FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1998
------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-26200
---------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3208648
- -------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 624-8900
--------------
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2)has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 1998
-----------------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
December 31, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $342,066,394
$263,155,258
OTHER ASSETS
Cash and cash equivalents 9,077,844
4,193,020
Investments 49,137,424
70,135,961
Notes receivable 23,117,202
24,395,853
Deferred acquisition costs 4,133,942
5,541,912
Organization costs, net of
accumulated amortization (Note B) 639,418
603,443
Other assets 25,160,652
18,047,506
-----------
- -----------
$453,332,876
$386,072,953
===========
===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 532,942 $
486,292
Accounts payable affiliates 4,732,393
3,413,858
Capital contributions payable (Note D) 77,430,898
70,863,665
Line of credit 223,170
5,000,000
-----------
- -----------
82,919,403
79,763,815
-----------
- -----------
1
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest,
$10 stated value per BAC; 65,000,000
authorized BACs; 45,764,907 issued and
outstanding as of December 31, 1998 370,598,082
306,404,507
General Partner (415,835)
(326,595)
Unrealized gain (loss) on securities
available for sale, net 231,226
231,226
-----------
- -----------
370,413,473
306,309,138
-----------
- -----------
$453,332,876
$386,072,953
===========
===========
The accompanying notes are an integral part of these
statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
- ---------------------------
December 31, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,682,884
$23,307,328
OTHER ASSETS
Cash and cash equivalents 166,329
198,679
Investments 1,041
374,317
Notes receivable -
- -
Deferred acquisition costs 98,235
98,235
Organization costs, net of
accumulated amortization (Note B) 16,428
33,891
Other assets 637,051
433,334
----------
- ----------
$22,601,968
$24,445,784
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 1,237,035
952,716
Capital contributions payable (Note D) 235,745
524,696
Line of credit -
- -
----------
- ----------
1,472,780
1,477,412
----------
- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
- ---------------------------
December 31, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,866,700 issued and
outstanding as of December 31, 1998 21,247,431
23,068,223
General Partner (119,284)
(100,892)
Unrealized gain (loss) on securities
for sale, net 1,041
1,041
----------
- ----------
21,129,188
22,968,372
----------
- ----------
$22,601,968
$24,445,784
==========
==========
The accompanying notes are an integral part of these
statements.
4
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
- ----------------------------
December 31, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 8,576,426 $
9,560,326
OTHER ASSETS
Cash and cash equivalents 316,531
171,025
Investments 860,137
1,017,352
Notes receivable 641,542
641,542
Deferred acquisition costs 53,731
53,731
Organization costs, net of
accumulated amortization (Note B) -
12,523
Other assets 248,626
249,118
----------
- ----------
$10,696,993
$11,705,617
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 767,210
597,830
Capital contributions payable (Note D) 734,924
860,126
Line of credit -
- -
----------
- ----------
1,502,134
1,457,956
----------
- ----------
5
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
21
-
- ----------------------------
December 31, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 1,892,700 issued and
outstanding as of December 31, 1998 n 9,262,075
10,304,349
General Partner (70,032)
(59,504)
Unrealized gain (loss) on securities
for sale, net 2,816
2,816
----------
- ----------
9,194,859
10,247,661
----------
- ----------
$10,696,993
$11,705,617
==========
==========
The accompanying notes are an integral part of these
statements.
6
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
--------
- --------------------
December 31, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $15,792,027
$16,104,712
OTHER ASSETS
Cash and cash equivalents 173,677
99,260
Investments 293,120
385,678
Notes receivable 818,181
1,796,240
Deferred acquisition costs 168,647
202,011
Organization costs, net of
accumulated amortization (Note B) 12,828
22,232
Other assets 196,455
438,091
----------
- ----------
$17,454,935
$19,048,224
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 722,645
536,965
Capital contributions payable (Note D) 860,646
1,836,296
Line of credit -
- -
----------
- ----------
1,583,291
2,373,261
----------
- -----------
7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
22
- ----------------------------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,564,400 issued and
outstanding as of December 31, 1998 15,930,943
16,726,229
General Partner (60,375)
(52,342)
Unrealized gain (loss) on securities
for sale, net 1,076
1,076
----------
- ----------
15,871,644
16,674,963
----------
- ----------
$17,454,935
$19,048,224
==========
==========
The accompanying notes are an integral part of these
statements.
8
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
------------------
- --------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $22,465,855
$23,271,914
OTHER ASSETS
Cash and cash equivalents 722,000
75,562
Investments 1,734
584,414
Notes receivable 921,757
2,186,398
Deferred acquisition costs 171,769
166,697
Organization costs, net of
accumulated amortization (Note B) 20,202
30,006
Other assets 629,700
713,561
----------
- ----------
$24,933,017
$27,028,552
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 478,089
297,891
Capital contributions payable (Note D) 1,474,214
2,724,109
Line of credit -
- -
----------
- ----------
1,952,303
3,022,000
----------
- ----------
9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
23
- ---------------------------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,336,727 issued and
outstanding as of December 31, 1998 23,034,036
24,049,616
General Partner (55,056)
(44,798)
Unrealized gain (loss) on securities
for sale, net 1,734
1,734
----------
- ----------
22,980,714
24,006,552
----------
- ----------
$24,933,017
$27,028,552
==========
==========
The accompanying notes are an integral part of these
statements.
10
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
---------------------
- -----
December 31, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $14,311,458
$15,422,126
OTHER ASSETS
Cash and cash equivalents 460,028
275,033
Investments 202,237
198,587
Notes receivable 551,783
779,231
Deferred acquisition costs 280,602
276,690
Organization costs, net of
accumulated amortization (Note B) 22,715
32,450
Other assets 618,841
756,754
----------
- ----------
$16,447,664
$17,740,871
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
27,000
Accounts payable affiliates 487,970
313,111
Capital contributions payable (Note D) 1,367,976
1,518,325
Line of credit -
- -
----------
- ----------
1,855,946
1,858,436
----------
- ----------
11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
24
- ----------------------------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,169,878 issued and
outstanding as of December 31, 1998 14,630,591
15,908,401
General Partner (39,386)
(26,479)
Unrealized gain (loss) on securities
for sale, net 513
513
----------
- ----------
14,591,718
15,882,435
----------
- ----------
$16,447,664
$17,740,871
==========
==========
The accompanying notes are an integral part of these
statements.
12
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
--------------------
- ------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,573,187
$22,681,362
OTHER ASSETS
Cash and cash equivalents 621,564
173,979 Investments
570,558 998,627
Notes receivable 541,841
754,841
Deferred acquisition costs 283,479
279,327
Organization costs, net of
accumulated amortization (Note B) 20,976
28,842
Other assets 1,353,308
1,713,420
----------
- ----------
$24,964,913
$26,630,398
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 204,507
- -
Capital contributions payable (Note D) 2,743,852
3,396,767
Line of credit -
- -
----------
- ----------
2,948,359
3,396,767
----------
- ----------
13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
25
- ---------------------------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,026,109 issued and
outstanding as of December 31, 1998 22,051,025
23,255,931
General Partner (37,307)
(25,136)
Unrealized gain (loss) on securities
for sale, net 2,836
2,836
----------
- ----------
22,016,554
23,233,631
----------
- ----------
$24,964,913
$26,630,398
==========
==========
The accompanying notes are an integral part of these
statements.
14
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
- --------------------------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $30,144,778
$29,729,194
OTHER ASSETS
Cash and cash equivalents 259,925
105,301
Investments 3,224,468
6,645,272
Notes receivable 756,449
1,173,727
Deferred acquisition costs 472,455
601,034
Organization costs, net of
accumulated amortization (Note B) 52,060
61,526
Other assets 4,234,712
3,764,864
----------
- ----------
$39,144,847
$42,080,918
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 89 $
82
Accounts payable affiliates 310,804
17,324
Capital contributions payable (Note D) 7,188,270
9,269,613
Line of credit -
- -
----------
- ----------
7,499,163
9,287,019
----------
- ----------
15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
26
- ---------------------------
December 31,
March 31,
1997
1997
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,995,900 issued and
outstanding as of December 31, 1998 31,650,964
32,787,697
General Partner (24,015)
(12,533)
Unrealized gain (loss) on securities
for sale, net 18,735
18,735
----------
- ----------
31,645,684
32,793,899
----------
- ----------
$39,144,847
$42,080,918
==========
==========
The accompanying notes are an integral part of these
statements.
16
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
- --------------------------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $17,912,524
$18,158,317
OTHER ASSETS
Cash and cash equivalents 914,854
258,292
Investments 1,128,896
2,664,947
Notes receivable 345,987
653,377
Deferred acquisition costs 397,461
458,280
Organization costs, net of
accumulated amortization (Note B) 42,686
54,328
Other assets 1,240,143
1,515,909
----------
- ----------
$21,982,551
$23,763,450
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 354,210
125,327
Capital contributions payable (Note D) 2,245,369
3,524,022
Line of credit -
- -
----------
- ----------
2,599,579
3,649,349
----------
- ----------
17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
- ---------------------------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,460,700 issued and
outstanding as of December 31, 1998 19,392,533
20,116,351
General Partner (15,425)
(8,114)
Unrealized gain (loss) on securities
for sale, net 5,864
5,864
----------
- ----------
19,382,972
20,114,101
----------
- ----------
$21,982,551
$23,763,450
==========
==========
The accompanying notes are an integral part of these
statements.
18
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
--------------------
- ------
December 31, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $32,703,908
$28,144,829
OTHER ASSETS
Cash and cash equivalents 543,728
483,635
Investments 5,023,626
12,270,184
Notes receivable 2,955,017
240,575
Deferred acquisition costs 41,550
539,209
Organization costs, net of
accumulated amortization (Note B) 60,977
76,222
Other assets 669,074
204,913
----------
- ----------
$41,997,880
$41,959,567
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 4,681
4,681
Capital contributions payable (Note D) 7,349,048
7,185,987
Line of credit -
- -
----------
- ----------
7,353,729
7,190,668
----------
- ----------
19
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
- ----------------------------
December 31, March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,000,738 issued and
outstanding as of December 31,1998 34,614,283
34,737,846
General Partner 2,372
3,557
Unrealized gain (loss) on securities
for sale, net 27,496
27,496
----------
- ----------
34,644,151
34,768,899
----------
- ----------
$41,997,880
$41,959,567
==========
==========
The accompanying notes are an integral part of these
statements.
20
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
----------------
- ---------
December 31, March
31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $28,426,984
$24,760,987
OTHER ASSETS
Cash and cash equivalents 910,145
305,731
Investments 7,127,153
13,567,187
Notes receivable 1,393,418
1,428,362
Deferred acquisition costs 425,735
816,252
Organization costs, net of
accumulated amortization (Note B) 53,252
64,663
Other assets 187,757
2,437,225
----------
- ----------
$38,524,444
$43,380,407
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 56,702
56,703
Capital contributions payable (Note D) 4,766,733
9,330,218
Line of credit -
- -
----------
- ----------
4,823,435
9,386,921
----------
- ----------
21
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
29
- ---------------------------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,991,800 issued and
outstanding as of December 31, 1998 33,651,119
33,941,732
General Partner (4,622)
(2,758)
Unrealized gain (loss) on securities
for sale, net 54,512
54,512
----------
- ----------
33,701,009
33,993,486
----------
- ----------
$38,524,444
$43,380,407
==========
==========
The accompanying notes are an integral part of these
statements.
22
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30
---------------------
- -----
December 31, March
31,
1998
1998
(Unaudited)
(Audited)
----------- --
- -------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $18,250,622
$14,400,077
OTHER ASSETS
Cash and cash equivalents 1,105,868
1,162,518
Investments 6,367,717
10,891,290
Notes receivable 1,309,759
1,422,259
Deferred acquisition costs 493,830
1,062,082
Organization costs, net of
accumulated amortization (Note B) 51,965
62,358
Other assets 1,244,473
3,853,336
----------
- ----------
$28,824,234
$32,853,920
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 1,002
1,002
Capital contributions payable (Note D) 5,689,887
9,721,288
Line of credit -
- -
----------
- ----------
5,690,889
9,722,290
----------
- ----------
23
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
30
-----------------
- ---------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,651,100,
issued and outstanding
as of December 31, 1998 23,107,374
23,106,377
General Partner 4,031
3,313
Unrealized gain (loss) on securities
for sale, net 21,940
21,940
----------
- ----------
23,133,345
23,131,630
----------
- ----------
$28,824,234
$32,853,920
==========
==========
The accompanying notes are an integral part of these
statements.
