FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1999
------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-26200
---------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3208648
- -------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 624-8900
--------------
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2)has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1999
-----------------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
June 30, March
31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $367,139,756
$352,630,004
OTHER ASSETS
Cash and cash equivalents 13,485,165
14,152,267
Investments 49,703,586
47,977,925
Notes receivable 13,125,882
14,174,473
Acquisition costs 8,159,562
5,644,971
Organization costs, net of
accumulated amortization (Note B) 672,851
623,193
Other assets 25,251,821
21,298,752
-----------
- -----------
$477,538,623
$456,501,585
===========
===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 137,135 $
411,758
Accounts payable affiliates 5,341,728
5,280,848
Capital contributions payable (Note D) 75,659,652
73,541,468
Line of credit 982,678
200,000
-----------
- -----------
82,121,193
79,434,074
-----------
- -----------
1
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest,
$10 stated value per BAC; 65,000,000
authorized BACs; 52,595,022 issued and
outstanding as of June 30, 1999 395,732,185
377,341,887
General Partner (541,749)
(501,370)
Unrealized gain (loss) on securities
available for sale, net 226,994
226,994
-----------
- -----------
395,417,430
377,067,511
-----------
- -----------
$477,538,623
$456,501,585
===========
===========
The accompanying notes are an integral part of these
statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
- ---------------------------
June 30, March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $20,418,655
$20,817,668
OTHER ASSETS
Cash and cash equivalents 355,794
223,286
Investments -
- -
Notes receivable -
- -
Acquisition costs 97,342
98,235
Organization costs, net of
accumulated amortization (Note B) 4,786
10,607
Other assets 628,202
726,093
----------
- ----------
$21,504,779
$21,875,889
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 1,426,776
1,331,964
Capital contributions payable (Note D) 388,026
388,026
Line of credit -
- -
----------
- ----------
1,814,802
1,719,990
----------
- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
- ---------------------------
June 30, March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,866,700 issued and
outstanding as of June 30, 1999 19,823,642
20,284,905
General Partner (133,665)
(129,006)
Unrealized gain (loss) on securities
for sale, net -
- -
----------
- ----------
19,689,977
20,155,899
----------
- ----------
$21,504,779
$21,875,889
==========
==========
The accompanying notes are an integral part of these
statements.
4
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
- ----------------------------
June 30, March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 7,651,774 $
7,984,415
OTHER ASSETS
Cash and cash equivalents 145,990
204,141
Investments 833,348
777,925
Notes receivable 641,542
641,542
Acquisition costs 53,243
53,731
Organization costs, net of
accumulated amortization (Note B) -
- -
Other assets 291,779
268,066
----------
- ----------
$ 9,617,676 $
9,929,820
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 680,130
623,670
Capital contributions payable (Note D) 709,193
709,193
Line of credit -
- -
----------
- ----------
1,389,323
1,332,863
----------
- ----------
5
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
21
-
- ----------------------------
June 30, March
31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 1,892,700 issued and
outstanding as of December 31, 1998 n 8,302,579
8,667,497
General Partner (79,724)
(76,038)
Unrealized gain (loss) on securities
for sale, net 5,498
5,498
----------
- ----------
8,228,353
8,596,957
----------
- ----------
$ 9,617,676 $
9,929,820
==========
==========
The accompanying notes are an integral part of these
statements.
6
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
--------
- --------------------
June 30, March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $14,769,160
$14,961,440
OTHER ASSETS
Cash and cash equivalents 302,131
319,333
Investments 291,955
272,533
Notes receivable 450,981
462,686
Acquisition costs 168,844
168,844
Organization costs, net of
accumulated amortization (Note B) 6,559
9,694
Other assets 164,442
165,466
----------
- ----------
$16,154,072
$16,359,996
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 855,203
791,555
Capital contributions payable (Note D) 548,232
550,641
Line of credit -
- -
----------
- ----------
1,403,435
1,342,196
----------
- -----------
7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
22
- ----------------------------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,564,400 issued and
outstanding as of June 30, 1999 14,820,306
15,084,797 General Partner
(71,594) (68,922)
Unrealized gain (loss) on securities
for sale, net 1,925
1,925
----------
- ----------
14,750,637
15,017,800
- ---------- ----------
$16,154,072
$16,359,996
==========
==========
The accompanying notes are an integral part of these
statements.
8
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
------------------
- --------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,405,561
$21,681,096
OTHER ASSETS
Cash and cash equivalents 497,115
610,758
Investments -
- -
Notes receivable 306,751
456,751
Aquisition costs 170,207
171,769
Organization costs, net of
accumulated amortization (Note B) 13,665
16,933
Other assets 378,455
393,309
----------
- ----------
$22,771,754
$23,330,616
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 473,221
413,155
Capital contributions payable (Note D) 487,851
772,817
Line of credit -
- -
----------
- ----------
961,072
1,185,972
----------
- ----------
9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
23
- ---------------------------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,336,727 issued and
outstanding as of June 30, 1999 21,877,422
22,208,044
General Partner (66,740)
(63,400)
Unrealized gain (loss) on securities
for sale, net -
- - ----------
- ----------
21,810,682
22,144,644
----------
- ----------
$ 22,771,754
$23,330,616
==========
==========
The accompanying notes are an integral part of these
statements.
10
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
---------------------
- -----
June 30, March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $13,522,339
$13,973,053
OTHER ASSETS
Cash and cash equivalents 324,426
304,564
Investments 201,438
188,039
Notes receivable 551,375
551,210
Acquisition costs 278,074
280,602
Organization costs, net of
accumulated amortization (Note B) 16,225
19,470
Other assets 676,015
674,603
----------
- ----------
$15,569,892
$15,991,541
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 12,000 $
- -
Accounts payable affiliates 604,600
546,259
Capital contributions payable (Note D) 1,269,494
1,285,736
Line of credit -
- -
----------
- ----------
1,886,094
1,831,995
----------
- ----------
11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
24
- ----------------------------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,169,878 issued and
outstanding as of June 30, 1999 13,730,942
14,201,933
General Partner (48,473)
(43,716)
Unrealized gain (loss) on securities
for sale, net 1,329
1,329
----------
- ----------
13,683,798
14,159,546
----------
- ----------
$15,569,892
$15,991,541
==========
==========
The accompanying notes are an integral part of these
statements.
12
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
--------------------
- ------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $20,429,392
$20,921,953
OTHER ASSETS
Cash and cash equivalents 614,732
660,000 Investments
567,433 529,693
Notes receivable 546,714
551,221
Acquisition costs 279,265
281,804
Organization costs, net of
accumulated amortization (Note B) 15,732
18,354
Other assets 1,324,696
1,322,390
----------
- ----------
$23,777,964
$24,285,415
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 340,845
272,676
Capital contributions payable (Note D) 2,673,557
2,704,223
Line of credit -
- -
----------
- ----------
3,014,402
2,976,899
----------
- ----------
13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
25
- ---------------------------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,026,109 issued and
outstanding as of June 30, 1999 20,809,583
21,349,087
General Partner (49,847)
(44,397)
Unrealized gain (loss) on securities
for sale, net 3,826
3,826
----------
- ----------
20,763,562
21,308,516
----------
- ----------
$23,777,964
$24,285,415
==========
==========
The accompanying notes are an integral part of these
statements.
14
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
- --------------------------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $29,640,539
$29,938,230
OTHER ASSETS
Cash and cash equivalents 764,408
1,190,003
Investments 1,160,165
721,150
Notes receivable 583,670
653,909
Acquisition costs 473,111
475,012
Organization costs, net of
accumulated amortization (Note B) 37,862
42,595
Other assets 3,652,509
3,856,657
----------
- ----------
$36,312,264
$36,877,556
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 90 $
90
Accounts payable affiliates 366,175
266,608
Capital contributions payable (Note D) 5,189,760
5,548,536
Line of credit -
- -
----------
- ----------
5,556,025
5,815,234
----------
- ----------
15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
26
- ---------------------------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,995,900 issued and
outstanding as of June 30, 1999 30,782,468
31,085,523
General Partner (32,755)
(29,727)
Unrealized gain (loss) on securities
for sale, net 6,526
6,526
----------
- ----------
30,756,239
31,062,322
----------
- ----------
$36,312,264
$36,877,556
==========
==========
The accompanying notes are an integral part of these
statements.
16
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
- --------------------------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $17,429,918
$16,996,406
OTHER ASSETS
Cash and cash equivalents 1,049,937
1,328,141
Investments 151,000
140,982
Notes receivable 227,810
270,649
Acquisition costs 402,321
402,321
Organization costs, net of
accumulated amortization (Note B) 34,925
38,806
Other assets 1,000,496
1,017,819
----------
- ----------
$20,296,407
$20,195,124
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 507,852
430,737
Capital contributions payable (Note D) 1,913,594
1,645,618
Line of credit -
- -
----------
- ----------
2,421,446
2,076,355
----------
- ----------
17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
- ---------------------------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,460,700 issued and
outstanding as of June 30, 1999 17,900,976
18,142,362
General Partner (27,698)
(25,276)
Unrealized gain (loss) on securities
for sale, net 1,683
1,683
----------
- ----------
17,874,961
18,118,769
----------
- ----------
$20,296,407
$20,195,124
==========
==========
The accompanying notes are an integral part of these
statements.
18
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
--------------------
- ------
June 30, March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $32,035,669
$32,194,655
OTHER ASSETS
Cash and cash equivalents 571,348
569,820
Investments 3,549,402
4,164,571
Notes receivable 1,477,458
1,477,458
Acquisition costs 70,115
70,092
Organization costs, net of
accumulated amortization (Note B) 50,814
55,896
Other assets 70,335
205,606
----------
- ----------
$37,825,141
$38,738,098
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 355
256,148
Capital contributions payable (Note D) 3,992,036
4,440,923
Line of credit -
- -
----------
- ----------
3,992,391
4,697,071
----------
- ----------
19
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
- ----------------------------
June 30, March
31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,000,738 issued and
outstanding as of June 30, 1999 33,807,776
34,013,990
General Partner (5,748)
(3,685)
Unrealized gain (loss) on securities
for sale, net 30,722
30,722
----------
- ----------
33,832,750
34,041,027
----------
- ----------
$37,825,141
$38,738,098
==========
==========
The accompanying notes are an integral part of these
statements.
20
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
----------------
- ---------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $30,794,969
$31,006,270
OTHER ASSETS
Cash and cash equivalents 1,222,255
1,066,404
Investments 3,637,215
5,250,347
Notes receivable 835,878
835,878
Acquisition costs 42,453
13,596
Organization costs, net of
accumulated amortization (Note B) 45,644
49,448
Other assets 33,524
26,001
----------
- ----------
$36,611,938
$38,247,944
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 6,511
6,511
Capital contributions payable (Note D) 4,474,755
5,800,186
Line of credit -
- -
----------
- ----------
4,481,266
5,806,697
----------
- ----------
21
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
29
- ---------------------------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,991,800 issued and
outstanding as of June 30, 1999 32,124,412
32,431,904
General Partner (19,983)
(16,900)
Unrealized gain (loss) on securities
for sale, net 26,243
26,243
----------
- ----------
32,130,672
32,441,247
----------
- ----------
$36,611,938
$38,247,944
==========
==========
The accompanying notes are an integral part of these
statements.
