners $ (727) $
(139)
=========
=========
* Series 31 and Series 32 did not commence operations until
after March 31, 1998 therefore they do not have comparative
information to report.
91
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1998
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating
Partnerships for
the three months ended March 31, 1998 and March 31, 1997 numerous
variances, some material in nature, exist. The variances are the
result of a number of factors including an increase in the number
of Operating Partnerships owned, an increase in the number which
have completed construction, and an increase in the number which
have completed the lease-up phase.
NOTE E - TAXABLE LOSS
The Fund's taxable loss for the fiscal year ended March 31, 1999
is expected
to differ from its loss for financial reporting purposes. This
is primarily
due to accounting differences in depreciation incurred by the
Operating
Partnerships and also differences between the equity method of
accounting
and the IRS accounting methods. No provision or benefit for
income taxes has
been included in these financial statements since taxable income
or loss
passes through to, and is reportable by, the partners and
assignees
individually.
92
Item 2. Management's Discussions and Analysis of Financial
Condition and
Results of Operations
Liquidity
- ---------
The Fund's primary source of funds is the proceeds of its Public
Offering.
Other sources of liquidity will include (i) interest earned on
capital
contributions held pending investment and on working capital and
(ii)
cash distributions from operations of the Operating Partnerships
in which the
Fund has and will invest. The Fund does not anticipate
significant cash
distributions from operations of the Operating Partnerships.
The Fund is currently accruing the fund management fee for Series
20, Series
21, Series 22, Series 23, Series 24, Series 25, Series 26 and
Series 27. Pursuant to the Partnership Agreement, such
liabilities will be deferred until the Fund receives sales or
refinancing proceeds from Operating partnerships which will be
used to satisfy such liabilities. The Fund's working capital and
sources of liquidity coupled with affiliated party liability
accruals allow sufficient levels of liquidity to meet the third
party obligations of the Fund. The Fund is currently unaware if
any trends which would create insufficient liquidity to meet
future third party obligations.
Capital Resources
- -----------------
The Fund offered BACs in a Public Offering declared effective by
the
Securities and Exchange Commission on December 16, 1993. The
Fund received
$38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000,
$30,248,000,
$39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750,
$44,037,750, and $47,431,000, representing 3,866,700, 1,892,700,
2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700,
3,999,900, 3,991,800, 2,649,075, 4,417,857 and 4,754,198 BACs
from investors admitted as BAC Holders in Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29, Series 30, Series 31 and Series 32,
respectively.
Series 20
- ---------
The Fund commenced offering BACs in Series 20 on January 21,
1994. Offers and
sales of BACs in Series 20 were completed on June 24, 1994. The
Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$28,603,737.
During the quarter ended June 30, 1998, $97,459 of Series 20 net
offering proceeds had been used to pay capital contributions.
Series 20 net
offering proceeds in the amount of $205,267 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
20 has invested in as of June 30, 1998.
Series 21
- ---------
The Fund commenced offering BACs in Series 21 on July 1, 1994.
Offers and
sales of BACs in Series 21 were completed on December 31, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 14 Operating Partnerships in the amount of
$13,872,730.
93
During the quarter ended June 30, 1998, none of Series 21 net
offering proceeds had been used to pay capital contributions.
Series 21 net offering proceeds in the amount of $860,126 remain
to be used by the Fund to pay remaining capital contributions to
the Operating Partnerships that Series
21 has invested in as of June 30, 1998.
Series 22
- ---------
The Fund commenced offering BACs in Series 22 on October 10,
1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 28 Operating Partnerships in the amount of
$18,517,848.
During the quarter ended June 30, 1998, none of Series 22 net
offering proceeds had been used to pay capital contributions.
Series 22 net offering proceeds in the amount of $721,778 remain
to be used by the Fund to pay remaining capital contributions to
the Operating Partnerships that Series
22 has invested in as of June 30, 1998.
Series 23
- ---------
The Fund commenced offering BACs in Series 23 on January 10,
1995. Offers and
sales of BACs in Series 23 were completed on September 23, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 22 Operating Partnerships in the amount of
$24,352,278.