24
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
---------------------
- ----
December 31, March
31,
1998
1998
(Unaudited)
(Audited)
----------- ---
- ------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $36,446,195
$29,042,410
OTHER ASSETS
Cash and cash equivalents 745,529
811,235
Investments 3,879,067
14,537,576
Notes receivable 4,940,096
7,309,603
Deferred acquisition costs -
672,182
Organization costs, net of
accumulated amortization (Note B) 54,810
65,087
Other assets 702,180
489,053
----------
- ----------
$46,767,877
$52,927,146
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,660 $
27,359
Accounts payable affiliates 17,342
417,337
Capital contributions payable (Note D) 8,416,435
14,425,302
Line of credit -
- -
----------
- ----------
8,435,437
14,869,998
----------
- ----------
25
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
---------------
- -----------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
----------- -
- --------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,417,857
issued and outstanding
as of December 31, 1998 38,262,528
37,991,231
General Partner 3,298
(697)
Unrealized gain (loss) on securities
for sale, net 66,614
66,614
----------
- ----------
38,332,440
38,057,148
----------
- ----------
$46,767,877
$52,927,146
==========
==========
The accompanying notes are an integral part of these
statements.
26
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
----------------------
- -----
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
----------- ---
- ------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $35,023,265 $
8,571,676
OTHER ASSETS
Cash and cash equivalents 1,717,365
72,770
Investments 12,549,982
6,000,530
Notes receivable 1,285,128
6,009,698
Deferred acquisition costs 722,101
316,182
Organization costs, net of
accumulated amortization (Note B) 50,418
59,315
Other assets 431,192
1,477,928
----------
- ----------
$51,779,451
$22,508,099
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 363 $
431,851
Accounts payable affiliates 1,976
92,971
Capital contributions payable (Note D) 11,110,178
6,546,916
Line of credit -
5,000,000
----------
- ----------
11,112,517
12,071,738
----------
- ----------
27
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
----------------
- -----------
December 31,
March 31,
1998
1998
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,754,198 issued and
outstanding as of December 31, 1998 40,641,238
10,410,524
General Partner (353)
(212)
Unrealized gain (loss) on securities
for sale, net 26,049
26,049
----------
- ----------
40,666,934
10,436,361
----------
- ----------
$51,779,451
$22,508,099
==========
==========
The accompanying notes are an integral part of these
statements.
28
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33*
Series 34*
------------ ------
- -----
December 31,
December 31
1998
1998
(Unaudited)
(Unaudited)
----------- -----
- ------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,678,099
$17,078,182
OTHER ASSETS
Cash and cash equivalents 309,231
111,070
Investments 6,155,781
1,751,907
Notes receivable 3,149,408
3,506,836
Deferred acquisition costs 369,304
155,043
Organization costs, net of
accumulated amortization (Note B) 88,424
91,677
Other assets 1,929,083
10,838,057
---------- -----
- -----
$33,679,330
$33,532,772
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
530,830
Accounts payable affiliates -
88,220
Capital contributions payable (Note D) 11,056,245
12,191,376
Line of credit -
223,170
---------- -----
- -----
11,056,245
13,033,596
---------- -----
- -----
29
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33*
Series 34*
------------ --
- ----------
December 31,
December 31,
1998
1998
(Unaudited)
(Unaudited)
----------- -
- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,636,533 and
2,405,300 respectively, issued and
outstanding as of December 31, 1998 22,622,874
20,499,068
General Partner 211
108
Unrealized gain (loss) on securities
for sale, net -
- -
----------
- ----------
22,623,085
20,499,176
----------
- ----------
$33,679,330
$33,532,772
==========
==========
* Series 33 and Series 34 did not commence operations until after
March 31, 1998, therefore they do not have comparative
information to report.
The accompanying notes are an integral part of these
statements.
30
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
1998 1997
---- ----
Income
Interest income $ 1,407,964 $ 810,933
Other Income 1,800 -
---------- ----------
1,409,764 810,933
---------- ----------
Share of income (loss) from
Operating Partnerships (2,868,663)
(2,220,876)
---------- ----------
Expenses
Professional fees 64,307 96,230
Fund management fee (Note C) 935,332 644,995
Amortization 51,204 41,089
General and administrative expenses 304,347 444,389
---------- ----------
1,355,190 1,226,703
---------- ----------
NET INCOME (LOSS) $(2,814,089)
$(2,636,646)
========== ==========
Net income (loss) allocated to
limited partners $(2,785,948)
$(2,610,279)
========== ==========
Net income (loss) allocated to
general partner $ (28,141) $
(26,367)
========== ==========
Net income (loss) per BAC $ (1.03) $
(.93)
========== ==========
The accompanying notes are an integral part of these
statements.
31
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 20
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 573 $
5,574
Other income -
- -
--------
- --------
573
5,574
--------
- --------
Share of income (loss) from Operating
Partnerships (375,475)
(639,363)
--------
- --------
Expenses
Professional fees 274
1,446
Fund management fee (Note C) 94,773
76,839
Amortization 5,821
5,821
General and administrative expense 5,340
14,331
--------
- --------
106,208
98,437
--------
- --------
NET INCOME (LOSS) $(481,110)
$(732,226)
========
========
Net income (loss) allocated to
limited partners $(476,299)
$(724,904)
========
========
Net income (loss) allocated to
general partner $ (4,811) $
(7,322)
========
========
Net income (loss) per BAC $ (.12) $
(.18)
========
========
The accompanying notes are an integral part of these
statements.
32
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 21
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 13,030 $
8,835
Other income -
- -
--------
- --------
13,030
8,835
--------
- --------
Share of income (loss) from Operating
Partnerships (352,062)
(345,751)
--------
- --------
Expenses
Professional fees 946
1,182
Fund management fee (Note C) 53,960
55,460
Amortization 3,044
4,739
General and administrative expense 7,449
10,841
--------
- --------
65,399
72,222
--------
- --------
NET INCOME (LOSS) $(404,431)
$(409,138)
========
========
Net income (loss) allocated to
limited partners $(400,387)
$(405,047)
========
========
Net income (loss) allocated to
general partner $ (4,044) $
(4,091)
========
========
Net income (loss) per BAC $ (.21) $
(.21)
========
========
The accompanying notes are an integral part of these
statements.
33
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 22
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 4,431 $
5,135
Other income 1,800
- -
-------- -
- -------
6,231
5,135
-------- -
- -------
Share of income (loss) from Operating
Partnerships (252,399)
(293,560)
-------- -
- -------
Expenses
Professional fees 1,004
1,462
Fund management fee (Note C) 59,893
60,911
Amortization 3,135
3,135
General and administrative expense 6,051
12,068
-------- -
- -------
70,083
77,576
-------- -
- -------
NET INCOME (LOSS) $(316,251)
$(366,001)
========
========
Net income (loss) allocated to
limited partners $(313,088)
$(362,341)
========
========
Net income (loss) allocated to
general partner $ (3,163) $
(3,660)
========
========
Net income (loss) per BAC $ (.12) $
(.14)
========
========
The accompanying notes are an integral part of these
statements.
34
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 23
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 1,077 $
11,836
Other income -
- -
-------- -
- -------
1,077
11,836
-------- -
- -------
Share of income (loss) from Operating
Partnerships (296,477)
(423,376)
-------- -
- -------
Expenses
Professional fees 243
2,060
Fund management fee (Note C) 53,502
58,349
Amortization 3,268
3,268
General and administrative expense 5,634
17,429
-------- -
- -------
62,647
81,106
-------- -
- -------
NET INCOME (LOSS) $(358,047)
$(492,646)
========
========
Net income (loss) allocated to
limited partners $(354,467)
$(487,720)
========
========
Net income (loss) allocated to
general partner $ (3,580) $
(4,926)
========
========
Net income (loss) per BAC $ (.11) $
(.15)
========
========
The accompanying notes are an integral part of these
statements.
35
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 24
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 17,213 $
2,539
Other income -
- -
-------- -
- -------
17,213
2,539
-------- -
- -------
Share of income (loss) from Operating
Partnerships (398,461)
(180,749)
-------- -
- -------
Expenses
Professional fees 3,912
3,043
Fund management fee (Note C) 54,087
53,580
Amortization 3,245
3,245
General and administrative expense 5,188
9,081
-------- -
- -------
66,432
68,949
-------- -
- -------
NET INCOME (LOSS) $(447,680)
$(247,159)
========
========
Net income (loss) allocated to
limited partners $(443,203)
$(244,687)
========
========
Net income (loss) allocated to
general partner $ (4,477) $
(2,472)
========
========
Net income (loss) per BAC $ (.20) $
(.11)
========
========
The accompanying notes are an integral part of these
statements.
36
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 25
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 45,193 $
18,579
Other income -
- -
-------- -
- -------
45,193
18,579
-------- -
- -------
Share of income (loss) from Operating
Partnerships (182,280)
(162,531)
-------- -
- -------
Expenses
Professional fees 5,677
2,862
Fund management fee (Note C) 65,369
68,319
Amortization 2,622
2,622
General and administrative expense 7,804
22,072
-------- -
- -------
81,472
95,875
-------- -
- -------
NET INCOME (LOSS) $(218,559)
$(239,827)
========
========
Net income (loss) allocated to
limited partners $(216,373)
$(237,429)
========
========
Net income (loss) allocated to
general partner $ (2,186) $
(2,398)
========
========
Net income (loss) per BAC $ (.07) $
(.08)
========
========
The accompanying notes are an integral part of these
statements.
37
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 26
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 48,806 $
88,256
Other income -
- -
-------- -
- -------
48,806
88,256
-------- -
- -------
Share of income (loss) from Operating
Partnerships (313,494)
(55,508)
-------- -
- -------
Expenses
Professional fees 98
19,865
Fund management fee (Note C) 95,230
95,899
Amortization 4,733
4,733
General and administrative expense 18,848
55,956
-------- -
- -------
118,909
176,453
-------- -
- -------
NET INCOME (LOSS) $(383,597)
$(143,705)
========
========
Net income (loss) allocated to
limited partners $(379,761)
$(142,267)
========
========
Net income (loss) allocated to
general partner $ (3,836) $
(1,438)
========
========
Net income (loss) per BAC $ (.10) $
(.02)
========
========
The accompanying notes are an integral part of these
statements.
38
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 27
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 18,808 $
33,370
Other income -
- -
-------- -
- -------
18,808
33,370
-------- -
- -------
Share of income (loss) from Operating
Partnerships (194,781)
(126,019)
-------- -
- -------
Expenses
Professional fees 2,420
1,910
Fund management fee (Note C) 76,527
21,190
Amortization 3,881
3,881
General and administrative expense 10,641
37,396
-------- -
- -------
93,469
64,377
-------- -
- -------
NET INCOME (LOSS) $(269,442)
$(157,026)
========
========
Net income (loss) allocated to
limited partners $(266,748)
$(155,456)
========
========
Net income (loss) allocated to
general partner $ (2,694) $
(1,570)
========
========
Net income (loss) per BAC $ (.11) $
(.06)
========
========
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 December 31,
(Unaudited)
Series 28
---------------
- -----------
1998 1997
---- ----
Income
Interest income $ 147,223 $ 228,944
Other income - -
-------- --------
147,223 228,944
-------- --------
Share of income (loss) from
Operating Partnerships (85,844) 20,960
-------- --------
Expenses
Professional fees 6,614 20,529
Fund management fee (Note C) 74,438 66,478
Amortization 5,081 5,081
General and administrative expense 41,074 104,770
-------- --------
127,207 196,858
-------- --------
NET INCOME (LOSS) $ (65,828) $ 53,046
======== ========
Net income (loss) allocated to
limited partners $ (65,170) $ 52,516
======== ========
Net income (loss) allocated to
general partner $ (658) $ 530
======== ========
Net income (loss) per BAC $ (.02) $ .01
======== ========
The accompanying notes are an integral part of these
statements.
40
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 29
---------------
- -----------
1998 1997
---- ----
Income
Interest income $ 107,982 $ 199,420
Other income - -
-------- --------
107,982 199,420
-------- --------
Share of income (loss) from
Operating Partnerships (46,603) (14,979)
-------- --------
Expenses
Professional fees 8,172 14,106
Fund management fee (Note C) 75,609 37,884
Amortization 4,830 2,415
General and administrative expense 36,515 67,230
-------- --------
125,126 121,635
-------- --------
NET INCOME (LOSS) $ (63,747) $ 62,806
======== ========
Net income (loss) allocated to
limited partners $ (63,110) $ 62,178
======== ========
Net income (loss) allocated to
general partner $ (637) $ 628
======== ========
Net income (loss) per BAC $ (.02) $ .01
======== ========
The accompanying notes are an integral part of these
statements.