22
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30
---------------------
- -----
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
----------- --
- -------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,153,181
$18,385,611
OTHER ASSETS
Cash and cash equivalents 686,138
1,339,143
Investments 4,067,861
5,366,697
Notes receivable 105,438
1,415,196
Acquisition costs 535,608
510,332
Organization costs, net of
accumulated amortization (Note B) 45,036
48,501
Other assets 1,223,205
888,146
----------
- ----------
$27,816,467
$27,953,626
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 6,196
6,196
Capital contributions payable (Note D) 5,115,010
5,188,387
Line of credit -
- -
----------
- ----------
5,121,206
5,194,583
----------
- ----------
23
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series
30
-----------------
- ---------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,651,100,
issued and outstanding
as of June 30, 1999 22,670,747
22,733,909
General Partner (356)
264
Unrealized gain (loss) on securities
for sale, net 24,870
24,870
----------
- ----------
22,695,261
22,759,043
----------
- ----------
$27,816,467
$27,953,626
==========
==========
The accompanying notes are an integral part of these
statements.
24
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
---------------------
- ----
June 30, March
31,
1999
1999
(Unaudited)
(Audited)
----------- ---
- ------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $34,938,816
$35,524,458
OTHER ASSETS
Cash and cash equivalents 827,292
1,294,456
Investments 4,756,661
5,366,127
Notes receivable 1,903,880
2,221,022
Acquisition costs -
- -
Organization costs, net of
accumulated amortization (Note B) 47,959
51,385
Other assets 1,248,488
974,611
----------
- ----------
$43,723,096
$45,432,059
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,660 $
1,660
Accounts payable affiliates 1,390
1,390
Capital contributions payable (Note D) 6,976,731
8,010,788
Line of credit -
- -
----------
- ----------
6,979,781
8,013,838
----------
- ----------
25
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
---------------
- -----------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
----------- -
- --------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,417,857
issued and outstanding
as of June 30, 1999 36,737,223
37,405,408
General Partner (12,046)
(5,325)
Unrealized gain (loss) on securities
for sale, net 18,138
18,138
----------
- ----------
36,743,315
37,418,221
----------
- ----------
$43,723,096
$45,432,059
==========
==========
The accompanying notes are an integral part of these
statements.
26
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
----------------------
- -----
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
----------- ---
- ------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $38,836,413
$35,492,664
OTHER ASSETS
Cash and cash equivalents 730,193
1,625,906
Investments 8,181,235
9,246,829
Notes receivable 873,301
1,995,249
Acquisition costs 767,342
723,349
Organization costs, net of
accumulated amortization (Note B) 47,452
50,418
Other assets 1,488,132
1,970,512
----------
- ----------
$50,924,068
$51,104,927
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 103
103
Capital contributions payable (Note D) 9,883,422
10,155,068
Line of credit -
- -
----------
- ----------
9,883,525
10,155,171
- ---------- ----------
27
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
----------------
- -----------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,754,198 issued and
outstanding as of June 30, 1999 41,001,048
40,911,216
General Partner 3,441
2,486
Unrealized gain (loss) on securities
for sale, net 36,054
36,054
----------
- ----------
41,040,543
40,949,756
----------
- ----------
$50,924,068
$51,104,927
==========
==========
The accompanying notes are an integral part of these
statements.
28
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33
---------------------
- -----
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
----------- ----
- ------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,082,781
$19,871,865
OTHER ASSETS
Cash and cash equivalents 810,149
685,857
Investments 4,784,708
5,892,859
Notes receivable 46,280
46,280
Acquisition costs 685,203
668,353
Organization costs, net of
accumulated amortization (Note B) 79,116
83,770
Other assets 423,334
1,078,560
---------- -----
- -----
$27,911,571
$28,327,544
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $
- -
Accounts payable affiliates 6,443
6,443
Capital contributions payable (Note D) 5,024,026
5,507,151
Line of credit -
- -
---------- -----
- -----
5,030,469
5,513,594
---------- -----
- -----
29
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33
------------------
- ----------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,636,533 issued and
outstanding as of June 30,1999 22,843,122
22,776,691
General Partner 2,662
1,941
Unrealized gain (loss) on securities
for sale, net 35,318
35,318
----------
- ----------
22,881,102
22,813,950
----------
- ----------
$27,911,571
$28,327,544
==========
==========
The accompanying notes are an integral part of these
statements.
30
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 34
---------------------
- -----
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
----------- ----
- ------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $24,150,928
$22,247,242
OTHER ASSETS
Cash and cash equivalents 843,074
2,482,579
Investments 9,317,679
9,666,568
Notes receivable 2,875,266
1,678,562
Acquisition costs 985,234
904,527
Organization costs, net of
accumulated amortization (Note B) 104,919
110,441
Other assets 3,500,830
5,146,310
---------- -----
- -----
$41,777,930
$42,236,229
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 493 $
493
Accounts payable affiliates 32,894
32,894
Capital contributions payable (Note D) 11,606,431
12,032,400
Line of credit -
- -
---------- -----
- -----
11,639,818
12,065,787
---------- -----
- -----
31
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 34
------------------
- ----------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs;
3,529,319 respectively, issued and
outstanding as of June 30,1999 30,104,277
30,136,760
General Partner 552
399
Unrealized gain (loss) on securities
for sale, net 33,283
33,283
----------
- ----------
30,138,112
30,170,442
----------
- ----------
$41,777,930
$42,236,229
==========
==========
The accompanying notes are an integral part of these
statements.
32
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 35
---------------------
- -----
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
----------- ----
- ------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $18,879,661
$10,632,978
OTHER ASSETS
Cash and cash equivalents 3,740,183
247,876
Investments 8,203,486
393,605
Notes receivable 1,699,538
916,860
Acquisition costs 3,151,200
822,404
Organization costs, net of
accumulated amortization (Note B) 122,157
16,875
Other assets 9,147,379
2,584,603
---------- -----
- -----
$44,943,604
$15,615,201
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 122,892 $
409,515
Accounts payable affiliates 33,034
294,539
Capital contributions payable (Note D) 15,407,534
8,801,775
Line of credit 982,678
200,000
---------- -----
- -----
16,546,138
9,705,829
---------- -----
- -----
33
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 35
------------------
- ----------
June 30,
March 31,
1999
1999
(Unaudited)
(Audited)
-----------
- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs;
3,300,463 respectively, issued and
outstanding as of June 30,1999 28,395,662
5,907,861
General Partner 225
(68)
Unrealized gain (loss) on securities
for sale, net 1,579
1,579
----------
- ----------
28,397,466
5,909,372
----------
- ----------
$44,943,604
$15,615,201
==========
==========
The accompanying notes are an integral part of these
statements.
34
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
1999 1998
---- ----
Income
Interest income $ 772,280 $ 1,060,736
Other income 5,550 1,500
---------- ----------
782,830 1,062,236
---------- ----------
Share of income (loss) from
Operating Partnerships (3,374,833)
(2,896,448)
---------- ----------
Expenses
Professional fees 140,502 170,383
Fund management fee (Note C) 913,482 794,659
Amortization 69,261 47,217
General and administrative expenses 322,582 304,003
---------- ----------
1,445,827 1,316,262
---------- ----------
NET INCOME (LOSS) $(4,037,830)
$(3,150,474)
========== ==========
Net income (loss) allocated to
limited partners $(3,997,452)
$(3,118,969)
========== ==========
Net income (loss) allocated to
general partner $ (40,378) $
(31,505)
========== ==========
Net income (loss) per BAC $ (1.34) $
(1.05)
========== ==========
The accompanying notes are an integral part of these
statements.
35
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 20
- -----------------------
1999
1998
----
- ----
Income
Interest income $ 8,442 $
6,223
Other income 5,550
- -
--------
- --------
13,992
6,223
--------
- --------
Share of income (loss) from Operating
Partnerships (382,179)
(651,369)
--------
- --------
Expenses
Professional fees 8,522
8,358
Fund management fee (Note C) 74,288
93,153
Amortization 6,714
5,821
General and administrative expense 8,211
9,874
--------
- --------
97,735
117,206
--------
- --------
NET INCOME (LOSS) $(465,922)
$(762,352)
========
========
Net income (loss) allocated to
limited partners $(461,263)
$(754,729)
========
========
Net income (loss) allocated to
general partner $ (4,659) $
(7,623)
========
========
Net income (loss) per BAC $ (.12) $
(.20)
========
========
The accompanying notes are an integral part of these
statements.
36
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 21
- -----------------------
1999
1998
----
- ----
Income
Interest income $ 14,855 $
23,053
Other income -
- -
--------
- --------
14,855
23,053
--------
- --------
Share of income (loss) from Operating
Partnerships (309,934)
(185,268)
--------
- --------
Expenses
Professional fees 6,976
7,357
Fund management fee (Note C) 56,460
42,460
Amortization 488
4,739
General and administrative expense 9,601
13,792
--------
- --------
73,525
68,348
--------
- --------
NET INCOME (LOSS) $(368,604)
$(230,563)
========
========
Net income (loss) allocated to
limited partners $(364,918)
$(228,257)
========
========
Net income (loss) allocated to
general partner $ (3,686) $
(2,306)
========
========
Net income (loss) per BAC $ (.20) $
(.13)
========
========
The accompanying notes are an integral part of these
statements.
37
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 22
- -----------------------
1999
1998
----
- ----
Income
Interest income $ 5,346 $
9,405
Other income -
1,500
-------- -
- -------
5,346
10,905
-------- -
- -------
Share of income (loss) from Operating
Partnerships (193,654)
(136,316)
-------- -
- -------
Expenses
Professional fees 8,122
7,593
Fund management fee (Note C) 59,867
60,743
Amortization 3,135
3,135
General and administrative expense 7,731
8,959
-------- -
- -------
78,855
80,430
-------- -
- -------
NET INCOME (LOSS) $(267,163)
$(205,841)
========
========
Net income (loss) allocated to
limited partners $(264,491)
$(203,782)
========
========
Net income (loss) allocated to
general partner $ (2,672) $
(2,059)
========
========
Net income (loss) per BAC $ (.10) $
(.08)
========
========
The accompanying notes are an integral part of these
statements.
38
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 23
- -----------------------
1999
1998
----
- ----
Income
Interest income $ 2,717 $
9,402
Other income -
- -
-------- -
- -------
2,717
9,402
-------- -
- -------
Share of income (loss) from Operating
Partnerships (268,288)
(265,863)
-------- -
- -------
Expenses
Professional fees 5,824
7,946
Fund management fee (Note C) 50,336
58,816
Amortization 4,830
3,268
General and administrative expense 7,401
9,085
-------- -
- -------
68,391
79,115
-------- -
- -------
NET INCOME (LOSS) $(333,962)
$(335,576)
========
========
Net income (loss) allocated to
limited partners $(330,622)
$(332,220)
========
========
Net income (loss) allocated to
general partner $ (3,340) $
(3,356)
========
========
Net income (loss) per BAC $ (.10) $
(.10)
========
========
The accompanying notes are an integral part of these
statements.
39
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 24
- -----------------------
1999
1998
----
- ----
Income
Interest income $ 4,399 $
5,489
Other income -
- -
-------- -
- -------
4,399
5,489
-------- -
- -------
Share of income (loss) from Operating
Partnerships (436,704)
(364,511)
-------- -
- -------
Expenses
Professional fees 6,674
7,312
Fund management fee (Note C) 20,982
58,287
Amortization 5,796
3,245
General and administrative expense 9,991
8,238
-------- -
- -------
43,443
77,082
-------- -
- -------
NET INCOME (LOSS) $(475,748)
$(436,104)
========
========
Net income (loss) allocated to
limited partners $(470,991)
$(431,743)
========
========
Net income (loss) allocated to
general partner $ (4,757) $
(4,361)
========
========
Net income (loss) per BAC $ (.22) $
(.20)
========
========
The accompanying notes are an integral part of these
statements.
