FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-26200
---------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3208648
- -------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 624-8900
--------------
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2)has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 1999
-----------------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $378,746,511 $352,630,004
OTHER ASSETS
Cash and cash equivalents 14,875,235 14,152,267
Investments 43,459,999 47,977,925
Notes receivable 12,113,720 14,174,473
Acquisition costs 10,523,690 5,644,971
Organization costs, net of
accumulated amortization (Note B) - 623,193
Other assets 28,810,758 21,298,752
----------- -----------
$488,529,913 $456,501,585
=========== ===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 1,162,382 $ 411,758
Accounts payable affiliates 6,160,530 5,280,848
Capital contributions payable (Note D) 73,039,059 73,541,468
Line of credit - 200,000
----------- -----------
80,361,971 79,434,074
----------- -----------
1
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest,
$10 stated value per BAC; 65,000,000
authorized BACs; 54,702,359 issued and
outstanding as of September 30, 1999 408,533,329 377,341,887
General Partner (592,381) (501,370)
Unrealized gain (loss) on securities
available for sale, net 226,994 226,994
----------- -----------
408,167,942 377,067,511
----------- -----------
$488,529,913 $456,501,585
=========== ===========
The accompanying notes are an integral part of these statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
---------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $19,986,477 $20,817,668
OTHER ASSETS
Cash and cash equivalents 368,830 223,286
Investments - -
Notes receivable - -
Acquisition costs 96,449 98,235
Organization costs, net of
accumulated amortization (Note B) - 10,607
Other assets 629,330 726,093
---------- ----------
$21,081,086 $21,875,889
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 1,521,588 1,331,964
Capital contributions payable (Note D) 388,026 388,026
Line of credit - -
---------- ----------
1,909,614 1,719,990
---------- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
---------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,866,700 issued and
outstanding as of September 30, 1999 19,310,322 20,284,905
General Partner (138,850) (129,006)
Unrealized gain (loss) on securities
for sale, net - -
---------- ----------
19,171,472 20,155,899
---------- ----------
$21,081,086 $21,875,889
========== ==========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
----------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 7,393,708 $ 7,984,415
OTHER ASSETS
Cash and cash equivalents 244,635 204,141
Investments 758,731 777,925
Notes receivable 641,542 641,542
Acquisition costs 52,754 53,731
Organization costs, net of
accumulated amortization (Note B) - -
Other assets 290,211 268,066
---------- ----------
$ 9,381,581 $ 9,929,820
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 736,590 623,670
Capital contributions payable (Note D) 709,193 709,193
Line of credit - -
---------- ----------
1,445,783 1,332,863
---------- ----------
5
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
-----------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 1,892,700 issued and
outstanding as of September 30,1999 8,012,950 8,667,497
General Partner (82,650) (76,038)
Unrealized gain (loss) on securities
for sale, net 5,498 5,498
---------- ----------
7,935,798 8,596,957
---------- ----------
$ 9,381,581 $ 9,929,820
========== ==========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
----------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $14,516,089 $14,961,440
OTHER ASSETS
Cash and cash equivalents 278,131 319,333
Investments 299,517 272,533
Notes receivable 450,981 462,686
Acquisition costs 165,774 168,844
Organization costs, net of
accumulated amortization (Note B) - 9,694
Other assets 163,935 165,466
---------- ----------
$15,874,427 $16,359,996
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 918,851 791,555
Capital contributions payable (Note D) 548,232 550,641
Line of credit - -
---------- ----------
1,467,083 1,342,196
---------- -----------
7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
----------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,564,400 issued and
outstanding as of September 30, 1999 14,480,446 15,084,797
General Partner (75,027) (68,922)
Unrealized gain (loss) on securities
for sale, net 1,925 1,925
---------- ----------
14,407,344 15,017,800
---------- ----------
$15,874,427 $16,359,996
========== ==========
The accompanying notes are an integral part of these statements.
8
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,141,342 $21,681,096
OTHER ASSETS
Cash and cash equivalents 487,584 610,758
Investments - -
Notes receivable 306,751 456,751
Aquisition costs 168,646 171,769
Organization costs, net of
accumulated amortization (Note B) - 16,933
Other assets 378,455 393,309
---------- ----------
$22,482,778 $23,330,616
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 533,287 413,155
Capital contributions payable (Note D) 487,851 772,817
Line of credit - -
---------- ----------
1,021,138 1,185,972
---------- ----------
9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
---------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,336,727 issued and
outstanding as of September 30, 1999 21,531,870 22,208,044
General Partner (70,230) (63,400)
Unrealized gain (loss) on securities
for sale, net - -
---------- ----------
21,461,640 22,144,644
---------- ----------
$ 22,482,778 $23,330,616
========== ==========
The accompanying notes are an integral part of these statements.
10
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $13,214,947 $13,973,053
OTHER ASSETS
Cash and cash equivalents 255,366 304,564
Investments 254,067 188,039
Notes receivable 534,342 551,210
Acquisition costs 275,523 280,602
Organization costs, net of
accumulated amortization (Note B) - 19,470
Other assets 678,166 674,603
---------- ----------
$15,212,411 $15,991,541
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 662,937 546,259
Capital contributions payable (Note D) 1,269,494 1,285,736
Line of credit - -
---------- ----------
1,932,431 1,831,995
---------- ----------
11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
----------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,169,878 issued and
outstanding as of September 30, 1999 13,331,163 14,201,933
General Partner (52,512) (43,716)
Unrealized gain (loss) on securities
for sale, net 1,329 1,329
---------- ----------
13,279,980 14,159,546
---------- ----------
$15,212,411 $15,991,541
========== ==========
The accompanying notes are an integral part of these statements.
12
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $20,046,340 $20,921,953
OTHER ASSETS
Cash and cash equivalents 614,474 660,000
Investments 582,727 529,693
Notes receivable 523,193 551,221
Acquisition costs 276,703 281,804
Organization costs, net of
accumulated amortization (Note B) - 18,354
Other assets 1,323,712 1,322,390
---------- ----------
$23,367,149 $24,285,415
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 409,014 272,676
Capital contributions payable (Note D) 2,673,557 2,704,223
Line of credit - -
---------- ----------
3,082,571 2,976,899
---------- ----------
13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
---------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,026,109 issued and
outstanding as of September 30, 1999 20,335,388 21,349,087
General Partner (54,636) (44,397)
Unrealized gain (loss) on securities
for sale, net 3,826 3,826
---------- ----------
20,284,578 21,308,516
---------- ----------
$23,367,149 $24,285,415
========== ==========
The accompanying notes are an integral part of these statements.
14
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $29,576,429 $29,938,230
OTHER ASSETS
Cash and cash equivalents 488,676 1,190,003
Investments 221,200 721,150
Notes receivable 583,670 653,909
Acquisition costs 468,770 475,012
Organization costs, net of
accumulated amortization (Note B) - 42,595
Other assets 3,459,448 3,856,657
---------- ----------
$34,798,193 $36,877,556
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 90 $ 90
Accounts payable affiliates 472,504 266,608
Capital contributions payable (Note D) 3,941,356 5,548,536
Line of credit - -
---------- ----------
4,413,950 5,815,234
---------- ----------
15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
---------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,995,900 issued and
outstanding as of September 30, 1999 30,414,192 31,085,523
General Partner (36,475) (29,727)
Unrealized gain (loss) on securities
for sale, net 6,526 6,526
---------- ----------
30,384,243 31,062,322
---------- ----------
$34,798,193 $36,877,556
========== ==========
The accompanying notes are an integral part of these statements.
16
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $17,052,070 $16,996,406
OTHER ASSETS
Cash and cash equivalents 522,905 1,328,141
Investments 640,061 140,982
Notes receivable 99,549 270,649
Acquisition costs 408,446 402,321
Organization costs, net of
accumulated amortization (Note B) - 38,806
Other assets 1,007,350 1,017,819
---------- ----------
$19,730,381 $20,195,124
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 586,491 430,737
Capital contributions payable (Note D) 1,685,263 1,645,618
Line of credit - -
---------- ----------
2,271,754 2,076,355
---------- ----------
17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
---------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,460,700 issued and
outstanding as of September 30, 1999 17,488,821 18,142,362
General Partner (31,877) (25,276)
Unrealized gain (loss) on securities
for sale, net 1,683 1,683
---------- ----------
17,458,627 18,118,769
---------- ----------
$19,730,381 $20,195,124
========== ==========
The accompanying notes are an integral part of these statements.
18
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $31,657,872 $32,194,655
OTHER ASSETS
Cash and cash equivalents 1,381,019 569,820
Investments 2,641,201 4,164,571
Notes receivable 1,477,458 1,477,458
Acquisition costs 89,404 70,092
Organization costs, net of
accumulated amortization (Note B) - 55,896
Other assets 3,189 205,606
---------- ----------
$37,250,143 $38,738,098
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 350 256,148
Capital contributions payable (Note D) 3,844,828 4,440,923
Line of credit - -
---------- ----------
3,845,178 4,697,071
---------- ----------
19
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
----------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,000,738 issued and
outstanding as of September 30, 1999 33,384,269 34,013,990
General Partner (10,026) (3,685)
Unrealized gain (loss) on securities
for sale, net 30,722 30,722
---------- ----------
33,404,965 34,041,027
---------- ----------
$37,250,143 $38,738,098
========== ==========
The accompanying notes are an integral part of these statements.
20
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
-------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $30,433,128 $31,006,270
OTHER ASSETS
Cash and cash equivalents 364,546 1,066,404
Investments 3,652,902 5,250,347
Notes receivable 835,878 835,878
Acquisition costs 87,783 13,596
Organization costs, net of
accumulated amortization (Note B) - 49,448
Other assets 4,853 26,001
---------- ----------
$35,379,090 $38,247,944
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 6,511 6,511
Capital contributions payable (Note D) 3,744,337 5,800,186
Line of credit - -
---------- ----------
3,750,848 5,806,697
---------- ----------
21
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
---------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,991,800 issued and
outstanding as of September 30, 1999 31,627,006 32,431,904
General Partner (25,007) (16,900)
Unrealized gain (loss) on securities
for sale, net 26,243 26,243
---------- ----------
31,628,242 32,441,247
---------- ----------
$35,379,090 $38,247,944
========== ==========
The accompanying notes are an integral part of these statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,156,959 $18,385,611
OTHER ASSETS
Cash and cash equivalents 1,038,336 1,339,143
Investments 2,676,684 5,366,697
Notes receivable 85,438 1,415,196
Acquisition costs 579,404 510,332
Organization costs, net of
accumulated amortization (Note B) - 48,501
Other assets 1,169,964 888,146
---------- ----------
$26,706,785 $27,953,626
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 6,196 6,196
Capital contributions payable (Note D) 4,119,032 5,188,387
Line of credit - -
---------- ----------
4,125,228 5,194,583
---------- ----------
23
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,651,000,
issued and outstanding
as of September 30, 1999 22,558,177 22,733,909
General Partner (1,490) 264
Unrealized gain (loss) on securities
for sale, net 24,870 24,870
---------- ----------
22,581,557 22,759,043
---------- ----------
$26,706,785 $27,953,626
========== ==========
The accompanying notes are an integral part of these statements.
24
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
-------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $34,590,073 $35,524,458
OTHER ASSETS
Cash and cash equivalents 1,655,284 1,294,456
Investments 3,467,091 5,366,127
Notes receivable 1,903,880 2,221,022
Acquisition costs - -
Organization costs, net of
accumulated amortization (Note B) - 51,385
Other assets 986,336 974,611
---------- ----------
$42,602,664 $45,432,059
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,660 $ 1,660
Accounts payable affiliates 1,390 1,390
Capital contributions payable (Note D) 6,361,211 8,010,788
Line of credit - -
---------- ----------
6,364,261 8,013,838
---------- ----------
25
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,417,857
issued and outstanding
as of September 30, 1999 36,237,323 37,405,408
General Partner (17,058) (5,325)
Unrealized gain (loss) on securities
for sale, net 18,138 18,138
---------- ----------
36,238,403 37,418,221
---------- ----------
$42,602,664 $45,432,059
========== ==========
The accompanying notes are an integral part of these statements.
26
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
---------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $39,347,555 $35,492,664
OTHER ASSETS
Cash and cash equivalents 1,424,432 1,625,906
Investments 3,570,902 9,246,829
Notes receivable 873,301 1,995,249
Acquisition costs 815,130 723,349
Organization costs, net of
accumulated amortization (Note B) - 50,418
Other assets 2,831,730 1,970,512
---------- ----------
$48,863,050 $51,104,927
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 103 103
Capital contributions payable (Note D) 7,959,703 10,155,068
Line of credit - -
---------- ----------
7,959,806 10,155,171
---------- ----------
27
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
---------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,754,198 issued and
outstanding as of September 30, 1999 40,864,899 40,911,216
General Partner 2,291 2,486
Unrealized gain (loss) on securities
for sale, net 36,054 36,054
---------- ----------
40,903,244 40,949,756
---------- ----------
$48,863,050 $51,104,927
========== ==========
The accompanying notes are an integral part of these statements.
28
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,138,909 $19,871,865
OTHER ASSETS
Cash and cash equivalents 1,383,204 685,857
Investments 3,144,089 5,892,859
Notes receivable 142,849 46,280
Acquisition costs 722,714 668,353
Organization costs, net of
accumulated amortization (Note B) - 83,770
Other assets 207,955 1,078,560
---------- ----------
$26,739,720 $28,327,544
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 6,443 6,443
Capital contributions payable (Note D) 3,856,254 5,507,151
Line of credit - -
---------- ----------
3,862,697 5,513,594
---------- ----------
29
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33
----------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,636,533 issued and
outstanding as of September 30,1999 22,839,072 22,776,691
General Partner 2,633 1,941
Unrealized gain (loss) on securities
for sale, net 35,318 35,318
---------- ----------
22,877,023 22,813,950
---------- ----------
$26,739,720 $28,327,544
========== ==========
The accompanying notes are an integral part of these statements.
