SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended March 31, 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)
Massachusetts 04-3208648
- --------------------------------
- ------------------------------------
(State of other jurisdiction of (I.R.S.
Employer
incorporation or organization) Identification
No.)
One Boston Place, Suite 2100, Boston, MA
02108-4406
- ---------------------------------------------
- ------------------------
(Address of Principal executive offices) (Zip
Code)
Fund's telephone number, including area code: (617)624-8900
-------------
Securities registered pursuant to Section 12(b) of the Act:
Name of
each exchange
Title of each class on which
registered
-------------------
- -------------------
None
None
---------------------------
- --------------------------
Securities registered pursuant to Section 12(g) of the Act:
Beneficial Assignee Certificates
----------------------------------
(Title of Class)
Indicate by check mark whether the Fund (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding twelve months (or for
such shorter period that the Fund was required to file such
reports), and (2) has been subject to such filing requirements
for
the past 90 days. YES X NO
------- -------
Indicate by check mark if disclosure of delinquent filers
pursuant
to Item 405 or Regulation S-K ( 229.405 of this chapter) is not
contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form
10-K
or any amendment to this Form 10-K. __
|XX|
DOCUMENTS INCORPORATED BY REFERENCE
-----------------------------------
The following documents of the Fund are incorporated by
reference:
Form 10-K
Parts Document
--------- --------
Parts I, III January 3, 1994 Prospectus,
as supplemented
Parts II, IV Form 8-K dated February 1, 1995
Form 8-K dated March 9, 1995
Form 8-K dated October 13, 1995
Form 8-K dated February 29, 1996
Form 8-K dated December 16, 1996
Form 8-K dated December 16, 1996
Form 8-K dated February 11, 1997
Form 8-K dated February 14, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 25, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 26, 1997
Form 8-K dated March 27, 1997
Form 8-K dated March 27, 1997
Form 8-K dated March 27, 1997
Form 8-K dated April 7, 1997
Form 8-K dated May 21, 1998
Form 8-K dated July 16, 1997
Form 8-K dated July 22, 1997
Form 8-K dated July 22, 1997
Form 8-K dated July 22, 1997
Form 8-K dated July 22, 1997
Form 8-K dated July 22, 1997
Form 8-K dated August 5, 1997
Form 8-K dated August 5, 1997
Form 8-K dated August 5, 1997
Form 8-K dated August 8, 1997
DOCUMENTS INCORPORATED BY REFERENCE - Cont.
-------------------------------------------
Form 10-K
Parts Document
--------- --------
Parts II, IV Form 8-K dated April 23, 1998
Form 8-K dated April 23, 1998
Form 8-K dated April 24, 1998
Form 8-K dated April 27, 1998
Form 8-K dated April 29, 1998
Form 8-K dated April 30, 1998
Form 8-K dated April 30, 1998
Form 8-K dated April 30, 1998
Form 8-K dated May 1, 1998
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31,
1999
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security Holders
PART II
Item 5. Market for the Fund's Limited
Partnership Interests and Related
Partnership Matters
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis
of Financial Condition and Results
of Operations
Item 8. Financial Statements and Supplementary
Data
Item 9. Changes in and Disagreements with
Accountants on Accounting and
Financial Disclosure
PART III
Item 10. Directors and Executive Officers
of the Fund
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial
Owners and Management
Item 13. Certain Relationships and Related
Transactions
PART IV
Item 14. Exhibits, Financial Statement Schedules,
and Reports on Form 8-K
Signatures
PART I
------
Item 1. Business
Organization
- ------------
Boston Capital Tax Credit Fund IV L.P. (the "Fund") is a
limited
partnership formed under the Delaware Revised Uniform Limited
Partnership
Act as of October 5, 1993. The General Partner of the Fund is
Boston
Capital Associates IV L.P., a Delaware limited partnership. C &
M
Associates, d/b/a Boston Capital Associates, a Massachusetts
general
partnership, whose only two partners are Herbert F. Collins and
John P.
Manning, the principals of Boston Capital Partners, Inc., is the
sole
general partner of the General Partner. The limited partner of
the
General Partner is Capital Investment Holdings, a general
partnership
whose partners are certain officers and employees of Boston
Capital
Partners, Inc., and its affiliates. The Assignor Limited Partner
is BCTC
IV Assignor Corp., a Delaware corporation which is wholly-owned
by
Herbert F. Collins and John P. Manning.
The Assignor Limited Partner was formed for the purpose of
serving
in that capacity for the Fund and will not engage in any other
business.
Units of beneficial interest in the Limited Partnership Interest
of the
Assignor Limited Partner will be assigned by the Assignor Limited
Partner
by means of beneficial assignee certificates ("BACs") to
investors and
investors will be entitled to all the rights and economic
benefits of a
Limited Partner of the Fund including rights to a percentage of
the
income, gains, losses, deductions, credits and distributions of
the Fund.
A Registration Statement on Form S-11 and the related
prospectus, as
supplemented (the "Prospectus") were filed with the Securities
and
Exchange Commission and became effective December 16, 1993 in
connection
with a public offering ("Offering") in one or more series of a
minimum of
250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC. On
April 18,
1996 an amendment to Form S-11, which registered an additional
10,000,000
BACs for sale to the public in one or more series, became
effective. On April 2, 1998 an amendment to Form S-11, which
registered an additional 25,000,000
BACs for sale to the public in one or more series, became
effective. As of
March 31, 1999, subscriptions had been received and accepted by
the General
Partner in Series 20, Series 21, Series 22, Series 23, Series 24,
Series 25,
Series 26, Series 27, Series 28, Series 29, Series 30, Series 31,
Series 32, Series 33, Series 34 and Series 35 for 49,998,759
BAC's representing capital contributions of $499,688,500.
The Offering, including information regarding the issuance
of BACs
in series, is described on pages 144 to 149 of the Prospectus, as
supplemented, under the caption "The Offering", which is
incorporated
herein by reference.
Description of Business
- -----------------------
The Fund's principal business is to invest as a limited
partner in
other limited partnerships (the "Operating Partnerships") each of
which
will own or lease and will operate an Apartment Complex
exclusively or
1
partially for low- and moderate-income tenants. Each Operating
Partnership in which the Fund will invest will own Apartment
Complexes
which are completed, newly-constructed, under construction or
rehabilitation, or to-be constructed or rehabilitated, and which
are
expected to receive Government Assistance. Each Apartment
Complex is
expected to qualify for the low-income housing tax credit under
Section
42 of the Code (the "Federal Housing Tax Credit"), thereby
providing tax
benefits over a period of ten to twelve years in the form of tax
credits
which investors may use to offset income, subject to certain
strict
limitations, from other sources. Certain Apartment Complexes may
also
qualify for the historic rehabilitation tax credit under Section
48 of
the Code (the "Rehabilitation Tax Credit"). The Federal Housing
Tax
Credit and the Government Assistance programs are described on
pages 64
to 88 of the Prospectus, as supplemented, under the captions "Tax
Credit
Programs" and "Government Assistance Programs," which is
incorporated
herein by reference. Section 236 (f) (ii) of the National
Housing Act,
as amended, in Section 101 of the Housing and Urban Development
Act of
1965, as amended, each provide for the making by HUD of rent
supplement
payments to low income tenants in properties which receive other
forms of
federal assistance such as Tax Credits. The payments for each
tenant,
which are made directly to the owner of their property, generally
are in
such amounts as to enable the tenant to pay rent equal to 30% of
the
adjusted family income. Some of the Apartment Complexes in which
the
Partnership has invested are receiving such rent supplements from
HUD.