40
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 25
- -----------------------
1999
1998
----
- ----
Income
Interest income $ 12,633 $
21,318
Other income -
- -
-------- -
- -------
12,633
21,318
-------- -
- -------
Share of income (loss) from Operating
Partnerships (483,594)
(628,641)
-------- -
- -------
Expenses
Professional fees 6,502
8,906
Fund management fee (Note C) 51,169
64,369
Amortization 6,427
2,623
General and administrative expense 9,895
14,378
-------- -
- -------
73,993
90,276
-------- -
- -------
NET INCOME (LOSS) $(544,954)
$(697,599)
========
========
Net income (loss) allocated to
limited partners $(539,504)
$(690,623)
========
========
Net income (loss) allocated to
general partner $ (5,450) $
(6,976)
========
========
Net income (loss) per BAC $ (.17) $
(.22)
========
========
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 June 30,
(Unaudited)
Series 26
- -----------------------
1999
1998
----
- ----
Income
Interest income $ 22,811 $
126,427
Other income -
- -
-------- -
- -------
22,811
126,427
-------- -
- -------
Share of income (loss) from Operating
Partnerships (216,215)
(332,331)
-------- -
- -------
Expenses
Professional fees 13,592
13,318
Fund management fee (Note C) 72,271
88,830
Amortization 9,073
4,733
General and administrative expense 14,498
42,460
-------- -
- -------
109,434
149,341
-------- -
- -------
NET INCOME (LOSS) $(302,838)
$(355,245)
========
========
Net income (loss) allocated to
limited partners $(299,810)
$(351,693)
========
========
Net income (loss) allocated to
general partner $ (3,028) $
(3,552)
========
========
Net income (loss) per BAC $ (.08) $
(.09)
========
========
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 June 30,
(Unaudited)
Series 27
- -----------------------
1999
1998
----
- ----
Income
Interest income $ 6,510 $
44,958
Other income -
- -
-------- -
- -------
6,510
44,958
-------- -
- -------
Share of income (loss) from Operating
Partnerships (169,095)
(128,857)
-------- -
- -------
Expenses
Professional fees 5,716
9,788
Fund management fee (Note C) 64,115
75,829
Amortization 3,881
3,881
General and administrative expense 5,946
18,362
-------- -
- -------
79,658
107,860
-------- -
- -------
NET INCOME (LOSS) $(242,243)
$(191,759)
========
========
Net income (loss) allocated to
limited partners $(239,821)
$(189,842)
========
========
Net income (loss) allocated to
general partner $ (2,422) $
(1,917)
========
========
Net income (loss) per BAC $ (.10) $
(.08)
========
========
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 June 30,
(Unaudited)
Series 28
---------------
- -----------
1999 1998
---- ----
Income
Interest income $ 71,064 $ 193,365
Other income - -
-------- --------
71,064 193,365
-------- --------
Share of income (loss) from
Operating Partnerships (153,678) (47,997)
-------- --------
Expenses
Professional fees 10,222 18,459
Fund management fee (Note C) 76,077 69,177
Amortization 5,081 5,081
General and administrative expense 32,306 70,757
-------- --------
123,686 163,474
-------- --------
NET INCOME (LOSS) $(206,300) $ (18,106)
======== ========
Net income (loss) allocated to
limited partners $(204,237) $ (17,925)
======== ========
Net income (loss) allocated to
general partner $ (2,063) $ (181)
======== ========
Net income (loss) per BAC $ (.05) $ -
======== ========
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 June 30,
(Unaudited)
Series 29
---------------
- -----------
1999 1998
---- ----
Income
Interest income $ 66,196 $ 144,937
Other income - -
-------- --------
66,196 144,937
-------- --------
Share of income (loss) from
Operating Partnerships (263,726) (110,963)
-------- --------
Expenses
Professional fees 9,436 40,762
Fund management fee (Note C) 66,710 69,218
Amortization 3,804 3,804
General and administrative expense 30,839 16,405
-------- --------
110,789 130,189
-------- --------
NET INCOME (LOSS) $(308,319) $ (96,215)
======== ========
Net income (loss) allocated to
limited partners $(305,236) $ (95,253)
======== ========
Net income (loss) allocated to
general partner $ (3,083) $ (962)
======== ========
Net income (loss) per BAC $ (.06) $ (.01)
======== ========
The accompanying notes are an integral part of these
statements.
45
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 30
------------------------
1999 1998
---- ----
Income
Interest income $ 69,427 $ 160,643
Other income - -
-------- --------
69,427 160,643
-------- --------
Share of income (loss) from
Operating Partnerships (51,871) 41,475
-------- --------
Expenses
Professional fees 10,224 14,218
Fund management fee (Note C) 38,013 30,359
Amortization 3,464 3,461
General and administrative expense 27,816 29,504
-------- --------
79,517 77,542
-------- --------
NET INCOME (LOSS) $ (61,961) $ 124,576
======== ========
Net income (loss) allocated to
limited partners $ (61,341) $ 123,331
======== ========
Net income (loss) allocated to
general partner $ (620) $ 1,245
======== ========
Net income (loss) per BAC $ (.03) $ .05
======== ========
The accompanying notes are an integral part of these
statements.
46
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 31
------------------------
1999 1998
---- ----
Income
Interest income $ 65,774 $ 205,163
Other income - -
-------- --------
65,774 205,163
-------- --------
Share of income (loss) from
Operating Partnerships (609,284) (72,009)
-------- --------
Expenses
Professional fees 10,710 20,740
Fund management fee (Note C) 89,724 63,381
Amortization 3,426 3,426
General and administrative expense 24,700 45,864
-------- --------
128,560 133,411
-------- --------
NET INCOME (LOSS) $(672,070) $ (257)
======== ========
Net income (loss) allocated to
limited partners $(665,349) $ (254)
======== ========
Net income (loss) allocated to $ (6,721) $ (3)
general partner ======== ========
Net income (loss) per BAC $ (.15) $ -
======== ========
The accompanying notes are an integral part of these
statements.
47
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 32
---------------------
- ------
1999
1998
---- --
- --
Income
Interest income $ 130,803 $
110,353
Other income -
- -
-------- ----
- ----
130,803
110,353
-------- ----
- ----
Share of income (loss) from Operating
Partnerships 86,007
(13,798)
-------- ----
- ----
Expenses
Professional fees 12,004
5,626
Fund management fee (Note C) 68,046
20,037
Amortization 2,966
- -
General and administrative expense 38,275
16,325
------- ----
- ----
121,291
41,988
-------- ----
- ----
NET INCOME (LOSS) $ 95,519 $
54,567
========
========
Net income (loss) allocated to
limited partners $ 94,564 $
54,021
========
========
Net income (loss) allocated to
general partner $ 955 $
546
========
========
Net income (loss) per BAC $ .02 $
.01
========
========
The accompanying notes are an integral part of these
statements.
48
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 33*
Series 34*
----------- -----
- ------
1999
1999
---- --
- --
Income
Interest income $ 101,468 $
122,951
Other income -
- -
-------- ----
- ----
101,468
122,951
-------- ----
- ----
Share of income (loss) from Operating
Partnerships 77,382
- -
-------- ----
- ----
Expenses
Professional fees 9,470
11,565
Fund management fee (Note C) 54,717
47,660
Amortization 4,654
5,522
General and administrative expense 37,877
42,876
------- ----
- ----
106,718
107,623
-------- ----
- ----
NET INCOME (LOSS) $ 72,132 $
15,328
========
========
Net income (loss) allocated to
limited partners $ 71,411 $
15,175
========
========
Net income (loss) allocated to
general partner $ 721 $
153
========
========
Net income (loss) per BAC $ .03 $
.00
========
========
* Series 33 and Series 34 did not commence operations until after
June 30, 1998, therefore they do not have comparative information
to report.
The accompanying notes are an integral part of these
statements.
49
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 35*
----------
1999
------
Income
Interest income $ 71,884
Other income -
--------
71,884
--------
Share of income (loss) from
Operating Partnerships -
--------
Expenses
Professional fees 4,943
Fund management fee (Note C) 23,047
Amortization -
General and administrative expense 14,619
--------
42,609
--------
NET INCOME (LOSS) $ 29,275
========
Net income (loss) allocated to
limited partners $ 28,982
========
Net income (loss) allocated to $ 293
general partner ========
Net income (loss) per BAC $ -
========
* Series 35 did not commence operations until after June 30,
1998, therefore it does not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
50
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
- -----
Partners' capital
(deficit),
April 1, 1999 $377,341,887 $(501,370) $226,994
$377,067,511
Capital contribu-
tions 25,962,625 - -
25,962,625
Selling commissions
and registration
costs (3,574,876) - -
(3,574,876)
Net income (loss) (3,997,451) (40,379)
(4,037,830) ----------- --------
- ------- -----------
Partners' capital
(deficit),
June 30, 1999
$395,732,185 $(541,749) $226,994
$395,417,430
=========== ======== =======
===========
The accompanying notes are an integral part of these
statements.
51
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
- -----
Series 20
- --------
Partners' capital
(deficit),
April 1, 1999 $20,284,905 $(129,006) $ -
$20,155,899
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (461,263) (4,659) -
(465,922)
---------- -------- -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $19,823,642 $(133,665) $ -
$19,689,977
========== ======== =======
==========
Series 21
- --------
Partners' capital
(deficit),
April 1, 1999 $ 8,667,497 $ (76,038) $ 5,498 $
8,596,957
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (364,918) (3,686) -
(368,604)
---------- -------- --------
- ----------
Partners' capital
(deficit),
June 30, 1999 $ 8,302,579 $ (79,724) $ 5,498 $
8,228,353 ========== ========
======== ==========
The accompanying notes are an integral part of these
statements.
52
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
- -----
Series 22
- --------
Partners' capital
(deficit),
April 1, 1999 $15,084,797 $ (68,922) $ 1,925
$15,017,800
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (264,491) (2,672) -
(267,163)
---------- -------- ------
- ----------
Partners' capital
(deficit),
June 30, 1999 $14,820,306 $ (71,594) $ 1,925
$14,750,637
========== ======== =======
==========
Series 23
- --------
Partners' capital
(deficit),
April 1, 1999 $22,208,044 $ (63,400) $ -
$22,144,644
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (330,622) (3,340) -
(333,962)
---------- -------- -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $21,877,422 $ (66,740) $ -
$21,810,682
========== ======== =======
==========
The accompanying notes are an integral part of these
statements
53
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
- -----
Series 24
- --------
Partners' capital
(deficit),
April 1, 1999 $14,201,933 $ (43,716) $ 1,329
$14,159,546
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (470,991) (4,757) -
(475,748)
---------- -------- -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $13,730,942 $ (48,473) $ 1,329
$13,683,798
========== ======== =======
==========
Series 25
- --------
Partners' capital
(deficit),
April 1, 1999 $21,349,087 $ (44,397) $ 3,826
$21,308,516
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs - - -
- -
Net income (loss) (539,504) (5,450) -
(544,954)
---------- -------- -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $20,809,583 $ (49,847) $ 3,826
$20,763,562 ========== ========
======= ==========
The accompanying notes are an integral part of these
statements.
54
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- -------------
- -----
Series 26
- --------
Partners' capital
(deficit),
April 1, 1999 $31,085,523 $(29,727) $ 6,526
$31,062,322
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (3,245) - -
(3,245)
Net income (loss) (299,810) (3,028) -
(302,838)
---------- ------- -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $30,782,468 $ (32,755) $ 6,526
$30,756,239
========== ======= =======
==========
Series 27
- --------
Partners' capital
(deficit),
April 1, 1999 $18,142,362 $ (25,276) $ 1,683
$18,118,769
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (1,565) - -
(1,565)
Net income (loss) (239,821) (2,422) -
(242,243)
--------- ------- -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $17,900,976 $(27,698) $ 1,683
$17,874,961
========== ======= =======
==========
The accompanying notes are an integral part of these
statements.