30
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 34
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $27,070,960 $22,247,242
OTHER ASSETS
Cash and cash equivalents 907,410 2,482,579
Investments 5,310,203 9,666,568
Notes receivable 3,114,888 1,678,562
Acquisition costs 1,064,650 904,527
Organization costs, net of
accumulated amortization (Note B) - 110,441
Other assets 3,810,545 5,146,310
---------- ----------
$41,278,656 $42,236,229
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 493 $ 493
Accounts payable affiliates 32,894 32,894
Capital contributions payable (Note D) 11,247,855 12,032,400
Line of credit - -
---------- ----------
11,281,242 12,065,787
---------- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 34
----------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,529,319 respectively,
issued and outstanding as of
September 30,1999 29,964,924 30,136,760
General Partner (793) 399
Unrealized gain (loss) on securities
for sale, net 33,283 33,283
---------- ----------
29,997,414 30,170,442
---------- ----------
$41,278,656 $42,236,229
========== ==========
The accompanying notes are an integral part of these statements.
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 35
--------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $22,791,607 $10,632,978
OTHER ASSETS
Cash and cash equivalents 1,421,999 247,876
Investments 11,229,902 393,605
Notes receivable 540,000 916,860
Acquisition costs 3,290,602 822,404
Organization costs, net of
accumulated amortization (Note B) - 16,875
Other assets 4,360,810 2,584,603
---------- ----------
$43,634,920 $15,615,201
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 9,930 $ 409,515
Accounts payable affiliates 27,146 294,539
Capital contributions payable (Note D) 15,452,879 8,801,775
Line of credit - 200,000
---------- ----------
15,489,955 9,705,829
---------- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 35
----------------------------
September 30, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,300,463 respectively,
issued and outstanding as of
September 30,1999 28,144,051 5,907,861
General Partner (665) (68)
Unrealized gain (loss) on securities
for sale, net 1,579 1,579
---------- ----------
28,144,965 5,909,372
---------- ----------
$43,634,920 $15,615,201
========== ==========
The accompanying notes are an integral part of these statements.
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 36*
--------------
September 30,
1999
(Unaudited)
-----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $7,632,046
OTHER ASSETS
Cash and cash equivalents 2,038,404
Investments 5,010,722
Notes receivable -
Acquisition costs 1,960,938
Organization costs, net of
accumulated amortization (Note B) -
Other assets 7,504,769
----------
$24,146,879
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,150,209
Accounts payable affiliates 238,235
Capital contributions payable (Note D) 4,749,988
Line of credit -
----------
$ 6,138,432
----------
*Series 36 did not commence operations until after March 31, 1999, therefore
it does not have comparative information to report.
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 36*
---------------
September 30,
1999
(Unaudited)
------------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,107,337 respectively,
issued and outstanding as of
September 30,1999 18,008,457
General Partner
Unrealized gain (loss) on securities
for sale, net (10)
----------
18,008,447
----------
$24,146,879
==========
*Series 36 did not commence operations until after March 31, 1999, therefore
it does not have comparative information to report.
The accompanying notes are an integral part of these statements.
3
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
1999 1998
---- ----
Income
Interest income $ 808,037 $ 1,169,430
Other income 1,350 -
---------- ----------
809,387 1,169,430
---------- ----------
Share of income (loss) from
Operating Partnerships (3,495,782) (2,574,730)
---------- ----------
Expenses
Professional fees 318,868 271,162
Fund management fee (Note C) 985,250 842,054
Organization Costs 672,854 -
Amortization 16,709 55,090
General and administrative expenses 383,183 388,628
---------- ----------
2,376,864 1,556,934
---------- ----------
NET INCOME (LOSS) $(5,063,259) $(2,962,234)
========== ==========
Net income (loss) allocated to
limited partners $(5,012,626) $(2,932,611)
========== ==========
Net income (loss) allocated to
general partner $ (50,633) $ (29,623)
========== ==========
Net income (loss) per BAC $ (1.63) $ (1.06)
========== ==========
The accompanying notes are an integral part of these statements.
37
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 20
-----------------------
1999 1998
---- ----
Income
Interest income $ 857 $ 454
Other income 1,200 -
-------- --------
2,057 454
-------- --------
Share of income (loss) from Operating
Partnerships (432,154) (467,815)
-------- --------
Expenses
Professional fees 20,050 17,823
Fund management fee (Note C) 52,115 93,773
Organization Costs 4,786 -
Amortization 893 5,821
General and administrative expense 10,564 11,245
-------- --------
88,408 128,662
-------- --------
NET INCOME (LOSS) $(518,505) $(596,023)
======== ========
Net income (loss) allocated to
limited partners $(513,320) $(590,063)
======== ========
Net income (loss) allocated to
general partner $ (5,185) $ (5,960)
======== ========
Net income (loss) per BAC $ (.13) $ (.15)
======== ========
The accompanying notes are an integral part of these statements.
3
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 21
-----------------------
1999 1998
---- ----
Income
Interest income $ 15,721 $ 15,078
Other income - -
-------- --------
15,721 15,078
-------- --------
Share of income (loss) from Operating
Partnerships (258,066) (349,369)
-------- --------
Expenses
Professional fees 13,137 12,308
Fund management fee (Note C) 25,052 56,460
Organization Costs - -
Amortization 488 4,739
General and administrative expense 11,533 10,159
-------- --------
50,210 83,666
-------- --------
NET INCOME (LOSS) $(292,555) $(417,957)
======== ========
Net income (loss) allocated to
limited partners $(289,629) $(413,777)
======== ========
Net income (loss) allocated to
general partner $ (2,926) $ (4,180)
======== ========
Net income (loss) per BAC $ (.15) $ (.22)
======== ========
The accompanying notes are an integral part of these statements.
39
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 22
-----------------------
1999 1998
---- ----
Income
Interest income $ 6,074 $ 6,633
Other income - -
-------- --------
6,074 6,633
-------- --------
Share of income (loss) from Operating
Partnerships (253,073) (196,179)
-------- --------
Expenses
Professional fees 17,164 20,903
Fund management fee (Note C) 59,539 58,783
Organization Costs 6,559 -
Amortization 3,070 3,135
General and administrative expense 9,964 9,074
-------- --------
96,296 91,895
-------- --------
NET INCOME (LOSS) $(343,295) $(281,441)
======== ========
Net income (loss) allocated to
limited partners $(339,862) $(278,627)
======== ========
Net income (loss) allocated to
general partner $ (3,433) $ (2,814)
======== ========
Net income (loss) per BAC $ (.13) $ (.11)
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 23
-----------------------
1999 1998
---- ----
Income
Interest income $ 1,943 $ 1,575
Other income 150 -
-------- --------
2,093 1,575
-------- --------
Share of income (loss) from Operating
Partnerships (264,218) (243,370)
-------- --------
Expenses
Professional fees 16,000 17,168
Fund management fee (Note C) 46,066 59,566
Organization Costs 13,665 -
Amortization 1,562 3,268
General and administrative expense 9,624 10,687
-------- --------
86,917 90,689
-------- --------
NET INCOME (LOSS) $(349,042) $(332,484)
======== ========
Net income (loss) allocated to
limited partners $(345,552) $(329,159)
======== ========
Net income (loss) allocated to
general partner $ (3,490) $ (3,325)
======== ========
Net income (loss) per BAC $ (.10) $ (.10)
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 24
-----------------------
1999 1998
---- ----
Income
Interest income $ 4,499 $ 4,254
Other income - -
-------- --------
4,499 4,254
-------- --------
Share of income (loss) from Operating
Partnerships (307,392) (342,873)
-------- --------
Expenses
Professional fees 16,458 17,724
Fund management fee (Note C) 57,838 39,287
Organization Costs 16,225 -
Amortization 2,551 3,245
General and administrative expense 7,854 8,219
-------- --------
100,926 68,475
-------- --------
NET INCOME (LOSS) $(403,819) $(407,094)
======== ========
Net income (loss) allocated to
limited partners $(399,781) $(403,023)
======== ========
Net income (loss) allocated to
general partner $ (4,038) $ (4,071)
======== ========
Net income (loss) per BAC $ (.18) $ (.19)
======== ========
The accompanying notes are an integral part of these statements.
42
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 25
-----------------------
1999 1998
---- ----
Income
Interest income $ 12,784 $ 12,378
Other income - -
-------- --------
12,784 12,378
-------- --------
Share of income (loss) from Operating
Partnerships (381,809) (205,850)
-------- --------
Expenses
Professional fees 17,290 19,377
Fund management fee (Note C) 60,819 72,469
Organization Costs 15,732 -
Amortization 3,805 2,622
General and administrative expense 12,314 12,760
-------- --------
109,960 107,228
-------- --------
NET INCOME (LOSS) $(478,985) $(300,700)
======== ========
Net income (loss) allocated to
limited partners $(474,195) $(297,693)
======== ========
Net income (loss) allocated to
general partner $ (4,790) $ (3,007)
======== ========
Net income (loss) per BAC $ (.16) $ (.19)
======== ========
The accompanying notes are an integral part of these statements.
43
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 26
-----------------------
1999 1998
---- ----
Income
Interest income $ 22,620 $ 45,070
Other income - -
-------- --------
22,620 45,070
-------- --------
Share of income (loss) from Operating
Partnerships (217,892) (307,368)
-------- --------
Expenses
Professional fees 24,646 33,758
Fund management fee (Note C) 93,835 79,830
Organization Costs 37,863 -
Amortization 4,340 4,733
General and administrative expense 16,040 29,052
-------- --------
176,724 147,373
-------- --------
NET INCOME (LOSS) $(372,003) $(409,671)
======== ========
Net income (loss) allocated to
limited partners $(368,283) $(405,574)
======== ========
Net income (loss) allocated to
general partner $ (3,720) $ (4,097)
======== ========
Net income (loss) per BAC $ (.09) $ (.10)
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 27
-----------------------
1999 1998
---- ----
Income
Interest income $ 5,197 $ 24,349
Other income - -
-------- --------
5,197 24,349
-------- --------
Share of income (loss) from Operating
Partnerships (288,571) (186,863)
-------- --------
Expenses
Professional fees 14,238 15,647
Fund management fee (Note C) 74,639 73,527
Organization Cost 34,925 -
Amortization - 3,881
General and administrative expense 10,723 14,521
-------- --------
134,525 107,576
-------- --------
NET INCOME (LOSS) $(417,899) $(270,090)
======== ========
Net income (loss) allocated to
limited partners $(413,720) $(267,389)
======== ========
Net income (loss) allocated to
general partner $ (4,179) $ (2,701)
======== ========
Net income (loss) per BAC $ (.17) $ (.11)
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 28
--------------------------
1999 1998
---- ----
Income
Interest income $ 68,913 $ 211,926
Other income - -
-------- --------
68,913 211,926
-------- --------
Share of income (loss) from
Operating Partnerships (319,392) (84,834)
-------- --------
Expenses
Professional fees 24,028 29,171
Fund management fee (Note C) 70,649 70,977
Organization Costs 50,815 -
Amortization - 5,081
General and administrative expense 31,813 56,659
-------- --------
177,305 161,888
-------- --------
NET INCOME (LOSS) $(427,784) $ (34,796)
======== ========
Net income (loss) allocated to
limited partners $(423,506) $ (34,448)
======== ========
Net income (loss) allocated to
general partner $ (4,278) $ (348)
======== ========
Net income (loss) per BAC $ (.11) $ (.01)
======== ========
The accompanying notes are an integral part of these statements.
46
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 29
--------------------------
1999 1998
---- ----
Income
Interest income $ 56,910 $ 195,739
Other income - -
-------- --------
56,910 195,739
-------- --------
Share of income (loss) from
Operating Partnerships (381,906) (90,506)
-------- --------
Expenses
Professional fees 23,898 26,094
Fund management fee (Note C) 82,494 69,216
Organization Costs 45,644 -
Amortization - 2,778
General and administrative expense 25,398 48,439
-------- --------
177,434 146,527
-------- --------
NET INCOME (LOSS) $(502,430) $ (41,294)
======== ========
Net income (loss) allocated to
limited partners $(497,406) $ (40,880)
======== ========
Net income (loss) allocated to
general partner $ (5,024) $ (414)
======== ========
Net income (loss) per BAC $ (.12) $ (.01)
======== ========
The accompanying notes are an integral part of these statements.