41
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 30
------------------------
1998 1997
---- ----
Income
Interest income $ 102,508 $ 170,915
Other income - -
-------- --------
102,508 170,915
-------- --------
Share of income (loss) from
Operating Partnerships (86,374) -
-------- --------
Expenses
Professional fees 5,418 8,388
Fund management fee (Note C) 43,413 18,795
Amortization 3,464 2,149
General and administrative expense 30,009 57,986
-------- --------
82,304 87,318
-------- --------
NET INCOME (LOSS) $ (66,170) $ 83,597
======== ========
Net income (loss) allocated to
limited partners $ (65,508) $ 82,761
======== ========
Net income (loss) allocated to
general partner $ (662) $ 836
======== ========
Net income (loss) per BAC $ (.02) $ .03
======== ========
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 December 31,
(Unaudited)
Series 31
------------------------
1998 1997
---- ----
Income
Interest income $ 526,213 $ 37,530
Other income - -
-------- --------
526,213 37,530
-------- --------
Share of income (loss) from
Operating Partnerships (111,635) -
-------- --------
Expenses
Professional fees 7,674 19,377
Fund management fee (Note C) 66,132 31,291
Amortization 3,426 -
General and administrative expense 15,257 35,229
-------- --------
92,489 85,897
-------- --------
NET INCOME (LOSS) $ 322,089 $ (48,367)
======== ========
Net income (loss) allocated to
limited partners $ 318,868 $ (47,883)
======== ========
Net income (loss) allocated to $ 3,221 $ (484)
general partner ======== ========
Net income (loss) per BAC $ .07 $ -
======== ========
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 December 31,
(Unaudited)
Series 32*
Series 33*
----------- -----
- ------
1998
1998
---- --
- --
Income
Interest income $ 210,148 $
126,126
Other income -
- -
-------- ----
- ----
210,148
126,126
-------- ----
- ----
Share of (income) loss from Operating
Partnerships (172,778)
- -
-------- ----
- ----
Expenses
Professional fees 10,336
11,219
Fund management fee (Note C) 82,651
29,040
Amortization -
4,654
General and administrative expense 51,119
60,680
------- ----
- ----
$ 144,106
105,593
-------- ----
- ----
NET INCOME (LOSS) $(106,736) $
20,533
========
========
Net income (loss) allocated to
limited partners $(105,669) $
20,328
========
========
Net income (loss) allocated to
general partner $ (1,067) $
205
========
========
Net income (loss) per BAC $ (.02) $
.01
========
========
* Series 32 and Series 33 did not commence operations until after
December 31 1997, therefore they do not have comparative
information to report.
The accompanying notes are an integral part of these
statements.
44
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 34*
----------
1998
------
Income
Interest income $ 38,633
Other income -
--------
38,633
--------
Share of income (loss) from
Operating Partnerships -
--------
Expenses
Professional fees 300
Fund management fee (Note C) 10,708
Amortization -
General and administrative expense 2,738
--------
13,746
--------
NET INCOME (LOSS) $ 24,887
========
Net income (loss) allocated to
limited partners $ 24,638
========
Net income (loss) allocated to $ 249
general partner ========
Net income (loss) per BAC $ .01
========
* Series 34 did not commence operations until after December 31
1997, therefore it does not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
45
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
1998 1997
---- ----
Income
Interest income $ 3,652,728 $ 2,704,694
Other Income 3,300 -
---------- ----------
3,656,028 2,704,694
---------- ----------
Share of income (loss) from
Operating Partnerships (8,339,841)
(6,297,014)
---------- ----------
Expenses
Professional fees 487,701 422,848
Fund management fee (Note C) 2,572,045 1,692,231
Amortization 153,513 116,554
General and administrative expenses 1,026,892 1,111,757
---------- ----------
4,240,151 3,343,390
---------- ----------
NET INCOME (LOSS) $(8,923,964)
$(6,935,710)
========== ==========
Net income (loss) allocated to
limited partners $(8,834,724)
$(6,866,351)
========== ==========
Net income (loss) allocated to
general partner $ (89,240) $
(69,359)
========== ==========
Net income (loss) per BAC $ (3.15) $
(2.54)
========== ==========
The accompanying notes are an integral part of these
statements.
46
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 20
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 7,250 $
44,148
Other income -
- -
---------- --
- --------
7,250
44,148
---------- --
- --------
Share of income (loss) from Operating
Partnerships (1,494,659)
(1,782,106)
---------- --
- --------
Expenses
Professional fees 26,455
29,642
Fund management fee (Note C) 281,699
213,926
Amortization 17,464
17,464
General and administrative expense 26,157
45,443
---------- --
- --------
351,775
306,475
---------- --
- --------
NET INCOME (LOSS) $(1,839,184)
$(2,044,433)
==========
==========
Net income (loss) allocated to
limited partners $(1,820,792)
$(2,023,989)
==========
==========
Net income (loss) allocated to
general partner $ (18,392) $
(20,444)
==========
==========
Net income (loss) per BAC $ (.47) $
(.52)
==========
==========
The accompanying notes are an integral part of these
statements.
47
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 21
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 51,161 $
34,559
Other income -
- -
---------- --
- --------
51,161
34,559
---------- --
- --------
Share of income (loss) from Operating
Partnerships (886,699)
(1,216,880)
---------- --
- --------
Expenses
Professional fees 20,610
20,510
Fund management fee (Note C) 152,880
166,167
Amortization 12,523
14,218
General and administrative expense 31,251
30,672
---------- --
- --------
217,264
231,567
---------- --
- --------
NET INCOME (LOSS) $(1,052,802)
$(1,413,888)
==========
==========
Net income (loss) allocated to
limited partners $(1,042,274)
$(1,399,749)
==========
==========
Net income (loss) allocated to
general partner $ (10,528) $
(14,139)
==========
==========
Net income (loss) per BAC $ (.55) $
(.74)
==========
==========
The accompanying notes are an integral part of these
statements.
48
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 22
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 20,470 $
27,529
Other income 3,300
- -
-------- ---
- -------
23,770
27,529
-------- ---
- -------
Share of income (loss) from Operating
Partnerships (584,894)
(933,232)
-------- ---
- -------
Expenses
Professional fees 29,501
33,528
Fund management fee (Note C) 179,419
183,840
Amortization 9,404
9,404
General and administrative expense 23,871
35,733
-------- ---
- -------
242,195
262,505
-------- ---
- -------
NET INCOME (LOSS) $(803,319)
$(1,168,208)
========
==========
Net income (loss) allocated to
limited partners $(795,286)
$(1,156,526)
========
==========
Net income (loss) allocated to
general partner $ (8,033) $
(11,682)
========
==========
Net income (loss) per BAC $ (.31) $
(.45)
========
==========
The accompanying notes are an integral part of these
statements.
49
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 23
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 12,055 $
58,655
Other income -
- -
---------- ---
- -------
12,055
58,655
---------- ---
- -------
Share of income (loss) from Operating
Partnerships (805,710)
(1,247,889)
---------- ---
- -------
Expenses
Professional fees 25,357
34,592
Fund management fee (Note C) 171,884
155,675
Amortization 9,804
9,804
General and administrative expense 25,138
50,018
---------- ---
- -------
232,183
250,089
---------- ---
- -------
NET INCOME (LOSS) $(1,025,838)
$(1,439,323)
==========
==========
Net income (loss) allocated to
limited partners $(1,015,580)
$(1,424,930)
==========
==========
Net income (loss) allocated to
general partner $ (10,258) $
(14,393)
==========
==========
Net income (loss) per BAC $ (.30) $
(.43)
==========
==========
The accompanying notes are an integral part of these
statements.
50
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 24
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 26,956 $
12,343
Other income -
- -
---------- ---
- -------
26,956
12,343
---------- ---
- -------
Share of income (loss) from Operating
Partnerships (1,105,845)
(601,246)
---------- ---
- -------
Expenses
Professional fees 29,874
29,096
Fund management fee (Note C) 151,661
149,640
Amortization 9,735
9,735
General and administrative expense 20,558
25,705
---------- ---
- -------
211,828
214,176
---------- ---
- -------
NET INCOME (LOSS) $(1,290,717) $
(803,079)
==========
==========
Net income (loss) allocated to
limited partners $(1,277,810) $
(795,048)
==========
==========
Net income (loss) allocated to
general partner $ (12,907) $
(8,031)
==========
==========
Net income (loss) per BAC $ (.59) $
(.37)
==========
==========
The accompanying notes are an integral part of these
statements.
51
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 25
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 78,889 $
111,971
Other income -
- -
---------- -
- -------
78,889
111,971
---------- -
- -------
Share of income (loss) from Operating
Partnerships (1,016,771)
(407,820)
---------- -
- -------
Expenses
Professional fees 33,960
34,580
Fund management fee (Note C) 202,207
200,363
Amortization 7,866
7,866
General and administrative expense 35,162
69,998
---------- -
- -------
279,195
312,807
---------- -
- -------
NET INCOME (LOSS) $(1,217,077)
$(608,656)
==========
========
Net income (loss) allocated to
limited partners $(1,204,906)
$(602,569)
==========
========
Net income (loss) allocated to
general partner $ (12,171) $
(6,087)
==========
========
Net income (loss) per BAC $ (.40) $
(.20)
==========
========
The accompanying notes are an integral part of these
statements.
52
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 26
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 220,304 $
404,278
Other income -
- -
---------- -
- -------
220,304
404,278
---------- -
- -------
Share of income (loss) from Operating
Partnerships (953,193)
3,345
---------- -
- -------
Expenses
Professional fees 47,174
71,576
Fund management fee (Note C) 263,890
231,276
Amortization 14,198
14,198
General and administrative expense 90,064
186,023
---------- -
- -------
415,326
503,073
---------- -
- -------
NET INCOME (LOSS) $(1,148,215) $
(95,450)
==========
========
Net income (loss) allocated to
limited partners $(1,136,733) $
(94,495)
==========
========
Net income (loss) allocated to
general partner $ (11,482) $
(955)
==========
========
Net income (loss) per BAC $ (.28) $
(.02)
==========
========
The accompanying notes are an integral part of these
statements.
53
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 27
- -----------------------
1998
1997
----
- ----
Income
Interest income $ 88,114 $
246,324
Other income -
- -
-------- -
- -------
88,114
246,324
-------- -
- -------
Share of income (loss) from Operating
Partnerships (510,501)
120,537
-------- -
- -------
Expenses
Professional fees 27,855
27,363
Fund management fee (Note C) 225,883
148,302
Amortization 11,642
11,642
General and administrative expense 43,362
103,004
-------- -
- -------
308,742
290,311
-------- -
- -------
NET INCOME (LOSS) $(731,129) $
76,550
========
========
Net income (loss) allocated to
limited partners $(723,818) $
75,785
========
========
Net income (loss) allocated to
general partner $ (7,311) $
765
========
========
Net income (loss) per BAC $ (.29) $
.03
========
========
The accompanying notes are an integral part of these
statements.
54
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 28
-------------------------
1998 1997
---- ----
Income
Interest income $ 552,514 $ 957,102
Other income - -
-------- --------
552,514 957,102
-------- --------
Share of income (loss) from
Operating Partnerships (218,675) (216,744)
-------- --------
Expenses
Professional fees 54,244 77,989
Fund management fee (Note C) 214,592 105,366
Amortization 15,244 15,244
General and administrative expense 168,231 307,029
-------- --------
452,311 505,628
-------- --------
NET INCOME (LOSS) $(118,472) $ 234,730
======== ========
Net income (loss) allocated to
limited partners $(117,287) $ 232,383
======== ========
Net income (loss) allocated to
general partner $ (1,185) $ 2,347
======== ========
Net income (loss) per BAC $ (.03) $ .06
======== ========
The accompanying notes are an integral part of these
statements.
55
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 29
-------------------------
1998 1997
---- ----
Income
Interest income $ 463,253 $ 514,332
Other income - -
-------- --------
463,253 514,332
-------- --------
Share of income (loss) from
Operating Partnerships (248,072) (14,979)
-------- --------
Expenses
Professional fees 50,671 32,988
Fund management fee (Note C) 214,043 87,590
Amortization 11,411 4,830
General and administrative expense 125,436 131,215
-------- --------
401,561 256,623
-------- --------
NET INCOME (LOSS) $(186,380) $ 242,730
======== ========
Net income (loss) allocated to
limited partners $(184,516) $ 240,303
======== ========
Net income (loss) allocated to
general partner $ (1,864) $ 2,427
======== ========
Net income (loss) per BAC $ (.05) $ .05
======== ========
The accompanying notes are an integral part of these
statements.