55
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- -------------
- -----
Series 28
- --------
Partners' capital
(deficit),
April 1, 1999 $34,013,990 $(3,685) $ 30,722
$34,041,027
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (1,977) - -
(1,977)
Net income (loss) (204,237) (2,063) -
(206,300)
---------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $33,807,776 $ (5,748) $ 30,722
$33,832,750
========== ====== =======
==========
Series 29
- --------
Partners' capital
(deficit),
April 1, 1999 $32,431,904 $(16,900) $ 26,243
$32,441,247
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (2,256) - -
(2,256)
Net income (loss) (305,236) (3,083) -
(308,319)
---------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $32,124,412 $(19,983) $ 26,243
$32,130,672 ========== ======
======= ==========
The accompanying notes are an integral part of these
statements.
56
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- -------------
- -----
Series 30
- --------
Partners' capital
(deficit),
April 1, 1999 $22,733,909 $ 264 $ 24,870
22,759,043
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (1,821) - -
(1,821)
Net income (loss) (61,341) (620) -
(61,961)
---------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $22,670,747 $ (356) $ 24,870
$22,695,261
========== ====== =======
==========
Series 31
- --------
Partners' capital
(deficit),
April 1, 1999 $37,405,408 $(5,325) $ 18,138
$37,418,221
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (2,836) - -
(2,836)
Net income (loss) (665,349) (6,721) -
(672,070)
---------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $36,737,223 $(12,046) $ 18,138
$(36,743,315)
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
57
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- ------------
- -----
Series 32
- --------
Partners' capital
(deficit),
April 1, 1999 $40,911,216 $ 2,486 $ 36,054
$40,949,756
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (4,732) - -
(4,732)
Net income (loss) 94,564 955 -
95,519
---------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $41,001,048 $ 3,441 $ 36,054
$41,040,543
========== ====== =======
==========
Series 33
- --------
Partners' capital
(deficit),
April 1, 1999 $22,776,691 $ 1,941 $ 35,318
$22,813,950
Capital contribu-
tions - - -
- -
Selling commissions
and registration
costs (4,980) - -
(4,980)
Net income (loss) 71,411 721 -
72,132
---------- ------ -------
- ----------
Partners' capital
(deficit),
June 30, 1999 $22,843,122 $ 2,662 $ 35,318
$22,881,102
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
58
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
- -----
Series 34
- --------
Partners' capital
(deficit),
April 1, 1999 $30,136,760 $ 399 $ 33,283 $
30,170,442
Capital contribu-
tions
Selling commissions
and registration
costs (47,658) - -
(47,658)
Net income (loss) 15,175 153 -
15,328 ---------- ------
- ------- ----------
Partners' capital
(deficit),
June 30, 1999 $30,104,277 $ 552 $ 33,283
$30,138,112
========== ====== =======
==========
Series 35
- --------
Partners' capital
(deficit),
April 1, 1999 $ 5,907,861 $ (68) $ 1,579
$ 5,909,372
Capital contribu- 25,962,625 - -
25,962,625
tions
Selling commissions
and registration
costs (3,503,806) - -
(3,503,806)
Net income (loss) 28,982 293 -
29,275 ---------- ------
- ------- ----------
Partners' capital
(deficit),
June 30, 1999 $28,395,662 $ 225 $ 1,579
$28,397,466
========== ====== =======
==========
59
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $(4,037,830) $
(3,150,474)
Adjustments
Amortization 69,261
47,217
Distributions from
Operating Partnerships 51,451
1,625
Share of loss from Operating
Partnerships 3,374,833
2,896,448
Changes in assets and liabilities
Decrease (Increase) in
organization costs (105,282)
- -
(Decrease) Increase in accounts
payable and accrued expenses (274,623)
(5,335,787)
Decrease (Increase) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (3,934,007)
(3,413,017)
(Decrease) Increase in accounts
payable affiliates 60,880
82,318
Fleet Line 782,678
- -
----------- -
- ----------
Net cash (used in) provided by
operating activities (4,012,639)
(8,871,670)
----------- -
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (2,822,030)
(3,466,680)
Capital contributions paid to
Operating Partnerships (15,543,112)
(24,175,291)
Advances to Operating Partnerships 1,048,591
1,332,705
Investments (1,725,661)
24,062,169
----------- -
- ----------
Net cash (used in) provided by
investing activities (19,042,212)
(2,247,097)
----------- -
- ----------
60
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
1999
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,574,876)
(4,625,175)
Capital contributions received 25,962,625
35,069,000
Net cash (used in) provided by ----------- -
- ----------
financing activities 22,387,749
30,443,825
----------- -
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (667,102)
19,325,058
Cash and cash equivalents, beginning 14,152,267
4,193,020
- ----------- -----------
Cash and cash equivalents, ending $ 13,485,165 $
23,518,078
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 15,269,423 $
16,640,013
===========
===========
The accompanying notes are an integral part of these
statements.
61
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 20
---
- ------------------------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (465,922) $
(762,352)
Adjustments
Amortization 6,714
5,821
Distributions from
Operating Partnerships 16,315
- -
Share of loss from Operating
Partnerships 382,179 651,369
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
1,961
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 98,410
(260,801)
(Decrease) Increase in accounts
payable affiliates 94,812
94,773
----------
- ----------
Net cash (used in) provided by
operating activities 132,508
(269,229)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships -
(97,459)
Advances to Operating Partnerships -
- -
Investments -
373,276
----------
- ----------
Net cash (used in) provided by
investing activities -
275,817
----------
- ----------
62
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 20
--
- --------------------------
1999
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 132,508
6,588
Cash and cash equivalents, beginning 223,286
198,679
----------
- ----------
Cash and cash equivalents, ending $ 355,794 $
205,267
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
63
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 21
---
- -----------------------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $(368,604)
$(230,563)
Adjustments
Amortization 488
4,739
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 309,934
185,268
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
1,778
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (1,006)
2,120
(Decrease) Increase in accounts
payable affiliates 56,460
56,460
----------
- ----------
Net cash (used in) provided by
operating activities (2,728)
19,802
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
- -
Capital contributions paid to
Operating Partnerships -
- -
Advances to Operating Partnerships -
- -
Investments (55,423)
319,905
----------
- ----------
Net cash (used in) provided by
investing activities (55,423)
319,905
----------
- ----------
64
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 21
--
- -----------------------
1999
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ---------- -
- ---------
financing activities -
- -
---------- -
- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (58,151)
339,707
Cash and cash equivalents, beginning 204,141
171,025
----------
- ----------
Cash and cash equivalents, ending $ 145,990 $
510,732
==========
==========
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.
65
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 22
------------------------
- --
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (267,163) $
(205,841)
Adjustments
Amortization 3,135
3,135
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 193,654 136,316
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses -
959
Decrease (Increase) in accounts
receivable (350)
241,665
(Decrease) Increase in accounts
payable affiliates 63,648
61,894
----------
- ----------
Net cash (used in) provided by
operating activities (7,076)
238,128
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(1,288)
Capital contributions paid to
Operating Partnerships (2,409)
- -
Advances to Operating Partnerships 11,705
- -
Investments (19,422)
141,737
----------
- ----------
Net cash (used in) provided by
investing activities (10,126)
140,449
----------
- ----------
66
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 22
- ---------------------------
1999
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ---------
financing activities -
- -
----------
- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (17,202)
378,577
Cash and cash equivalents, beginning 319,333
99,260
----------
- ----------
Cash and cash equivalents, ending $ 302,131 $
477,837
==========
==========
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.
67
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 23
---
- -----------------------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (333,962) $
(335,576)
Adjustments
Amortization 4,830
3,268
Distributions from
Operating Partnerships -
- -
Share of loss from Operating
Partnerships 268,288 265,863
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
1,924
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 12,063
2,357
(Decrease) Increase in accounts
payable affiliates 60,066
60,066
----------
- ----------
Net cash (used in) provided by
operating activities 11,285
(2,098)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(72)
Capital contributions paid to
Operating Partnerships (274,928)
(370,254)
Advances to Operating Partnerships 150,000
- -
Investments -
582,680
----------
- ----------
Net cash (used in) provided by
investing activities (124,928)
212,354
----------
- ----------
68
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 23
- ----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (113,643)
210,256
Cash and cash equivalents, beginning 610,758
75,562
----------
- ----------
Cash and cash equivalents, ending $ 497,115 $
285,818
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
- -
==========
==========
The accompanying notes are an integral part of these
statements.
69
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 24
---
- -----------------------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (475,748) $
(436,104)
Adjustments
Amortization 5,796
3,245
Distributions from
Operating Partnerships 14,010
- -
Share of loss from Operating
Partnerships 436,704 364,511
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses 12,000
(25,182)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (1,412)
326
(Decrease) Increase in accounts
payable affiliates 58,341
58,287
----------
- ----------
Net cash (used in) provided by
operating activities 49,691
(34,917)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (23)
(1,556)
Capital contributions paid to
Operating Partnerships (16,242)
(109,868)
Advances to Operating Partnerships (165)
99,885
Investments (13,399)
30,317
----------
- ----------
Net cash (used in) provided by
investing activities (29,829)
18,778
----------
- ----------
70
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 24
- ----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 19,862
(16,139)
Cash and cash equivalents, beginning 304,564
275,033
----------
- ----------
Cash and cash equivalents, ending $ 324,426 $
258,894
==========
==========
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.
71
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 25
---
- -----------------------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (544,954) $
(697,599)
Adjustments
Amortization 6,427
2,623
Distributions from
Operating Partnerships 4,971
- -
Share of loss from Operating
Partnerships 483,594 628,641
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
1,877
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (2,306)
288,781
(Decrease) Increase in accounts
payable affiliates 68,169
68,169
----------
- ----------
Net cash (used in) provided by
operating activities 15,901
292,492
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (23)
- -
Capital contributions paid to
Operating Partnerships (27,913)
(439,726)
Advances to Operating Partnerships 4,507
(24,253)
Investments (37,740)
399,983
----------
- ----------
Net cash (used in) provided by
investing activities (61,169)
(63,996)
----------
- ----------
72
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 25
- ----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid -
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities -
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (45,268)
228,496
Cash and cash equivalents, beginning 660,000
173,979
----------
- ----------
Cash and cash equivalents, ending $ 614,732 $
402,475
==========
==========
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
Three Months Ended June 30,
(Unaudited)
Series 26
---
- -----------------------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (302,838) $
(355,245)
Adjustments
Amortization 9,073
4,733
Distributions from
Operating Partnerships 8,521
1,625
Share of (income) loss from
Operating Partnerships 216,215
332,331
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
303
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 204,148
(2,731,166)
(Decrease) Increase in accounts
payable affiliates 99,567
97,830
----------
- ----------
Net cash (used in) provided by
operating activities 234,686
(2,649,589)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (2,439)
(58,210)
Capital contributions paid to
Operating Partnerships (285,821)
(353,905)
Advances to Operating Partnerships 70,239
274,036
Investments (439,015)
3,714,468
---------- -
- ----------
Net cash (used in) provided by
investing activities (657,036)
3,576,389
---------- -
- ----------
74
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 26
- ----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,245)
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities (3,245)
- - ----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (425,595)
926,800
Cash and cash equivalents, beginning 1,190,003
105,301
----------
- ----------
Cash and cash equivalents, ending $ 764,408 $
1,032,101
==========
==========
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
Three Months Ended June 30,
(Unaudited)
Series 27
---
- -----------------------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (242,243) $
(191,759)
Adjustments
Amortization 3,881
3,881
Distributions from
Operating Partnerships 2,871
- -
Share of (income) loss from
Operating Partnerships 169,095
128,857
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
12,772
Decrease (Increase) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 17,324
(77,524)
(Decrease) Increase in accounts
payable affiliates 77,115
75,829
----------
- ----------
Net cash (used in) provided by
operating activities 28,043
(47,944)
----------
- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(25,502)
Capital contributions paid to
Operating Partnerships (337,503)
(863,670)
Advances to Operating Partnerships 42,839
- -
Investments (10,018)
1,477,795
---------- -
- ----------
Net cash (used in) provided by
investing activities (304,682)
588,623
---------- -
- ----------
76
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 27
- ----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (1,565)
- -
Capital contributions received -
- -
Net cash (used in) provided by ----------
- ----------
financing activities (1,565)
- -
----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (278,204)
540,679
Cash and cash equivalents, beginning 1,328,141
258,292
----------
- ----------
Cash and cash equivalents, ending $ 1,049,937 $
798,971
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 333,396 $
188,022
==========
==========
The accompanying notes are an integral part of these
statements.