HUD has been in the process of converting rent supplement
assistance to
assistance paid not to the owner of the Apartment Complex, but
directly
to the individuals. At this time, the Partnership is unable to
predict
whether Congress will continue rent supplement programs payable
directly
to owners of the Apartment Complex.
As of March 31, 1999 the Fund had invested in 24 Operating
Partnerships
on behalf of Series 20, 14 Operating Partnership on behalf of
Series 21, 29
Operating Partnerships on behalf of Series 22, 22 Operating
Partnerships on
behalf of Series 23, 24 Operating Partnerships on behalf of
Series 24,
22 Operating Partnerships on behalf of Series 25, 45 Operating
Partnerships
on behalf of Series 26, 14 Operating Partnerships on behalf of
Series 27, 26 Operating Partnerships on behalf of Series 28, 22
Operating Partnerships on behalf of Series 29, 18 Operating
Partnerships on behalf of Series 30, 26 Operating Partnerships on
behalf of Series 31, 14 Operating Partnerships on behalf of
Series 32, 8 Operating Partnerships on behalf of Series 33, 9
Operating Partnerships on behalf of Series 34 and 5 Operating
Partnerships on behalf of Series 35. A description of these
Operating Partnerships is set
forth in Item 2 herein.
The business objectives of the Fund are to:
(1) provide current tax benefits to Investors in the form of
Federal Housing Tax Credits and in limited instances, a
small
amount of Rehabilitation Tax Credits, which an Investor
may
apply, subject to certain strict limitations, against
the
investor's federal income tax liability from active,
portfolio
and passive income;
(2) preserve and protect the Fund's capital and provide
capital
appreciation and cash distributions through increases in
value
of the Fund's investments and, to the extent applicable,
equity
buildup through periodic payments on the mortgage
indebtedness
with respect to the Apartment Complexes.
2
(3) provide tax benefits in the form of passive losses
which an
Investor may apply to offset his passive income (if
any); and
(4) provide cash distributions (except with respect to the
Fund's
investment in certain Non-Profit Operating
Partnerships) from
Capital Transaction proceeds. The Operating
Partnerships
intend to hold the Apartment Complexes for
appreciation in
value. The Operating Partnerships may sell the
Apartment
Complexes after a period of time if financial
conditions in
the future make such sales desirable and if such sales
are
permitted by government restrictions.
The business objectives and investment policies of the Fund
are
described more fully on pages 49 to 61 of the Prospectus, as
supplemented, under the caption "Investment Objectives and
Acquisition
Policies," which is incorporated herein by reference.
Employees
- ---------
The Fund does not have any employees. Services are
performed by the
General Partner and its affiliates and agents retained by them.
Item 2. Properties
The Fund has acquired a Limited Partnership interest in 322
Operating
Partnerships in 16 series, identified in the table set forth
below. The
Apartment Complex owned by the Operating Partnership is eligible
for the
Federal Housing Tax Credit. Occupancy of a unit in each
Apartment Complex
which initially complied with the Minimum Set-Aside Test (i.e.,
occupancy by
tenants with incomes equal to no more than a certain percentage
of area median
income) and the Rent Restriction Test (i.e., gross rent charged
tenants does
not exceed 30% of the applicable income standards) is referred to
hereinafter
as "Qualified Occupancy." The Operating Partnership and the
respective
Apartment Complex is described more fully in the Prospectus. The
General
Partner believes that there is adequate casualty insurance on the
properties.
Please refer to Item 7. "Management's Discussion and
Analysis of
Financial Condition and Results of Operations" for a more
detailed discussion
of operational difficulties experienced by certain of the
Operating
Partnerships.
3
Boston Capital Tax Credit Fund IV L.P. - Series
20
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Ashbury Sioux Falls,
Apartments SD 48 $ 1,267,345 4/94 6/94 100% $
806,117
Bennetts Bennetsville,
Pointe Apts. SC 32 1,346,250 3/94 8/94 100%
281,100
Bradley Bradley,
Manor AR 25 800,217 8/94 3/95 100%
182,044
Breeze Port Washington,
Cove Apts. WI 64 2,781,163 5/94 10/94 100%
2,601,494
Cascades Sterling,
Commons Apts. VA 320 14,749,265 6/94 10/95 100%
7,132,820
Clarksville Clarksville,
Estates MO 32 417,085 6/94 9/94 100%
142,639
Club
Goldenrod II Orlando,
Apartments FL 220 7,518,199 4/94 6/95 100%
3,681,417
College
Greene N. Chili,
Senior Apts NY 110 3,767,582 3/95 8/95 100%
1,918,496
Concordia St. Croix,
Manor I VI 22 1,468,539 8/94 7/95 100%
490,034
Coushatta
Seniors II Coushatta,
Apartments LA 24 720,804 5/94 3/94 100%
175,182
East Douglas Bloomington,
Apartments IL 51 2,215,888 7/94 12/95 100%
1,281,690
Edison Lane Edison,
Apartments GA 24 730,682 9/94 10/95 100%
204,561
Evergreen Macedon,
Hills Apts. NY 72 2,805,560 8/94 1/95 100%
693,966
4
Boston Capital Tax Credit Fund IV L.P. - Series
20
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Fairoaks Rincon,
Lane Apts. GA 44 $ 1,416,124 7/94 5/95 100% $
339,284
Floral Waggaman,
Acres II LA 32 1,035,735 5/94 8/94 100%
228,457
Forest Glen Vidalia,
Village GA 46 1,332,974 7/94 2/95 100%
378,777
Gardenview Pasedena,
Apartments TX 309 5,182,927 6/94 9/95 100%
2,261,021
Harrisonburg Harrisonburg,
Seniors Apts. LA 24 691,445 5/94 1/94 100%
176,621
Hillside Cynthiana,
Apartments KY 48 877,617 10/94 4/95 100%
643,850
Kristine Bakersfield,
Apartments CA 60 1,341,905 10/94 10/94 100%
311,675
Northfield Jackson,
Apts. MS 120 2,948,003 6/94 8/95 100%
3,273,126
Parkside Avondale,