56
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 30
--------------------------
- -
1998 1997
---- ----
Income
Interest income $ 376,174 $ 255,923
Other income - -
-------- --------
376,174 255,923
-------- --------
Share of income (loss) from
Operating Partnerships (52,592) -
-------- --------
Expenses
Professional fees 36,610 11,607
Fund management fee (Note C) 108,809 18,795
Amortization 10,394 2,149
General and administrative expense 95,922 78,065
-------- --------
251,735 110,616
-------- --------
NET INCOME (LOSS) $ 71,847 $ 145,307
======== ========
Net income (loss) allocated to
limited partners $ 71,129 $ 143,854
======== ========
Net income (loss) allocated to
general partner $ 718 $ 1,453
======== ========
Net income (loss) per BAC $ .03 $ .05
======== ========
The accompanying notes are an integral part of these
statements.
57
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 31
--------------------------
1998 1997
---- ----
Income
Interest income $1,043,288 $ 37,530
Other income - -
--------- --------
1,043,288 37,530
--------- --------
Share of income (loss) from
Operating Partnerships (268,005) -
--------- --------
Expenses
Professional fees 57,990 19,377
Fund management fee (Note C) 192,894 31,291
Amortization 10,277 -
General and administrative expense 114,655 48,852
--------- --------
375,816 99,520
--------- --------
NET INCOME (LOSS) $ 399,467 $ (61,990)
========= ========
Net income (loss) allocated to
limited partners $ 395,472 $ (61,370)
========= ========
Net income (loss) allocated to
general partner $ 3,995 $ (620)
========= ========
Net income (loss) per BAC $ .09 $ (.02)
========= ========
The accompanying notes are an integral part of these
statements.
58
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 32*
Series 33*
----------- -----
- ------
1998 1998
---- -
- ---
Income
Interest income $ 529,946 $
143,721
Other income -
- -
--------- --
- ------
529,946
143,721
--------- --
- ------
Share of (income) loss from Operating
Partnerships (194,225)
- -
--------- --
- ------
Expenses
Professional fees 35,881
11,219
Fund management fee (Note C) 168,350
33,126
Amortization 8,897
4,654
General and administrative expense 136,658
73,633
--------- --
- ------
349,786
122,632
--------- --
- ------
NET INCOME (LOSS) $ (14,065) $
21,089
=========
========
Net income (loss) allocated to
limited partners $ (13,924) $
20,878
=========
========
Net income (loss) allocated to
general partner $ (141) $
211
=========
========
Net income (loss) per BAC $ - $
.01
=========
========
* Series 32 and Series 33 did not commence operations until after
December 31, 1997, therefore they do not have comparative
information to report.
The accompanying notes are an integral part of these
statements.
59
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 34*
-----------
1998
------
Income
Interest income $38,633
Other income -
------
38,633
------
Share of income (loss) from
Operating Partnerships -
------
Expenses
Professional fees 300
Fund management fee (Note C) 10,708
Amortization -
General and administrative expense 16,794
------
27,802
------
NET INCOME (LOSS) $10,831
======
Net income (loss) allocated to
limited partners $10,723
======
Net income (loss) allocated to
general partner $ 108
======
Net income (loss) per BAC $ -
======
*Series 34 did not commence operations until after December
31, 1997,
therefore it does not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
60
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Partners' capital
(deficit),
April 1, 1998 $306,404,507 $(326,595) $231,226
$306,309,138
Capital contribu-
tions 85,484,000 - -
85,484,000
Selling commissions
and registration
costs (12,455,701) - -
(12,455,701)
Net income (loss) (8,834,724) (89,240) -
(8,923,964)
----------- -------- -------
- -----------
Partners' capital
(deficit),
December 31,
1998 $370,598,082 $(415,835) $231,226
$370,413,473
=========== ======== =======
===========
The accompanying notes are an integral part of these
statements.
61
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 20
- --------
Partners' capital
(deficit),
April 1, 1998 $23,068,223 $(100,892) $ 1,041
$22,968,372
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,820,792) (18,392) -
(1,839,184)
---------- -------- -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $21,247,431 $(119,284) $ 1,041
$21,129,188
========== ======== =======
==========
Series 21
- --------
Partners' capital
(deficit),
April 1, 1998 $10,304,349 $ (59,504) $ 2,816
$10,247,661
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,042,274) (10,528) -
(1,052,802)
---------- -------- --------
- ----------
Partners' capital
(deficit),
December 31, 1998 $ 9,262,075 $ (70,032) $ 2,816 $
9,194,859 ========== ========
======== ==========
The accompanying notes are an integral part of these
statements.
62
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 22
- --------
Partners' capital
(deficit),
April 1, 1998 $16,726,229 $ (52,342) $ 1,076
$16,674,963
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (795,286) (8,033) -
(803,319)
---------- -------- ------
- ----------
Partners' capital
(deficit),
December 31, 1998 $15,930,943 $ (60,375) $ 1,076
$15,871,644
========== ======== =======
==========
Series 23
- --------
Partners' capital
(deficit),
April 1, 1998 $24,049,616 $ (44,798) $ 1,734
$24,006,552
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,015,580) (10,258) -
(1,025,838)
---------- -------- -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $23,034,036 $ (55,056) $ 1,734
$22,980,714
========== ======== =======
==========
The accompanying notes are an integral part of these
statements
63
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 24
- --------
Partners' capital
(deficit),
April 1, 1998 $15,908,401 $ (26,479) $ 513
$15,882,435
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,277,810) (12,907) -
(1,290,717)
---------- -------- -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $14,630,591 $ (39,386) $ 513
$14,591,718
========== ======== =======
==========
Series 25
- --------
Partners' capital
(deficit),
April 1, 1998 $23,255,931 $ (25,136) $ 2,836
$23,233,631
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,204,906) (12,171) -
(1,217,077)
---------- -------- -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $22,051,025 $ (37,307) $ 2,836
$22,016,554
========== ======== =======
==========
The accompanying notes are an integral part of these
statements.
64
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 26
- --------
Partners' capital
(deficit),
April 1, 1998 $32,787,697 $(12,533) $ 18,735
$32,793,899
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (1,136,733) (11,482) -
(1,148,215)
---------- ------- -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $31,650,964 $(24,015) $ 18,735
$31,645,684
========== ======= =======
==========
Series 27
- --------
Partners' capital
(deficit),
April 1, 1998 $20,116,351 $ (8,114) $ 5,864
$20,114,101
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (723,818) (7,311) -
(731,129)
--------- ------- -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $19,392,533 $(15,425) $ 5,864
$19,382,972
========== ======= =======
==========
The accompanying notes are an integral part of these
statements.
65
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 28
- --------
Partners' capital
(deficit),
April 1, 1998 $34,737,846 $ 3,557 $ 27,496
$34,768,899
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (6,276) - -
(6,276)
Net income (loss) (117,287) (1,185) -
(118,472)
---------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $34,614,283 $ 2,372 $ 27,496
$34,644,151
========== ====== =======
==========
Series 29
- --------
Partners' capital
(deficit),
April 1, 1998 $33,941,732 $(2,758) $ 54,512
$33,993,486
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (106,097) - -
(106,097)
Net income (loss) (184,516) (1,864) -
(186,380)
---------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $33,651,119 $(4,622) $ 54,512
$33,701,009
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
66
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 30
- --------
Partners' capital
(deficit),
April 1, 1998 $23,106,377 $ 3,313 $ 21,940
23,131,630
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (70,132) - -
(70,132)
Net income (loss) 71,129 718 -
71,847
---------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $23,107,374 $ 4,031 $ 21,940
$23,133,345
========== ====== =======
==========
Series 31
- --------
Partners' capital
(deficit),
April 1, 1998 $37,991,231 $ (697) $ 66,614
$38,057,148
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (124,175) - -
(124,175)
Net income (loss) 395,472 3,995 -
399,467
---------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $38,262,528 $ 3,298 $ 66,614
$38,332,440
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
67
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 32
- --------
Partners' capital
(deficit),
April 1, 1998 $10,410,524 $ (212) $ 26,049
$10,436,361
Capital contribu-
tions 35,069,000 - -
35,069,000
Selling commissions
and registration
costs (4,824,362) - -
(4,824,362)
Net income (loss) (13,924) (141) -
(14,065)
---------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $40,641,238 $ (353) $ 26,049
$40,666,934
========== ====== =======
==========
Series 33
- --------
Partners' capital
(deficit),
April 1, 1998 $ - $ - $ - $
- -
Capital contribu-
tions 26,362,000 - -
26,362,000
Selling commissions
and registration
costs (3,760,004) - -
(3,760,004)
Net income (loss) 20,878 211 -
21,089
---------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $22,622,874 $ 211 $ -
$22,623,085
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
68
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1998
(Unaudited)
Unrealized
gain (loss) on
securities
available
General for
Assignees Partner sale, net
Total
--------- ------- ---------
- -----
Series 34
- --------
Partners' capital
(deficit),
April 1, 1998 $ - $ - $ - $
- -
Capital contribu-
tions 24,053,000 - -
24,053,000
Selling commissions
and registration
costs (3,564,655) - -
(3,564,655)
Net income (loss) 10,723 108 -
10,831
---------- ------ -------
- ----------
Partners' capital
(deficit),
December 31, 1998 $20,499,068 $ 108 $ -
$20,499,176
========== ====== =======
==========
69
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $(8,923,964) $
(6,935,710)
Adjustments
Amortization 155,513
116,554
Distributions from
Operating Partnerships (3,757)
29,961
Share of loss from Operating
Partnerships 8,339,841
6,297,014
Changes in assets and liabilities
Decrease (Increase) in
organization costs (184,755)
(97,180)
(Decrease) Increase in accounts
payable and accrued expenses (4,730,180)
2,179,453
Decrease (Increase) in prepaid
expenses -
6,458
Decrease (Increase) in accounts
receivable (7,040,174)
(12,182,939)
(Decrease) Increase in accounts
payable affiliates 1,318,536
1,379,831
----------- -
- ----------
Net cash (used in) provided by
operating activities (11,071,673)
(9,206,558)
----------- -
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (9,162,807)
(10,013,610)
Capital contributions paid to
Operating Partnerships (70,186,183)
(46,523,133)
Advances to Operating Partnerships 1,278,651
(1,415,723)
Investments 20,998,537
(19,789,169)
----------- -
- ----------
Net cash (used in) provided by
investing activities (57,071,802)
(77,741,635)
----------- -
- ----------
70
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (12,455,701)
(12,924,762)
Capital contributions received 85,484,000
95,168,500
Net cash (used in) provided by ----------- -
- ----------
financing activities 73,028,299
82,243,738
----------- -
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 4,884,824
(4,704,455)
Cash and cash equivalents, beginning 4,193,020
14,801,634
----------- -
- ----------
Cash and cash equivalents, ending $ 9,077,844 $
10,097,179
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 39,601,340 $
43,171,434
===========
===========
The accompanying notes are an integral part of these
statements.
71
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 20
---
- ------------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,839,184)
$(2,044,433)
Adjustments
Amortization 17,464
17,464
Distributions from
Operating Partnerships 5,220
2,647
Share of loss from Operating
Partnerships 1,494,659 1,782,106
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses -
4,410
Decrease (Increase) in accounts
receivable (197,797)
(43,212)
(Decrease) Increase in accounts
payable affiliates 284,319
284,231
----------
- ----------
Net cash (used in) provided by
operating activities (235,319)
3,213
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships (170,307)
(1,370,776)
Advances to Operating Partnerships -
874,787
Investments 373,276
498,335
----------
- ----------
Net cash (used in) provided by
investing activities 202,969
2,346
----------
- ----------
72
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 20
--
- --------------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (32,350)
5,559
Cash and cash equivalents, beginning 198,679
429,105
----------
- ----------
Cash and cash equivalents, ending $ 166,329 $
434,664
==========
==========
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.
73
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 21
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,052,802)
$(1,413,888)
Adjustments
Amortization 12,523
14,218
Distributions from
Operating Partnerships (18,335)
22,157
Share of loss from Operating
Partnerships 886,699
1,216,880
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 2,035
892
(Decrease) Increase in accounts
payable affiliates 169,380
169,380
----------
- ----------
Net cash (used in) provided by
operating activities (500)
9,639
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships (11,209)
(30,517)
Advances to Operating Partnerships -
- -
Investments 157,215
168,824
----------
- ----------
Net cash (used in) provided by
investing activities 146,006
138,307
----------
- ----------
74
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 21
--
- -----------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ---------- -
- ---------
financing activities -
- -
---------- -
- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 145,506
147,946
Cash and cash equivalents, beginning 171,025
494,112
----------
- ----------
Cash and cash equivalents, ending $ 316,531 $
642,058
==========
==========
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.