77
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
28
---------------
- ----------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (206,300)
$ (18,106)
Adjustments
Amortization 5,081
5,081
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 153,678
47,997
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
256
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 135,271
13,248
(Decrease) Increase in accounts
payable affiliates (255,793)
- -
----------
- -----------
Net cash (used in) provided by
operating activities (168,063)
48,476
----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (23)
(55,704) Capital contributions paid to
Operating Partnerships (443,578)
(841,116)
Advances to Operating Partnerships -
(164,382)
Investments 615,169
3,144,921
----------
- -----------
Net cash (used in) provided by
investing activities 171,568
2,083,719
----------
- -----------
78
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
28 --
- ------------------------
1999
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (1,977)
(292)
Capital contributions received -
- -
Net cash (used in) provided by ----------
- -----------
financing activities (1,977)
(292)
----------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 1,528
2,131,903
Cash and cash equivalents, beginning 569,820
483,635
----------
- -----------
Cash and cash equivalents, ending $ 571,348 $
2,615,538
==========
===========
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
Three Months Ended June 30,
(Unaudited)
Series
29
--------------------
- ----------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (308,319) $
(96,215)
Adjustments
Amortization 3,804
3,804
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships 263,726
110,963
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
280
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (7,523)
765,025
(Decrease) Increase in accounts
payable affiliates -
- -
----------
- -----------
Net cash (used in) provided by
operating activities (48,312)
783,857
----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (28,857)
(11,571)
Capital contributions paid to
Operating Partnerships (1,377,856)
(1,815,643)
Advances to Operating Partnerships -
(3,214,444)
Investments 1,613,132
4,961,323
----------
- -----------
Net cash (used in) provided by
investing activities 206,419
(80,335)
---------- -
- ----------
80
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
29
-----------------
- -----------
1999
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (2,256)
(925)
Capital contributions received -
- -
Net cash (used in) provided by ---------
- -----------
financing activities (2,256)
(925)
---------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 155,851
702,597
Cash and cash equivalents, beginning 1,066,404
305,731
-----------
- -----------
Cash and cash equivalents, ending $ 1,222,255 $
1,008,328
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
3,940,022
===========
===========
The accompanying notes are an integral part of these
statements.
81
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
30
------------------
- ----------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (61,961) $
124,576
Adjustments
Amortization 3,464
3,461
Distributions from
Operating Partnerships 4,321
- -
Share of (income) loss from
Operating Partnerships 51,871
(41,475)
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 (335,059)
1,774,735
(Decrease) Increase in accounts
payable affiliates -
- -
----------- -
- -----------
Net cash (used in) provided by
operating activities (337,364)
1,861,297 -
- ---------- ------------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (25,277)
(9,223)
Capital contributions paid to
Operating Partnerships (2,897,137)
(2,957,254)
Advances to Operating Partnerships 1,309,758
(1,412,835)
Investments 1,298,836
4,716,151
----------- -
- -----------
Net cash (used in) provided by
investing activities (313,820)
336,839
----------- -
- -----------
82
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
30
-----
- ----------------------
1999
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (1,821)
(1,633)
Capital contributions received -
- -
Net cash (used in) provided by -----------
- ----------
financing activities (1,821)
(1,633) -
- ---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (653,005)
2,196,503
Cash and cash equivalents, beginning 1,339,143
1,162,518
-----------
- ----------
Cash and cash equivalents, ending $ 686,138
$3,359,021
===========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 1,730,322 $
- -
===========
==========
The accompanying notes are an integral part of these
statements.
83
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
31
-----------------
- ----------
1999
1998
----
- ----
Cash flows from operating activities:
Net income (loss) $ (672,070) $
(257) Adjustments
Amortization 3,426
3,426
Distributions from
Operating Partnerships 442
- -
Share of (income) loss from
Operating Partnerships 609,284
72,009
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
10,502
(Decrease) Increase in accounts
payable and accrued expenses -
- -
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable (273,877)
137,006
(Decrease) Increase in accounts
payable affiliates -
(399,995)
----------- -
- -----------
Net cash (used in) provided by
operating activities (332,795)
(177,309)
----------- -
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (9,817)
(45,916)
Capital contributions paid to
Operating Partnerships (1,048,324)
(3,757,004)
Advances to Operating Partnerships 317,142
- -
Investments 609,466
4,304,228
----------- -
- -----------
Net cash (used in) provided by
investing activities (131,533)
501,308
----------- -
- -----------
84
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
31
----------------
- -----------
1999
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (2,836)
(2,670)
Capital contributions received -
- -
Net cash (used in) provided by -----------
- ----------
financing activities (2,836)
(2,670)
-----------
- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (467,164)
321,329
Cash and cash equivalents, beginning 1,294,456
811,235
-----------
- ----------
Cash and cash equivalents, ending $ 827,292 $
1,132,564
===========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
646,440
===========
==========
The accompanying notes are an integral part of these
statements.
85
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
32 ---
- -------------------------
1999
1998
------
- ------
Cash flows from operating activities:
Net income (loss) $ 95,519
$ 54,567
Adjustments
Amortization 2,966
- -
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships (86,007)
13,798
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
- -
(Decrease) Increase in accounts
payable and accrued expenses -
(5,343,217)
Decrease (Increase ) in prepaid
expenses -
- -
Decrease (Increase) in accounts
receivable 482,380
(3,568,789)
(Decrease) Increase in accounts
payable affiliates -
(90,995)
-----------
- ----------- Net cash (used in) provided by
operating activities 494,858
(8,934,636)
-----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (217,994)
(3,257,638)
Capital contributions paid to
Operating Partnerships (3,355,387)
(12,569,392)
Advances to Operating Partnerships 1,121,948
5,774,698
Investments 1,065,594
(104,615)
-----------
- -----------
Net cash (used in) provided by
investing activities (1,385,839)
(10,156,947)
-----------
- -----------
86
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 32
------------------
- ------------
1999
1998
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (4,732)
(4,619,655)
Capital contributions received -
35,069,000
Net cash (used in) provided by -----------
- -----------
financing activities (4,732)
30,449,345
-----------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (895,713)
11,357,762
Cash and cash equivalents, beginning 1,625,906
72,770
-----------
- -----------
Cash and cash equivalents, ending $ 730,193 $
11,430,532
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 3,071,781 $
12,518,969
===========
===========
The accompanying notes are an integral part of these
statements.
87
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 33*
Series 34* ------
- ----- -----------
1999
1999
------
- ------
Cash flows from operating activities:
Net income (loss) $ 72,132
$ 15,328
Adjustments
Amortization 4,654
5,522
Distributions from
Operating Partnerships -
- -
Share of (income) loss from
Operating Partnerships (77,382)
- -
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 655,226
1,645,480
(Decrease) Increase in accounts
payable affiliates -
- -
-----------
- ----------- Net cash (used in) provided by
operating activities 654,630
1,666,330
-----------
- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (16,850)
(96,706)
Capital contributions paid to
Operating Partnerships (1,616,659)
(2,313,656)
Advances to Operating Partnerships -
(1,196,704)
Investments 1,108,151
348,889
-----------
- -----------
Net cash (used in) provided by
investing activities (525,358)
(3,258,177)
-----------
- -----------
*Series 33 and Series 34 did not commence operation until after
June 30, 1998, therefore they do not have comparative information
to report.
88
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 33* Series 34*
------------- -
- ------------
1999
1999
----
- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (4,980)
(47,658) Capital contributions received
- - -
Net cash (used in) provided by -----------
- -----------
financing activities (4,980)
(47,658)
-----------
- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 124,292
(1,639,505)
Cash and cash equivalents, beginning 685,857
2,482,579
-----------
- -----------
Cash and cash equivalents, ending $ 810,149 $
843,074
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 619,163 $
1,363,303
===========
===========
*Series 33 and Series 34 did not commence operation until after
June 30, 1998, therefore they do not have comparative information
to report.
The accompanying notes are an integral part of these
statements.
89
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 35*
------------
1999
------
Cash flows from operating activities:
Net income (loss) $ 29,275
Adjustments
Amortization -
Distributions from
Operating Partnerships -
Share of (income) loss from
Operating Partnerships -
Changes in assets and liabilities
Decrease (Increase) in
organization costs (105,282)
(Decrease) Increase in accounts
payable and accrued expenses (286,623)
Decrease (Increase ) in prepaid
expenses 782,678
Decrease (Increase) in accounts
receivable (6,562,776)
(Decrease) Increase in accounts
payable affiliates (261,505)
-----------
Net cash (used in) provided by
operating activities (6,404,233)
-----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (2,424,021)
Capital contributions paid to
Operating Partnerships (1,545,699)
Advances to Operating Partnerships (782,678)
Investments (7,809,881)
-----------
Net cash (used in) provided by
investing activities (12,562,279)
-----------
90
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 35*
-------------
1999
----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,503,806)
Capital contributions received 25,962,625
Net cash (used in) provided by -----------
financing activities 22,458,819
-----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 3,492,307
Cash and cash equivalents, beginning 247,876
-----------
Cash and cash equivalents, ending $ 3,740,183
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 8,151,458
===========
*Series 35 did not commence operation until after June 30, 1998,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of these
statements.
91
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 1999
(Unaudited)
NOTE A - ORGANIZATION
Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized
under the
laws of the State of Delaware as of October 5, 1993, for the
purpose of
acquiring, holding, and disposing of limited partnership
interests in
Operating Partnerships which will acquire, develop, rehabilitate,
operate and own newly constructed, existing or rehabilitated
low-income
apartment complexes ("Operating Partnerships"). The general
partner of
the Fund is Boston Capital Associates IV L.P., a Delaware limited
Partnership. Boston Capital Associates, a Massachusetts general
partnership, whose only two partners are Herbert F. Collins and
John P.
Manning, the principals of Boston Capital Partners, Inc., is the
sole
general partner of the general partner. The limited partner of
the
general partner is Capital Investment Holdings, a general
partnership
whose partners are certain officers and employees of Boston
Capital
Partners, Inc., and its affiliates. The Assignor Limited Partner
is
BCTC IV Assignor Corp., a Delaware corporation which is
wholly-owned by
Herbert F. Collins and John P. Manning.
Pursuant to the Securities Act of 1933, the Fund filed a Form
S-11
Registration Statement with the Securities and Exchange
Commission,
effective December 16, 1993 which covered the offering (the
"Public
Offering") of the Fund's beneficial assignee certificates
("BACs")
representing assignments of units of the beneficial interest of
the
limited partnership interest of the Assignor Limited Partner.