Apartments AZ 54 693,659 12/94 1/94 100%
282,547
Riverview Franklinton,
Apartments LA 47 1,705,528 4/94 10/94 100%
370,000
Shady Lane Winnfield,
Senior Apts. LA 32 948,104 5/94 10/93 100%
197,200
5
Boston Capital Tax Credit Fund IV L.P. - Series
21
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Atlantic Atlantic City,
City Apts. NJ 153 $5,495,000 9/94 10/95 96%
$2,500,000
Black River Black River Falls,
Run WI 48 1,250,942 10/94 12/94 100%
350,531
Cattaraugus Cattaraugus,
Manor NY 24 1,096,615 8/94 4/95 95%
263,711
Creekside
at Tasker's Frederick,
Chance MD 120 4,946,506 10/94 9/95 100%
2,471,093
Forest Glen
at Sully Centreville,
Station VA 118 5,978,422 11/94 9/95 100%
2,649,450
Fort Winslow,
Halifax ME 24 1,161,961 9/94 1/95 100%
389,085
Havelock Havelock,
Manor Apts. NC 60 1,854,976 12/94 10/95 100%
347,557
Holly Buchanan,
Village GA 24 716,536 8/94 6/95 100%
205,400
Liveoak Union Springs,
Village AL 24 767,211 10/94 7/95 100%
176,953
Lookout Covington,
Ridge Apts. KY 30 664,785 12/94 12/94 100%
763,038
Pinedale Menomonie,
Apartments II WI 60 1,415,959 10/94 12/94 60%
869,798
Pumphouse Chippewa,
Crossing II
Apartments WI 48 1,288,940 10/94 12/94 68%
692,840
6
Boston Capital Tax Credit Fund IV L.P. - Series
21
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
The Woods Campton,
Apartments NH 20 $1,036,107 8/94 10/94 100%
$ 269,500
Tower View Tower City,
Apartments PA 25 1,132,550 11/94 5/95 96%
268,863
7
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Albemarle Hertford,
Village Apts. NC 36 $1,459,669 1/95 9/94 100%
$ 321,628
Apple Edmond,
Village Apts. OK 160 3,930,633 11/94 3/96 100%
1,572,166
Bayou Riverview,
Crossing Apts. FL 290 8,339,117 11/94 1/96 100%
2,854,036
Bellwood Ford City,
Gardens PA 28 1,251,162 6/95 9/95 100%
308,152
Black River Black River Falls,
Run Apts. WI 48 1,250,942 3/95 12/94 100%
395,279
Clarendon Summerton,
Court Apts. SC 40 1,452,521 10/94 4/95 100%
340,737
Club II Orlando,
Goldenrod Apts.FL 220 7,518,199 3/95 6/95 100%
2,106,975
Cobblestone Fuquay,
Apartments NC 33 1,418,983 1/95 5/94 100%
326,054
Concordia St. Croix,
Manor II VI 20 1,496,625 1/95 11/95 100%
259,444
Concordia St. Croix,
Manor III VI 20 1,490,053 2/95 12/95 100%
264,007
Drakes
Branch Drakes Branch,
Elderly Apts. VA 32 1,269,479 1/95 6/95 100%
232,722
Elks Towers Litchfield,
Apartments IL 27 805,361 10/95 12/96 100%
698,042
Fonda Fonda,
Terrace Apts. NY 24 1,034,037 12/94 10/94 100%
259,387
Highland Boston,
House MA 14 715,700 12/96 5/97 100%
571,829
8
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Kimbark Longmont,
1200 Apts. CO 48 $1,994,993 9/95 12/95 100%
$ 321,843
Kingsway Swedsboro,
Apartments NJ 36 1,484,399 7/95 6/95 100%
46,290
Lake City Lake City,
Apartments PA 44 1,172,646 8/98 6/98 100%
238,491
Lake Street Girard,
Apartments PA 32 1,362,510 4/95 9/95 100%
342,369
Lost Tree Branson,
Apartments MO 88 1,621,224 4/95 6/95 100%
474,948
Maplewood Sacramento,
Apartments KY 12 436,306 8/95 9/95 100%
110,881
Marksville Marksville,
Square Apts. LA 32 965,120 1/95 1/96 100%
268,848
Neshoba Philadelphia,
County Apts. MS 25 850,484 7/95 8/95 100%
251,411
Philadelphia Philadelphia,
Square Apts. MS 16 544,309 7/95 8/95 100%
149,950
Quankey Halifax,
Hills Apts. NC 24 1,017,140 1/95 3/95 100%
200,496
Richmond Richmond,
Square Apts. MO 32 927,143 12/94 2/95 100%
818,770
Salem Wood Salemburg,
Apartments NC 24 968,235 1/95 12/94 100%
181,355
The Birches Old Orchard Beach,
ME 88 2,817,500 1/95 3/96 100%
1,498,731
Troy Villa Troy,
Apartments MO 64 2,028,035 12/94 6/95 100%
1,810,416
9
Boston Capital Tax Credit Fund IV L.P. - Series
22
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Twin City Festus,
Villa MO 40 $1,506,500 1/95 11/95 100%
$ 679,176
10
Boston Capital Tax Credit Fund IV L.P. - Series 23
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Apple Edmond,
Village Apts. OK 160 $3,930,633 11/94 3/96 100% $
1,572,166
Bayou Riverview,
Crossing Apts. FL 290 8,339,117 4/95 1/96 100%
4,281,054
Concordia St. Croix,
Manor II VI 20 1,496,625 1/95 11/95 100%
259,445
Concordia St. Croix,
Manor III VI 20 1,490,053 2/95 12/95 100%
264,007
Columbia Hempstead,
Commons Apts. NY 37 1,259,077 5/95 5/95 100%
1,501,605
Country Hill Cedar Rapids,
Apts.Phase II IA 92 2,086,658 8/95 6/96 100%
1,981,495
Great Pines Hurleyville,
Apts. NY 26 1,177,666 7/95 12/95 100%
- -0-
Heatheridge Barling,
Estates ** AR 17 829,696 7/95 11/95 100%
748,240
Ithaca Ithaca,
Apts. I MI 28 673,332 11/95 7/95 100%
164,008
Kimbark Longmont,
1200 Apts. CO 48 1,994,993 9/95 12/95 100%
965,530
La Pensione Sacramento,
K Apts. CA 129 2,428,810 9/95 12/96 100%
2,600,580
Mathis Mathis,
Apartments TX 32 915,179 1/95 1/95 100%
219,045
Mid City Jersey City,
Apartments NJ 58 3,059,100 9/95 6/94 100%
113,679
Orange
Grove Orange Grove,
Seniors Apts. TX 24 670,887 5/95 2/95 100%
104,728
11
Boston Capital Tax Credit Fund IV L.P. - Series
23
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ---------- Philmont Philmont,
Terrace Apts. LA 32 $1,495,903 5/95 5/95 100% $
370,750
Riverview St. Louis,
Apartments MO 42 1,245,046 8/95 12/95 100%
1,160,308
South Hills Bellevue,
Apartments NE 72 1,880,356 6/95 2/96 100%
1,686,354
St. Peters St. Peters,
Villa MO 54 1,921,279 7/95 3/96 100%
1,495,685
The Birches Old Orchard Beach,
ME 88 2,800,000 1/95 3/96 100%
1,400,313
Twin City Festus,
Villa MO 40 1,506,500 2/95 11/95 100%
679,176
Village Kansas City,
Woods Est. KS 45 1,622,841 5/95 12/95 100%
1,450,000
Vinsett Van Buren,
Estates ** AR 10 ** 7/95 11/95 100%
**
Woodland Roland,
Hills OK 10 319,061 7/95 6/95 100%
274,540
** Two properties which make up one Operating Partnership named
Barlee
Properties L.P. with 27 units. Entire mortgage balance and
contributions are
listed with Heatheridge Estates.