75
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 22
------------------------
- --
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (803,319)
$(1,168,208)
Adjustments
Amortization 9,404
9,404
Distributions from
Operating Partnerships 3,340
3,342
Share of loss from Operating
Partnerships 584,894 933,232
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 241,637
349,789
(Decrease) Increase in accounts
payable affiliates 185,680
189,765
----------
- ----------
Net cash (used in) provided by
operating activities 221,636
317,324
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (1,286)
(27,058)
Capital contributions paid to
Operating Partnerships (1,216,550)
(1,296,131)
Advances to Operating Partnerships 978,059
413,033
Investments 92,558
305,499
----------
- ----------
Net cash (used in) provided by
investing activities (147,219)
(604,657)
----------
- ----------
76
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 22
- ---------------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ---------
financing activities -
- -
----------
- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 74,417
(287,333)
Cash and cash equivalents, beginning 99,260
648,647
----------
- ----------
Cash and cash equivalents, ending $ 173,677 $
361,314
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 240,990 $
230,990
==========
==========
The accompanying notes are an integral part of these
statements.
77
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 23
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,025,838)
$(1,439,323)
Adjustments
Amortization 9,804
9,804
Distributions from
Operating Partnerships 349
359
Share of loss from Operating
Partnerships 805,710 1,247,889
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses -
2,048
Decrease (Increase) in accounts
receivable 83,862
(347,308)
(Decrease) Increase in accounts
payable affiliates 180,198
179,739
----------
- ----------
Net cash (used in) provided by
operating activities 54,085
(346,792)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (5,073)
(7)
Capital contributions paid to
Operating Partnerships (1,249,895)
(930,907)
Advances to Operating Partnerships 1,264,641
- -
Investments 582,680
132,878
----------
- ----------
Net cash (used in) provided by
investing activities 592,353
(798,036)
----------
- ----------
78
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 23
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 646,438
(1,144,828)
Cash and cash equivalents, beginning 75,562
1,578,798
----------
- ----------
Cash and cash equivalents, ending $ 722,000 $
433,970
==========
==========
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.
79
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 24
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,290,717) $
(803,079)
Adjustments
Amortization 9,735
9,735
Distributions from
Operating Partnerships 351
1,276
Share of loss from Operating
Partnerships 1,105,845 601,246
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses (27,000)
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 137,913
111,606
(Decrease) Increase in accounts
payable affiliates 174,859
160,740
----------
- ----------
Net cash (used in) provided by
operating activities 110,986
81,524
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (3,912)
(75,654)
Capital contributions paid to
Operating Partnerships (145,877)
(1,487,019)
Advances to Operating Partnerships 227,448
897,920
Investments (3,650)
303,432
----------
- ----------
Net cash (used in) provided by
investing activities 74,009
(361,321)
----------
- ----------
80
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 24
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 184,995
(279,797)
Cash and cash equivalents, beginning 275,033
644,685
----------
- ----------
Cash and cash equivalents, ending $ 460,028 $
364,888
==========
==========
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.
81
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 25
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,217,077) $
(608,656)
Adjustments
Amortization 7,866
7,866
Distributions from
Operating Partnerships 144
180
Share of loss from Operating
Partnerships 1,016,771 407,820
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
(983)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 360,112
730,068
(Decrease) Increase in accounts
payable affiliates 204,507
(16,554)
----------
- ----------
Net cash (used in) provided by
operating activities 372,323
519,741
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (4,152)
(165,499)
Capital contributions paid to
Operating Partnerships (561,655)
(2,690,205)
Advances to Operating Partnerships 213,000
(9,077)
Investments 428,069
1,797,321
----------
- ----------
Net cash (used in) provided by
investing activities 75,262
(1,067,460)
----------
- ----------
82
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 25
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 447,585
(547,719)
Cash and cash equivalents, beginning 173,979
956,365
----------
- ----------
Cash and cash equivalents, ending $ 621,564 $
408,646
==========
==========
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.
83
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 26
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $(1,148,215) $
(95,450)
Adjustments
Amortization 14,198
14,198
Distributions from
Operating Partnerships 5,174
- -
Share of (income) loss from
Operating Partnerships 953,193
(3,345)
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 7
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (474,581)
(67,229)
(Decrease) Increase in accounts
payable affiliates 293,480
(9,630)
----------
- ----------
Net cash (used in) provided by
operating activities (356,744)
(161,456)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (58,613)
(258,858)
Capital contributions paid to
Operating Partnerships (3,268,101)
(5,493,882)
Advances to Operating Partnerships 417,278
49,050
Investments 3,420,804
5,863,756
---------- -
- ----------
Net cash (used in) provided by
investing activities 511,368
160,066
---------- -
- ----------
84
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 26
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
(9)
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
(9) ----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 154,624
(1,399)
Cash and cash equivalents, beginning 105,301
1,239,330
----------
- ----------
Cash and cash equivalents, ending $ 259,925 $
1,237,931
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 1,012,726 $
4,308,500
==========
==========
The accompanying notes are an integral part of these
statements.
85
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 27
---
- -----------------------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (731,129) $
76,550
Adjustments
Amortization 11,642
11,642
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 510,501
(120,537)
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 343,466
(95,560)
(Decrease) Increase in accounts
payable affiliates 228,883
42,380
----------
- ----------
Net cash (used in) provided by
operating activities 363,363
(85,525)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (29,329)
(200,510)
Capital contributions paid to
Operating Partnerships (1,520,913)
(5,398,221)
Advances to Operating Partnerships 307,390
(88,012)
Investments 1,536,051
4,690,099
---------- -
- ----------
Net cash (used in) provided by
investing activities 293,199
(996,644)
---------- -
- ----------
86
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 27
- ----------------------------
1998 1997
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
124
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
124
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 656,562
(1,082,045)
Cash and cash equivalents, beginning 258,292
2,180,687
----------
- ----------
Cash and cash equivalents, ending $ 914,854 $
1,098,642
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 62,674 $
1,656,208
==========
==========
The accompanying notes are an integral part of these
statements.
87
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series
28
---------------
- ----------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (118,472)
$ 234,730
Adjustments
Amortization 15,244
15,244
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 218,675
216,744
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
(5,700)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (464,160)
(5,401)
(Decrease) Increase in accounts
payable affiliates -
(2,100)
----------
- -----------
Net cash (used in) provided by
operating activities (348,713)
453,517
----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (111,017)
(340,079) Capital contributions paid to
Operating Partnerships (4,006,017)
(9,583,566)
Advances to Operating Partnerships (2,714,442)
2,283,840
Investments 7,246,558
3,398,871
----------
- -----------
Net cash (used in) provided by
investing activities 415,082
(4,240,934)
----------
- -----------
88
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series
28 --
- ------------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (6,276)
(214)
Capital contributions received -
- -
Net cash (used in) provided by ----------
- -----------
financing activities (6,276)
(214)
----------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 60,093
(3,787,631)
Cash and cash equivalents, beginning 483,635
4,589,026
----------
- -----------
Cash and cash equivalents, ending $ 543,728 $
801,395
==========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 5,146,859 $
6,063,272
==========
===========
The accompanying notes are an integral part of these
statements.
89
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series
29
--------------------
- ----------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ (186,380) $
242,730
Adjustments
Amortization 11,411
4,830
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 248,072
14,979
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(11,446)
(Decrease) Increase in accounts
payable and accrued expenses -
(280,815)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 2,249,468
2,794,132
(Decrease) Increase in accounts
payable affiliates -
(132,540)
----------
- -----------
Net cash (used in) provided by
operating activities 2,322,571
2,631,870
----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (95,285)
(2,908,743)
Capital contributions paid to
Operating Partnerships (7,991,753)
(8,405,857)
Advances to Operating Partnerships 34,944
(1,827,399)
Investments 6,440,034
(15,592,053)
----------
- -----------
Net cash (used in) provided by
investing activities (1,612,060)
(28,734,052)
---------- -
- ----------
90
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series
29
-----------------
- -----------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (106,097)
(4,039,189)
Capital contributions received -
29,783,000
Net cash (used in) provided by ---------
- -----------
financing activities (106,097)
25,743,811
---------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 604,414
(358,371)
Cash and cash equivalents, beginning 305,731
2,040,879
-----------
- -----------
Cash and cash equivalents, ending $ 910,145 $
1,682,508
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 1,424,002 $
5,033,760
===========
===========
The accompanying notes are an integral part of these
statements.
91
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series
30
------------------
- ----------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ 71,847 $
145,307
Adjustments
Amortization 10,394
2,149
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 52,592
- -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(42,971)
(Decrease) Increase in accounts
payable and accrued expenses -
747
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 2,610,669
(2,572,411)
(Decrease) Increase in accounts
payable affiliates -
- -
----------- -
- -----------
Net cash (used in) provided by
operating activities 2,745,502
(2,467,179)
----------- -
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (146,483)
(2,466,647)
Capital contributions paid to
Operating Partnerships (7,221,610)
(1,219,855)
Advances to Operating Partnerships 112,500
- -
Investments 4,523,573
(14,859,610)
----------- -
- -----------
Net cash (used in) provided by
investing activities (2,732,020)
(18,546,112)
----------- -
- -----------
92
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series
30
-----
- ----------------------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (70,132)
(3,707,334)
Capital contributions received -
26,490,750
Net cash (used in) provided by -----------
- ----------
financing activities (70,132)
22,783,416
-----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (56,650)
1,770,125
Cash and cash equivalents, beginning 1,162,518
- -
-----------
- ----------
Cash and cash equivalents, ending $ 1,105,868
$1,770,125
===========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 1,573,190
$5,619,715
===========
==========
The accompanying notes are an integral part of these
statements.
93
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series
31
-----------------
- ----------
1998
1997
----
- ----
Cash flows from operating activities:
Net income (loss) $ 399,467 $
(61,990)
Adjustments
Amortization 10,277
- -
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 268,005
- -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(42,763)
(Decrease) Increase in accounts
payable and accrued expenses (25,699)
2,466,204
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (213,127)
(13,038,305)
(Decrease) Increase in accounts
payable affiliates (399,995)
514,420
----------- -
- -----------
Net cash (used in) provided by
operating activities 38,928
(10,162,434)
----------- -
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (161,019)
(3,570,555)
Capital contributions paid to
Operating Partnerships (12,847,456)
(8,616,197)
Advances to Operating Partnerships 2,369,507
(4,009,865)
Investments 10,658,509
(6,496,521)
----------- -
- -----------
Net cash (used in) provided by
investing activities 19,541
(22,693,138)
----------- -
- -----------
94
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series
31
----------------
- -----------
1998
1997
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (124,175)
(5,178,140)
Capital contributions received -
38,894,750
Net cash (used in) provided by -----------
- ----------
financing activities (124,175)
33,716,610
-----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (65,706)
861,038
Cash and cash equivalents, beginning 811,235
- -
-----------
- ----------
Cash and cash equivalents, ending $ 745,529 $
861,038
===========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 3,856,963
$20,109,751
===========
==========
The accompanying notes are an integral part of these
statements.
95
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 32*
Series 33* -------
- ----- -------------
1998
1998
------
- ------
Cash flows from operating activities:
Net income (loss) $ (14,065)
$ 21,089
Adjustments
Amortization 8,897
4,654
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 194,225
- -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(93,078)
(Decrease) Increase in accounts
payable and accrued expenses (5,431,488)
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 1,046,736
(1,929,083)
(Decrease) Increase in accounts
payable affiliates (90,995)
- -
-----------
- ----------- Net cash (used in) provided by
operating activities (4,286,690)
(1,996,418)
-----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (3,619,169)
(2,624,870)
Capital contributions paid to
Operating Partnerships (18,869,302)
(8,366,288)
Advances to Operating Partnerships 4,724,570
(3,149,408)
Investments (6,549,452)
(6,155,781)
-----------
- -----------
Net cash (used in) provided by
investing activities (24,313,353)
(20,296,347)
-----------
- -----------
96
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 32* Series 33*
------------- -
- ------------
1998
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (4,824,362)
(3,760,004)
Capital contributions received 35,069,000
26,362,000
Net cash (used in) provided by -----------
- -----------
financing activities 30,244,638
22,601,996
-----------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 1,644,595
309,231
Cash and cash equivalents, beginning 72,770
- -
-----------
- -----------
Cash and cash equivalents, ending $ 1,717,365 $
309,231
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 8,180,175 $
11,056,244
===========
===========
*Series 32 and Series 33 did not commence operation until after
December 31, 1997, therefore they do not have comparative
information to report.
The accompanying notes are an integral part of these
statements.