47
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 30
------------------------
1999 1998
---- ----
Income
Interest income $ 54,810 $ 113,023
Other income - -
-------- --------
54,810 113,023
-------- --------
Share of income (loss) from
Operating Partnerships (30,907) (7,693)
-------- --------
Expenses
Professional fees 22,009 19,611
Fund management fee (Note C) 48,026 35,037
Organization Costs 45,037 -
Amortization - 3,464
General and administrative expense 22,235 33,942
-------- --------
137,307 92,054
-------- --------
NET INCOME (LOSS) $(113,404) $ 13,276
======== ========
Net income (loss) allocated to
limited partners $(112,270) $ 13,143
======== ========
Net income (loss) allocated to
general partner $ (1,134) $ 133
======== ========
Net income (loss) per BAC $ (.05) $ -
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 31
------------------------
1999 1998
---- ----
Income
Interest income $ 64,484 $ 311,911
Other income - -
-------- --------
64,484 311,911
-------- --------
Share of income (loss) from
Operating Partnerships (375,349) (84,361)
-------- --------
Expenses
Professional fees 24,822 29,575
Fund management fee (Note C) 92,874 63,381
Organization Costs 47,959 -
Amortization - 3,426
General and administrative expense 24,675 53,789
-------- --------
190,330 150,171
-------- --------
NET INCOME (LOSS) $(501,195) $ 77,739
======== ========
Net income (loss) allocated to
limited partners $(496,183) $ 76,605
======== ========
Net income (loss) allocated to $ (5,012) $ 774
general partner ======== ========
Net income (loss) per BAC $ (.11) $ .02
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 32
---------------------------
1999 1998
---- ----
Income
Interest income $ 98,510 $ 209,445
Other income - -
-------- --------
98,510 209,445
-------- --------
Share of income (loss) from Operating
Partnerships (20,843) (7,649)
-------- --------
Expenses
Professional fees 21,587 12,003
Fund management fee (Note C) 85,067 65,662
Organization Costs 47,452 -
Amortization - 8,897
General and administrative expense 38,554 77,129
------- --------
192,660 163,691
-------- --------
NET INCOME (LOSS) $(114,993) $ 38,105
======== ========
Net income (loss) allocated to
limited partners $(113,843) $ 37,724
======== ========
Net income (loss) allocated to
general partner $ (1,150) $ 381
======== ========
Net income (loss) per BAC $ (.02) $ .01
======== ========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 33
--------------------------
1999 1998
---- ----
Income
Interest income $ 95,422 $ 17,595
Other income - -
-------- --------
95,422 17,595
-------- --------
Share of income (loss) from Operating
Partnerships 56,128 -
-------- --------
Expenses
Professional fees 16,290 -
Fund management fee (Note C) 28,532 4,086
Organization Costs 79,116 -
Amortization - -
General and administrative expense 30,517 12,953
------- --------
154,455 17,039
-------- --------
NET INCOME (LOSS) $ (2,905) $ 556
======== ========
Net income (loss) allocated to
limited partners $ (2,876) $ 550
======== ========
Net income (loss) allocated to
general partner $ (29) $ 6
======== ========
Net income (loss) per BAC $ - $ -
======== ========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 34* Series 35*
---------- ----------
1999 1999
---- ----
Income
Interest income $ 122,245 $ 156,771
Other income - -
-------- ---------
122,245 156,771
-------- ---------
Share of income (loss) from
Operating Partnerships (20,338) -
-------- ---------
Expenses
Professional fees 23,698 18,883
Fund management fee (Note C) 67,655 40,050
Organization Costs 104,919 122,157
Amortization - -
General and administrative expense 40,148 64,623
-------- ---------
236,420 245,713
-------- ---------
NET INCOME (LOSS) $(134,513) $ (88,942)
======== =========
Net income (loss) allocated to
limited partners $(133,167) $ (88,053)
======== =========
Net income (loss) allocated to $ (1,346) $ (889)
general partner ======== =========
Net income (loss) per BAC $ (.04) $ (.03)
======== =========
* Series 34 and 35 did not commence operations until after September 30, 1998,
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 36*
----------
1999
------
Income
Interest income $ 20,277
Other income -
--------
20,277
--------
Share of income (loss) from
Operating Partnerships -
--------
Expenses
Professional fees 4,670
Fund management fee (Note C) -
Organization Costs -
Amortization -
General and administrative expense 16,597
--------
21,267
--------
NET INCOME (LOSS) $ (990)
========
Net income (loss) allocated to
limited partners $ (980)
========
Net income (loss) allocated to $ (10)
general partner ========
Net income (loss) per BAC $
========
* Series 36 did not commence operations until after September 30, 1998,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
1999 1998
---- ----
Income
Interest income $ 1,585,319 $ 2,244,765
Other income 6,900 1,500
---------- ----------
1,592,219 2,246,265
---------- ----------
Share of income (loss) from
Operating Partnerships (6,870,615) (5,471,178)
---------- ----------
Expenses
Professional fees 459,370 415,477
Fund management fee (Note C) 1,898,732 1,636,713
Organization Costs 685,561 -
Amortization 30,349 102,307
General and administrative expenses 748,670 718,693
---------- ----------
3,822,682 2,873,190
---------- ----------
NET INCOME (LOSS) $(9,101,078) $(6,098,103)
========== ==========
Net income (loss) allocated to
limited partners $(9,010,067) $(6,037,124)
========== ==========
Net income (loss) allocated to
general partner $ (91,011) $ (60,979)
========== ==========
Net income (loss) per BAC $ (2.92) $ (2.12)
========== ==========
The accompanying notes are an integral part of these statements.
54
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 20
-----------------------
1999 1998
---- ----
Income
Interest income $ 9,299 $ 6,677
Other income 6,750 -
-------- ---------
16,049 6,677
-------- ---------
Share of income (loss) from Operating
Partnerships (814,333) (1,119,184)
-------- ---------
Expenses
Professional fees 28,572 26,181
Fund management fee (Note C) 126,403 186,926
Organization Costs 10,607 -
Amortization 1,786 11,642
General and administrative expense 18,775 21,121
-------- ---------
186,143 245,870
-------- ---------
NET INCOME (LOSS) $(984,427) $(1,358,377)
======== =========
Net income (loss) allocated to
limited partners $(974,583) $(1,344,794)
======== =========
Net income (loss) allocated to
general partner $ (9,844) $ (13,583)
======== =========
Net income (loss) per BAC $ (.25) $ (.35)
======== =========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 21
-----------------------
1999 1998
---- ----
Income
Interest income $ 30,577 $ 38,131
Other income - -
-------- --------
30,577 38,131
-------- --------
Share of income (loss) from Operating
Partnerships (568,000) (534,637)
-------- --------
Expenses
Professional fees 20,114 19,665
Fund management fee (Note C) 81,512 98,920
Organization Costs - -
Amortization 977 9,479
General and administrative expense 21,133 23,950
-------- --------
123,736 152,014
-------- --------
NET INCOME (LOSS) $(661,159) $(648,520)
======== ========
Net income (loss) allocated to
limited partners $(654,547) $(642,035)
======== ========
Net income (loss) allocated to
general partner $ (6,612) $ (6,485)
======== ========
Net income (loss) per BAC $ (.35) $ (.34)
======== ========
The accompanying notes are an integral part of these statements.
56
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 22
-----------------------
1999 1998
---- ----
Income
Interest income $ 11,421 $ 16,039
Other income - 1,500
-------- --------
11,421 17,539
-------- --------
Share of income (loss) from Operating
Partnerships (446,727) (332,495)
-------- --------
Expenses
Professional fees 25,285 28,496
Fund management fee (Note C) 119,406 119,526
Organization Costs 9,694 -
Amortization 3,070 6,269
General and administrative expense 17,695 18,033
-------- --------
175,150 172,324
-------- --------
NET INCOME (LOSS) $(610,456) $(487,280)
======== ========
Net income (loss) allocated to
limited partners $(604,351) $(482,407)
======== ========
Net income (loss) allocated to
general partner $ (6,105) $ (4,873)
======== ========
Net income (loss) per BAC $ (.24) $ (.19)
======== ========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 23
-----------------------
1999 1998
---- ----
Income
Interest income $ 4,660 $ 10,978
Other income 150 -
-------- --------
4,810 10,978
-------- --------
Share of income (loss) from Operating
Partnerships (532,506) (509,233)
-------- --------
Expenses
Professional fees 21,824 25,113
Fund management fee (Note C) 96,402 118,382
Organization Costs 16,933 -
Amortization 3,124 6,536
General and administrative expense 17,025 19,772
-------- --------
155,308 169,803
-------- --------
NET INCOME (LOSS) $(683,004) $(668,058)
======== ========
Net income (loss) allocated to
limited partners $(676,174) $(661,377)
======== ========
Net income (loss) allocated to
general partner $ (6,830) $ (6,681)
======== ========
Net income (loss) per BAC $ (.20) $ (.20)
======== ========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 24
-----------------------
1999 1998
---- ----
Income
Interest income $ 8,898 $ 9,743
Other income - -
-------- --------
8,898 9,743
-------- --------
Share of income (loss) from Operating
Partnerships (744,096) (707,384)
-------- --------
Expenses
Professional fees 23,132 25,962
Fund management fee (Note C) 78,820 97,574
Organization Costs 19,470 -
Amortization 5,102 6,490
General and administrative expense 17,844 15,531
-------- -------
144,368 145,557
-------- --------
NET INCOME (LOSS) $(879,566) $(843,198)
======== ========
Net income (loss) allocated to
limited partners $(870,770) $(834,766)
======== ========
Net income (loss) allocated to
general partner $ (8,796) $ (8,432)
======== ========
Net income (loss) per BAC $ (.40) $ (.38)
======== ========
The accompanying notes are an integral part of these statements.
59
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 25
-----------------------
1999 1998
---- ----
Income
Interest income $ 25,417 $ 33,697
Other income - -
-------- --------
25,417 33,697
-------- --------
Share of income (loss) from Operating
Partnerships (865,403) (834,491)
-------- --------
Expenses
Professional fees 23,792 28,283
Fund management fee (Note C) 111,988 136,838
Organization Costs 18,354 -
Amortization 7,609 5,244
General and administrative expense 22,209 27,138
-------- --------
183,952 197,503
-------- --------
NET INCOME (LOSS) $(1,023,938) $(998,297)
========= ========
Net income (loss) allocated to
limited partners $(1,013,699) $(988,314)
========= ========
Net income (loss) allocated to
general partner $ (10,239) $ (9,983)
========= ========
Net income (loss) per BAC $ (.33) $ (.33)
========= ========
The accompanying notes are an integral part of these statements.
60
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 26
-----------------------
1999 1998
---- ----
Income
Interest income $ 45,431 $ 171,498
Other income - -
--------- --------
45,431 171,498
--------- --------
Share of income (loss) from Operating
Partnerships (434,107) (639,699)
--------- --------
Expenses
Professional fees 38,238 47,076
Fund management fee (Note C) 166,106 168,660
Organization Costs 42,595 -
Amortization 8,681 9,465
General and administrative expense 30,538 71,511
--------- --------
286,158 296,712
--------- --------
NET INCOME (LOSS) $ (674,834) $(764,913)
========= ========
Net income (loss) allocated to
limited partners $ (668,086) $(757,264)
========= ========
Net income (loss) allocated to
general partner $ (6,748) $ (7,649)
========= ========
Net income (loss) per BAC $ (.17) $ (.19)
========= ========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 27
-----------------------
1999 1998
---- ----
Income
Interest income $ 11,707 $ 69,306
Other income - -
-------- --------
11,707 69,306
-------- --------
Share of income (loss) from Operating
Partnerships (457,666) (315,720)
-------- --------
Expenses
Professional fees 19,954 25,435
Fund management fee (Note C) 138,754 149,356
Organization Cost 38,806 -
Amortization - 7,761
General and administrative expense 16,669 32,883
-------- --------
(214,183) 215,435
-------- --------
NET INCOME (LOSS) $(660,142) $(461,849)
======== ========
Net income (loss) allocated to
limited partners $(653,541) $(457,231)
======== ========
Net income (loss) allocated to
general partner $ (6,601) $ (4,618)
======== ========
Net income (loss) per BAC $ (.27) $ (.19)
======== ========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 28
--------------------------
1999 1998
---- ----
Income
Interest income $ 139,977 $ 405,291
Other income - -
-------- --------
139,977 405,291
-------- --------
Share of income (loss) from
Operating Partnerships (473,070) (132,831)
-------- --------
Expenses
Professional fees 34,251 47,630
Fund management fee (Note C) 146,726 140,154
Organization Costs 55,896 -
Amortization - 10,163
General and administrative expense 64,119 127,413
-------- --------
300,992 325,360
-------- --------
NET INCOME (LOSS) $(634,085) $ (52,900)
======== ========
Net income (loss) allocated to
limited partners $(627,744) $ (52,371)
======== ========
Net income (loss) allocated to
general partner $ (6,341) $ (529)
======== ========
Net income (loss) per BAC $ (.16) $ (.01)
======== ========
The accompanying notes are an integral part of these statements.
63
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 29
--------------------------
1999 1998
---- ----
Income
Interest income $ 123,106 $ 355,271
Other income - -
-------- --------
123,106 355,271
-------- --------
Share of income (loss) from
Operating Partnerships (645,632) (201,469)
-------- --------
Expenses
Professional fees 33,334 42,499
Fund management fee (Note C) 149,204 138,434
Organization Costs 49,448 -
Amortization - 6,581
General and administrative expense 56,237 89,202
-------- --------
288,223 276,716
-------- --------
NET INCOME (LOSS) $(810,749) $(122,914)
======== ========
Net income (loss) allocated to
limited partners $(802,642) $(121,685)
======== ========
Net income (loss) allocated to
general partner $ (8,107) $ (1,229)
======== ========
Net income (loss) per BAC $ (.12) $ (.03)
======== ========
The accompanying notes are an integral part of these statements.