12
Boston Capital Tax Credit Fund IV L.P. - Series
24
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ---------- Autumn Ridge Shenandoah
Apartments VA 34 $1,541,091 7/96 1/97 100% $
303,224
Brooks Blue Ridge,
Summit Apts. GA 36 1,118,621 12/95 11/96 100%
202,780
Brownsville Brownsville,
Apartments TN 36 1,204,345 9/95 9/95 100%
267,091
Century
East Bismark,
Apts. IV ND 24 630,000 8/95 8/95 100%
399,962
Century Bismark,
East V Apts. ND 24 630,000 11/95 9/95 100%
399,962
Centenary
Towers St. Louis
Apts. MO 100 2,737,500 5/97 12/97 100%
679,577
Cooper's Irving,
Crossing TX 93 3,629,820 6/96 12/95 100%
848,708
Edenfield Millen,
Apartments GA 48 1,300,004 1/96 12/96 100%
314,827
Elm Street Yonkers,
Apartments NY 35 2,095,034 1/96 1/96 100%
407,601
Heritage Coolidge,
Glen Apts. AZ 28 1,136,675 4/96 4/96 100%
373,388
Hillridge Los Lunas,
Apartments NM 38 1,216,635 8/96 6/96 100%
954,007
Lake Fargo,
Apartments I ND 24 615,000 8/95 7/95 100%
399,962
Lakeway Zwolle,
Apartments LA 32 874,216 11/95 4/96 100%
110,902
Laurelwood High Point,
Park Apts. NC 100 2,399,173 2/96 10/96 100%
1,986,403
Madison Park Boston,
IV Apts. MA 143 7,726,691 5/96 3/97 96%
1,155,884
13
Boston Capital Tax Credit Fund IV L.P. - Series
24
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ---------- New Hilltop Laurens,
Apartments SC 72 $1,717,672 11/95 11/95 100% $
424,986
North Columbia,
Hampton Pl. MO 36 856,243 11/95 3/96 100%
1,002,996
Northfield Jackson,
Housing, L.P. MS 5 194,950 12/96 9/96 100%
217,266
Pahrump Pahrump,
Valley Apts. NV 32 1,398,848 7/96 7/96 100%
335,225
Park Meadow Gaylord,
Apartments MI 80 1,920,208 9/95 4/97 100%
1,753,158
Shadowcreek Overton,
Apartments NV 24 1,229,909 6/96 9/96 100%
310,320
Stanton Stanton,
Village Apts. TN 40 1,214,189 9/95 9/95 100%
279,730
Woodlands Elko,
Apartments NV 24 1,138,161 11/95 9/95 100%
269,867
Wyandotte Los Angeles,
Apartments CA 73 3,394,679 4/96 2/97 100%
952,329
14
Boston Capital Tax Credit Fund IV L.P. - Series
25
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ---------- Dogwood Athens,
Park Apts. GA 127 $2,629,079 12/95 10/96 100%
$3,538,760
Dunlap West Point,
Acres MS 50 1,165,949 9/96 4/96 100%
229,797
Century Bismark,
East II Apts. ND 24 550,000 8/96 6/96 100%
371,183
Clarke Pokamoke City,
Manor Apts. MD 30 1,225,034 2/96 4/96 100%
440,107
Hannah Ethel,
Heights Apts. MS 28 815,638 6/96 12/96 100%
321,584
Heartland
Green Horse Cave,
Cave KY 24 849,814 5/96 11/96 100%
267,177
Hurricane Hurricane,
Hills UT 49 1,305,076 9/96 4/97 100%
2,222,394
Laurelwood High Point,
Park Apts. NC 100 2,399,173 2/96 10/96 100%
946,539
Lenox Manhattan,
Ave. Apts. NY 18 499,999 10/96 9/97 100%
773,364
Madison Boston,
Park IV MA 143 7,726,691 5/96 3/97 96%
2,054,904
Main New Rochelle,
Everett Apts. NY 11 630,562 6/96 1/97 100%
782,852
Maple New Haven,
Hill CT 32 1,108,207 2/97 2/98 96%
199,951
Mary Ryder St. Louis,
Home MO 48 283,486 1/97 6/96 100%
1,591,573
Osborne White Plains,
Apts. NY 7 435,455 6/96 12/96 100%
522,325
15
Boston Capital Tax Credit Fund IV L.P. - Series
25
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Rose Connellsville,
Square PA 11 $ 390,180 10/96 2/97 100%
$ 229,168
Rosewood Bladenboro,
Estates, II NC 16 681,103 9/96 12/96 100%
96,392
Sandstone Great Falls,
Village MT 48 1,233,872 11/95 8/96 100%
1,295,623
Shannon Shannon,
Rentals MS 48 1,268,874 4/96 1/97 100%
324,990
Smith Roxbury,
House MA 132 2,248,198 4/96 3/97 100%
1,008,690
Sutton Indianopolis,
Place IN 360 6,220,000 11/96 10/97 100%
647,751
Washington Dayton,
Arms OH 93 2,069,066 2/96 2/95 100%
203,859
Wyandotte Los Angeles,
Apts. CA 73 3,394,679 4/96 2/97 100%
1,315,122
16
Boston Capital Tax Credit Fund IV L.P. - Series
26
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
200 East Rochester,
Ave. NY 77 $ -0- 1/99 U/C N/A $
- -0-
Apartments
Academy West Point,
Apts. VA 32 1,168,421 4/97 3/98 100%
237,173
Bradley
Estates Meriden,
Phase I CT 74 2,664,391 2/97 12/97 100%
661,000
Bradley
Estates Meriden,
Phase II CT 42 1,546,956 2/97 12/97 100%
486,861
Brookhaven Shrevport,
Apts. LA 35 977,346 2/97 1/97 100%
573,912
Butler Leesville,
Estates LA 10 175,415 8/96 10/96 100%
77,627
Calgory Bismark,
Apts. I ND 24 635,000 2/96 12/95 100%
414,507
Calgory Bismark,
Apts. II ND 24 635,000 2/96 12/95 100%
414,507
Calgory Bismark,
Apts. III ND 24 635,000 2/96 12/95 100%
414,507
Cameron Cameron,
Apts. LA 40 851,948 8/96 10/96 100%
475,965
Country Fargo,
Edge Apts. ND 48 1,100,000 7/97 12/97 100%
1,108,905
Devonshire London,
II Apts. OH 28 783,986 1/97 12/96 100%
182,070
Devonshire W. Jefferson,
West Apts. OH 19 543,370 1/97 1/97 100%
126,983
East Park Dilworth,
II Apts. MN 24 580,000 8/96 8/96 100%
525,631
Edgewood Milledgeville,
Park Apts. GA 61 1,500,000 5/96 1/97 100%
1,372,023
17
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Edgewood
Estates Edgewood,
Apts. TX 22 $ 621,607 6/97 11/96 100%
$ 173,436
Escher Trenton,
Street SRO NJ 104 2,089,791 4/97 5/98 100%
2,718,584
Grandview Fargo,
Apartments ND 36 1,180,879 8/96 8/96 100%
1,069,522
Grayson Independence,
Manor VA 32 1,076,616 3/98 11/98 56%*
524,925
Hanover Ashland,
Apts. VA 40 1,285,628 11/97 4/98 100%
256,109
Hanover
Towers Meriden,
Apts. CT 100 5,067,320 2/97 11/97 100%
1,053,000
Hazeltine Los Angeles,
Apts. CA 35 1,440,000 6/96 1/97 100%
951,693
Holly
Heights Bowling Green,
Apts. KY 30 1,357,699 5/97 8/97 100%
362,738
Lake Fargo,
Apts. IV ND 24 647,000 2/96 12/95 100%
414,507
Lake Fargo,
Apts. V ND 24 620,000 2/96 12/95 100%
414,507
Lauderdale
County Meriden,
Properties MS 48 1,180,629 12/98 U/C N/A
214,742
Liberty
Village Liberty,
Apts. NY 32 1,742,609 1/97 5/97 100%
437,448
Little Little Valley,
Valley Est. NY 24 1,153,534 1/97 4/97 100%
274,257
Maxton Maxton,
Green Apts. NC 32 973,210 9/96 12/96 100%
263,281
Madison Miami Beach,
Apartments FL 17 1,058,388 3/96 6/97 100%
801,664
18
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Mason Mason,
Manor Apts. TN 24 $ 932,851 2/96 1/96 100%
$ 229,775
Mosby Littleton,
Forest Apts. NC 24 762,585 10/96 10/96 100%
496,753
New Hope
Bailey De Ridder,
Apts. LA 40 809,746 8/96 9/96 100%
455,212
Nordhoff North Hills,
Apts. CA 38 1,988,824 9/96 7/97 100%
1,756,175
Park Ridge Jackson,
Apartments TN 136 5,000,000 11/98 U/C N/A
154,824
Powell
Valley Jonesville,
Village VA 34 672,970 3/98 12/98 100%
853,949
Southwind Jennings,
Apts. A LDHA LA 36 787,672 8/96 12/96 100%
428,742
T.R. Bobb New Iberia,
Apts. LA 30 747,998 8/96 12/96 100%
428,742
Timmons-
ville Timmonsville,
Green Apts. SC 32 1,074,368 10/96 2/97 100%
292,587
Tremont
Station Tremont,
Apartments PA 24 1,056,250 5/96 11/96 100%
338,098
Village
Estates Victoria,
Apts. VA 32 1,161,980 4/97 10/98 90%*
246,130
Village
Green Gloucester,
Apts. VA 32 1,154,575 4/97 11/97 100%
229,902
Warrensburg Warrensburg,
Heights MO 28 1,120,624 12/96 11/96 100%
- -0-
19
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Westside Salem,
Apts. AR 29 $1,046,873 8/96 10/96 100%
$ 212,016
The Willows Smithville,
Apts. TX 32 818,924 5/96 5/96 100%
209,768
* Property was in lease-up phase as of March 31, 1999.