97
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 34
------------
1998
------
Cash flows from operating activities:
Net income (loss) $ 10,831
Adjustments
Amortization -
Distributions from
Operating Partnerships -
Share of (income) loss from
Operating Partnerships -
Changes in assets and liabilities
Decrease (Increase) in
organization costs (91,677)
(Decrease) Increase in accounts
payable and accrued expenses 754,000
Decrease (Increase ) in prepaid
expenses -
Decrease (Increase) in accounts
receivable (10,838,057)
(Decrease) Increase in accounts
payable affiliates 88,220
-----------
Net cash (used in) provided by
operating activities (10,076,683)
-----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (2,302,599)
Capital contributions paid to
Operating Partnerships (2,739,250)
Advances to Operating Partnerships (3,506,836)
Investments (1,751,907)
-----------
Net cash (used in) provided by
investing activities (10,300,592)
-----------
98
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 34
-------------
1998
----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,564,655)
Capital contributions received 24,053,000
Net cash (used in) provided by -----------
financing activities 20,488,345
-----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 111,070
Cash and cash equivalents, beginning -
-----------
Cash and cash equivalents, ending $ 111,070
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 12,191,376
===========
*Series 34 did not commence operation until after December 31,
1997, therefore it does not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
99
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
(Unaudited)
NOTE A - ORGANIZATION
Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized
under the
laws of the State of Delaware as of October 5, 1993, for the
purpose of
acquiring, holding, and disposing of limited partnership
interests in
Operating Partnerships which will acquire, develop, rehabilitate,
operate and own newly constructed, existing or rehabilitated
low-income
apartment complexes ("Operating Partnerships"). The general
partner of
the Fund is Boston Capital Associates IV L.P., a Delaware limited
Partnership. Boston Capital Associates, a Massachusetts general
partnership, whose only two partners are Herbert F. Collins and
John P.
Manning, the principals of Boston Capital Partners, Inc., is the
sole
general partner of the general partner. The limited partner of
the
general partner is Capital Investment Holdings, a general
partnership
whose partners are certain officers and employees of Boston
Capital
Partners, Inc., and its affiliates. The Assignor Limited Partner
is
BCTC IV Assignor Corp., a Delaware corporation which is
wholly-owned by
Herbert F. Collins and John P. Manning.
Pursuant to the Securities Act of 1933, the Fund filed a Form
S-11
Registration Statement with the Securities and Exchange
Commission,
effective December 16, 1993 which covered the offering (the
"Public
Offering") of the Fund's beneficial assignee certificates
("BACs")
representing assignments of units of the beneficial interest of
the
limited partnership interest of the Assignor Limited Partner.
The Fund
registered 30,000,000 BACs at $10 per BAC for sale to the public
in one
or more series. One April 18, 1996 an amendment to Form S-11
which
registered an additional 10,000,000 BACs for sale to the public
in one or more
series became effective. On April 2, 1998 an amendment to Form S-
11, which registered an additional 25,000,000 BACs for sale to
the public in one or more series became effective. Offers and
sales of BACs in Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29, Series 30, Series 31, Series 32 and Series
33 were completed and the last of the BACs in Series 20, Series
21, Series 22, Series 23, Series 24, Series 25, Series 26, Series
27, Series 28, Series 29, Series 30, Series 31, Series 32 and
Series 33 were issued by the Fund on June 24, 1994, September 30,
1994, December 28, 1994, June 23, 1995, September 22, 1995,
December 29, 1995, June 25, 1996, September 17, 1996, January 29,
1997, June 10, 1997, September 10, 1997, January 18, 1998, June
23, 1998 and September 21, 1998, respectively. The Fund sold
3,866,700 of Series 20 BACs, for a total of $38,667,000;
1,892,700 of Series 21 BACs for a total of $18,927,000; 2,564,400
of Series 22 BACs for a total of $25,644,000; 3,336,727 of Series
23 BACs for a total of $33,366,000; 2,169,878 of Series 24 BACs
for a total of $21,697,000; 3,026,109 of Series 25 BACs for a
total of $30,248,000; 3,995,900 of Series 26 BACs for a total of
$39,959,000; 2,460,700 of Series 27 BACS for a total of
$24,607,000; 4,000,738 of Series 28 BACs for a total of
$39,999,000; 3,918,000 of Series 29 BACs for a total of
$39,918,000; 2,649,075 of Series 30 BACs for a total of
$26,490,750; 4,417,857 of Series 31 BACs for a total of
$44,057,750; 4,754,198 of Series 32 BACs for a total of
$47,431,000; 2,636,533 of Series 33 BACs for a total of
$26,362,000, and 2,405,300 of Series 34 BACs for a total of
$24,053,000. The fund is continuing to offer BACs in Series 34
at December 31, 1998.
100
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of December 31, 1998
and for the
three and nine months then ended have been prepared by the Fund,
without audit, pursuant to the rules and regulations of the
Securities and Exchange
Commission. The Fund accounts for its investments in Operating
Partnerships
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
December 31, 1998
by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $30,275,960
Due after one year 18,630,238
----------
Total $48,906,198
==========
The fair market value of the securities is $49,137,424. The
difference
being an unrealized gain on securities available for sale of
$231,226, as
of December 31, 1998.
101
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
Amortization
- ------------
The Fund amortizes organizational costs over 60 months. As of
September 30, 1998 and 1997 the Fund has accumulated amortization
of $525,055 and $341,059
respectively.
The breakdown of accumulated amortization within the fund is as
follows:
1998 1997
---- ----
Series 20 $102,787 $ 79,502
Series 21 72,801 55,538
Series 22 51,314 38,776
Series 23 45,753 32,680
Series 24 41,463 28,484
Series 25 31,464 20,975
Series 26 42,594 28,396
Series 27 32,925 19,403
Series 28 40,651 30,326
Series 29 20,044 4,830
Series 30 16,006 2,149
Series 31 13,703 -
Series 32 8,897 -
Series 33 4,653 -
------- -------
$525,055 $341,059
======= =======
Series 34 organization costs will be amortized over 60 months
beginning January 1, 1999.
NOTE C - RELATED PARTY TRANSACTIONS
The Fund has entered into several transactions with various
affiliates
of the general partner, including Boston Capital Holdings Limited
Partnership, Boston Capital Services, Inc., and Boston Capital
Asset Management L.P. (formerly Boston Capital Communications
Limited Partnership) as follows:
For the quarter ended December 31, 1998, Boston Capital Services,
Inc.
received $332,445 for Series 34 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 and Series
33 completed payment of all Dealer-Manager fees prior to the
quarter ended December 31, 1998.
Boston Capital Partners, Inc. is entitled to asset acquisition
fees for
selecting, evaluating, structuring, negotiating, and closing the
Fund's
acquisition of interest in the Operating Partnerships. During
the quarter
ended December 31, 1998, Series 34 paid $2,044,505 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 and Series 33 completed payment of all acquisition fees
prior to the quarter ended December 31, 1998.
102
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (cont.)
Of the total acquisition fees and expenses incurred, $98,235,
$53,731, $168,647, $171,769, $280,602, $283,479, $472,455,
$397,461, $41,550, $425,735, $493,830, $0, $722,101, $369,304 and
$155,043 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 and Series 34 respectively,
related to costs incurred in connection with the purchase of
interests in Operating Partnerships not finalized as of December
31, 1998.
An annual fund management fee based on .5 percent of the
aggregate cost
of all apartment complexes owned by the Operating Partnerships
has been
accrued or paid to Boston Capital Asset Management L.P. (formerly
Boston
Capital Communications Limited Partnership).
The fund management fees accrued for the quarters ended December
31, 1998 and
1997 are as follows:
1998 1997
---- ----
Series 20 $ 94,773 $ 94,743
Series 21 56,460 56,460
Series 22 61,893 63,936
Series 23 60,066 59,913
Series 24 54,087 53,580
Series 25 68,169 -
Series 26 95,230 -
Series 27 76,572 42,380
------- -------
$567,250 $371,012
======= =======
The fund management fees paid for the quarters ended December 31,
1998 and
1997 are as follows:
1998 1997
---- ----
Series 25 $ - $ 68,319
Series 26 - 95,899
Series 27 - 21,190
Series 28 74,439 66,478
Series 29 75,609 37,884
Series 30 43,414 18,795
Series 31 66,132 31,291
Series 32 82,651 -
Series 33 29,040 -
Series 34 10,708 -
------- -------
$381,993 $339,856
======= =======
103
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At December 31, 1998 and 1997 the Fund has limited partnership
interests in
310 and 253 Operating Partnerships, respectively, which own or
are
constructing apartment complexes. The breakdown of Operating
Partnerships
within the Fund at December 31, 1998 and 1997 is as follows:
1998 1997
---- ----
Series 20 24 24
Series 21 14 14
Series 22 29 29
Series 23 22 22
Series 24 24 24
Series 25 22 22
Series 26 44 41
Series 27 14 12
Series 28 26 22
Series 29 21 15
Series 30 17 7
Series 31 26 21
Series 32 13 -
Series 33 7 -
Series 34 7 -
--- ---
310 253
=== ===
Under the terms of the Fund's investment in each Operating
Partnership, the
Fund is required to make capital contributions to the Operating
Partnerships.
These contributions are payable in installments over several
years upon each
Operating Partnership achieving specified levels of construction
and/or
operations. The contributions payable at December 31, 1998 and
1997 are as
follows:
1998 1997
---- ----
Series 20 $ 235,745 $ 582,584
Series 21 734,924 929,965
Series 22 860,646 2,192,425
Series 23 1,474,214 3,598,834
Series 24 1,367,976 2,050,311
Series 25 2,743,852 3,742,346
Series 26 7,188,270 8,115,340
Series 27 2,245,369 2,662,827
Series 28 7,349,048 7,017,602
Series 29 4,766,733 6,465,057
Series 30 5,689,887 5,619,715
Series 31 8,416,435 20,109,751
Series 32 11,110,178 -
Series 33 11,056,245 -
Series 34 12,191,376 -
---------- ----------
$77,430,898 $63,086,757
========== ==========
104
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (Cont.)