64
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 30
------------------------
1999 1998
---- ----
Income
Interest income $ 124,237 $ 273,666
Other income - -
-------- --------
124,237 273,666
-------- --------
Share of income (loss) from
Operating Partnerships (82,778) 33,782
-------- --------
Expenses
Professional fees 32,233 31,193
Fund management fee (Note C) 86,039 65,396
Organization Costs 48,501 -
Amortization - 6,929
General and administrative expense 50,051 66,078
-------- --------
216,824 169,596
-------- --------
NET INCOME (LOSS) $(175,365) $ 137,852
======== ========
Net income (loss) allocated to
limited partners $(173,611) $ 136,473
======== ========
Net income (loss) allocated to
general partner $ (1,754) $ 1,379
======== ========
Net income (loss) per BAC $ (.07) $ .05
======== ========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 31
------------------------
1999 1998
---- ----
Income
Interest income $ 130,258 $ 517,075
Other income - -
--------- --------
130,258 517,075
--------- --------
Share of income (loss) from
Operating Partnerships (984,633) (156,370)
--------- --------
Expenses
Professional fees 35,531 50,315
Fund management fee (Note C) 182,598 126,762
Organization Costs 51,385 -
Amortization - 6,851
General and administrative 49,374 99,654
--------- --------
318,888 283,582
--------- --------
NET INCOME (LOSS) $(1,173,263) $ 77,123
========= ========
Net income (loss) allocated to
limited partners $(1,161,530) $ 76,352
========= ========
Net income (loss) allocated to $ (11,733) $ 771
general partner ========= ========
Net income (loss) per BAC $ (.26) $ .02
========= ========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 32
---------------------------
1999 1998
---- ----
Income
Interest income $ 229,312 $ 319,798
Other income - -
-------- --------
229,312 319,798
-------- --------
Share of income (loss) from Operating
Partnerships 65,164 (21,447)
-------- --------
Expenses
Professional fees 33,591 17,629
Fund management fee (Note C) 153,113 85,699
Organization Costs 50,418 -
Amortization - 8,897
General and administrative expense 76,829 93,454
------- --------
313,951 205,679
-------- --------
NET INCOME (LOSS) $ (19,475) $ 92,672
======== ========
Net income (loss) allocated to
limited partners $ (19,280) $ 91,745
======== ========
Net income (loss) allocated to
general partner $ (195) $ 927
======== ========
Net income (loss) per BAC $ (.06) $ .02
======== ========
The accompanying notes are an integral part of these statements.
67
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 33
------------------------
1999 1998
---- ----
Income
Interest income $ 196,891 $ 17,595
Other income - -
-------- --------
196,891 17,595
-------- --------
Share of income (loss) from Operating
Partnerships 133,510 -
-------- --------
Expenses
Professional fees 25,760 -
Fund management fee (Note C) 83,249 4,086
Organization Costs 83,771 -
Amortization - -
General and administrative expense 68,394 12,953
------- --------
261,174 17,039
-------- --------
NET INCOME (LOSS) $ 69,227 $ 556
======== ========
Net income (loss) allocated to
limited partners $ 68,535 $ 550
======== ========
Net income (loss) allocated to
general partner $ 692 $ 6
======== ========
Net income (loss) per BAC $ .03 $ -
======== ========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 34* Series 35*
---------- ----------
1999 1999
---- ----
Income
Interest income $ 245,196 $ 228,655
Other income - -
-------- ---------
245,196 228,655
-------- ---------
Share of income (loss) from
Operating Partnerships (20,338) -
-------- ---------
Expenses
Professional fees 35,263 23,826
Fund management fee (Note C) 115,315 63,097
Organization Costs 110,441 79,242
Amortization - -
General and administrative expense 83,024 122,157
-------- ---------
344,043 288,322
-------- ---------
NET INCOME (LOSS) $(119,185) $ (59,667)
======== =========
Net income (loss) allocated to
limited partners $(117,993) $ (59,070)
======== =========
Net income (loss) allocated to $ (1,192) $ (597)
general partner ======== =========
Net income (loss) per BAC $ (.03) $ (.01)
======== =========
* Series 34 and 35 did not commence operations until after September 30, 1998,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 36*
----------
1999
------
Income
Interest income $ 20,277
Other income -
--------
20,277
--------
Share of income (loss) from
Operating Partnerships -
--------
Expenses
Professional fees 4,670
Fund management fee (Note C) -
Organization Costs -
Amortization -
General and administrative expense 16,597
--------
21,267
--------
NET INCOME (LOSS) $ (990)
========
Net income (loss) allocated to
limited partners $ (980)
========
Net income (loss) allocated to $ (10)
general partner ========
Net income (loss) per BAC $ -
========
* Series 36 did not commence operations until after September 30, 1998,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of these statements.
7
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Partners' capital
(deficit),
April 1, 1999 $377,341,887 $(501,370) $226,994 $377,067,511
Capital contribu-
tions 47,036,000 - - 47,036,000
Selling commissions
and registration
costs (6,834,491) - - (6,834,491)
Net income (loss) (9,010,067) (91,011) (9,101,078)
----------- -------- ------- -----------
Partners' capital
(deficit),
September 30, 1999
$408,533,329 $(592,381) $226,994 $408,167,942
=========== ======== ======= ===========
The accompanying notes are an integral part of these statements.
71
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Series 20
- --------
Partners' capital
(deficit),
April 1, 1999 $20,284,905 $(129,006) $ - $20,155,899
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (974,583) (9,844) - (984,427)
---------- -------- ------- ----------
Partners' capital
(deficit),
September 30, 1999 $19,310,322 $(138,850) $ - $19,171,472
========== ======== ======= ==========
Series 21
- --------
Partners' capital
(deficit),
April 1, 1999 $ 8,667,497 $ (76,038) $ 5,498 $ 8,596,957
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (654,547) (6,612) - (661,159)
---------- -------- -------- ----------
Partners' capital
(deficit),
September 30, 1999 $ 8,012,950 $ (82,650) $ 5,498 $ 7,935,798
========== ======== ======== ==========
The accompanying notes are an integral part of these statements.
7
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Series 22
- --------
Partners' capital
(deficit),
April 1, 1999 $15,084,797 $ (68,922) $ 1,925 $15,017,800
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (604,351) (6,105) - (610,456)
---------- -------- ------ ----------
Partners' capital
(deficit),
September 30, 1999 $14,480,446 $ (75,027) $ 1,925 $14,407,344
========== ======== ======= ==========
Series 23
- --------
Partners' capital
(deficit),
April 1, 1999 $22,208,044 $ (63,400) $ - $22,144,644
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (676,174) (6,830) - (683,004)
---------- -------- ------- ----------
Partners' capital
(deficit),
September 30, 1999 $21,531,870 $ (70,230) $ - $21,461,640
========== ======== ======= ==========
The accompanying notes are an integral part of these statements
73
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Series 24
- --------
Partners' capital
(deficit),
April 1, 1999 $14,201,933 $ (43,716) $ 1,329 $14,159,546
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (870,770) (8,796) - (879,566)
---------- -------- ------- ----------
Partners' capital
(deficit),
September 30, 1999 $13,331,163 $ (52,512) $ 1,329 $13,279,980
========== ======== ======= ==========
Series 25
- --------
Partners' capital
(deficit),
April 1, 1999 $21,349,087 $ (44,397) $ 3,826 $21,308,516
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (1,013,699) (10,239) - (1,023,938)
---------- -------- ------- ----------
Partners' capital
(deficit),
September 30, 1999 $20,335,388 $ (54,636) $ 3,826 $20,284,578
========== ======== ======= ==========
The accompanying notes are an integral part of these statements.
7
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- ------------- -----
Series 26
- --------
Partners' capital
(deficit),
April 1, 1999 $31,085,523 $(29,727) $ 6,526 $31,062,322
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (3,245) - - (3,245)
Net income (loss) (668,086) (6,748) - (674,834)
---------- ------- ------- ----------
Partners' capital
(deficit),
September 30, 1999 $30,414,192 $ (36,475) $ 6,526 $30,384,243
========== ======= ======= ==========
Series 27
- --------
Partners' capital
(deficit),
April 1, 1999 $18,142,362 $ (25,276) $ 1,683 $18,118,769
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (653,541) (6,601) - (660,142)
--------- ------- ------- ----------
Partners' capital
(deficit),
September 30, 1999 $17,488,821 $(31,877) $ 1,683 $17,458,627
========== ======= ======= ==========
The accompanying notes are an integral part of these statements.
75
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- ------------- -----
Series 28
- --------
Partners' capital
(deficit),
April 1, 1999 $34,013,990 $(3,685) $ 30,722 $34,041,027
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (1,977) - - (1,977)
Net income (loss) (627,744) (6,341) - (634,085)
---------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1999 $33,384,269 $(10,026) $ 30,722 $33,404,965
========== ====== ======= ==========
Series 29
- --------
Partners' capital
(deficit),
April 1, 1999 $32,431,904 $(16,900) $ 26,243 $32,441,247
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (2,256) - - (2,256)
Net income (loss) (802,642) (8,107) - (810,749)
---------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1999 $31,627,006 $(25,007) $ 26,243 $31,628,242
========== ====== ======= ==========
The accompanying notes are an integral part of these statements.
7
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- ------------- -----
Series 30
- --------
Partners' capital
(deficit),
April 1, 1999 $22,733,909 $ 264 $ 24,870 $22,759,043
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (2,121) - - (2,121)
Net income (loss) (173,611) (1,754) - (175,365)
---------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1999 $22,558,177 $(1,490) $ 24,870 $22,581,557
========== ====== ======= ==========
Series 31
- --------
Partners' capital
(deficit),
April 1, 1999 $37,405,408 $(5,325) $ 18,138 $37,418,221
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (6,555) - - (6,555)
Net income (loss) (1,161,530) (11,733) - (1,173,263)
---------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1999 $36,237,323 $(17,058) $ 18,138 $ 36,238,403
========== ======= ======= ==========
The accompanying notes are an integral part of these statements.
77
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- ------------ -----
Series 32
- --------
Partners' capital
(deficit),
April 1, 1999 $40,911,216 $ 2,486 $ 36,054 $40,949,756
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (27,037) - - (27,037)
Net income (loss) (19,280) (195) - (19,475)
---------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1999 $40,864,899 $ 2,291 $ 36,054 $40,903,244
========== ====== ======= ==========
Series 33
- --------
Partners' capital
(deficit),
April 1, 1999 $22,776,691 $ 1,941 $ 35,318 $22,813,950
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (6,154) - - (6,154)
Net income (loss) 68,535 692 - 69,227
---------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1999 $22,839,072 $ 2,633 $ 35,318 $22,877,023
========== ====== ======= ==========
The accompanying notes are an integral part of these statements.
78
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Series 34
- --------
Partners' capital
(deficit),
April 1, 1999 $30,136,760 $ 399 $ 33,283 $ 30,170,442
Capital contribu-
tions
Selling commissions
and registration
costs (53,843) - - (53,843)
Net income (loss) (117,993) (1,192) - (119,185)
---------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1999 $29,964,924 $ (793) $ 33,283 $29,997,414
========== ====== ======= ==========
Series 35
- --------
Partners' capital
(deficit),
April 1, 1999 $ 5,907,861 $ (68) $ 1,579 $ 5,909,372
Capital contribu- 25,962,625 - - 25,962,625
tions
Selling commissions
and registration
costs (3,667,365) - - (3,667,365)
Net income (loss) (59,070) (597) - (59,667)
---------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1999 $28,144,051 $ (665) $ 1,579 $28,144,965
========== ====== ======= ==========
79
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Series 36
- --------
Partners' capital
(deficit),
April 1, 1999 $ - $ - $ - $ -
Capital contribu-
tions 21,073,375 - - 21,073,375
Selling commissions
and registration
costs (3,063,938) - - (3,063,938)
Net income (loss) (980) (10) - (990)
---------- ------ ------- ----------
Partners' capital
(deficit),
September 30, 1999 $18,008,457 $ (10) $ - $18,008,447
========== ====== ======= ==========
8
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $(9,101,078) $ (6,098,103)
Adjustments
Amortization 30,434 102,307
Distributions from
Operating Partnerships 52,874 (17,199)
Share of loss from Operating
Partnerships 6,870,615 5,471,178
Changes in assets and liabilities
Decrease (Increase) in
organization costs 623,193 (93,078)
(Decrease) Increase in accounts
payable and accrued expenses 750,624 (1,618,217)
Decrease (Increase) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (7,589,520) (1,055,498)
(Decrease) Increase in accounts
payable affiliates 879,682 763,852
Fleet Line (200,000) -
----------- -----------
Net cash (used in) provided by
operating activities (7,683,176) (2,544,758)
----------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (5,216,940) (6,396,438)
Capital contributions paid to
Operating Partnerships (33,189,043) (43,962,830)
Advances to Operating Partnerships 2,157,322 (3,925,104)
Investments 4,517,926 9,076,097
----------- -----------
Net cash (used in) provided by
investing activities (31,730,735) (45,208,275)
----------- -----------
81
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (6,834,491) (8,335,692)
Capital contributions received 46,971,370 61,431,000
Net cash (used in) provided by ----------- -----------
financing activities 40,136,879 53,095,308
----------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 722,968 5,342,275
Cash and cash equivalents, beginning 14,152,267 4,193,020
----------- -----------
Cash and cash equivalents, ending $ 14,875,235 $ 9,535,295
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 23,267,290 $ 26,693,278
=========== ===========
The accompanying notes are an integral part of these statements.
82
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
---------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (984,427) $(1,358,377)
Adjustments
Amortization 1,786 11,642
Distributions from
Operating Partnerships 16,339 28
Share of loss from Operating
Partnerships 814,333 1,119,184
Changes in assets and liabilities
Decrease (Increase) in
organization costs 10,607 -
(Decrease) Increase in accounts
payable and accrued expenses - 304
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 97,282 (243,528)
(Decrease) Increase in accounts
payable affiliates 189,624 189,545
---------- ----------
Net cash (used in) provided by
operating activities 145,544 (281,202)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - -
Capital contributions paid to
Operating Partnerships - (97,460)
Advances to Operating Partnerships - -
Investments - 373,276
---------- ----------
Net cash (used in) provided by
investing activities - 275,816
---------- ----------
83
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
----------------------------
1999 1998
---- ----
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 145,544 (5,386)
Cash and cash equivalents, beginning 223,286 198,679
---------- ----------
Cash and cash equivalents, ending $ 368,830 $ 193,293
========== ==========
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.