U/C=Property was under construction as of March 31,1999.
20
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
AHAB Rental
Units Springfield,
Phase II MO 17 $ 494,868 6/97 11/97 100%
$ 578,458
Angelou
Court New York,
Apts. NY 23 926,657 10/97 U/C N/A
1,515,042
Canisteo Canisteo,
Manor NY 24 892,863 4/98 4/98
91%* 564,068
The Casa San Juan
Rosa PR 97 1,031,000 9/97 4/98 54%*
887,936
Forest Glen
at Sulluy
Station
Phase II Centreville,
Atps. VA 119 6,770,597 8/96 6/97 61%*
1,339,550
Harrison
Heights Harrisonville,
Apts. MO 48 1,372,881 1/98 12/96 100%
245,516
Harbor
Towers Meriden,
Apts. CT 202 12,736,321 2/97 11/97 100%
2,880,000
Holly
Heights Storm Lake,
Apts. IA 32 497,613 4/97 8/98 81%*
614,058
Lake Apts. Fargo,
II ND 24 615,000 1/97 12/95 100%
396,024
Magnolia
Place Gautier,
Apts. MS 40 1,073,134 11/97 1/98 100%
800,027
Pear
Village Leitchfile,
Apts. KY 16 618,097 8/96 2/97 100%
488,822
Randolph Silver Spring,
Village MD 130 4,687,928 9/96 8/97 100%
2,233,554
Summer
Hill Sr. Wayne,
Apts. NJ 164 9,541,853 11/96 4/98 100%
1,800,000
21
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Sunday Bowling Green,
Sun Apts. KY 30 $ 942,936 10/96 12/96 100%
$ 714,938
* Property was in lease-up phase as of March 31, 1999.
U/C=Property was under construction as of March 31,1999.
22
Boston Capital Tax Credit Fund IV L.P. - Series
28
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
1374
Boston New York,
Road L.P. NY 15 $ 446,203 2/97 6/97 100% $
495,811
Ashberry
Manor Bardstown,
Apts. KY 24 645,895 2/97 3/97 100%
561,330
Bienville Ringold,
III Apts. LA 32 964,205 2/97 2/97 100%
349,186
Blanchard Blanchard,
Apts. LA 32 916,014 7/97 7/97 100%
266,129
Chandler
Village Chandler,
Apts OK 32 912,673 4/97 7/97 100%
250,639
Cottonwood Cottonwood,
Apts. LA 24 739,211 7/97 7/97 100%
213,740
Cottonwood Holly Grove,
Apts. AR 24 489,729 2/97 4/97 100%
254,856
Evangeline Lake Arthur,
Apts. LA 32 976,124 11/97 1/98 100%
311,341
Fairway Marlette,
Apts. II MI 48 1,076,426 12/96 3/97 100%
255,353
Falcon Rosenburg,
Pointe Apts. TX 102 540,000 4/98 U/C N/A
1,477,559
Jackson
Place Jackson,
Apts. LA 40 983,934 7/97 10/97 100%
983,615
Mapelwood Winnfield
Apts. LA 40 917,025 3/98 8/98 100%
881,056
Milton
Village Milton,
Apts. NY 32 1,167,648 2/97 6/97 100%
1,192,184
Neighborhood
Restorations West Philadelphia,
VII PA 72 2,542,075 2/98 2/98 100%
3,809,335
23
Boston Capital Tax Credit Fund IV L.P. - Series
28
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Park
Plaza West Memphis,
I & II AR 128 $3,059,678 12/97 11/96 100%
$ 553,954
Park
Village Athens,
Apts. TN 80 827,090 10/98 U/C N/A
1,595,517
Pin Oak Bowie,
Village MD 110 8,699,907 11/97 1/96 100%
3,593,219
Southern
Villa Russellville
Apts. KY 32 1,344,937 11/97 4/98 100%
294,384
Randolph Silver Spring,
Village MD 130 5,962,928 12/97 8/97 100%
906,823
Sand Lane
Manor Henderson,
Apts. KY 24 694,312 8/97 4/98 100%
545,203
Senior
Suites of Chicago,
Chicago IL 84 4,141,826 12/97 12/98 45%*
2,887,301
Sumner Hartford,
House CT 79 1,110,358 1/98 7/98 100%
1,784,869
Terraceview
Townhomes Litchfield
Apts. MN 22 802,031 7/97 10/97 100%
726,402
Tilghman Dunn,
Square NC 20 822,387 11/97 10/97 100%
307,605
Wellston
Village Wellston,
Apts. OK 14 376,687 4/97 8/97 100%
102,258
Yale
Village Yale,
Apts. OK 8 109,446 2/98 7/98 100%
42,873
* Property was in lease-up phase as of March 31, 1999.
U/C=Property was under construction as of March 31,1999.