During the quarter ended June 30, 1998 $370,254 of Series 23 net
offering proceeds had been used to pay capital contributions.
Series 23 net
offering proceeds in the amount of $287,552 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
23 has invested in as of June 30, 1998.
Series 24
- ---------
The Fund commenced offering BACs in Series 24 on June 9, 1995.
Offers and
sales of BACs in Series 24 were completed on September 22, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$15,939,004.
During the quarter ended June 30, 1998, $109,868 of Series 24 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 24 net offering proceeds in the amount of
$427,164
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 24 has invested in as June 30,
1998.
Series 25
- ---------
The Fund commenced offering BACs in Series 25 on September 30,
1995. Offers
and sales of BACs in Series 25 were completed on December 29,
1995. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 22 Operating Partnerships in the amount of
$22,449,722.
94
During the quarter ended June 30, 1998, $439,726 of Series 25 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 25 net offering proceeds in the amount of
$1,001,119
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 25 has invested in as of June
30, 1998.
Series 26
- ---------
The Fund commenced offering BACs in Series 26 on January 18,
1996. Offers and
sales of BACs in Series 26 were completed on June 25, 1996. The
Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 42 Operating Partnerships in the amount of
$27,756,420.
During the quarter ended June 30, 1998, $353,905 of Series 26 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 26 net offering proceeds in the amount of
$3,962,905
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 26 has invested in as of June
30, 1998.
Series 27
- ---------
The Fund commenced offering BACs in Series 27 on June 24, 1996.
Offers and
sales of BACs in Series 27 were completed on September 17, 1996.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 14 Operating Partnerships in the amount of
$17,175,371.
During the quarter ended June 30, 1998, $863,670 of Series 27 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 27 net offering proceeds in the amount of
$1,986,123
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 27 has invested in as of June
30, 1998.
Series 28
- ---------
The Fund commenced offering BACs in Series 28 on September
30,1996. Offers
and sales of BACs in Series 28 were completed on January 31,
1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 25 Operating Partnership in the amount of
$24,959,483.
During the quarter ended June 30, 1998, $841,116 of Series 28 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 28 net offering proceeds in the amount of
$6,344,871
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 28 has invested in as of June
30, 1998.
Series 29
- ---------
The Fund commenced offering BACs in Series 29 on February 10,
1997. Offers
and sales of BACs in Series 29 were completed on June 10, 1997.
The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 18 Operating Partnerships in the amount of
$26,234,485.
95
During the quarter ended June 30, 1998, $1,815,643 of Series 29
net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 29 net offering proceeds in the amount of
$9,614,192
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 29 has invested in as of June
30, 1998.
Series 30
- ---------
The Fund commenced offering BACs in Series 30 on June 23, 1997.
Offers
and sales of BACs in Series 30 were completed on September 10,
1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 13 Operating Partnerships in the amount of
$12,787,685.
During the quarter ended June 30, 1998, $2,957,254 of Series 30
net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 30 net offering proceeds in the amount of
$6,756,093
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 30 has invested in as of June
30, 1998.
Series 31
- ---------
The Fund commenced offering BACs in Series 31 on September 11,
1997. Offers
and sales of BACs in Series 31 were completed on January 18,
1998. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 23 Operating Partnerships in the amount of
$27,582,786.
During the quarter ended June 30, 1998, $3,757,004 of Series 31
net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 31 net offering proceeds in the amount of
$11,365,912
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 31 has invested in as of June
30, 1998.
Series 32
- ---------
The Fund commenced offering BACs in Series 32 on January 19,
1998. Offers
and sales of BACs in Series 32 were completed on June 23, 1998.
The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 7 Operating Partnerships in the amount of
$26,480,140.
During the quarter ended June 30, 1998, $12,569,392 of Series 32
net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 32 net offering proceeds in the amount of
$12,963,863
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 32 has invested in as of June
30, 1998.