84
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $(661,159) $ (648,520)
Adjustments
Amortization 977 9,479
Distributions from
Operating Partnerships - (18,859)
Share of loss from Operating
Partnerships 568,000 534,637
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses - 121
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 562 534
(Decrease) Increase in accounts
payable affiliates 112,920 112,920
---------- ----------
Net cash (used in) provided by
operating activities 21,300 (9,688)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - -
Capital contributions paid to
Operating Partnerships - (11,209)
Advances to Operating Partnerships - -
Investments 19,194 179,689
---------- ----------
Net cash (used in) provided by
investing activities 19,194 168,480
---------- ----------
85
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
-------------------------
1999 1998
---- ----
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 40,494 158,792
Cash and cash equivalents, beginning 204,141 171,025
---------- ----------
Cash and cash equivalents, ending $ 244,635 $ 329,817
========== ==========
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.
86
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (610,456) $ (487,280)
Adjustments
Amortization 3,070 6,269
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 446,727 332,495
Changes in assets and liabilities
Decrease (Increase) in
organization costs 9,694 -
(Decrease) Increase in accounts
payable and accrued expenses - -
Decrease (Increase ) in prepaid
expenses - 959
Decrease (Increase) in accounts
receivable 155 241,109
(Decrease) Increase in accounts
payable affiliates 127,296 123,787
---------- ----------
Net cash (used in) provided by
operating activities (23,514) 217,339
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - (1,286)
Capital contributions paid to
Operating Partnerships (2,409) (144,540)
Advances to Operating Partnerships 11,705 -
Investments (26,984) 92,712
---------- ----------
Net cash (used in) provided by
investing activities (17,688) (53,114)
---------- ----------
87
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
---------------------------
1999 1998
---- ----
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 (41,202) 164,225
Cash and cash equivalents, beginning 319,333 99,260
---------- ----------
Cash and cash equivalents, ending $ 278,131 $ 263,485
========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 96,360
========== ==========
The accompanying notes are an integral part of these statements.
8
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (683,004) $ (668,058)
Adjustments
Amortization 3,124 6,536
Distributions from
Operating Partnerships - -
Share of loss from Operating
Partnerships 532,506 509,233
Changes in assets and liabilities
Decrease (Increase) in
organization costs 16,933 -
(Decrease) Increase in accounts
payable and accrued expenses - 267
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 12,063 2,357
(Decrease) Increase in accounts
payable affiliates 120,132 120,132
---------- ----------
Net cash (used in) provided by
operating activities 1,754 (29,533)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - (73)
Capital contributions paid to
Operating Partnerships (274,928) (370,254)
Advances to Operating Partnerships 150,000 -
Investments - 582,680
---------- ----------
Net cash (used in) provided by
investing activities (124,928) 212,353
---------- ----------
8
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
----------------------------
1999 1998
---- ----
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 (123,174) 182,820
Cash and cash equivalents, beginning 610,758 75,562
---------- ----------
Cash and cash equivalents, ending $ 487,584 $ 258,382
========== ==========
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.
90
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (879,566) $ (843,198)
Adjustments
Amortization 5,102 6,490
Distributions from
Operating Partnerships 14,010 -
Share of loss from Operating
Partnerships 744,096 707,384
Changes in assets and liabilities
Decrease (Increase) in
organization costs 19,470 -
(Decrease) Increase in accounts
payable and accrued expenses - (26,842)
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (3,563) (2,366)
(Decrease) Increase in accounts
payable affiliates 116,678 116,574
---------- ----------
Net cash (used in) provided by
operating activities 16,227 (41,958)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (23) (1,554)
Capital contributions paid to
Operating Partnerships (16,242) (109,868)
Advances to Operating Partnerships 16,868 86,665
Investments (66,028) (3,543)
---------- ----------
Net cash (used in) provided by
investing activities (65,425) (28,300)
---------- ----------
91
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
----------------------------
1999 1998
---- ----
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 (49,198) (70,258)
Cash and cash equivalents, beginning 304,564 275,033
---------- ----------
Cash and cash equivalents, ending $ 255,366 $ 204,775
========== ==========
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.
92
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $(1,023,938) $ (998,297)
Adjustments
Amortization 7,609 5,244
Distributions from
Operating Partnerships 4,971 -
Share of loss from Operating
Partnerships 865,403 834,491
Changes in assets and liabilities
Decrease (Increase) in
organization costs 18,354 -
(Decrease) Increase in accounts
payable and accrued expenses - 220
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (1,322) 284,232
(Decrease) Increase in accounts
payable affiliates 136,338 136,338
---------- ----------
Net cash (used in) provided by
operating activities 7,415 262,228
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (23) -
Capital contributions paid to
Operating Partnerships (27,912) (528,026)
Advances to Operating Partnerships 28,028 (11,409)
Investments (53,034) 279,707
---------- ----------
Net cash (used in) provided by
investing activities (52,941) (259,728)
---------- ----------
93
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25
----------------------------
1999 1998
---- ----
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 (45,526) 2,500
Cash and cash equivalents, beginning 660,000 173,979
---------- ----------
Cash and cash equivalents, ending $ 614,474 $ 176,479
========== ==========
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.
9
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 26
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (674,834) $ (764,913)
Adjustments
Amortization 8,681 9,465
Distributions from
Operating Partnerships 9,918 1,632
Share of (income) loss from
Operating Partnerships 434,107 639,699
Changes in assets and liabilities
Decrease (Increase) in
organization costs 42,595 -
(Decrease) Increase in accounts
payable and accrued expenses - 1,351
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 397,209 (2,145,977)
(Decrease) Increase in accounts
payable affiliates 205,896 195,660
---------- ----------
Net cash (used in) provided by
operating activities 423,572 (2,063,083)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (2,439) (58,229)
Capital contributions paid to
Operating Partnerships (1,624,774) (1,028,302)
Advances to Operating Partnerships 70,239 249,765
Investments 499,950 3,126,387
---------- -----------
Net cash (used in) provided by
investing activities (1,057,024) 2,289,621
---------- -----------
95
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 26
----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,245) -
Capital contributions received (64,630) -
Net cash (used in) provided by ---------- ----------
financing activities (67,875) -
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (701,327) 226,538
Cash and cash equivalents, beginning 1,190,003 105,301
---------- ----------
Cash and cash equivalents, ending $ 488,676 $ 331,839
========== ==========
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.
96
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 27
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (660,142) $ (461,849)
Adjustments
Amortization - 7,761
Distributions from
Operating Partnerships 2,872 -
Share of (income) loss from
Operating Partnerships 457,666 315,720
Changes in assets and liabilities
Decrease (Increase) in
organization costs 38,806 -
(Decrease) Increase in accounts
payable and accrued expenses - 12,772
Decrease (Increase) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 10,469 (85,875)
(Decrease) Increase in accounts
payable affiliates 155,754 152,357
---------- ----------
Net cash (used in) provided by
operating activities 5,425 (59,114)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (6,125) (49,775)
Capital contributions paid to
Operating Partnerships (476,557) (1,239,779)
Advances to Operating Partnerships 171,100 57,390
Investments (499,079) 1,239,322
---------- -----------
Net cash (used in) provided by
investing activities (810,661) 7,158
---------- -----------
97
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 27
----------------------------
1999 1998
---- ----
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 (805,236) (51,956)
Cash and cash equivalents, beginning 1,328,141 258,292
---------- ----------
Cash and cash equivalents, ending $ 522,905 $ 206,336
========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 194,342 $ 626,742
========== ==========
The accompanying notes are an integral part of these statements.
98
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 28
-------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (634,085) $ (52,900)
Adjustments
Amortization - 10,163
Distributions from
Operating Partnerships 85 -
Share of (income) loss from
Operating Partnerships 473,070 132,831
Changes in assets and liabilities
Decrease (Increase) in
organization costs 55,896 -
(Decrease) Increase in accounts
payable and accrued expenses - 256
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 202,417 114,933
(Decrease) Increase in accounts
payable affiliates (255,798) -
---------- -----------
Net cash (used in) provided by
operating activities (158,415) 205,283
---------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (19,310) (80,974)
Capital contributions paid to
Operating Partnerships (532,469) (2,860,045)
Advances to Operating Partnerships - 126,575
Investments 1,523,370 2,526,907
---------- -----------
Net cash (used in) provided by
investing activities 971,591 (287,537)
---------- -----------
99
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 28
--------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (1,977) (292)
Capital contributions received - -
Net cash (used in) provided by ---------- -----------
financing activities (1,977) (292)
---------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 811,199 (82,546)
Cash and cash equivalents, beginning 569,820 483,635
---------- -----------
Cash and cash equivalents, ending $ 1,381,019 $ 401,089
========== ===========
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.
10
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 29
------------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (810,749) $ (122,914)
Adjustments
Amortization - 6,581
Distributions from
Operating Partnerships - -
Share of (income) loss from
Operating Partnerships 645,632 201,469
Changes in assets and liabilities
Decrease (Increase) in
organization costs 49,448 -
(Decrease) Increase in accounts
payable and accrued expenses - 520
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 21,146 1,874,092
(Decrease) Increase in accounts
payable affiliates - (1)
---------- -----------
Net cash (used in) provided by
operating activities (94,523) 1,959,747
---------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (74,187) (39,702)
Capital contributions paid to
Operating Partnerships (2,128,337) (4,586,503)
Advances to Operating Partnerships - (2,857,839)
Investments 1,597,445 5,730,278
---------- -----------
Net cash (used in) provided by
investing activities (605,079) (1,753,766)
---------- -----------
10
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 29
----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (2,256) (2,894)
Capital contributions received - -
Net cash (used in) provided by --------- -----------
financing activities (2,256) (2,894)
--------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (701,858) 203,087
Cash and cash equivalents, beginning 1,066,404 305,731
----------- -----------
Cash and cash equivalents, ending $ 364,546 $ 508,818
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 4,637,920
=========== ===========
The accompanying notes are an integral part of these statements.
102
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 30
----------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (175,365) $ 137,852
Adjustments
Amortization - 6,929
Distributions from
Operating Partnerships 4,320 -
Share of (income) loss from
Operating Partnerships 82,778 (33,782)
Changes in assets and liabilities
Decrease (Increase) in
organization costs 48,501 -
(Decrease) Increase in accounts
payable and accrued expenses - -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (281,818) 1,673,794
(Decrease) Increase in accounts
payable affiliates - -
----------- ------------
Net cash (used in) provided by
operating activities (321,584) 1,784,793
----------- ------------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (69,073) (55,652)
Capital contributions paid to
Operating Partnerships (3,927,800) (5,888,604)
Advances to Operating Partnerships 1,329,758 (1,368,796)
Investments 2,690,013 6,239,264
----------- ------------
Net cash (used in) provided by
investing activities 22,898 (1,073,788)
----------- ------------
103
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 30
---------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (2,121) (2,146)
Capital contributions received - -
Net cash (used in) provided by ----------- ----------
financing activities (2,121) (2,146)
----------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (300,807) 708,859
Cash and cash equivalents, beginning 1,339,143 1,162,518
----------- ----------
Cash and cash equivalents, ending $ 1,038,336 $1,871,377
=========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 1,347,407 $1,637,668
=========== ==========
The accompanying notes are an integral part of these statements.
104
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 31
---------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (1,173,263) $ 77,123
Adjustments
Amortization - 6,851
Distributions from
Operating Partnerships 444 -
Share of (income) loss from
Operating Partnerships 984,633 156,370
Changes in assets and liabilities
Decrease (Increase) in
organization costs 51,385 -
(Decrease) Increase in accounts
payable and accrued expenses - 2,155
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (11,725) (864,736)
(Decrease) Increase in accounts
payable affiliates - (399,995)
----------- ------------
Net cash (used in) provided by
operating activities (148,526) (1,022,232)
----------- ------------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (25,136) (100,751)
Capital contributions paid to
Operating Partnerships (1,675,133) (5,677,830)
Advances to Operating Partnerships 317,142 852,996
Investments 1,899,036 5,930,914
----------- ------------
Net cash (used in) provided by
investing activities 515,909 1,005,329
----------- ------------
10
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 31
---------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (6,555) (8,212)
Capital contributions received - -
Net cash (used in) provided by ----------- ----------
financing activities (6,555) (8,212)
----------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 360,828 (25,115)
Cash and cash equivalents, beginning 1,294,456 811,235
----------- ----------
Cash and cash equivalents, ending $ 1,655,284 $ 786,120
=========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 1,229,588
=========== ==========
The accompanying notes are an integral part of these statements.
10
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 32
----------------------------
1999 1998
------ ------
Cash flows from operating activities:
Net income (loss) $ (19,475) $ 92,672
Adjustments
Amortization - 8,897
Distributions from
Operating Partnerships - -
Share of (income) loss from
Operating Partnerships (65,164) 21,447
Changes in assets and liabilities
Decrease (Increase) in
organization costs 50,418 -
(Decrease) Increase in accounts
payable and accrued expenses - (2,275,795)
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (861,218) 1,330,476
(Decrease) Increase in accounts
payable affiliates - (90,995)
----------- -----------
Net cash (used in) provided by
operating activities (895,439) (913,298)
----------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (265,781) (3,596,307)
Capital contributions paid to
Operating Partnerships (5,811,092) (21,120,410)
Advances to Operating Partnerships 1,121,948 5,409,698
Investments 5,675,927 (7,139,862)
----------- -----------
Net cash (used in) provided by
investing activities 721,002 (26,446,881)
----------- -----------
107
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 32
------------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (27,037) (4,770,360)
Capital contributions received - 35,069,000
Net cash (used in) provided by ----------- -----------
financing activities (27,037) 30,298,640
----------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (201,474) 2,938,461
Cash and cash equivalents, beginning 1,625,906 72,770
----------- -----------
Cash and cash equivalents, ending $ 1,424,432 $ 3,011,231
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 3,861,829 $ 9,951,924
=========== ===========
The accompanying notes are an integral part of these statements.