24
Boston Capital Tax Credit Fund IV L.P. - Series
29
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
The
Arbor Jackson,
Park Apts. MS 160 $5,700,000 12/96 6/98 100%
$2,809,826
The Richmond,
Arbors VA 85 2,966,000 7/97 11/98 34%*
1,869,683
Barrington
Cove Barrington,
Apts. RI 60 2,100,951 4/97 5/97 100%
3,449,887
Bent
Tree Jacksboro,
Apts. TX 24 615,208 12/97 1/98 100%
94,604
Colonial Poplarville,
Apts. MS 16 396,563 10/97 7/97 100%
83,458
Dogwood Appomattox,
Apts. VA 48 1,379,697 10/98 U/C N/A
382,291
Emerald
Trace Ruston,
Apts. LA 48 768,105 8/98 U/C N/A
735,792
Edgewood Baker,
Apts. LA 72 1,830,328 3/97 9/98 100%
1,764,112
Glenbrook Saint Jo,
Apts. TX 24 522,374 12/97 3/97 100%
142,954
Harbor Benton
Pointe Harbor,
Apts. MI 84 -0- 1/99 U/C N/A
1,040,739
The
Lincoln San Diego,
Hotel CA 41 808,545 2/97 7/97 100%
676,576
Lombard
Heights Springfield,
Apts. MO 24 800,000 10/98 7/98 100%
233,973
Lutkin
Bayou Drew,
Apts. MS 36 831,804 11/97 6/97 100%
186,515
25
Boston Capital Tax Credit Fund IV L.P. - Series 29
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Nacogdoches
Plaza Nacodgoches,
Apts. TX 70 $1,553,475 4/97 3/98 100%
$2,793,695
Newcastle Collins,
Apts. MS 36 692,637 9/97 6/98 100%
176,599
Park
Crest Sherwood,
Apts. AZ 216 9,200,000 2/98 U/C 23%*
2,559,616
Palmetto
Place Benton,
Apts. LA 40 209,518 10/98 U/C N/A
865,408
Pecan
Hill Bryson,
Apts. TX 16 392,037 8/97 1/98 100%
64,331
Regency Poplarville,
Apts. MS 16 460,655 10/97 7/97 100%
102,419
Rhome Rhome,
Apts. TX 24 526,587 12/97 2/97 100%
157,340
Westfield Welsh,
Apts. LA 40 890,878 11/97 8/98 100%
874,491
Willow
Point Jackson,
Apts. III MS 120 4,300,000 12/96 2/98 100%
2,035,596
* Property was in lease-up phase as of March 31, 1999.
U/C=Property was under construction as of March 31,1999.
26
Boston Capital Tax Credit Fund IV L.P. - Series 30
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Byam
Village Waterbury,
Apts. CT 46 $1,564,585 2/97 2/98 100%
$ 420,000
Country
Estates Farmville,
Apts. VA 24 538,782 3/98 U/C N/A
- -0-
Emerald
Trace II Ruston, 24 357,933 7/98 12/98 100%
579,893
Apts. LA
Farewell
Mills Lisbon,
Apts. ME 27 759,878 8/97 3/98 100%
662,864
Hillside
Terrace Poughkeepsie
Apts. NY 64 -0- 1/99 U/C N/A
- -0-
Lakewood Clarksville,
Apts. VA 52 1,007,722 3/98 U/C N/A
- -0-
Lone
Oak Graham,
Apts. TX 64 1,556,465 8/97 9/98 100%
240,444
Mesa
Grande Carlsbad,
Apts. NM 72 1,608,384 2/98 12/98 36%*
1,658,125
Millwood
Park Douglasville,
Apts. GA 172 8,360,000 12/98 U/C N/A
631,257
New
Garden Radford,
Gardens VA 48 1,480,549 10/98 U/C N/A
382,393
Nocona
Terrace Nocona,
Apts. TX 36 858,872 8/97 12/98 100%
152,858
Park Trace Jackson,
Apts. TN 84 1,322,015 11/97 3/99 67%*
2,682,643
Pine
Forest Dahlgren,
Apts. VA 40 1,349,893 3/98 2/99 42%*
- -0-
Riverbend Swanzey,
Apts. NH 24 622,092 7/97 2/98 100%
1,313,371
27
Boston Capital Tax Credit Fund IV L.P. - Series 30
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Royal
Crest Bowie,
Apts. TX 48 $1,157,279 8/97 10/98 100%
$ 202,014
Sunrise Homes
Apts/
Broadway
Place Hobbs,
Apts. NM 44 801,564 2/98 12/98 54%*
1,397,994
Western
Trails Council Bluffs,
Apts. IA 30 292,215 7/98 U/C N/A
397,686
Whistle
Stop Gentry,
Apts. AR 27 702,587 9/97 5/98 100%
580,687
* Property was in lease-up phase as of March 31, 1999.
U/C=Property was under construction as of March 31,1999.
28
Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Bent
Tree San Angelou,
Apts. TX 112 $ 494,256 12/97 U/C N/A
$2,667,992
Brittney
Square Bowling Green,
Apts. KY 20 796,621 7/98 7/98 100%
617,319
Canton
Manor Canton,
Apts. MS 32 818,567 11/97 7/98 100%
176,349
Canton
Village Canton,
Apts. MS 42 1,138,943 11/97 7/98 100%
236,312
Double
Springs
Manor II Bowling Green,
Apts. KY 25 367,455 9/98 3/99 44%*
689,802
Eagles
Ridge Decatur,
Terrace TX 89 1,869,433 12/97 5/98 100%
291,598
Elmwood Ellisville,
Apts. MS 32 676,873 12/97 6/98 100%
170,436
Giles Amelia,
Apts. VA 16 489,254 3/98 2/99 25%*
- -0-
Henderson
Terrace Bridgeport,
Apts. TX 24 184,581 11/97 9/98 100%
77,506
Hurricane Hurricane,
Hills UT 28 800,000 9/97 8/98 100%
1,800,271
Level
Creek Sugar Hill,
Apts. GA 218 12,790,000 5/98 U/C 59%*
1,508,362
Madison
Height Canton
Apts. MS 80 2,261,400 11/97 7/98 100%
511,300
Lakeview City of Little Elm,
Court TX 24 225,091 11/97 1/99 100%
53,444
Mesquite Jacksboro,
Trails TX 35 145,957 11/97 11/98 100%
124,803
29
Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Munjoy
South
Townhouse Portland,
Apts. ME 140 $ 3,877,898 9/97 10/98 95%*
$ 706,503
Nottoway Blackstone,
Manor VA 28 580,879 3/98 U/C N/A
- -0-
Parktowne Cleveland
Apts. TN 84 1,800,000 11/97 6/98 100%
3,363,097
Park
Ridge McKee,
Apts. KY 22 896,719 10/97 5/98 100%
338,464
Pilot Pilot Point,
Point Apts. VA 40 327,757 11/97 2/99 90%*
95,774
Riverbend Bedford,
Apts. ME 28 797,590 10/97 7/98 100%
1,478,500
Roth Mechanicsburg,
Village PA 61 2,343,375 10/97 9/98 100%
2,420,993
Royal
Estates Canton,
Apts. MS 32 842,584 11/97 7/98 100%
183,641
Silver
Creek Flat Rock
Apts. MI 112 1,823,139 3/98 U/C 15%*
3,762,218
Springs
Manor Rawls Spring,
Apts. MS 32 834,213 12/97 6/98 100%
230,087
Summerdale
Commons Atlanta,
Phase II GA 108 5,068,501 12/98 4/99 100%
- -0-
Windsor
Park Jackson,
Apts. MS 279 7,800,000 11/97 3/99 92%*
2,179,024
* Property was in lease-up phase as of March 31, 1999.
U/C=Property was under construction as of March 31,1999.