The Fund's fiscal year ends March 31st for each year, while all
the Operating
Partnerships' fiscal years are the calendar Year. Pursuant to
the provisions
of each Operating Partnership Agreement, financial results for
each of the
Operating Partnerships are provided to the Fund within 45 days
after the close
of each Operating Partnership's quarterly period. Accordingly,
the current
financial results available for the Operating Partnerships are
for the nine
months ended September 30, 1998.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 20
- ---------------------------
1998
1997
----
- ----
Revenues
Rental $ 6,214,342 $
5,961,526
Interest and other 324,239
262,464
---------
- ---------
6,538,581
6,223,990
---------
- ---------
Expenses
Interest 2,383,372
2,393,033
Depreciation and amortization 2,111,411
2,284,542
Operating expenses 3,582,348
3,377,799
---------
- ---------
8,077,131
8,055,374
---------
- ---------
NET LOSS $(1,538,550)
$(1,831,384)
==========
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,494,659)
$(1,782,106)
==========
==========
Net loss allocated to
other partners $ (15,386) $
(18,314)
==========
==========
Net Loss Suspended $ (28,506) $
(30,964)
==========
==========
105
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 21
---------------------------
- -
1998 1997
---- ----
Revenues
Rental $ 3,429,895 $
3,300,633
Interest and other 127,156
195,823
---------
- ---------
3,557,051
3,496,456
---------
- ---------
Expenses
Interest 1,492,018
1,608,493
Depreciation and amortization 910,875
1,062,852
Operating expenses 2,049,814
2,054,283
---------
- ---------
4,452,707
4,725,628
---------
- ---------
NET INCOME (LOSS) $ (895,656)
$(1,229,172)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (886,699)
$(1,126,880)
=========
=========
Net loss allocated to
other partners $ (8,957) $
(12,292)
=========
=========
106
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months ended September 30,
(Unaudited)
Series 22
- --------------------------
1998 1997
Revenues ---- ----
Rental $3,297,313
$3,164,863
Interest and other 199,884
172,681
---------
- ---------
3,497,197
3,337,544
---------
- ---------
Expenses
Interest 966,316
1,065,390
Depreciation and amortization 1,152,589
1,355,387
Operating expenses 1,969,093
1,859,427
---------
- ---------
4,087,998
4,280,204
---------
- ---------
NET INCOME (LOSS) $ (590,801) $
(942,660)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (584,894) $
(933,232)
=========
=========
Net loss allocated to
other partners $ (5,907) $
(9,428)
=========
=========
107
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 23
- ----------------------------
1998 1997
Revenues ---- ----
Rental $ 3,926,124 $
3,731,241
Interest and other 206,510
181,140
----------
- ----------
4,132,634
3,912,381
----------
- ----------
Expenses
Interest 1,347,662
1,419,446
Depreciation and amortization 1,379,475
1,595,608
Operating expenses 2,219,346
2,157,822
----------
- ----------
4,946,483
5,172,876
----------
- ----------
NET LOSS $ (813,849)
$(1,260,495)
==========
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (805,710)
$(1,247,889)
==========
==========
Net loss allocated to
other partners $ (8,139) $
(12,606)
==========
==========
108
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months ended September 30,
(Unaudited)
Series 24
----------------------------
1998 1997
Revenues ---- ----
Rental $ 3,739,772 $3,033,324
Interest and other 105,744 94,440
--------- ---------
3,845,516 3,127,764
--------- ---------
Expenses
Interest 1,384,351 1,178,274
Depreciation and amortization 1,530,096 832,785
Operating expenses 2,048,083 1,724,023
--------- ---------
4,962,530 3,735,082
--------- ---------
NET INCOME (LOSS) $(1,117,014) $ (607,318)
========== =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,105,845) $ (601,246)
========== =========
Net loss allocated to
other partners $ (11,169) $ (6,072)
========== =========
109
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 25
---------------------
- -----
1998
1997
Revenues ---- -
- ---
Rental $ 5,155,491
$4,070,503
Interest and other 122,700
125,989
--------- ----
- -----
5,278,191
4,196,492
--------- ----
- -----
Expenses
Interest 1,716,761
1,383,880
Depreciation and amortization 1,470,992
954,590
Operating expenses 3,117,481
2,269,961
--------- ----
- -----
6,305,234
4,608,431
--------- ----
- -----
NET INCOME (LOSS) $(1,027,043) $
(411,939)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,016,771) $
(407,820)
=========
=========
Net loss allocated to
other partners $ (10,272) $
(4,119)
=========
=========
110
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 26
---------------------------
1998 1997
Revenues ---- ----
Rental $4,827,729
$3,711,473
Interest and other 173,775
231,715
---------
- ---------
5,001,504
3,943,188
---------
- ---------
Expenses
Interest 1,540,491
1,025,543
Depreciation and amortization 1,776,278
882,673
Operating expenses 2,647,557
2,031,594
---------
- ---------
5,964,326
3,939,810
---------
- ---------
NET INCOME (LOSS) $ (962,822) $
3,378
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (953,193) $
3,345
=========
=========
Net income (loss) allocated to
other partners $ (9,629) $
33
=========
=========
111
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 27
--------------------------
- -
1998 1997
Revenues ---- ----
Rental $3,095,833
$1,417,049
Interest and other 127,550
334,142
---------
- ---------
3,223,383
1,751,191
---------
- ---------
Expenses
Interest 1,562,458
470,264
Depreciation and amortization 606,979
489,184
Operating expenses 1,569,603
669,988
---------
- ---------
3,739,040
1,629,436
---------
- ---------
NET INCOME (LOSS) $ (515,657) $
121,755
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (510,501) $
120,537
=========
=========
Net income (loss) allocated to
other partners $ (5,156) $
1,218
=========
=========
112
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 28
--------------------------
- -
1998 1997
Revenues ---- ----
Rental $2,123,937 $
122,351
Interest and other 60,339
91,669
---------
- ---------
2,184,276
214,020
---------
- ---------
Expenses
Interest 720,924
26,975
Depreciation and amortization 562,350
50,801
Operating expenses 1,121,887
376,349
---------
- ---------
2,405,161
454,125
---------
- ---------
NET LOSS $ (220,885) $
(240,105)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (218,675) $
(237,704)
=========
=========
Net loss allocated to
other partners $ (2,209) $
(2,401)
=========
=========
113
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 29
--------------------------
1998 1997
Revenues ---- ----
Rental $1,680,088 $
4,763
Interest and other 79,310
838
--------- ------
- -
1,759,398
5,601
--------- ------
- -
Expenses
Interest 594,267
- -
Depreciation and amortization 239,565
5,521
Operating expenses 1,176,144
15,210
--------- ------
- -
2,009,976
20,731
--------- ------
- -
NET INCOME (LOSS) $ (250,578)
$(15,130)
=========
=======
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (248,072)
$(14,979)
=========
=======
Net income (loss) allocated to
other partners $ (2,506) $
(151)
=========
=======
114
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 30* Series
31*
---------- ----------
- -
1998 1998
Revenues ---- ----
Rental $ 931,570 $1,285,894
Interest and other 29,940 41,841
-------- -------
961,510 1,327,735
-------- ---------
Expenses
Interest 260,864 402,240
Depreciation and amortization 162,642 231,868
Operating expenses 591,127 964,339
-------- ---------
1,014,633 1,598,447
--------- ---------
NET INCOME (LOSS) $ (53,123) $
(270,712)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (52,592) $
(268,005)
========= =========
Net income (loss) allocated to
other partners $ (531) $
(2,707)
========= =========
* The Operating Partnerships in Series 30 and Series 31 did not
commence operations until after September 30, 1997 therefore they
do not have comparative information to report.
115
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series
32*
---------
- --
1998
Revenues ----
Rental $ 134,461
Interest and other 6,178
---------
140,639
---------
Expenses
Interest 81,661
Depreciation and amortization 186,009
Operating expenses 69,155
---------
336,825
---------
NET INCOME (LOSS) $
(196,186)
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $
(194,225)
=========
Net income (loss) allocated to
other partners $
(1,961)
=========
* The Operating Partnerships in Series 32 did not commence
operations until after September 30, 1997 therefore they do not
have comparative information to report.
116
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating
Partnerships for
the nine months ended September 30, 1998 and September 30, 1997
numerous variances, some material in nature, exist. The
variances are the result of a number of factors including an
increase in the number of Operating Partnerships owned, an
increase in the number which have completed construction, and an
increase in the number which have completed the lease-up phase.
NOTE E - TAXABLE LOSS
The Fund's taxable loss for the fiscal year ended March 31, 1999
is expected
to differ from its loss for financial reporting purposes. This
is primarily
due to accounting differences in depreciation incurred by the
Operating
Partnerships and also differences between the equity method of
accounting
and the IRS accounting methods. No provision or benefit for
income taxes has
been included in these financial statements since taxable income
or loss
passes through to, and is reportable by, the partners and
assignees
individually.
117
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,
$44,037,750, $47,431,000, $26,362,000 and $24,053,000
representing 3,866,700, 1,892,700, 2,564,400, 3,336,727,
2,169,878, 3,026,109, 3,995,900, 2,460,700, 3,999,900, 3,991,800,
2,649,075, 4,417,857, 4,754,198, 2,636,533 and 2,405,300 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
and Series 34, respectively.
Series 20
- ---------
The Fund commenced offering BACs in Series 20 on January 21,
1994. Offers and
sales of BACs in Series 20 were completed on June 24, 1994. The
Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$28,603,737.
During the quarter ended December 31, 1998, $72,847 of Series 20
net
offering proceeds had been used to pay capital contributions.
Series 20 net
offering proceeds in the amount of $167,370 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
20 has invested in as of December 31, 1998.
118
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 December 31, 1998, none of Series 21 net
offering proceeds had been used to pay capital contributions.
Series 21 net offering proceeds in the amount of $734,924 remain
to be used by the Fund to pay remaining capital contributions to
the Operating Partnerships that Series
21 has invested in as of December 31, 1998.
Series 22
- ---------
The Fund commenced offering BACs in Series 22 on October 10,
1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 29 Operating Partnerships in the amount of
$18,758,748.
During the quarter ended December 31, 1998, $1,072,010 of Series
22 net offering proceeds had been used to pay capital
contributions. Series 22 net offering proceeds in the amount of
$466,797 remain to be used by the Fund to pay remaining capital
contributions to the Operating Partnerships that Series
22 has invested in as of December 31, 1998.
Series 23
- ---------
The Fund commenced offering BACs in Series 23 on January 10,
1995. Offers and
sales of BACs in Series 23 were completed on September 23, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 22 Operating Partnerships in the amount of
$24,352,278.
During the quarter ended December 31, 1998 $879,641 of Series 23
net
offering proceeds had been used to pay capital contributions.
Series 23 net
offering proceeds in the amount of $722,000 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
23 has invested in as of December 31, 1998.
Series 24
- ---------
The Fund commenced offering BACs in Series 24 on June 9, 1995.
Offers and
sales of BACs in Series 24 were completed on September 22, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$15,939,004.
During the quarter ended December 31, 1998, $36,009 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
$1,192,122
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 24 has invested in as December
31, 1998.
Series 25
- ---------
The Fund commenced offering BACs in Series 25 on September 30,
1995. Offers
and sales of BACs in Series 25 were completed on December 29,
1995. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 22 Operating Partnerships in the amount of
$22,449,722.
119
During the quarter ended December 31, 1998, $33,629 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
$621,564
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 25 has invested in as of
December 31, 1998.
Series 26
- ---------
The Fund commenced offering BACs in Series 26 on January 18,
1996. Offers and
sales of BACs in Series 26 were completed on June 25, 1996. The
Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 44 Operating Partnerships in the amount of
$27,756,420.
During the quarter ended December 31, 1998, $2,239,799 of Series
26 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 26 net offering proceeds in the amount of
$3,484,393
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 26 has invested in as of
December 31, 1998.
Series 27
- ---------
The Fund commenced offering BACs in Series 27 on June 24, 1996.
Offers and
sales of BACs in Series 27 were completed on September 17, 1996.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 14 Operating Partnerships in the amount of
$17,175,371.
During the quarter ended December 31, 1998, $281,134 of Series 27
net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 27 net offering proceeds in the amount of
$2,043,750
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 27 has invested in as of
December 31, 1998.
Series 28
- ---------
The Fund commenced offering BACs in Series 28 on September
30,1996. Offers
and sales of BACs in Series 28 were completed on January 31,
1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 26 Operating Partnership in the amount of
$29,191,246.
During the quarter ended December 31, 1998, $1,145,972 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
$5,567,354
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 28 has invested in as of
December 31, 1998.
Series 29
- ---------
The Fund commenced offering BACs in Series 29 on February 10,
1997. Offers
and sales of BACs in Series 29 were completed on June 10, 1997.
The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 21 Operating Partnerships in the amount of
$25,831,477.
120
During the quarter ended December31, 1998, $3,405,250 of Series
29 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 29 net offering proceeds in the amount of
$8,037,298
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 29 has invested in as of
December 31, 1998.
Series 30
- ---------
The Fund commenced offering BACs in Series 30 on June 23, 1997.
Offers
and sales of BACs in Series 30 were completed on September 10,
1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 17 Operating Partnerships in the amount of
$16,033,539.
During the quarter ended December 31, 1998, $1,333,006 of Series
30 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 30 net offering proceeds in the amount of
$5,689,887
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 30 has invested in as of
December 31, 1998.
Series 31
- ---------
The Fund commenced offering BACs in Series 31 on September 11,
1997. Offers
and sales of BACs in Series 31 were completed on January 18,
1998. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 26 Operating Partnerships in the amount of
$32,268,546.
During the quarter ended December 31, 1998, $7,169,626 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
$4,624,596
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 31 has invested in as of
December 31, 1998.
Series 32
- ---------
The Fund commenced offering BACs in Series 32 on January 19,
1998. Offers
and sales of BACs in Series 32 were completed on June 23, 1998.
The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 13 Operating Partnerships in the amount of
$29,833,520. 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.
During the quarter ended December 31, 1998, $2,251,108 of Series
32 net
offering proceeds that had been used to pay initial and
additional capital
contributions were reimbursed to the series. Series 32 net
offering proceeds in the amount of $11,110,178 remain to be used
by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 32 has invested in as of
December 31, 1998.
Series 33
- ---------
The Fund commenced offering BACs in Series 33 on June 22, 1998.
Offers and sales of BACs in Series 33 were completed on September
21, 1998. The fund has committed proceeds to pay initial and
additional installments of capital contributions to 7 Operating
Partnerships in the amount of $19,422,533.
121
During the quarter ended December 31, 1998, $8,066,288 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 $6,465,012 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships
that Series 33 has invested in as of December 31, 1998.
Series 34
- ---------
The Fund commenced offering BACs in Series 34 on September 22,
1998 and was continuing to offer BACs as of December 31, 1998.
The fund has committed proceeds to pay initial and additional
installments of capital contributions to 7 Operating Partnerships
in the amount of $14,080,612.
During the quarter ended December 31, 1998, $2,739,250 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 $1,862,977 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships
that Series 34 has invested in as of December 31, 1998.
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 December 31, 1998 and 1997 the Fund held limited
partnership interests
in 310 and 253 Operating Partnerships, respectively. In each
instance the
Apartment Complex owned by the applicable Operating Partnership
is eligible
for the Federal Housing Tax Credit. Occupancy of a unit in each
Apartment
Complex which initially complied with the Minimum Set-Aside Test
(i.e.,
occupancy by tenants with incomes equal to no more than a certain
percentage
of area median income) and the Rent Restriction Test (i.e., gross
rent charged
tenants does not exceed 30% of the applicable income standards)
is referred to
hereinafter as "Qualified Occupancy." Each of the Operating
Partnerships and
each of the respective Apartment Complexes are described more
fully in the
Prospectus or applicable report on Form 8-K. The General Partner
believes
that there is adequate casualty insurance on the properties.