10
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 33
---------------------------
1999 1999
------ ------
Cash flows from operating activities:
Net income (loss) $ 69,227 $ 556
Adjustments
Amortization - -
Distributions from
Operating Partnerships - -
Share of (income) loss from
Operating Partnerships (133,510) -
Changes in assets and liabilities
Decrease (Increase) in
organization costs 83,770 (93,078)
(Decrease) Increase in accounts
payable and accrued expenses - 665,495
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 774,034 (3,234,543)
(Decrease) Increase in accounts
payable affiliates - 107,530
----------- -----------
Net cash (used in) provided by
operating activities 793,521 (2,554,040)
----------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (54,360) (2,412,135)
Capital contributions paid to
Operating Partnerships (2,784,430) (300,000)
Advances to Operating Partnerships - (6,470,149)
Investments 2,748,770 (10,081,634)
----------- -----------
Net cash (used in) provided by
investing activities (90,020) (19,263,918)
----------- -----------
10
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 33
----------------------------
1999 1999
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (6,154) (3,551,788)
Capital contributions received - 26,362,000
Net cash (used in) provided by ----------- -----------
financing activities (6,154) 22,810,212
----------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 697,347 992,254
Cash and cash equivalents, beginning 685,857 -
----------- -----------
Cash and cash equivalents, ending $ 1,383,204 $ 992,254
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 360,920 $ 10,513,076
=========== ===========
The accompanying notes are an integral part of these statements.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 34* Series 35*
------------ ------------
1999 1999
------ ------
Cash flows from operating activities:
Net income (loss) $ (119,185) $ (59,667)
Adjustments
Amortization - -
Distributions from
Operating Partnerships - -
Share of (income) loss from
Operating Partnerships 20,338 -
Changes in assets and liabilities
Decrease (Increase) in
organization costs 110,441 16,875
(Decrease) Increase in accounts
payable and accrued expenses - (399,585)
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 1,335,765 (1,776,207)
(Decrease) Increase in accounts
payable affiliates - (267,393)
Fleet Line of Credit - (200,000)
----------- -----------
Net cash (used in) provided by
operating activities 1,347,359 (2,685,977)
----------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (176,123) (2,563,423)
Capital contributions paid to
Operating Partnerships (5,612,601) (5,412,300)
Advances to Operating Partnerships (1,436,326) 376,860
Investments 4,356,365 (10,836,297)
----------- -----------
Net cash (used in) provided by
investing activities (2,868,685) (18,435,160)
----------- -----------
Series 34 and 35 did not commence operation until after September 30, 1998,
therefore they do not have comparative information to report.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 34* Series 35*
------------- ------------
1999 1999
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (53,843) (3,667,365)
Capital contributions received - 25,962,625
Net cash (used in) provided by ----------- -----------
financing activities (53,843) 22,295,260
----------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,575,169) 1,174,123
Cash and cash equivalents, beginning 2,482,579 247,876
----------- -----------
Cash and cash equivalents, ending $ 907,410 $ 1,421,999
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 3,566,959 $ 9,185,845
=========== ===========
*Series 34 and 35 did not commence operation until after September 30, 1998,
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 36*
--------------
1999
------
Cash flows from operating activities:
Net income (loss) $ (990)
Adjustments
Amortization -
Distributions from
Operating Partnerships -
Share of (income) loss from
Operating Partnerships -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(Decrease) Increase in accounts
payable and accrued expenses 1,150,209
Decrease (Increase ) in prepaid
expenses -
Decrease (Increase) in accounts
receivable (7,504,769)
(Decrease) Increase in accounts
payable affiliates 238,235
-----------
Net cash (used in) provided by
operating activities (6,117,315)
-----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (1,960,937)
Capital contributions paid to
Operating Partnerships (2,882,059)
Advances to Operating Partnerships -
Investments (5,010,722)
-----------
Net cash (used in) provided by
investing activities (9,853,718)
-----------
*Series 36 did not commence operation until after September 30, 1998,
therefore it does not have comparative information to report.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 36*
-------------
1999
----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,063,938)
Capital contributions received 21,073,375
Net cash (used in) provided by -----------
financing activities 18,009,437
-----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 2,038,404
Cash and cash equivalents, beginning -
-----------
Cash and cash equivalents, ending $ 2,038,404
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 4,749,988
===========
*Series 36 did not commence operation until after September 30, 1998,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of these statements
11
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 1999
(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.
Below is a summary of the BACs sold and total equity raised by series as of
September 30, 1999:
Series Closing Date BACs Sold Equity Raised
------ ------------ --------- -------------
Series 20 June 24, 1994 3,866,700 $38,667,000
Series 21 September 30, 1994 1,892,700 $18,927,000
Series 22 December 28, 1994 2,564,400 $25,644,000
Series 23 June 23, 1995 3,336,727 $33,366,000
Series 24 September 22, 1995 2,169,878 $21,697,000
Series 25 December 29, 1995 3,026,109 $30,248,000
Series 26 June 25, 1996 3,995,900 $39,959,000
Series 27 September 17, 1996 2,460,700 $24,607,000
Series 28 January 29, 1997 4,000,738 $39,999,000
Series 29 June 10, 1997 3,991,800 $39,918,000
Series 30 September 10, 1997 2,651,000 $26,490,750
Series 31 January 18, 1998 4,417,857 $44,057,750
Series 32 June 23, 1998 4,754,198 $47,431,000
Series 33 September 21, 1998 2,636,533 $26,362,000
Series 34 January 9, 1999 3,529,319 $35,273,000
Series 35 June 28, 1999 3,300,463 $33,004,630
Series 36 September 28, 1999 2,107,337 $21,073,375
115
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE A - ORGANIZATION (continued)
The Fund commenced offering BACs in Series 37 on September 29, 1999 but had
not admitted any investors as BAC holders as of September 30, 1999. Series 37
had its first closing and admitted investors on October 27, 1999. The Fund is
currently continuing to offer BACs in Series 37.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of September 30, 1999 and for the
three and six months then ended have been prepared by the Fund, without audit,
pursuant to the rules and regulations of the Securities and Exchange
Commission. The Fund accounts for its investments in Operating Partnerships
using the equity method, whereby the Fund adjusts its investment cost for its
share of each Operating Partnership's results of operations and for any
distributions received or accrued. Costs incurred by the Fund in acquiring
the investments in the Operating Partnerships are capitalized to the
investment account.
The Fund's accounting and financial reporting policies are in conformity
with generally accepted accounting principles and include adjustments in
interim periods considered necessary for a fair presentation of the
results of operations. Such adjustments are of a normal recurring
nature. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principals have been condensed or omitted pursuant to such
rules and regulations. It is suggested that these condensed financial
statements be read in conjunction with the financial statements and
notes thereto included in the Fund's Annual Report on Form 10-K.
Investment Securities
- ---------------------
The Fund has determined that all of its investment securities are to be
categorized as securities available for sale. Securities classified as
available for sale are those debt securities that the Fund purchased that may
be liquidated prior to the maturity date should the need arise. These
securities are carried at approximate fair market value. All of the
investments held by the Fund are tax-exempt municipal bonds and Certificates
of Deposit.
The amortized cost of securities available for sale as of September 30, 1999
by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $23,883,860
Due after one year 19,803,133
----------
Total $43,686,993
==========
The fair market value of the securities is $43,459,999. The difference
being an unrealized gain on securities available for sale of $226,994, as
of September 30, 1999.
116
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued)
Amortization
- ------------
The Fund previously amortized organizational costs by series over 60 months,
beginning in the first quarter after the final closing date of each series.
Pursuant to SOP 98-5, all unamortized organization costs as of July 1, 1999
were expensed. Amortization expense for the first quarter of the current
fiscal year has been reclassified to organization expense on the year to date
income statement.
The breakdown of previously incurred organization costs expensed in the
current fiscal year for Series 20, Series 21, Series 22, Series 23, Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31,
Series 32, Series 33, Series 34 and Series 35 is $10,607, $0, $9,694,
$16,933, $19,470, $18,354, $42,595, $38,806, $55,896, $49,448, $48,501,
$51,385, $50,418, $83,771, $110,441 and $16,875, respectively.
On April 1, 1999 the Fund began amortizing unallocated acquisition costs over
330 months for Series 20, Series 21, Series 22, Series 23, Series 24, Series
25 and Series 26. The accumulated amortization of the unallocated acquisition
costs as of September 30, 1999 for Series 20, Series 21, Series 22, Series 23,
Series 24, Series 25 and Series 26 is $1,786, $977, $3,070, $3,124, $5,102,
$7,609 and $8,681, respectively. Other series will begin amortizing
acquisition costs as they complete investing in operating partnerships and are
no longer incurring acquisition costs.
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. as
follows:
For the quarter ended September 30, 1999, Boston Capital Services, Inc.
received $399,630 for Series 36 as Dealer-Manager fees for marketing advice
and investment banking services performed at the time of the Fund's offering
of BACs. Series 20, Series 21, Series 22, Series 23, Series 24, Series 25,
Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32,
Series 33, Series 34 and Series 35 completed payment of all Dealer-Manager
fees prior to the quarter ended September 30, 1999.
Boston Capital Holdings L.P. is entitled to asset acquisition fees for
selecting, evaluating, structuring, negotiating, and closing the Fund's
acquisition of interest in the Operating Partnerships. During the quarter
ended September 30, 1999, Series 36 paid $1,791,205 for acquisition fees to
Boston Capital Holdings Limited Partnership. Series 20, Series 21, Series 22,
Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29
Series 30, Series 31, Series 32, Series 33, Series 34 and Series 35 completed
payment of all acquisition fees prior to the quarter ended September 30, 1999.
11
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (continued)
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.
The fund management fees accrued for the quarters ended September 30, 1999 and
1998 are as follows:
1999 1998
---- ----
Series 20 $ 94,812 $ 94,773
Series 21 56,460 56,460
Series 22 63,648 61,893
Series 23 60,066 60,066
Series 24 58,338 58,287
Series 25 68,169 68,169
Series 26 106,335 97,830
Series 27 78,639 76,526
Series 35 - -
------- -------
$586,467 $574,004
======= =======
The fund management fees paid for the quarters ended September 30, 1999 and
1998 are as follows:
1999 1998
---- ----
Series 28 $ 83,502 $ 70,977
Series 29 84,894 69,216
Series 30 56,027 35,037
Series 31 92,873 63,381
Series 32 85,067 65,662
Series 33 28,532 -
Series 34 67,655 -
Series 35 41,253 -
------- -------
$539,803 $304,273
======= =======
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At September 30, 1999 and 1998 the Fund has limited partnership interests in
342 and 289 Operating Partnerships, respectively, which own or are
constructing apartment complexes.
118
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
The breakdown of Operating Partnerships within the Fund at September 30, 1999
and 1998 is as follows:
1999 1998
---- ----
Series 20 24 24
Series 21 14 14
Series 22 29 29
Series 23 22 22
Series 24 24 24
Series 25 22 22
Series 26 45 42
Series 27 15 14
Series 28 26 25
Series 29 22 19
Series 30 20 15
Series 31 26 25
Series 32 16 11
Series 33 9 3
Series 34 13 -
Series 35 10 -
Series 36 5 -
--- ---
342 289
=== ===
Under the terms of the Fund's investment in each Operating Partnership, the
Fund is required to make capital contributions to the Operating Partnerships.