The Fund
registered 30,000,000 BACs at $10 per BAC for sale to the public
in one
or more series. One April 18, 1996 an amendment to Form S-11
which
registered an additional 10,000,000 BACs for sale to the public
in one or more
series became effective. On April 2, 1998 an amendment to Form S-
11, which registered an additional 25,000,000 BACs for sale to
the public in one or more series became effective. 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, Series 33,
Series 34 and Series 35 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, Series 33, Series 34 and Series 35 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, September
21, 1998, January 9, 1999 and June 28, 1999 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; 3,529,319 of Series 34 BACs for a total of
$35,273,000 and 3,300,463 of Series 35 BACs for a total of
$33,004,630. The fund commenced offering BACs in Series 36 on
June 28, 1999 but had not admitted any investors as BAC holders
as of June 30, 1999.
92
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of June 30, 1999 and
for the
three months then ended have been prepared by the Fund, without
audit, pursuant to the rules and regulations of the Securities
and Exchange
Commission. The Fund accounts for its investments in Operating
Partnerships
using the equity method, whereby the Fund adjusts its investment
cost for its
share of each Operating Partnership's results of operations and
for any
distributions received or accrued. Costs incurred by the Fund in
acquiring
the investments in the Operating Partnerships are capitalized to
the
investment account.
The Fund's accounting and financial reporting policies are in
conformity
with generally accepted accounting principles and include
adjustments in
interim periods considered necessary for a fair presentation of
the
results of operations. Such adjustments are of a normal
recurring
nature. Certain information and footnote disclosures normally
included
in financial statements prepared in accordance with generally
accepted
accounting principals have been condensed or omitted pursuant to
such
rules and regulations. It is suggested that these condensed
financial
statements be read in conjunction with the financial statements
and
notes thereto included in the Fund's Annual Report on Form 10-K.
Investment Securities
- ---------------------
The Fund has determined that all of its investment securities are
to be
categorized as securities available for sale. Securities
classified as
available for sale are those debt securities that the Fund
purchased that may
be liquidated prior to the maturity date should the need arise.
These
securities are carried at approximate fair market value. All of
the
investments held by the Fund are tax-exempt municipal bonds and
Certificates of Deposit.
The amortized cost of securities available for sale as of June
30, 1999
by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $25,798,142
Due after one year 23,678,450
----------
Total $49,476,592
==========
The fair market value of the securities is $49,703,586. The
difference
being an unrealized gain on securities available for sale of
$226,994, as
of June 30, 1999.
93
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
Amortization
- ------------
The Fund amortizes organizational costs over 60 months. As of
June 30, 1999 and 1998 the Fund has accumulated amortization of
$617,457 and $425,498
respectively.
The breakdown of accumulated amortization within the fund is as
follows:
1999 1998
---- ----
Series 20 $ 97,342 $ 91,145
Series 21 72,801 65,017
Series 22 57,583 45,045
Series 23 52,289 39,217
Series 24 47,953 34,973
Series 25 36,708 26,221
Series 26 56,793 37,862
Series 27 42,686 27,164
Series 28 50,814 30,489
Series 29 27,652 12,437
Series 30 22,935 9,077
Series 31 20,554 6,851
Series 32 11,863 -
Series 33 13,962 -
Series 34 5,522 -
------- -------
$617,457 $425,498
======= =======
On April 1, 1999 the Fund began amortizing unallocated
acquisition costs over 330 months for Series 20, Series 21,
Series 23, Series 24, Series 25 and Series 26. The accumulated
amortization of the unallocated acquisition costs as of June 30,
1999 for Series 20, Series 21, Series 23, Series 24, Series 25
and Series 26 is $893, $488, $1,562, $2,551, $2,562 and $4,340,
respectively. Other series will begin amortizing acquisition
costs as they complete investing in operating partnerships and
are no longer incurring acquisition costs.
NOTE C - RELATED PARTY TRANSACTIONS
The Fund has entered into several transactions with various
affiliates
of the general partner, including Boston Capital Holdings Limited
Partnership, Boston Capital Services, Inc., and Boston Capital
Asset Management L.P. as follows:
For the quarter ended June 30, 1999, Boston Capital Services,
Inc.
received $332,445 for Series 35 as Dealer-Manager fees for
marketing advice and investment banking services performed at the
time of the Fund's offering of BACs. Series 20, Series 21,
Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,
Series 28, Series 29, Series 30, Series 31, Series 32, Series 33,
and Series 34 completed payment of all Dealer-Manager fees prior
to the quarter ended June 30, 1999.
94
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (cont.)
Boston Capital Holdings L.P. is entitled to asset acquisition
fees for
selecting, evaluating, structuring, negotiating, and closing the
Fund's
acquisition of interest in the Operating Partnerships. During
the quarter
ended June 30, 1999, Series 35 paid $2,424,021 for acquisition
fees to Boston Capital Holdings Limited Partnership. Series 20,
Series 21, Series 22, Series 23, Series 24, Series 25, Series 26,
Series 27, Series 28, Series 29 Series 30, Series 31, Series 32,
Series 33 and Series 34 completed payment of all acquisition fees
prior to the quarter ended June 30, 1999.
An annual fund management fee based on .5 percent of the
aggregate cost
of all apartment complexes owned by the Operating Partnerships
has been
accrued or paid to Boston Capital Asset Management L.P.
The fund management fees accrued for the quarters ended June 30,
1999 and
1998 are as follows:
1999 1998
---- ----
Series 20 $ 94,812 $ 94,773
Series 21 56,460 56,460
Series 22 63,648 61,893
Series 23 60,066 60,066
Series 24 58,341 58,287
Series 25 68,169 68,169
Series 26 99,567 97,830
Series 27 77,115 75,829
Series 35 23,047 -
------- -------
$601,225 $573,307
======= =======
The fund management fees paid for the quarters ended June 30,
1999 and
1998 are as follows:
1999 1998
---- ----
Series 28 83,502 70,977
Series 29 84,860 69,218
Series 30 44,113 30,359
Series 31 89,724 63,381
Series 32 68,046 22,037
Series 33 54,717 -
Series 34 47,660 -
------- -------
$442,622 $255,972
======= =======
95
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At June 30, 1999 and 1998 the Fund has limited partnership
interests in
332 and 276 Operating Partnerships, respectively, which own or
are
constructing apartment complexes. The breakdown of Operating
Partnerships
within the Fund at June 30, 1999 and 1998 is as follows:
1999 1998
---- ----
Series 20 24 24
Series 21 14 14
Series 22 29 28
Series 23 22 22
Series 24 24 24
Series 25 22 22
Series 26 45 42
Series 27 15 14
Series 28 26 25
Series 29 22 18
Series 30 20 13
Series 31 26 23
Series 32 15 7
Series 33 9 -
Series 34 11 -
Series 35 8 -
--- ---
332 276
=== ===
Under the terms of the Fund's investment in each Operating
Partnership, the
Fund is required to make capital contributions to the Operating
Partnerships.
These contributions are payable in installments over several
years upon each
Operating Partnership achieving specified levels of construction
and/or
operations. The contributions payable at June 30, 1999 and 1998
are as
follows:
1998 1998
---- ----
Series 20 $ 388,026 $ 454,955
Series 21 709,193 860,126
Series 22 548,232 1,836,296
Series 23 487,851 2,353,855
Series 24 1,269,494 1,408,457
Series 25 2,673,557 2,951,346
Series 26 5,189,760 8,916,296
Series 27 1,913,594 3,287,094
Series 28 3,992,036 6,344,871
Series 29 4,474,755 11,474,205
Series 30 5,115,010 6,756,093
Series 31 6,976,731 12,823,100
Series 32 9,883,422 12,963,863
Series 33 5,024,026 -
Series 34 11,606,431 -
Series 35 15,407,534 -
---------- ----------
$75,659,652 $72,430,557
========== ==========
96
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (Cont.)
The Fund's fiscal year ends March 31st for each year, while all
the Operating
Partnerships' fiscal years are the calendar Year. Pursuant to
the provisions
of each Operating Partnership Agreement, financial results for
each of the
Operating Partnerships are provided to the Fund within 45 days
after the close
of each Operating Partnership's quarterly period. Accordingly,
the current
financial results available for the Operating Partnerships are
for the three
months ended March 31, 1999.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31, 1999,
(Unaudited)
Series 20
- ---------------------------
1999
1998
----
- ----
Revenues
Rental $ 2,099,269 $
2,052,899
Interest and other 107,098
108,438
---------
- ---------
2,206,367
2,161,337
---------
- ---------
Expenses
Interest 781,818
810,760
Depreciation and amortization 765,608
766,913
Operating expenses 1,052,354
1,253,340
---------
- ---------
2,599,780
2,831,013
- --------- ---------
NET LOSS $ (393,413) $
(669,676)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (382,179) $
(651,369)
=========
=========
Net loss allocated to
other partners $ (3,934) $
(6,697)
=========
=========
Net Loss Suspended $ (7,300) $
(11,610)
=========
=========
97
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 21
---------------------------
- -
1999 1998
---- ----
Revenues
Rental $ 1,216,390 $
1,226,138
Interest and other 31,558
51,219
---------
- ---------
1,247,948
1,277,357
---------
- ---------
Expenses
Interest 477,392
477,207
Depreciation and amortization 304,681
310,989
Operating expenses 778,940
676,301
---------
- ---------
1,561,013
1,464,497
---------
- ---------
NET INCOME (LOSS) $ (313,065) $
(187,140)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (309,934) $
(185,268)
=========
=========
Net loss allocated to
other partners $ (3,131) $
(1,827)
=========
=========
98
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months ended March 31,
(Unaudited)
Series 22
- --------------------------
1999 1998
Revenues ---- ----
Rental $1,177,196
$1,080,912
Interest and other 62,335
60,536
---------
- ---------
1,239,531
1,141,448
---------
- ---------
Expenses
Interest 332,004
331,719
Depreciation and amortization 447,678
313,111
Operating expenses 655,459
634,311
---------
- ---------
1,435,141
1,279,141
---------
- ---------
NET INCOME (LOSS) $ (195,610) $
(137,693)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (193,654) $
(136,316)
=========
=========
Net loss allocated to
other partners $ (1,956) $
(1,377)
=========
=========
99
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 23
- ----------------------------
1999 1998
Revenues ---- ----
Rental $ 1,328,724 $
1,311,776
Interest and other 71,823
64,667
----------
- ----------
1,400,547
1,376,443
----------
- ----------
Expenses
Interest 446,101
459,185
Depreciation and amortization 455,401
469,704
Operating expenses 770,043
716,102
----------
- ----------
1,671,545
1,644,991
----------
- ----------
NET LOSS $ (270,998) $
(268,548)
==========
==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (268,288) $
(265,863)
==========
==========
Net loss allocated to
other partners $ (2,710) $
(2,685)
==========
==========
100
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months ended March 31,
(Unaudited)
Series 24
----------------------------
1999 1998
Revenues ---- ----
Rental $ 1,282,608 $1,236,097
Interest and other 33,989 30,612
--------- ---------
1,316,597 1,266,709
--------- ---------
Expenses
Interest 467,591 430,152
Depreciation and amortization 484,953 481,002
Operating expenses 805,168 723,746
--------- ---------
1,757,712 1,634,900
--------- ---------
NET INCOME (LOSS) $ (441,115) $ (368,191)
========== =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (436,704) $ (364,511)
========== =========
Net loss allocated to
other partners $ (4,411) $ (3,680)
========== =========
101
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 25
---------------------
- -----
1999
1998
Revenues ---- -
- ---
Rental $ 1,781,862
$1,672,810
Interest and other 34,640
45,095
--------- ----
- -----
1,816,502
1,717,905
--------- ----
- -----
Expenses
Interest 564,104
619,633
Depreciation and amortization 502,427
542,819
Operating expenses 1,238,450
1,190,444
--------- ----
- -----
2,304,981
2,352,896
--------- ----
- -----
NET INCOME (LOSS) $ (488,479) $
(634,991)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (483,594) $
(628,641)
=========
=========
Net loss allocated to
other partners $ (4,885) $
(6,350)
=========
=========
102
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 26
---------------------------
1999 1998
Revenues ---- ----
Rental $2,032,064
$1,551,516
Interest and other 52,874
80,218
---------
- ---------
2,084,938
1,631,734
---------
- ---------
Expenses
Interest 510,444
506,120