Series 33
- ---------
The Fund commenced offering BACs in Series 33 on June 22, 1998,
but no investors had been admitted as BAC holders as of June 30,
1998. The Fund is continuing to offer BACs in Series 33.
96
Results of Operations
- ---------------------
As of June 30, 1998 and 1997 the Fund held limited partnership
interests
in 276 and 204 Operating Partnerships, respectively. In each
instance the
Apartment Complex owned by the applicable Operating Partnership
is eligible
for the Federal Housing Tax Credit. Occupancy of a unit in each
Apartment
Complex which initially complied with the Minimum Set-Aside Test
(i.e.,
occupancy by tenants with incomes equal to no more than a certain
percentage
of area median income) and the Rent Restriction Test (i.e., gross
rent charged
tenants does not exceed 30% of the applicable income standards)
is referred to
hereinafter as "Qualified Occupancy." Each of the Operating
Partnerships and
each of the respective Apartment Complexes are described more
fully in the
Prospectus or applicable report on Form 8-K. The General Partner
believes
that there is adequate casualty insurance on the properties.
The Fund's results of operations for future periods will vary
significantly
from those for the period ended June 30, 1998 as Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30,
Series 31 and Series 32 continue to use the funds raised to
invest in partnership interests of additional Operating
Partnerships, and the Fund continues to offer BACs in Series 33.
The final BACs in Series 32 were issued on June 23, 1998 bringing
the total
dollars raised for Series 32 to $47,431,000. The Fund has
started offering BACs in Series 33 and has collected equity
totaling $$1,063,000 as of June 30, 1998. No investors have been
admitted to Series 33 as of June 30, 1998.
The Fund incurred a fund management fee to Boston Capital Asset
Management
Limited Partnership (formerly Boston Capital Communications
Limited
Partnership) in an amount equal to .5 percent of the aggregate
cost of the
apartment complexes owned by the Operating Partnerships, less the
amount of
certain asset management and reporting fees paid by the Operating
Partnerships. The fund management fees incurred for the quarter
ended
June 30, 1998 for Series 20, Series 21, Series 22, Series 23,
Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30,
Series
31 and Series 32 were $93,153, $42,460, $60,743, $58,816,
$58,287, $64,369, $88,830, $75,829, $69,177, $69,218, $30,359,
$63,361 and $20,037, respectively.
The Fund's investment objectives do not include receipt of
significant cash
distributions from the Operating Partnerships in which it has
invested or
intends to invest. The Fund's investments in Operating
Partnerships have been
and will be made principally with a view towards realization of
Federal
Housing Tax Credits for allocation to its partners and BAC
holders.
Series 20
- ---------
As of June 30, 1998 and 1997 the average Qualified Occupancy for
the
series was 100%. The series had a total of 24 properties at June
30, 1998, all of which were at 100% qualified occupancy.
For the three months being reported Series 20 reflects a net loss
from
Operating Partnerships of $669,676. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations of
$97,237. This is an interim period estimate; it is not
indicative of the
final year end results.
97
Breeze Cove Limited Partnership (Breeze Cove Apartments)
experienced financial difficulties in 1997 due to vacancy issues
and high expenses. The management company has steadily improved
occupancies throughout 1997 and 1998, and occupancy currently
stands at 99%. The Operating General Partner is pushing the
management company to reduce expenses as well. The Operating
General Partner will be filing refinancing applications with the
state financing agency by September 1998, and capital needs are
anticipated to be addressed as part of the refinancing package.
The Operating General Partner of East Douglas Apartments Limited
Partnership (East Douglas Apartments) failed to meet his
partnership obligations. As a result, the Operating General
Partner and its related management agent were replaced in April,
1998. The new management company is focusing on improving the
property's physical occupancy and operations. The property's
mortgages have gone into default. The new Operating General
Partner has worked out a forbearance agreement with the lender
and anticipates submitting a refinancing package to a new lender
by August 31, 1998.
In August 1996 the Investment General Partner was notified that
Virginia Avenue Affordable Limited Partnership (Kristine
Apartments) was named as defendant in a land encroachment
complaint. Initial efforts to settle the complaint were
unsuccessful, but recently a judgment was issued by which the
operating partnership would receive an appropriate quit claim
deed and other title related documents confirming the
partnership's interest in the disputed property.