These contributions are payable in installments over several years upon each
Operating Partnership achieving specified levels of construction and/or
operations. The contributions payable at September 30, 1999 and 1998 are as
follows:
1998 1998
---- ----
Series 20 $ 388,026 $ 454,955
Series 21 709,193 848,917
Series 22 548,232 1,932,656
Series 23 487,851 2,353,855
Series 24 1,269,494 1,408,457
Series 25 2,673,557 2,851,124
Series 26 3,941,356 8,241,899
Series 27 1,685,263 2,898,485
Series 28 3,844,828 4,315,198
Series 29 3,744,337 9,986,453
Series 30 4,119,032 5,426,411
Series 31 6,316,211 12,517,623
Series 32 7,959,703 13,081,735
Series 33 3,856,254 2,622,252
Series 34 11,247,855 -
Series 35 15,452,879 -
Series 36 4,749,988 -
---------- ----------
$73,039,059 $68,976,020
========== ==========
119
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
The Fund's fiscal year ends March 31st for each year, while all the Operating
Partnerships' fiscal years are the calendar Year. Pursuant to the provisions
of each Operating Partnership Agreement, financial results for each of the
Operating Partnerships are provided to the Fund within 45 days after the close
of each Operating Partnership's quarterly period. Accordingly, the current
financial results available for the Operating Partnerships are for the six
months ended June 30, 1999.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30, 1999,
(Unaudited)
Series 20
---------------------------
1999 1998
---- ----
Revenues
Rental $ 4,223,358 $ 4,137,282
Interest and other 233,146 223,844
--------- ---------
4,456,504 4,361,126
--------- ---------
Expenses
Interest 1,593,679 1,593,535
Depreciation and amortization 1,518,784 1,419,299
Operating expenses 2,178,293 2,499,062
--------- ---------
5,290,756 5,511,896
--------- ---------
NET LOSS $ (834,252) $(1,150,770)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (814,333) $(1,119,184)
========= =========
Net loss allocated to
other partners $ (8,343) $ (11,508)
========= =========
Net Loss Suspended $ (11,576) $ (20,078)
========= =========
12
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 21
----------------------------
1999 1998
---- ----
Revenues
Rental $ 2,423,552 $ 2,361,237
Interest and other 102,705 88,237
--------- ---------
2,526,257 2,449,474
--------- ---------
Expenses
Interest 955,836 1,003,691
Depreciation and amortization 620,912 610,922
Operating expenses 1,523,247 1,374,898
--------- ---------
3,099,995 2,989,511
--------- ---------
NET INCOME (LOSS) $ (573,738) $ (540,037)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (568,000) $ (534,637)
========= =========
Net loss allocated to
other partners $ (5,738) $ (5,400)
========= =========
121
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months ended June 30,
(Unaudited)
Series 22
--------------------------
1999 1998
Revenues ---- ----
Rental $2,346,073 $2,162,202
Interest and other 129,614 132,917
--------- ---------
2,475,687 2,295,119
--------- ---------
Expenses
Interest 668,792 640,655
Depreciation and amortization 911,712 742,697
Operating expenses 1,346,424 1,247,620
--------- ---------
2,926,928 2,630,972
--------- ---------
NET INCOME (LOSS) $ (451,241) $ (335,853)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (446,727) $ (332,495)
========= =========
Net loss allocated to
other partners $ (4,514) $ (3,358)
========= =========
122
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 23
----------------------------
1999 1998
Revenues ---- ----
Rental $ 2,683,177 $ 2,601,903
Interest and other 153,823 133,364
---------- ----------
2,837,000 2,735,267
---------- ----------
Expenses
Interest 886,028 899,615
Depreciation and amortization 930,909 920,321
Operating expenses 1,557,947 1,429,709
---------- ----------
3,374,884 3,249,645
---------- ----------
NET LOSS $ (537,884) $ (514,378)
========== ==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (532,506) $ (509,233)
========== ==========
Net loss allocated to
other partners $ (5,378) $ (5,145)
========== ==========
12
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months ended June 30,
(Unaudited)
Series 24
----------------------------
1999 1998
Revenues ---- ----
Rental $ 2,559,273 $2,484,790
Interest and other 69,977 73,600
--------- ---------
2,629,250 2,558,390
--------- ---------
Expenses
Interest 929,701 925,783
Depreciation and amortization 983,778 933,750
Operating expenses 1,467,383 1,413,386
--------- ---------
3,380,862 3,272,919
--------- ---------
NET INCOME (LOSS) $ (751,612) $ (714,529)
========== =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (744,096) $ (707,384)
========== =========
Net loss allocated to
other partners $ (7,516) $ (7,145)
========== =========
124
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 25
--------------------------
1999 1998
Revenues ---- ----
Rental $ 3,513,880 $3,418,414
Interest and other 57,758 82,891
--------- ---------
3,571,638 3,501,305
--------- ---------
Expenses
Interest 1,128,425 1,161,106
Depreciation and amortization 1,038,308 990,203
Operating expenses 2,279,049 2,192,917
--------- ---------
4,445,782 4,344,226
--------- ---------
NET INCOME (LOSS) $ (874,144) $ (842,921)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (865,403) $ (834,491)
========= =========
Net loss allocated to
other partners $ (8,741) $ (8,430)
========= =========
125
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 26
---------------------------
1999 1998
Revenues ---- ----
Rental $4,020,274 $3,188,950
Interest and other 107,258 134,823
--------- ---------
4,127,532 3,323,773
--------- ---------
Expenses
Interest 1,037,440 1,026,309
Depreciation and amortization 1,374,028 1,157,255
Operating expenses 2,154,556 1,786,370
--------- ---------
4,566,024 3,969,934
--------- ---------
NET INCOME (LOSS) $ (438,492) $ (646,161)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (434,107) $ (639,699)
========= =========
Net income (loss) allocated to
other partners $ (4,385) $ (6,462)
========= =========
12
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 27
---------------------------
1999 1998
Revenues ---- ----
Rental $3,059,241 $1,929,135
Interest and other 83,002 86,757
--------- ---------
3,142,243 2,015,892
--------- ---------
Expenses
Interest 1,304,375 788,213
Depreciation and amortization 867,724 350,632
Operating expenses 1,432,433 1,195,956
--------- ---------
3,604,532 2,334,801
--------- ---------
NET INCOME (LOSS) $ (462,289) $ (318,909)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (457,666) $ (315,720)
========= =========
Net income (loss) allocated to
other partners $ (4,623) $ (3,189)
========= =========
127
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 28
---------------------------
1999 1998
Revenues ---- ----
Rental $1,920,688 $1,353,349
Interest and other 51,056 41,133
--------- ---------
1,971,744 1,394,482
--------- ---------
Expenses
Interest 593,414 477,859
Depreciation and amortization 684,296 313,103
Operating expenses 1,171,882 737,693
--------- ---------
2,449,592 1,528,652
--------- ---------
NET LOSS $ (477,848) $ (134,173)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (473,070) $ (132,831)
========= =========
Net loss allocated to
other partners $ (4,778) $ (1,342)
========= =========
12
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 29
--------------------------
1999 1998
Revenues ---- ----
Rental $2,013,532 $ 882,901
Interest and other 78,679 46,692
--------- ---------
2,092,211 929,593
--------- ---------
Expenses
Interest 714,512 304,521
Depreciation and amortization 808,306 109,112
Operating expenses 1,221,547 719,464
--------- ---------
2,744,365 1,133,097
--------- ---------
NET INCOME (LOSS) $ (652,154) $ (203,504)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (645,632) $ (201,469)
========= =========
Net income (loss) allocated to
other partners $ (6,522) $ (2,035)
========= =========
12
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 30
---------------------------
1999 1998
Revenues ---- ----
Rental $ 993,593 $ 577,667
Interest and other 73,440 22,004
--------- ---------
1,067,033 599,671
--------- ---------
Expenses
Interest 208,087 154,853
Depreciation and amortization 251,909 35,827
Operating expenses 690,651 374,868
-------- ---------
1,150,647 565,548
--------- ---------
NET INCOME (LOSS) $ (83,614) $ 34,123
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (82,778) $ 33,782
========= =========
Net income (loss) allocated to
other partners $ (836) $ 341
========= =========
130
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 31
---------------------------
1999 1998
Revenues ---- ----
Rental $2,514,282 $ 653,677
Interest and other 109,949 18,949
--------- ---------
2,624,231 672,626
--------- ---------
Expenses
Interest 1,077,735 212,327
Depreciation and amortization 802,372 78,573
Operating expenses 1,738,703 539,675
--------- ---------
3,618,810 830,575
--------- ---------
NET INCOME (LOSS) $ (994,579) $ (157,949)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (984,633) $ (156,370)
========= =========
Net income (loss) allocated to
other partners $ (9,946) $ (1,579)
========= =========
13
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 32
---------------------------
1999 1998
Revenues ---- ----
Rental $ 884,712 $ 65,772
Interest and other 46,811 1,398
-------- -------
931,523 67,170
-------- ---------
Expenses
Interest 227,296 34,271
Depreciation and amortization 249,851 25,666
Operating expenses 388,554 28,896
-------- ---------
865,701 88,833
--------- ---------
NET INCOME (LOSS) $ 65,822 $ (21,663)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 65,164 $ (21,447)
========= =========
Net income (loss) allocated to
other partners $ 658 $ (216)
========= =========
13
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 33* Series 34*
----------- -----------
1999 1999
Revenues ---- ----
Rental $ 988,661 $ 67,418
Interest and other 103,174 1,325
--------- ---------
1,091,835 68,743
--------- ---------
Expenses
Interest 344,169 22,334
Depreciation and amortizati 285,497 26,752
Operating expenses 327,310 40,200
--------- ---------
956,976 89,286
--------- ---------
NET INCOME (LOSS $ 134,859 $ (20,543)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 133,510 $ (20,338)
========= =========
Net income (loss) allocated to
other partners $ 1,349 $ (205)
========= =========
* The Operating Partnerships in Series 33 and Series 34 did not commence
operations until after June 30, 1998 therefore they do not have comparative
information to report.
** The Operating Partnerships in Series 35 and Series 36 did not commence
operations until after June 30, 1999 therefore they do not have current or
comparative information to report.
13
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Setpember 30, 1999
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating Partnerships for
the six months ended June 30, 1999 and 1998 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, 2000 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.
134
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 (ii)
cash distributions from operations of the Operating Partnerships in which the
Fund has and will invest and (iii) a line of credit. The Fund does not
anticipate significant cash distributions from operations of the Operating
Partnerships.
The Fund has entered into a line of credit financing agreement with Fleet
National Bank whereby the Fund can borrow up to $35 million for up to 90 days
to meet short-term cash needs required for the investment in certain Operating
Partnerships. Under the terms of the agreement, the Fund pledges their
interest in a particular Operating Partnership in order to draw funds from the
line. The repayment of any draws is anticipated to be made once the Fund has
received sufficient Investor proceeds. Repayments on the line are tied to
specific Operating Partnerships, which are then released as collateral by the
bank.
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, $44,057,750,
$47,431,000, $26,362,000, $35,273,000, $33,004,630 and $21,073,375
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, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198,
2,636,533, 3,529,319, 3,300,463 and 2,107,337 BACs from investors admitted as
BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series
25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series
32, Series 33, Series 34, Series 35 and Series 36, 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.
135
During the quarter ended September 30, 1999, none of Series 20 net
offering proceeds had been used to pay capital contributions. Series 20 net
offering proceeds in the amount of $368,830 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
20 has invested in as of September 30, 1999.
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.
During the quarter ended September 30, 1999, none of Series 21 net offering
proceeds had been used to pay capital contributions. Series 21 net offering
proceeds in the amount of $709,193 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships that Series
21 has invested in as of September 30, 1999.
Series 22
- ---------
The Fund commenced offering BACs in Series 22 on October 10, 1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 29 Operating Partnerships in the amount of $18,758,748.
During the quarter ended September 30, 1999, none of Series 22 net offering
proceeds had been used to pay capital contributions. Series 22 net offering
proceeds in the amount of $548,232 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships that Series
22 has invested in as of September 30, 1999.
Series 23
- ---------
The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and
sales of BACs in Series 23 were completed on September 23, 1995. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 22 Operating Partnerships in the amount of $24,352,278.
During the quarter ended September 30, 1999, none of Series 23 net
offering proceeds had been used to pay capital contributions. Series 23 net
offering proceeds in the amount of $487,851 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
23 has invested in as of September 30, 1999.
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 $15,980,237.
During the quarter ended September 30, 1999, none of Series 24 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 24 net offering proceeds in the amount of $509,433
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 24 has invested in as September 30, 1999.
13
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.
During the quarter ended September 30, 1999, none 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 $1,197,201
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 25 has invested in as of September 30,
1999.
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 45 Operating Partnerships in the amount of $29,390,862.
During the quarter ended September 30, 1999, $1,388,953 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 $709,876
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 26 has invested in as of September 30,
1999.
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 15 Operating Partnerships in the amount of $17,785,735.
During the quarter ended September 30, 1999, $139,054 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 $1,162,966
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 27 has invested in as of September 30,
1999.
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 26 Operating Partnership in the amount of $29,261,233.
During the quarter ended September 30, 1999, $88,891 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 $3,844,828
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 28 has invested in as of September 30,
1999.
137
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 22 Operating Partnerships in the amount of $29,130,617.
During the quarter ended September 30, 1999, $750,481 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 $3,744,337
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 29 has invested in as of September 30,
1999.
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 20 Operating Partnerships in the amount of $19,457,335.
During the quarter ended September 30, 1999, $1,030,663 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 $3,715,020
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 30 has invested in as of September 30,
1999.
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 26 Operating Partnerships in the amount of $32,309,858.
During the quarter ended September 30, 1999, $626,809 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 $5,122,375
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 31 has invested in as of September 30,
1999.
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 16 Operating Partnerships in the amount of $34,962,199. The
series has also purchased assignments in Bradley Phase I of Massachusetts LLC,
Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC,
Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and
Maple Hill of Massachusetts LLC. Under the terms of the Assignments of
Membership Interests dated December 1, 1998 the series is entitled to certain
profits, losses, tax credits, cash flow, proceeds from capital transactions
and capital account as defined in the individual Operating Agreements. The
series utilized $1,092,847 of funds available to invest in Operating
Partnerships for this investment.
13
During the quarter ended September 30, 1999, $2,455,704 of Series 32 net
offering proceeds were used to pay initial and additional capital
contributions. Series 32 net offering proceeds in the amount of $4,995,334
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 32 has invested in as of September 30,
1999.
Series 33
- ---------
The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and
sales of BACs in Series 33 were completed on September 21, 1998. The fund has
committed proceeds to pay initial and additional installments of capital
contributions to 9 Operating Partnerships in the amount of $18,807,119.
During the quarter ended September 30,1999 $1,167,771 of Series 33 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 33 net offering proceeds in the amount of $3,856,254
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 33 has invested in as of September 30,
1999.
Series 34
- ---------
The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers
and sales of BACs in Series 34 were completed on February 11, 1999. The fund
has committed proceeds to pay initial and additional installments of capital
contributions to 13 Operating Partnerships in the amount of $24,517,592.