The Fund's results of operations for future periods will vary
significantly
from those for the period ended December 31, 1998 as Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30,
Series 31, Series 32, Series 33 and Series 34 continue to use the
funds raised to invest in partnership interests of additional
Operating Partnerships, and the Fund continues to offer BACs in
Series 34.
The Fund incurred a fund management fee to Boston Capital Asset
Management
Limited Partnership (formerly Boston Capital Communications
Limited
Partnership) in an amount equal to .5 percent of the aggregate
cost of the
apartment complexes owned by the Operating Partnerships, less the
amount of
certain asset management and reporting fees paid by the Operating
Partnerships. The fund management fees incurred for the quarter
ended
December 31, 1998 for Series 20, Series 21, Series 22, Series 23,
Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30,
Series
31, Series 32 and Series 33 were $94,773, $53,960, $59,893,
$53,502, $54,087, $65,369, $95,230, $76,527, $74,438, $75,609,
$43,413, $66,132, $82,651, $29,040 and $10,708 respectively.
122
The Fund's investment objectives do not include receipt of
significant cash
distributions from the Operating Partnerships in which it has
invested or
intends to invest. The Fund's investments in Operating
Partnerships have been
and will be made principally with a view towards realization of
Federal
Housing Tax Credits for allocation to its partners and BAC
holders.
Series 20
- ---------
As of December 31, 1998 and 1997 the average Qualified Occupancy
for the
series was 100%. The series had a total of 24 properties at
December 31, 1998, all of which were at 100% Qualified Occupancy.
For the nine months being reported Series 20 reflects a net loss
from
Operating Partnerships of $1,538,500. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations of
$572,861. This is an interim period estimate; it is not
indicative of the
final year end results.
Breeze Cove Limited Partnership (Breeze Cove Apartments)
experienced financial difficulties in 1997 due to vacancy issues
and high expenses. The management company has steadily improved
occupancies throughout 1997 and 1998, and occupancy currently
stands at 92%. The Operating General Partner was pushing the
management company to reduce expenses as well. The Operating
General Partner has submitted a debt restructure proposal to the
Lender and a response is expected to be received by early
February 1999. Early indications are that the lender may offer a
discount to get paid off. A new Operating General Partner was
admitted on January 4, 1999, and this Operating General Partner
is responsible for negative cash flow over $3,800 per month.
The Operating General Partner of East Douglas Apartments Limited
Partnership (East Douglas Apartments) failed to meet his
partnership obligations. As a result, the Operating General
Partner and its related management agent were replaced in April,
1998. The new management company is focusing on improving the
property's physical occupancy and operations. During 1998, the
property's mortgages went into default. The new Operating
General Partner worked out a forbearance agreement with the
lenders, and had completed a refinance of the loan as of December
31, 1998. The properties operations are expected to stabilize in
the coming months.
In August 1996 the Investment General Partner was notified that
Virginia Avenue Affordable Limited Partnership (Kristine
Apartments) was named as defendant in a land encroachment
complaint. Initial efforts to settle the complaint were
unsuccessful, but recently a judgment was issued by which the
operating partnership would receive an appropriate quit claim
deed and other title related documents confirming the
partnership's interest in the disputed property. The appropriate
title information has been received by the delivery of these
documents and will remove any uncertainty as to the partnership's
possession of the land. Additionally, occupancy began to drop in
the fourth quarter of 1998, with a year-end occupancy of 78%. At
this time, the Investment General Partner is working with the
Operating General Partner to select a new management agent.
Series 21
- ---------
As of December 31, 1998 and 1997 the average Qualified Occupancy
for the
series was 93.9% and 93.0%, respectively. The series had a total
of 14
properties at December 31, 1998. Out of the total 9 were at 100%
Qualified
Occupancy.
123
For the nine months being reported Series 21 reflects a net loss
from
Operating Partnerships of $895,656. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $15,219. This is an interim period estimate; it is
not indicative of the final year end results.
Series 21 previously reported that the Internal Revenue Service
is auditing Pinedale II Limited Partnership (Pinedale Apartments
II) and Pumphouse Crossing II Limited Partnership's (Pumphouse
Crossing II Apartments) compliance with the requirements of the
Low-Income Housing Tax Credit Program.
Upon further research, both the Operating General Partner and the
accounting firm that prepared the audited financial statements
for 1997, have confimed that the statement was made in error.
Neither partnership, at this time, has received notification of
any audit.
Series 22
- ---------
As of December 31, 1998 and 1997 the average Qualified Occupancy
for the
series was 100%. The series had a total of 29 properties at
December 31, 1998, all of which were at 100% Qualified Occupancy.
For the nine months being reported Series 22 reflects a net loss
from
Operating Partnerships of $590,801. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of
$561,788. This is an interim period estimate; it is not
indicative of the
final year end results.
Series 23
- ---------
As of December 31, 1998 and 1997 the average Qualified Occupancy
for the
series was 100%. The series had a total of 22 properties at
December 31, 1998, all of which were at 100% Qualified Occupancy.
For the nine months being reported Series 23 reflects a net loss
from
Operating Partnerships of $813,849. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a positive
operations
of $565,626. This is an interim period estimate; it is not
indicative of the final year end results.
Series 24
- ---------
As of December 31, 1998 and 1997 the average Qualified Occupancy
for the series was 99.9% and 98.8%, respectively. The series had
a total of 24
properties at December 31, 1998. Out of the total 23 were at
100% Qualified
Occupancy.
For the nine months being reported Series 24 reflects a net loss
from
Operating Partnerships of $1,117,015. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of $413,081. This is an interim
period estimate; it is not indicative of the final year end
results.
In the prior fiscal year the Investment General Partner became
aware of the Operating General Partner's intention to not
completely fund construction costs of SG Wyandotte L.P.
(Wyandotte Apartments). As a result, the Operating General
Partner was removed in August 1997. The new Operating General
Partner,
124
in conjunction with the Operating Partnership's lender,
successfully converted the partnership's construction loan to
permanent status. The property's operations continue to be
strong and average physical occupancy for 1998 was 95%. It is
anticipated that with the strong occupancy the property will
operate above breakeven and begin to generate positive cash flow.
Series 25
- ---------
As of December 31, 1998 and 1997 the average Qualified Occupancy
for the series was 99.7% and 98.5%, respectively. The series had
a total of 22 properties at December 31, 1998. Out of the total
20 were at 100% Qualified Occupancy.
For the nine months being reported Series 25 reflects a net loss
from
Operating Partnerships of $1,027,043. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a positive
operations of $443,949. This is an interim period estimate; it is
not indicative of the final year end results.
In the prior fiscal year the Investment General Partner became
aware of the Operating General Partner's intention to not
completely fund construction costs of SG Wyandotte L.P.
(Wyandotte Apartments). As a result, the Operating General
Partner was removed in August 1997. The new Operating General
Partner, in conjunction with the Operating Partnership's lender,
successfully converted the partnership's construction loan to
permanent status. The property's operations continue to be
strong and average physical occupancy for 1998 was 95%. It is
anticipated that with the strong occupancy the property will
operate above breakeven and begin to generate positive cash flow.
Series 26
- ---------
As of December 31, 1998 and 1997 the average Qualified Occupancy
for the series was 96.7% and 92.7%, respectively. The series had
a total of 44 properties at December 31, 1998. Out of the total
36 were at 100% Qualified Occupancy and 5 were in active
lease-up. The series also had 2 properties which were under
construction at December 31, 1998.
For the nine months being reported Series 26 reflects a net loss
from Operating Partnerships of $646,161. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of
$511,094. This is an interim period estimate; it is not
indicative of the
final year end results.
In the prior fiscal year the Investment General Partner became
aware of the Operating General Partner's intention to not
completely fund construction costs of SG Hazeltine Limited
Partnership (Hazeltine Apartments). As a result, the Operating
General Partner was removed in August 1997. The new Operating
General Partner, in conjunction with the Operating Partnership's
lender, successfully converted the partnership's construction
loan to permanent status. The property's operations continue to
be strong and average physical occupancy for 1998 was 91%. It is
anticipated that with the strong occupancy the property will
operate above breakeven and begin to generate positive cash flow.
Series 27
- ---------
As of December 31, 1998 and 1997 the average Qualified Occupancy
for the series was 88.3% and 76%, respectively. The series had a
total of 14
125
properties at December 31, 1998. Out of the total 9 were at 100%
Qualified Occupancy and 4 were in active lease-up. The series
also had 1 property which was under construction December 31,
1998.
For the nine months being reported Series 27 reflects a net loss
from Operating Partnerships of $515,657. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of
$91,322. This is an interim period estimate; it is not indicative
of the final year end results.
Series 28
- ---------
As of December 31, 1998 and 1997 the average Qualified Occupancy
for the series was 95.8% and 90.3%, respectively. The series had
a total of 26
properties at December 31, 1998. Out of the total 23 were at
100% Qualified Occupancy and 1 was in active lease-up. The
series also had 2 properties which were under construction at
December 31, 1998.
For the nine months being reported Series 28 reflects a net loss
from
Operating Partnerships of $200,885. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $341,465. This is an interim period estimate; it
is not indicative of the final year end results.
Series 29
- ---------
As of December 31, 1998 and 1997 the average Qualified Occupancy
for the Series was 93.8% and 70.1%, respectively. The series had
a total of 21 properties at December 31, 1998. Out of the total
14 were at 100% Qualified Occupancy and 3 were in active lease-
up. The series also had 4 properties which were under
construction at December 31, 1998
For the nine months being reported Series 29 reflects a net loss
from
Operating Partnerships of $250,578. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$11,013.
This is an interim period estimate; it is not indicative of the
final year end
results.
Series 30
- ---------
As of December 31, 1998 the average Qualified Occupancy for the
series was 65.2%. The series had a total of 17 properties at
December 31, 1998. Out of the total 4 were at 100% Qualified
Occupancy and 6 were in active lease-up. The series also had 3
properties that were under construction and 4 properties with
multiple buildings some of which were in lease-up and some of
which were under construction at December 31, 1998. Since all of
the properties in Series 30 were under construction at December
31, 1997, there is no comparative information to report.
For the nine months being reported Series 30 reflects a net loss
from
Operating Partnerships of $53,123. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $109,519. This is an interim period estimate; it
is not indicative of the final year end results.
126
Series 31
- ---------
As of December 31, 1998 the average Qualified Occupancy for the
series was 85.6%. The series had a total of 26 properties at
December 31, 1998. Out of the total 11 were at 100% Qualified
Occupancy and 6 were in active lease-up. The series also had 3
properties that were under construction and 6 properties with
multiple buildings some of which were in lease-up and some of
which were under construction at December 31, 1998. Since all of
the properties in Series 31 were under construction December 31,
1997, there is no comparative information to report.
For the nine months being reported Series 31 reflects a net loss
from
Operating Partnerships of $270,712. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$38,844.
This is an interim period estimate; it is not indicative of the
final year end
results.
Series 32
- ---------
As of December 31, 1998 the average Qualified Occupancy for the
series was 99%. The series had a total of 13 properties at
December 31, 1998. Out of the total 4 were at 100% Qualified
Occupancy and 1 was in active lease-up.
The series also had 8 properties that were under construction at
December 31, 1998. Since all of the properties in Series 32 were
acquired after December 31, 1997, there is no comparative
information to report.
For the nine months being reported Series 32 reflects a net loss
from
Operating Partnerships of $196,186. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$10,177. This is an interim period estimate; it is not
indicative of the final year end results.
Series 33
- ---------
As of December 31, 1998 the average Qualified Occupancy for the
series was 100%. The Series had a total of 7 properties as of
December 31, 1998. Out of the total 1 was at 100% Qualified
Occupancy, and 6 were under construction. Since all of the
properties were acquired after December 31, 1997, there is no
comparative information to report.
Series 34
- ---------
The Series had a total of 7 properties as of December 31, 1998,
all of which were under construction. Since all of the
properties were acquired after December 31, 1997, 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 have contacted the vendors to provide us
with the necessary upgrades and replacements. Boston Capital is
committed to ensuring that the "Y2K" issue will have no impact on
our investors.
127
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
128
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the
registrant has duly caused this report to be signed on its behalf
by the
undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV
L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: February 19, 1999 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal
Financial
Officer
129
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<NAME> BOSTON CAPITAL TAX CREDIT FUND IV L.P.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> DEC-31-1998
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