Depreciation and amortization 700,574
562,947
Operating expenses 1,092,319
898,355
---------
- ---------
2,303,337
1,967,422
---------
- ---------
NET INCOME (LOSS) $ (218,399) $
(335,688)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (216,215) $
(332,331)
=========
=========
Net income (loss) allocated to
other partners $ (2,184) $
(3,357)
=========
=========
103
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 27
--------------------------
- -
1999 1998
Revenues ---- ----
Rental $1,492,967 $
860,529
Interest and other 33,278
34,201
---------
- ---------
1,526,245
894,730
---------
- ---------
Expenses
Interest 639,885
395,247
Depreciation and amortization 417,810
163,638
Operating expenses 639,353
466,004
---------
- ---------
1,697,048
1,024,889
---------
- ---------
NET INCOME (LOSS) $ (170,803) $
(130,159)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (169,095) $
(128,857)
=========
=========
Net income (loss) allocated to
other partners $ (1,708) $
(1,302)
=========
=========
104
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 28
--------------------------
- -
1999 1998
Revenues ---- ----
Rental $ 930,905 $
598,936
Interest and other 27,121
21,176
---------
- ---------
958,026
620,112
---------
- ---------
Expenses
Interest 297,776
208,596
Depreciation and amortization 286,662
114,230
Operating expenses 528,819
345,768
---------
- ---------
1,113,257
668,594
---------
- ---------
NET LOSS $ (155,231) $
(48,482)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (153,678) $
(47,997)
=========
=========
Net loss allocated to
other partners $ (1,553) $
(485)
=========
=========
105
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 29
--------------------------
1999 1998
Revenues ---- ----
Rental $ 968,337
$392,107
Interest and other 31,039
26,415
--------- ------
- -
999,376
418,522
--------- ------
- -
Expenses
Interest 327,210
139,074
Depreciation and amortization 349,806
34,001
Operating expenses 588,750
357,531
--------- ------
- -
1,265,766
530,606
--------- ------
- -
NET INCOME (LOSS) $ (266,390)
$(112,084)
=========
=======
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (263,726)
$(110,963)
=========
=======
Net income (loss) allocated to
other partners $ (2,664) $
(1,121)
=========
=======
106
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 30
--------------------------
- -
1999 1998
Revenues ---- ----
Rental $ 425,290 $ 271,150
Interest and other 17,235 10,092
-------- -------
442,525 281,242
-------- ---------
Expenses
Interest 85,136 75,158
Depreciation and amortization 106,712 936
Operating expenses 303,072 163,254
-------- ---------
494,920 239,348
--------- ---------
NET INCOME (LOSS) $ (52,395) $ 41,894
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (51,871) $ 41,475
========= =========
Net income (loss) allocated to
other partners $ (524) $ 419
========= =========
107
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 31
--------------------------
- -
1999 1998
Revenues ---- ----
Rental $1,125,301 $ 277,397
Interest and other 40,312 5,214
-------- -------
1,165,613 282,611
-------- ---------
Expenses
Interest 576,013 87,517
Depreciation and amortization 377,527 34,794
Operating expenses 827,511 233,036
-------- ---------
1,781,051 355,347
--------- ---------
NET INCOME (LOSS) $ (615,438) $
(72,736)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (609,284) $
(72,009)
========= =========
Net income (loss) allocated to
other partners $ (6,154) $
(727)
========= =========
108
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 32
--------------------------
- -
1999 1998
Revenues ---- ----
Rental $ 656,122 $ 12,997
Interest and other 26,492 796
-------- -------
682,613 13,793
-------- ---------
Expenses
Interest 189,075 18,227
Depreciation and amortization 175,030 7,833
Operating expenses 231,632 1,670
-------- ---------
595,737 27,730
--------- ---------
NET INCOME (LOSS) $ 86,876 $
(13,937)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 86,007 $
(13,798)
========= =========
Net income (loss) allocated to
other partners $ 869 $
(139)
========= =========
109
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series
33*
---------
- --
1999
Revenues ----
Rental $ 491,344
Interest and other 58,024
---------
549,368
---------
Expenses
Interest 170,716
Depreciation and amortization 135,361
Operating expenses 165,127
---------
471,204
---------
NET INCOME (LOSS) $ 78,164
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 77,382
=========
Net income (loss) allocated to
other partners $ 782
=========
* The Operating Partnerships in Series 33 did not commence
operations until after March 31, 1998 therefore they do not have
comparative information to report.
110
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 1999
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating
Partnerships for
the three months ended March 31, 1999 and 1998 numerous
variances, some material in nature, exist. The variances are the
result of a number of factors including an increase in the number
of Operating Partnerships owned, an increase in the number which
have completed construction, and an increase in the number which
have completed the lease-up phase.
NOTE E - TAXABLE LOSS
The Fund's taxable loss for the fiscal year ended March 31, 2000
is expected
to differ from its loss for financial reporting purposes. This
is primarily
due to accounting differences in depreciation incurred by the
Operating
Partnerships and also differences between the equity method of
accounting
and the IRS accounting methods. No provision or benefit for
income taxes has
been included in these financial statements since taxable income
or loss
passes through to, and is reportable by, the partners and
assignees
individually.
111
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, 35,273,000 and 33,004,630
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, 3,529,319 and
3,300,463 BACs from investors admitted as BAC Holders in Series
20, Series 21, Series 22, Series 23, Series 24, Series 25, Series
26, Series 27, Series 28, Series 29, Series 30, Series 31, Series
32, Series 33, Series 34, and Series 35, respectively.
Series 20
- ---------
The Fund commenced offering BACs in Series 20 on January 21,
1994. Offers and
sales of BACs in Series 20 were completed on June 24, 1994. The
Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$28,603,737.
During the quarter ended June 30, 1999, none of Series 20 net
offering proceeds had been used to pay capital contributions.
Series 20 net
offering proceeds in the amount of $355,794 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
20 has invested in as of June 30, 1999.
112
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 June 30, 1999, none of Series 21 net
offering proceeds had been used to pay capital contributions.
Series 21 net offering proceeds in the amount of $709,193 remain
to be used by the Fund to pay remaining capital contributions to
the Operating Partnerships that Series
21 has invested in as of June 30, 1999.
Series 22
- ---------
The Fund commenced offering BACs in Series 22 on October 10,
1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 29 Operating Partnerships in the amount of
$18,758,748.
During the quarter ended June 30, 1999, $2,409 of Series 22 net
offering proceeds had been used to pay capital contributions.
Series 22 net offering proceeds in the amount of $548,232 remain
to be used by the Fund to pay remaining capital contributions to
the Operating Partnerships that Series
22 has invested in as of June 30, 1999.
Series 23
- ---------
The Fund commenced offering BACs in Series 23 on January 10,
1995. Offers and
sales of BACs in Series 23 were completed on September 23, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 22 Operating Partnerships in the amount of
$24,352,278.
During the quarter ended June 30, 1999, $274,928 of Series 23 net
offering proceeds had been used to pay capital contributions.
Series 23 net
offering proceeds in the amount of $487,851 remain to be used by
the Fund to
pay remaining capital contributions to the Operating Partnerships
that Series
23 has invested in as of June 30, 1999.
Series 24
- ---------
The Fund commenced offering BACs in Series 24 on June 9, 1995.
Offers and
sales of BACs in Series 24 were completed on September 22, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$15,980,237.
During the quarter ended June 30, 1999, $16,242 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
$528,864
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 24 has invested in as June 30,
1999.
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.
113
During the quarter ended June 30, 1999, $27,913 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
$614,732
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 25 has invested in as of June
30, 1999.
Series 26
- ---------
The Fund commenced offering BACs in Series 26 on January 18,
1996. Offers and
sales of BACs in Series 26 were completed on June 25, 1996. The
Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 44 Operating Partnerships in the amount of
$29,390,862.
During the quarter ended June 30, 1999, $285,821 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
$1,924,573
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 26 has invested in as of June
30, 1999.
Series 27
- ---------
The Fund commenced offering BACs in Series 27 on June 24, 1996.
Offers and
sales of BACs in Series 27 were completed on September 17, 1996.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 15 Operating Partnerships in the amount of
$17,785,735.
During the quarter ended June 30, 1999, $337,503 of Series 27 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 27 net offering proceeds in the amount of
$1,200,937
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 27 has invested in as of June
30, 1999.
Series 28
- ---------
The Fund commenced offering BACs in Series 28 on September
30,1996. Offers
and sales of BACs in Series 28 were completed on January 31,
1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 26 Operating Partnership in the amount of
$29,261,233.
During the quarter ended June 30, 1999, $433,578 of Series 28 net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 28 net offering proceeds in the amount of
$3,992,036
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 28 has invested in as of June
30, 1999.
Series 29
- ---------
The Fund commenced offering BACs in Series 29 on February 10,
1997. Offers
and sales of BACs in Series 29 were completed on June 10, 1997.
The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 22 Operating Partnerships in the amount of
$29,130,617.
During the quarter ended June 30, 1999, $1,377,856 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
$1,222,255
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 29 has invested in as of June
30, 1999.
114
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
$19,422,650.
During the quarter ended June 30, 1999, $2,897,137 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
$4,753,999
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 30 has invested in as of June
30, 1999.
Series 31
- ---------
The Fund commenced offering BACs in Series 31 on September 11,
1997. Offers
and sales of BACs in Series 31 were completed on January 18,
1998. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 26 Operating Partnerships in the amount of
$32,309,858.
During the quarter ended June 30, 1999, $1,048,324 of Series 31
net
offering proceeds had been used to pay initial and additional
capital
contributions. Series 31 net offering proceeds in the amount of
$5,583,953
remain to be used by the Fund to pay remaining capital
contributions to the
Operating Partnerships that Series 31 has invested in as of June
30, 1999.
Series 32
- ---------
The Fund commenced offering BACs in Series 32 on January 19,
1998. Offers
and sales of BACs in Series 32 were completed on June 23, 1998.
The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 15 Operating Partnerships in the amount of
$33,337,367. 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 June 30, 1999, $3,355,387 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 $8,911,428 remain to be used
by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 32 has invested in as of June
30, 1999.
Series 33
- ---------
The Fund commenced offering BACs in Series 33 on June 22, 1998.
Offers and sales of BACs in Series 33 were completed on September
21, 1998. The fund has committed proceeds to pay initial and
additional installments of capital contributions to 9 Operating
Partnerships in the amount of $18,807,119.
115
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. Offers and sales of BACs in Series 34 were completed on
February 11, 1999. The fund has committed proceeds to pay
initial and additional installments of capital contributions to
11 Operating Partnerships in the amount of $21,593,223.
During the quarter ended June 30, 1999, $2,313,656 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 $10,160,753 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships
that Series 34 has invested in as of June 30, 1999.