During the quarter ended September 30, 1999, $3,298,945 of Series 34 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 34 net offering proceeds in the amount of $6,217,613
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 34 has invested in as of September 30,
1999.
Series 35
- ---------
The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers
and sales of BACs in Series 35 were completed on June 25, 1999. The fund has
committed proceeds to pay initial and additional installments of capital
contributions to 10 Operating Partnerships in the amount of $15,452,879.
During the quarter ended September 30, 1999, $3,866,601 of Series 35 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 35 net offering proceeds in the amount of $12,651,901
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 35 has invested in as of September 30,
1999.
Series 36
- ---------
The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and
sales of BACs in Series 35 were completed on September 28, 1999. The fund has
committed proceeds to pay initial and additional installments of capital
contributions to 5 Operating Partnerships in the amount of $7,632,047.
13
During the quarter ended September 30, 1999, $2,882,059 of Series 36 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 36 net offering proceeds in the amount of $4,749,988
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 36 has invested in as of September 30,
1999.
Line of Credit
- --------------
The Fund has entered into a line of credit financing agreement with Fleet
National Bank whereby the Fund can borrow up to $35 million for up to 90 days
to meet short-term cash needs required for the investment in certain Operating
Partnerships. Under the terms of the agreement, the Fund pledges their
interest in a particular Operating Partnership in order to draw funds from the
line. The repayment of any draws is anticipated to be made once the Fund has
received sufficient Investor proceeds. Repayments on the line are tied to
specific Operating Partnerships, which are then released as collateral by the
bank.
Results of Operations
- ---------------------
As of September 30, 1999 and 1998 the Fund held limited partnership interests
in 342 and 289 Operating Partnerships, respectively. In each instance the
Apartment Complex owned by the applicable Operating Partnership is eligible
for the Federal Housing Tax Credit. Occupancy of a unit in each Apartment
Complex which initially complied with the Minimum Set-Aside Test (i.e.,
occupancy by tenants with incomes equal to no more than a certain percentage
of area median income) and the Rent Restriction Test (i.e., gross rent charged
tenants does not exceed 30% of the applicable income standards) is referred to
hereinafter as "Qualified Occupancy." Each of the Operating Partnerships and
each of the respective Apartment Complexes are described more fully in the
Prospectus or applicable report on Form 8-K. The General Partner believes
that there is adequate casualty insurance on the properties.
The Fund's results of operations for future periods will vary significantly
from those for the period ended September 30, 1999 as Series 30, Series 31,
Series 32, Series 33, Series 34, Series 35 and Series 36 continue to use the
funds raised to invest in partnership interests of additional Operating
Partnerships, and the Fund continues to offer BACs in Series 37.
The Fund incurred a fund management fee to Boston Capital Asset Management
Limited Partnership (formerly Boston Capital Communications Limited
Partnership) in an amount equal to .5 percent of the aggregate cost of the
apartment complexes owned by the Operating Partnerships, less the amount of
certain asset management and reporting fees paid by the Operating
Partnerships. The fund management fees incurred for the quarter ended
September 30, 1999 for Series 20, Series 21, Series 22, Series 23, Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series
31, Series 32, Series 33, Series 34 and Series 35 were $52,115, $25,052,
$59,359, $46,066, $57,838, $60,819, $93,835, $74,639, $70,649, $82,949,
$48,026, $92,874, $85,067, $28,532, $67,655 and $40,050, respectively.
14
The Fund's investment objectives do not include receipt of significant cash
distributions from the Operating Partnerships in which it has invested or
intends to invest. The Fund's investments in Operating Partnerships have been
and will be made principally with a view towards realization of Federal
Housing Tax Credits for allocation to its partners and BAC holders.
Series 20
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 100%. The series had a total of 24 properties at September 30,
1999, all of which were at 100% Qualified Occupancy.
For the six months being reported Series 20 reflects a net loss from
Operating Partnerships of $834,252. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations of
$684,532. This is an interim period estimate; it is not indicative of the
final year end results.
The Operating General Partner, newly admitted as of January 1, 1999, and the
management company are working diligently to maintain a strong occupancy at
Breeze Cove Limited Partnership (Breeze Cove Apartments). The average
occupancy during the third quarter of 1999 was 91%. The Operating General
Partner also continues to seek a debt restructure for the partnership, as the
current lender rejected the original proposal. However, refinancing is
unlikely until the partnership is able to demonstrate a stable operating
history. The Operating General Partner continues to encourage the management
company to reduce operating expenses and has funded operating deficits as
needed.
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 was able to increase
occupancy, and year-to-date operations in 1999 have compared favorably to
budgeted projections. Average occupancy for the third quarter of 1999 was
97%.
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. A judgment was issued which will
remove any uncertainty as to the partnership's possession of the land.
The appropriate title information has been received and is in the process of
execution. Additionally, occupancy began to drop in the fourth quarter of
1998, with a year-end occupancy of 78%. A new management company selected by
the Investment General Partner, began at the site in mid August. This new
management company is focusing on improvements to vacancy, collections and
tenant retention. Periodic cash shortfalls are anticipated until the
occupancy stabilizes and maintenance expenses are reduced.
141
Series 21
- ---------
As of the September 30, 1999 and 1998 average Qualified Occupancy for the
series was 99.1% and 93.9%, respectively. The series had a total of 14
properties at September 30, 1999. Out of the total 11 were at 100% Qualified
Occupancy.
For the six months being reported Series 21 reflects a net loss from
Operating Partnerships of $573,738. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect positive operations of
$47,174. This is an interim period estimate; it is not indicative of the
final year end results.
Atlantic City Housing Urban Renewal Associates L.P. reported a net loss net of
depreciation, a non-cash item, for the year ended December 31, 1998 of
approximately $260,000. The property's operations were impacted by high costs
for security and maintenance, while the Section 8 Rental Assistance Contract
had only seen small incremental increases over the past few years. The
Operating General Partner has been funding most of the deficits, though
outstanding payables remain high. The Investment General Partner is
monitoring the situation closely through quarterly inspections and is working
with the Operating General Partner on curing the operational issues. The
property's physical occupancy as of September 30, 1999 is 96%.
Series 22
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 100% and 99.9%, respectively. The series had a total of 29
properties at September 30, 1999, all of which were at 100% Qualified
Occupancy.
For the three months being reported Series 22 reflects a net loss from
Operating Partnerships of $451,241. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$460,471. This is an interim period estimate; it is not indicative of the
final year end results.
Series 23
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 100%. The series had a total of 22 properties at September 30,
1999, all of which were at 100% Qualified Occupancy.
For the six months being reported Series 23 reflects a net loss from
Operating Partnerships of $537,884. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect a positive operations
of $393,025. This is an interim period estimate; it is not indicative of the
final year end results.
Series 24
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 99.8%. The series had a total of 24 properties at September 30,
1999. Out of the total 23 were at 100% Qualified Occupancy.
14
For the six months being reported Series 24 reflects a net loss from
Operating Partnerships of $751,612. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$232,166. This is an interim period estimate; it is not indicative of the
final year end results.
Series 25
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 99.8% and 99.1%, respectively. The series had a total of 22
properties at September 30, 1999. Out of the total 21 were at 100% Qualified
Occupancy.
For the six months being reported Series 25 reflects a net loss from
Operating Partnerships of $874,144. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect a positive operations
of $164,164. This is an interim period estimate; it is not indicative of the
final year end results.
Series 26
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 98.4% and 96.4%, respectively. The series had a total of 45
properties at September 30, 1999. Out of the total 43 were at 100% Qualified
Occupancy. The series also had 1 property that was under construction and 1
property with multiple buildings some of which were in lease-up and some of
which were under construction at September 30, 1999.
For the six months being reported Series 26 reflects a net loss from Operating
Partnerships of $438,492. When adjusted for depreciation which is a non-cash
item, the Operating Partnerships reflect positive operations of
$935,536. This is an interim period estimate; it is not indicative of the
final year end results.
Series 27
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 98.1% and 80.4%, respectively. The series had a total of 15
properties at September 30, 1999. Out of the total 13 were at 100% Qualified
Occupancy and 1 was in active lease-up. The series also had 1 property which
were under construction at September 30, 1999.
For the six months being reported Series 27 reflects a net loss from Operating
Partnerships of $462,289. When adjusted for depreciation which is a non-cash
item, the Operating Partnerships reflect positive operations of
$405,435. This is an interim period estimate; it is not indicative of the
final year end results.
Series 28
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 96.8% and 95.9%, respectively. The series had a total of 26
properties at September 30, 1999. Out of the total 23 were at 100% Qualified
Occupancy and 2 were in active lease-up. The series also had 1 property with
multiple buildings some of which were in lease-up and some of which were under
construction at September 30, 1999.
143
For the six months being reported Series 28 reflects a net loss from
Operating Partnerships of $477,848. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect positive operations of
$206,448. This is an interim period estimate; it is not indicative of the
final year end results.
Series 29
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
Series was 93.9% and 95.9%, respectively. The series had a total of 22
properties at September 30, 1999. Out of the total 19 were at 100% Qualified
Occupancy and 2 were in active lease-up. The series also had 1 property with
multiple buildings some of which were in lease-up and some of which were under
construction at September 30, 1999.
For the six months being reported Series 29 reflects a net loss from
Operating Partnerships of $652,154. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect positive operations of
$156,152. This is an interim period estimate; it is not indicative of the
final year end results.
Series 30
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 92.3% and 72.5%, respectively. The series had a total of 20
properties at September 30, 1999. Out of the total 12 were at 100% Qualified
Occupancy and 3 were in active lease-up. The series also had 4 properties
that were under construction and 1 property with multiple buildings some of
which were in lease-up and some of which were under construction at September
30, 1999.
For the six months being reported Series 30 reflects a net loss from
Operating Partnerships of $83,614. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect positive operations of
$168,295. This is an interim period estimate; it is not indicative of the
final year end results.
Series 31
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 96.0% and 89.9%, respectively. The series had a total of 26
properties at September 30, 1999. Out of the total 21 were at 100% Qualified
Occupancy and 5 were in active lease-up.
For the six months being reported Series 31 reflects a net loss from
Operating Partnerships of $994,579. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of $192,207.
This is an interim period estimate; it is not indicative of the final year end
results.
Series 32
- ---------
As of September 30, 1999 and 1998 the average Qualified Occupancy for the
series was 76.6% and 88.0%, respectively. The series had a total of 16
properties at September 30, 1999. Out of the total 7 were at 100% Qualified
Occupancy and 2 were in active lease-up. The series also had 5 properties
14
that were under construction and 2 properties with multiple buildings some of
which were in lease-up and some of which were under construction at September
30, 1999.
For the six months being reported Series 32 reflects positive operations from
the Operating Partnerships of $65,822. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations of
$315,673. This is an interim period estimate; it is not indicative of the
final year end results.
Series 33
- ---------
As of September 30, 1999 the average Qualified Occupancy for the series was
70.4%. The Series had a total of 9 properties as of September 30, 1999. Out
of the total 2 were at 100% Qualified Occupancy, and 1 was in active lease-up.
The series also had 3 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 September 30, 1999. Since all of the properties
acquired as of September 30, 1998 were under construction, there is no
comparative information to report.
For the six months being reported Series 33 reflects positive operations from
the Operating Partnerships of $134,859. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations of
$420,356. This is an interim period estimate; it is not indicative of the
final year end results.
Series 34
- ---------
As of September 30, 1999 the average Qualified Occupancy for the series was
70.3%. The Series had a total of 13 properties as of September 30, 1999. Out
of the total 3 were at 100% qualified occupancy and 1 was in active lease-up.
The series also had 7 properties which were under construction and 2
properties with multiple buildings some of which were in lease-up and some of
which were under construction at September 30, 1999. Since all of the
properties were acquired after September 30, 1998, there is no comparative
information to report.
For the six months being reported Series 34 reflects a net loss from the
Operating Partnerships of $20,543. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$6,209. This is an interim period estimate; it is not indicative of the final
year end results.
Series 35
- ---------
The Series had a total of 10 properties as of September 30, 1999 all of which
were under construction. Since all of the properties were acquired after
September 30, 1998, there is no comparative information to report.
Series 36
- ---------
As of September 30, 1999 the average Qualified Occupancy for the series was
15.0%. The Series had a total of 5 properties as of September 30, 1999. Out
of the total none were at 100% qualified occupancy and 2 were in active lease-
14
up. The series also had 2 properties which was under construction and 1
property with multiple buildings some of which were in lease-up and some of
which were under construction at September 30, 1999. Since all of the
properties were acquired after September 30, 1998, there is no comparative
information to report.
Year 2000
- ---------
As previously stated in the Fund's 10-K, Boston Capital and its management
have reviewed the potential computer problems that may arise from the century
date change known as the "Year 2000" or "Y2K" problem. We are currently in
the process of taking the necessary precautions to minimize any disruptions.
The majority of Boston Capital's systems are "Y2K" compliant. For all
remaining systems we are working with the vendors to make the necessary
upgrades and replacements. Boston Capital believes that all of its systems
will be fully compliant before the year 2000 and is committed to ensuring that
the "Y2K" issue will have no impact on our investors.
14
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
Agreement of Limited Partnership of Southaven
Partners I, L.P. (incorporated by reference
from Registrants current report on form 8-K
as filed with the Securities and Exchange
Commission on July 27, 1999.)
Agreement of Limited Partnership of Ahtens
Partners, L.P. (incorporated by reference from
Registrants current report on form 8-K as filed
with the Securities and Exchange Commission on
July 27, 1999.)
147
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: November 19, 1999 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal Financial
Officer
148
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