Series 21
- ---------
As of June 30, 1998 and 1997 the average Qualified Occupancy for
the
series was 93.9% and 89.5%, respectively. The series had a total
of 14
properties at June 30, 1998. Out of the total 8 were at 100%
qualified
occupancy.
For the three months being reported Series 21 reflects a net loss
from
Operating Partnerships of $187,140. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $123,849. This is an interim period estimate; it
is not indicative of the final year end results.
The Internal Revenue Service is auditing Pinedale II Limited
Partnership (Pinedale Apartments II) and Pumphouse Crossing II
Limited Partnership's (Pumphouse Crossing II Apartments)
compliance with the requirements of the Low-Income Housing Tax
Credit Program. At this time management cannot determine the
final outcome of the ongoing audit.
Series 22
- ---------
As of June 30, 1998 and 1997 the average Qualified Occupancy for
the
series was 100% and 95.4% respectively. The series had a total
of 28
properties at June 30, 1998 all of which were at 100% qualified
occupancy.
For the three months being reported Series 22 reflects a net loss
from
Operating Partnerships of $137,693. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of
$175,418. This is an interim period estimate; it is not
indicative of the
final year end results.
98
Series 23
- ---------
As of June 30, 1998 and 1997 the average Qualified Occupancy for
the
series was 100% and 98.5%, respectively. The series had a total
of 22
properties at June 30, 1998 all of which were at 100% qualified
occupancy.
For the three months being reported Series 23 reflects a net loss
from
Operating Partnerships of $268,548. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a positive
operations
of $201,156. This is an interim period estimate; it is not
indicative of the final year end results.
Series 24
- ---------
As of June 30, 1998 and 1997 the average Qualified Occupancy for
the series was 99.8% and 96.2%, respectively. The series had a
total of 24
properties at June 30, 1998. Out of the total 23 were at 100%
qualified
occupancy.
For the three months being reported Series 24 reflects a net loss
from
Operating Partnerships of $368,191. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of $112,811. This is an interim period estimate; it
is not indicative of the final year end results.
In the prior fiscal year the Investment General Partner became
aware of the Operating General Partner's intention to not
completely fund construction costs of SG Wyandotte L.P.
(Wyandotte Apartments). As a result, the Operating General
Partner was removed in August 1997. The new Operating General
Partner is currently working with a local construction consultant
to complete the final payments of the subcontractors. During the
first quarter 1997 construction was completed, and the property
reached 100% qualified occupancy by December 1997. The new
Operating General Partner 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 June 30, 1998 and 1997 the average Qualified Occupancy for
the series was 98.9% and 88.7%, respectively. The series had a
total of 22 properties at June 30, 1998. Out of the total 19
were at 100% Qualified Occupancy and 1 was in active lease-up.
For the three months being reported Series 25 reflects a net loss
from
Operating Partnerships of $634,991. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a net loss
of $92,172. This is an interim period estimate; it is not
indicative of the final year end results.
In the prior fiscal year the Investment General Partner became
aware of the Operating General Partner's intention to not
completely fund construction costs of SG Wyandotte L.P.
(Wyandotte Apartments). As a result, the Operating General
Partner was removed in August 1997. The new Operating General
Partner is currently working with a local construction consultant
to complete the final payments of the subcontractors. During the
first quarter 1997
99
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 June 30, 1998 and 1997 the average Qualified Occupancy for
the series was 96.4% and 92.2%, respectively. The series had a
total of 42 properties at June 30, 1998. Out of the total 32
were at 100% qualified occupancy and 6 were in active lease-up.
The series also had 2 properties which were under construction
and 1 property with multiple buildings some of which were under
construction and some of which were in lease-up at June 30, 1998.
For the three months being reported Series 26 reflects a net loss
from Operating Partnerships of $335,688. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of
$227,259. This is an interim period estimate; it is not
indicative of the
final year end results.