30
Boston Capital Tax Credit Fund IV L.P. - Series 32
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
200 East
Avenue Rochester,
Apts. NY 77 $ -0- 1/99 U/C N/A
$ -0-
Carriage
Pointe Old Bridge,
Apts. NJ 18 8,093,201 1/98 1/97 100%
3,051,011
Chardonnay Oklahoma City,
Apts. OK 14 87,745 1/98 1/97 100%
385,826
Cogic
Village Benton Harbor,
Apts. MI 136 2,487,954 4/98 U/C 18%*
4,698,604
Courtside Cottonwood,
Apts. AZ 44 1,151,907 6/98 7/98 100%
1,083,672
Clear
Creek North Manchester,
Apts. IN 64 -0- 7/98 U/C N/A
- -0-
Columbia Dallas,
Luxar TX 125 138,369 8/98 U/C N/A
3,157,685
Colony Park Pearl,
Apts. MS 192 8,000,000 6/98 U/C N/A
1,356,323
Gilette Sayreville,
Manor NJ 100 ** 1/98 1992 100%
**
Park
Ridge Jackson,
Apts. TN 136 5,000,000 11/98 U/C N/A
303,234
Park
Village Athens,
Apts. TN 80 827,090 10/98 U/C N/A
1,530,209
Pearlwood Pearl,
Apts. MS 40 1,434,000 2/98 5/98 100%
710,676
Pecan Natchitoches,
Manor Apts. LA 40 780,278 7/98 10/98 100%
1,126,436
Pineridge Franklinton,
Apts. LA 40 426,207 7/98 1/99 82%*
1,126,436
31
Boston Capital Tax Credit Fund IV L.P. - Series 32
PROPERTY PROFILE AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Sterling Independence,
Creek Apts. MO 48 $ 42,975 5/98 U/C N/A
$1,693,431
Woodhaven S. Brunswick,
Apts. NJ 80 ** 1/98 1995 100%
**
* Property was in lease-up phase as of March 31, 1999.
** 3 properties which make up one Operating Partnership named
FFLP Associates
LP with 194 units. Entire mortgage balance and capital
contributions paid
reported with Carriage Pointe Apartments LP.
U/C=Property was under construction as of March 31,1999.
32
Boston Capital Tax Credit Fund IV L.P. - Series 33
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Bradford
Park Southhaven,
Apts. MS 208 $9,790,000 10/98 U/C N/A
$ -0-
Bradford
Sqare Jefferson City,
North Apts. TN 50 234,374 10/98 U/C N/A
1,031,156
Carriage
Pointe Old Bridge,
Apts. NJ 18 8,093,201 3/98 1/97 100%
3,051,011
Columbia Dallas,
Luxar TX 125 138,369 8/98 U/C N/A
3,157,685
Foxridge Durham,
Apts. NC 92 205,517 3/98 U/C N/A
2,805,748
Gilette Sayreville,
Manor NJ 100 ** 1/98 1992 100%
**
Harbor Benton Harbor,
Pointe Apts. MI 84 -0- 1/99 U/C N/A
375,232
Merchant Dallas,
Court Apts. GA 192 -0- 10/98 U/C N/A
619,166
Stonewall
Retirement Stonewall,
Village LA 40 593,385 7/98 U/C 70%*
1,126,436
Woodhaven S. Brunswick,
Apts. NJ 80 ** 1/98 1995 100%
**
* Property was in lease-up phase as of March 31, 1999.
** 3 properties which make up one Operating Partnership named
FFLP Associates
LP with 194 units. Entire mortgage balance and capital
contributions paid
reported with Carriage Pointe Apartments LP.
U/C=Property was under construction as of March 31,1999.
33
Boston Capital Tax Credit Fund IV L.P. - Series
34
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Allsion Mt. Washington,
Apts. KY 24 $ 922,563 11/98 U/C N/A
$ 595,009
Belmont
Affordable
Housing Two Philadelphia,
Apts. PA 20 -0- 1/99 U/C N/A
1,526,181
Boerne
Creekside Boerne,
Apts. TX 71 91,968 11/98 U/C N/A
861,121
Bradford Southaven,
Park Apts. MS 208 9,790,000 3/99 U/C N/A
- -0-
Hillside
Club Bear Creek Township,
Apts. MI 56 827,112 10/98 U/C N/A
- -0-
Kerrville
Meadows Kerrville,
Apts. TX 72 98,275 11/98 U/C N/A
1,589,319
Merchant
Court Dallas,
Apts. GA 192 -0- 10/98 U/C N/A
1,178,317
Millwood
Park Douglasville,
Apts. GA 172 8,360,000 12/98 U/C N/A
1,215,874
Romeo
Village Montour Falls,
Apts. NY 24 18,000 10/98 U/C N/A
682,928
* Property was in lease-up phase as of March 31, 1999.
U/C=Property was under construction as of March 31,1999.
34
Boston Capital Tax Credit Fund IV L.P. - Series 35
PROPERTY PROFILE AS OF MARCH 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Ashton
Cove Kingsland,
Apts. GA 72 $ -0- 10/98 U/C N/A
$ -0-
Country
Walk Mulvane,
Apts. KS 68 -0- 12/98 U/C N/A
1,072,587
Garden
Gates New Caney,
Apts. II TX 32 -0- 3/99 U/C N/A
- -0-
Hillside
Terrace Poughkeepsie,
Apts. NY 64 -0- 1/99 U/C N/A
- -0-
Riverwalk
Apt. Homes, Sheboygan,
Phase II WI 20 -0- 12/98 U/C N/A
758,616
* Property was in lease-up phase as of March 31, 1999.
U/C=Property was under construction as of March 31,1999.
35
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
36
PART II
-------
Item 5. Market for the Fund's Interests and Related Fund
Matters
(a) Market Information
The Fund is classified as a limited partnership and
thus has no
common stock. There is no established public trading
market for
the BACs and it is not anticipated that any public
market will
develop.
(b) Approximate number of security holders
As of March 31, 1999, the Fund has 28,116 BAC holders
for an
aggregate of 49,998,759 BACs, at a subscription price
of $10 per
BAC, received and accepted.
The BACs were issued in series. Series 20 consists of
2,442
investors holding 3,866,700 BACs, Series 21 consists of
1,203
investors holding 1,892,700 BACs, Series 22 consists of
1,699
investors holding 2,564,400 BACs, Series 23 consists of
2,160
investors holding 3,336,727 BACs, Series 24 consists of
1,331
investors holding 2,169,878 BACs, Series 25 consists of
1,803
investors holding 3,026,109 BACs, Series 26 consists of
2,415
investors holding 3,995,900 BACs, Series 27 consists of
1,390
investors holding 2,460,700 BACs, Series 28 consists of
2,115
investors holding 4,000,738 BACs, Series 29 consists of
2,311
investors holding 3,991,800 BACs, Series 30 consists of
1,360
investors holding 2,651,000 BACs, Series 31 consists of
2,118
investors holding 4,417,857 BACs, Series 32 consists of
2,381
investors holding 4,754,198 BACs, Series 33 consists of
1,276
investors holding 2,636,533 BACs, Series 34 consists of
1,761
investors holding 3,529,319 BACs, and Series 35
consists of 351
investors holding 704,200 BACs at March 31, 1999.
(c) Dividend history and restriction
The Fund has made no distributions of Net Cash Flow to
its BAC
Holders from its inception, October 5, 1993 through
March 31,
1999.
The Fund Agreement provides that Profits, Losses and
Credits will
be allocated each month to the holder of record of a
BAC as of the
last day of such month. Allocation of Profits, Losses
and Credits
among BAC Holders will be made in proportion to the
number of BACs
held by each BAC Holder.
Any distributions of Net Cash Flow or Liquidation, Sale
or
Refinancing Proceeds will be made within 180 days of
the end of
the annual period to which they relate. Distributions
will be
made to the holders of record of a BAC as of the last
day of each
month in the ratio which (i) the BACs held by such
Person on the
last day of the calendar month bears to (ii) the
aggregate number
of BACs outstanding on the last day of such month.