Series 35
- ---------
The Fund commenced offering BACs in Series 35 on February 22,
1999. Offers and sales of BACs in Series 35 were completed on
June 25, 1999. The fund has committed proceeds to pay initial
and additional installments of capital contributions to 8
Operating Partnerships in the amount of $ .
During the quarter ended June 30, 1999, $1,545,699 of Series 35
net
offering proceeds had been used to pay initial and additional
capital contributions. Series 35 net offering proceeds in the
amount of $11,943,669 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships
that Series 35 has invested in as of June 30, 1999.
Series 36
- ---------
The Fund commenced offering BACs in Series 36 on June 22, 1999,
but had not admitted any investors as BAC holders as of June 30,
1999. The fund was continuing to offer sales of BACs in Series
36 as of June 30, 1999.
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 June 30, 1999 and 1998 the Fund held limited partnership
interests
in 332 and 276 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.
116
The Fund's results of operations for future periods will vary
significantly
from those for the period ended June 30, 1999 as Series 30,
Series 31, Series 32, Series 33, Series 34 and Series 35 continue
to use the funds raised to invest in partnership interests of
additional Operating Partnerships, and the Fund continues to
offer BACs in Series 36.
The Fund incurred a fund management fee to Boston Capital Asset
Management
Limited Partnership (formerly Boston Capital Communications
Limited
Partnership) in an amount equal to .5 percent of the aggregate
cost of the
apartment complexes owned by the Operating Partnerships, less the
amount of
certain asset management and reporting fees paid by the Operating
Partnerships. The fund management fees incurred for the quarter
ended
June 30, 1999 for Series 20, Series 21, Series 22, Series 23,
Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30,
Series
31, Series 32, Series 33, Series 34 and Series 35 were $74,288,
$56,460, $59,867, $50,336, $20,982, $51,169, $72,271, $64,115,
$76,077, $66,710, $38,013, $89,724, $68,046, $54,717, $47,660 and
$23,047, respectively.
The Fund's investment objectives do not include receipt of
significant cash
distributions from the Operating Partnerships in which it has
invested or
intends to invest. The Fund's investments in Operating
Partnerships have been
and will be made principally with a view towards realization of
Federal
Housing Tax Credits for allocation to its partners and BAC
holders.
Series 20
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the
series was 100%. The series had a total of 24 properties at June
30, 1999, all of which were at 100% Qualified Occupancy.
For the three months being reported Series 20 reflects a net loss
from
Operating Partnerships of $393,413. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations of
$372,195. This is an interim period estimate; it is not
indicative of the
final year end results.
The Operating General Partner, newly admitted as of January 1,
1999, and the management company are working diligently to
maintain a strong occupancy at Breeze Cove Limited Partnership
(Breeze Cove Apartments). The average occupancy during the
second quarter of 1999 was 92%. The Operating General Partner
also continues to seek a debt restructure for the partnership, as
the current lender rejected the original proposal. Other
restructure options are being pursued with local lenders in the
Madison and Milwaukee, Wisconsin areas. In addition, the
Operating General Partner has pushed the management company to
reduce operating expenses and has funded operating deficits as
needed.
The Operating General Partner of East Douglas Apartments Limited
Partnership (East Douglas Apartments) failed to meet his
partnership obligations. As a result, the Operating General
Partner and its related management agent were replaced in April,
1998. The new management company is focusing on improving the
property's physical occupancy and operations. For the second
quarter of 1999, physical occupancy averaged 94%, and actual
operations compared favorably to budgeted projections.
117
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 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 and is in the process of execution.
The deliver of these documents 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%. A new management company selected by
the Investment General Partner, is to begin at the site in mid
August. This new management company will focus on improvements
to vacancy, collections and tenant retention. Periodic cash
shortfalls are anticipated until the occupancy stabilizes and
maintenance expenses are reduced.
Series 21
- ---------
As of the June 30, 1999 and 1998 average Qualified Occupancy for
the
series was 99.1% and 93.9%, respectively. The series had a total
of 14
properties at June 30, 1999. Out of the total 11 were at 100%
Qualified
Occupancy.
For the three months being reported Series 21 reflects a net loss
from
Operating Partnerships of $313,065. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a net loss of
$8,384. This is an interim period estimate; it is not indicative
of the final year end results.
Atlantic City Housing Urban Renewal Associates L.P. has reported
a net loss net of depreciation, a non-cash item, for the year
ended December 31, 1998 of approximately $260,000. The
property's operations have been impacted by high costs for
security and maintenance, while the Section 8 Rental Assistance
Contract has seen small incremental increases over the past few
years. The Operating General Partner has been funding expenses,
though outstanding payables remain high. The Investment General
Partner is monitoring the situation closely through quarterly
inspections and is working with the Operating General Partner on
curing the operational issues. The property's physical occupancy
as of June 30, 1999 is 95%.
Series 22
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the
series was 100%. The series had a total of 29 properties at June
30, 1999, all of which were at 100% Qualified Occupancy.
For the three months being reported Series 22 reflects a net loss
from
Operating Partnerships of $195,610. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of
$252,068. This is an interim period estimate; it is not
indicative of the
final year end results.
Series 23
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the
series was 100%. The series had a total of 22 properties at June
30, 1999, all of which were at 100% Qualified Occupancy.
118
For the three months being reported Series 23 reflects a net loss
from
Operating Partnerships of $270,998. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a positive
operations
of $184,403. This is an interim period estimate; it is not
indicative of the final year end results.
Series 24
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the series was 99.8%. The series had a total of 24 properties at
June 30, 1999. Out of the total 23 were at 100% Qualified
Occupancy.
For the three months being reported Series 24 reflects a net loss
from
Operating Partnerships of $441,115. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of $43,838. This is an interim
period estimate; it is not indicative of the final year end
results.
Series 25
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the series was 99.8% and 98.9%, respectively. The series had a
total of 22 properties at June 30, 1999. Out of the total 21
were at 100% Qualified Occupancy.
For the three months being reported Series 25 reflects a net loss
from
Operating Partnerships of $488,479. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a positive
operations of $13,949. This is an interim period estimate; it is
not indicative of the final year end results.
Series 26
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the series was 99.3% and 96.4%, respectively. The series had a
total of 45 properties at June 30, 1999. Out of the total 40
were at 100% Qualified Occupancy and 3 were in active lease-up.
The series also had 2 properties which were under construction at
June 30, 1999.
For the three months being reported Series 26 reflects a net loss
from Operating Partnerships of $218,399. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of
$482,175. This is an interim period estimate; it is not
indicative of the
final year end results.
Series 27
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the series was 97.0% and 77.0%, respectively. The series had a
total of 15
properties at June 30, 1999. Out of the total 11 were at 100%
Qualified Occupancy and 2 were in active lease-up. The series
also had 2 properties which were under construction at June 30,
1999.
For the three months being reported Series 27 reflects a net loss
from Operating Partnerships of $170,803. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of
$247,007. This is an interim period estimate; it is not
indicative of the final year end results.
119
Series 28
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the series was 97.9% and 95.0%, respectively. The series had a
total of 26
properties at June 30, 1999. Out of the total 23 were at 100%
Qualified Occupancy and 2 were in active lease-up. The series
also had 1 property which was under construction at June 30,
1999.
For the three months being reported Series 28 reflects a net loss
from
Operating Partnerships of $155,231. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $131,431. This is an interim period estimate; it
is not indicative of the final year end results.
Series 29
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the Series was 94.6% and 88.5%, respectively. The series had a
total of 22 properties at June 30, 1999. Out of the total 17
were at 100% Qualified Occupancy and 4 were in active lease-up.
The series also had 1 property which was under construction at
June 30, 1999.
For the three months being reported Series 29 reflects a net loss
from
Operating Partnerships of $266,390. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $83,416. This is an interim period estimate; it is
not indicative of the final year end results.
Series 30
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the series was 89.1 and 58.3%, respectively. The series had a
total of 20 properties at June 30, 1999. Out of the total 9 were
at 100% Qualified Occupancy and 5 were in active lease-up. The
series also had 4 properties that were under construction and 2
properties with multiple buildings some of which were in lease-up
and some of which were under construction at June 30, 1999.
For the three months being reported Series 30 reflects a net loss
from
Operating Partnerships of $52,395. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $54,317. This is an interim period estimate; it is
not indicative of the final year end results.
Series 31
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the series was 92.0% and 72.0%, respectively. The series had a
total of 26 properties at June 30, 1999. Out of the total 19
were at 100% Qualified Occupancy and 5 were in active lease-up.
The series also had 2 properties with multiple buildings some of
which were in lease-up and some of which were under construction
at June 30, 1999.
For the three months being reported Series 31 reflects a net loss
from
Operating Partnerships of $615,438. When adjusted for
depreciation which is
120
a non-cash item, the Operating Partnerships reflect a net loss of
$237,911.
This is an interim period estimate; it is not indicative of the
final year end
results.
Series 32
- ---------
As of June 30, 1999 and 1998 the average Qualified Occupancy for
the series was 89.0% and 66.7%, respectively. The series had a
total of 15 properties at June 30, 1999. Out of the total 6 were
at 100% Qualified Occupancy and 1 was in active lease-up. The
series also had 7 properties that were under construction and 2
properties with multiple buildings some of which were in lease-up
and some of which were under construction at June 30, 1999.
For the three months being reported Series 32 reflects positive
operations from the Operating Partnerships of $86,876. When
adjusted for depreciation which is a non-cash item, the Operating
Partnerships reflect positive operations of $388,154. This is an
interim period estimate; it is not indicative of the final year
end results.
Series 33
- ---------
As of June 30, 1999 the average Qualified Occupancy for the
series was 100%. The Series had a total of 9 properties as of
June 30, 1999. Out of the total 2 were at 100% Qualified
Occupancy, and 7 were under construction. Since all of the
properties were acquired after June 30, 1998, there is no
comparative information to report.
For the three months being reported Series 33 reflects positive
operations from the Operating Partnerships of $78,164. When
adjusted for depreciation which is a non-cash item, the Operating
Partnerships reflect positive operations of $213,525. This is an
interim period estimate; it is not indicative of the final year
end results.
Series 34
- ---------
As of June 30, 1999 the average Qualified Occupancy for the
series was 45.3%.
The Series had a total of 11 properties as of June 30, 1999. Out
of the total 8 were under construction and 3 were in active lease-
up. Since all of the properties were acquired after June 30,
1998, there is no comparative information to report.
Series 35
- ---------
The Series had a total of 8 properties as of June 30, 1999 all of
which were under construction. Since all of the properties were
acquired after June 30, 1998, there is no comparative information
to report.
Year 2000
- ---------
As previously stated in the Fund's 10-K, Boston Capital and its
management have reviewed the potential computer problems that may
arise from the century date change known as the "Year 2000" or
"Y2K" problem. We are currently in the process of taking the
necessary precautions to minimize any disruptions. The majority
of Boston Capital's systems are "Y2K" compliant. For all
remaining systems we are working with the vendors to make the
necessary upgrades and replacements. Boston Capital believes
that all of its systems will be fully compliant before the year
2000 and is committed to ensuring that the "Y2K" issue will have
no impact on our investors.
121
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
(a) Agreement of Limited Partnership of Silver Creek/
MHT Limited Partnership (incorporated by
reference
from Registrants current report on form 8-K
as filed with the Securities and Exchange
Commission on June 30, 1999.)
(b) Agreement of Limited Partnership of Meridian Housing
Limited Partnership (incorporated by reference
from
Registrants current report on form 8-K as
filed with
the Securities and Exchange Commission on
June 30, 1999.)
122
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the
registrant has duly caused this report to be signed on its behalf
by the
undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV
L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: August 19, 1999 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal
Financial
Officer
123
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