In the prior fiscal year the Investment General Partner became
aware of the Operating General Partner's intention to not
completely fund construction costs of SG Hazeltine Limited
Partnership (Hazeltine Apartments). As a result, the Operating
General Partner was removed in August 1997. The new Operating
General Partner is currently working with a local construction
consultant to complete the final payments of the subcontractors.
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
Operating Partnership's mortgage lender to convert to permanent
loan status by the end of the year.
Series 27
- ---------
As of June 30, 1998 and 1997 the average Qualified Occupancy for
the series was 77% and 82%, respectively. The series had a total
of 14 properties at June 30, 1998. Out of the total 7 were at
100% qualified occupancy and 4 were in active lease-up. The
series also had 2 properties which were under construction June
30, 1998.
For the three months being reported Series 27 reflects a net loss
from Operating Partnerships of $130,159. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of
$33,469. This is an interim period estimate; it is not indicative
of the final year end results.
Series 28
- ---------
As of June 30, 1998 and 1997 the average Qualified Occupancy for
the series was 95% and 56.7%, respectively. The series had a
total of 25 properties at June 30, 1998. Out of the total 18
were at 100% qualified occupancy and 2 were in active lease-up.
The series also had 4 properties which were under construction
and 1 property with multiple buildings some of which were under
construction and some of which were in lease-up at June 30, 1998.
100
For the three months being reported Series 28 reflects a net loss
from
Operating Partnerships of $48,482. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $65,748. This is an interim period estimate; it is
not indicative of the final year end results.
Series 29
- ---------
As of June 30, 1998 and 1997 the average qualified occupancy for
the Series was 88.5% and 100%, respectively. The series had a
total of 18 properties at June 30, 1998. Out of the total 10
were at 100% qualified occupancy and 3 were in active lease-up.
The series also had 5 properties which were under construction at
June 30, 1998
For the three months being reported Series 29 reflects a net loss
from
Operating Partnerships of $112,084. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$78,083.
This is an interim period estimate; it is not indicative of the
final year end
results.
Series 30
- ---------
As of June 30, 1998 the average qualified occupancy for the
series was 58.3%. The series had a total of 13 properties at June
30, 1998. Out of the total 2 were at 100% qualified occupancy
and 2 were in active lease-up. The series also had 6 properties
that were under construction and 3 properties with multiple
buildings some of which were in lease-up and some of which were
under construction at June 30, 1998. Since all of the properties
in Series 30 were acquired after June 30, 1997, there is no
comparative information to report.
For the three months being reported Series 30 reflects a net
income from
Operating Partnerships of $41,894. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $42,830. This is an interim period estimate; it is
not indicative of the final year end results.
Series 31
- ---------
As of June 30, 1998 the average qualified occupancy for the
series was 72%. The series had a total of 23 properties at June
30, 1998. Out of the total 5 were at 100% qualified occupancy
and 7 were in active lease-up. The series also had 11 properties
that were under construction and 7 properties with multiple
buildings some of which were in lease-up and some of which were
under construction at June 30, 1998. Since all of the properties
in Series 31 were acquired after June 30, 1997, there is no
comparative information to report.
For the three months being reported Series 31 reflects a net loss
from
Operating Partnerships of $72,736. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$37,942.
This is an interim period estimate; it is not indicative of the
final year end
results.
Series 32
- ---------
As of June 30, 1998 the average qualified occupancy for the
series was 66.7%. The series had a total of 7 properties at June
30, 1998. Out of the total 2 were at 100% qualified occupancy
and 1 was in active lease-up. The series
101
also had 4 properties that were under construction at June 30,
1998. Since all of the properties in Series 32 were acquired
after June 30, 1997, there is no comparative information to
report.
For the three months being reported Series 32 reflects a net loss
from
Operating Partnerships of $13,937. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$6,104.
This is an interim period estimate; it is not indicative of the
final year end
results.
102
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
103
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the
registrant has duly caused this report to be signed on its behalf
by the
undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV
L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: August 20, 1998 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal
Financial
Officer
104
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<NAME> BOSTON CAPITAL TAX CREDIT FUND IV L.P.
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