Fund allocations and distributions are described on
pages 99 to
101 of the Prospectus, as supplemented, under the
caption "Sharing
Arrangements: Profits, Credits, Losses, Net Cash Flow
and
Residuals", which is incorporated herein by reference.
37
Item 6. Selected Financial Data
The information set forth below presents selected financial
data of the
Fund. Additional detailed financial information is set forth in
the audited
financial statements listed in Item 14 hereof. Selected
financial data for
year and Periods ended March 31,
Operations 1999 1998 1997 1996
1995
- ---------- ---- ---- ---- ----
- ----
Interest
Income $ 4,604,150 $ 4,007,240 $ 2,498,953 $ 1,027,956
$ 344,043
Share of Loss
of Operating
Partnerships (16,178,884) (12,821,176) (10,783,903) (5,472,852)
(884,379)
Operating
Expenses (5,902,620) (4,654,485) (3,283,551) (1,839,647)
(800,135)
----------- ----------- ----------- ----------
- ----------
Net Income
(Loss) $(17,477,354)$(13,468,421)$(11,568,501) $(6,284,543)
$(1,340,471)
=========== =========== =========== ==========
==========
Net Income
(Loss)
per BAC $ (.36)$ (.36)$ (.50) $ (.41)
$ (.36)
=========== =========== =========== ==========
==========
Balance Sheet 1999 1998 1997 1996
1995
- ------------- ---- ---- ---- ----
- ----
Total Assets $456,501,585 $386,072,953 $259,200,587 $180,061,938
$102,047,029
=========== =========== =========== ===========
===========
Total
Liabilities $ 79,434,074 $ 79,763,815 $ 36,568,416 $ 35,541,287
$ 25,581,723
=========== =========== =========== ===========
===========
Partners'
Capital $377,067,511 $306,309,138 $222,632,171 $144,520,651
$ 76,465,306
=========== =========== =========== ===========
===========
Other Data
- ----------
Tax Credits per BAC
for the Investors
Tax Year, the Twelve
Months Ended
December 31, 1998,
1997, 1996, 1995,
and 1994* $ .71 $ .61 $ .52 $ .35
$ -0-
=========== ========== =========== ===========
==========
* Credit per BAC is a weighted average of all the Series. Since
each
Series has invested as a limited partner in different Operating
Partnerships
the Credit per BAC will vary slightly from series to series. For
more
detailed information refer to Item 7 Results of Operations.
38
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Liquidity
- ---------
The Fund's primary source of funds is the proceeds of its
Public
Offering. Other sources of liquidity will include (i) interest
earned on
capital contributions held pending investment or on working
capital reserves
(ii) cash distributions from operations of the Operating
Partnerships in
which the Fund has and will invest and (iii) a line of credit.
All sources of liquidity are available to meet the obligations of
the Fund. The Fund does not anticipate significant cash
distributions in the long or short term from operations of the
Operating Partnerships.
The Fund 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 invests in short-term tax-exempt municipal bonds to
decrease
the amount of taxable interest income that flows through to it's
investors.
The Fund anticipates that the investments it purchases will be
held to
maturity, but periodically the Fund must sell investments to meet
certain
obligations. Many of the investments sold during the years ended
March 31,
1998 and 1999 were yielding coupon rates higher than market
rates. A
premature sale of these investments may have resulted in realized
losses,
but when combined with the higher coupon yields the resulting
actual yields
were consistent with market rates. In selecting investments to
purchase and
sell the general partner and it's advisors stringently monitor
the ratings
of the investments and safety of principal.
Capital Resources
- -----------------
The Fund is offering BACs in a Public Offering originally
declared
effective by the Securities and Exchange Commission on December
16, 1993. The
Fund received and accepted subscriptions for $499,688,500
representing
49,998,759 BACs from investors admitted as BAC Holders in Series
20 through 35
of the Fund. As of March 31, 1999 the Fund is continuing to
offer BACs in
Series 35.
(Series 20). The Fund commenced offering BACs in Series 20
on January
21, 1994. The Fund received and accepted subscriptions for
$38,667,000 representing 3,866,700 BACs from investors admitted
as BAC Holders in Series 20. Offers and sales of BACs in Series
20 were completed and the last of the BACs in Series 20 were
issued by the Fund on June 24, 1994.
During the fiscal year ended March 31, 1999, the Fund used
$97,459 of
Series 20 net offering proceeds to pay installments of its
capital
contributions to 3 Operating Partnerships. As of March 31, 1999
proceeds
from the offer and sale of BACs in Series 20 had been used to
invest in 24
Operating Partnerships in an aggregate amount of $28,614,472 and
the Fund had
completed payment of all installments of its capital
contributions to 23 of
the Operating Partnerships. Series 20 has $388,026 in capital
contributions
that remain to be paid to the other Operating Partnership.
39
(Series 21). The Fund commenced offering BACs in Series 21
on July 5,
1994. The Fund received and accepted subscriptions for
$18,927,000 representing 1,892,700 BACs from investors admitted
as BAC Holders in Series 21. Offers and sales of BACs in Series
21 were completed and the last of the BACs in Series 21 were
issued by the Fund on September 30, 1994.
During the fiscal year ended March 31, 1999, the Fund used
$30,147
of Series 21 net offering proceeds to pay installments of its
capital
contributions to 2 Operating Partnerships. As of March 31, 1999
proceeds
from the offer and sale of BACs in Series 21 had been used to
invest in 14 Operating Partnerships in an aggregate amount of
$13,872,728 and the Fund
had completed payment of all installments of its capital
contributions to 11
of the Operating Partnerships. Series 21 has $709,193 in capital
contributions that remain to be paid to the other 3 Operating
Partnerships.
(Series 22). The Fund commenced offering BACs in Series 22 on
October
12, 1994. The Fund received and accepted subscriptions for
$25,644,000 representing 2,564,400 BACs from investors admitted
as BAC Holders in Series 22. Offers and sales of BACs in Series
22 were completed and the last of the BACs in Series 22 were
issued by the Fund on December 28, 1994.
During the fiscal year ended March 31, 1999, the Fund used
$238,491
of Series 22 net offering proceeds to pay installments of its
capital contributions to 3 Operating Partnerships. As of March
31, 1999 proceeds from the offer and sale of BACs in Series 22
had been used to invest in 29 Operating Partnerships in an
aggregate amount of $18,758,748 and the Fund had completed
payment of all installments of its capital contributions to 23 of
the Operating Partnerships. Series 22 has $550,641 in capital
contributions that remain to be paid to the other 6 Operating
Partnerships.
(Series 23). The Fund commenced offering BACs in Series 23
on January
10, 1995. The Fund received and accepted subscriptions for
$33,366,000 representing 3,336,727 BACs from investors admitted
as BAC Holders in Series 23. Offers and Sales of BACs in Series
23 were completed and the last of the BACs in Series 23 were
issued by the Fund on June 23, 1995.
During the fiscal year ended March 31, 1999, the Fund used
$370,254
of Series 23 net offering proceeds to pay installments of its
capital contributions to 3 Operating Partnerships. As of March
31, 1999 proceeds from the offer and sale of BACs in Series 23
had been used to invest in 22 Operating Partnerships in an
aggregate amount of $24,352,278 and the Fund had completed
payment of all installments of its capital contributions to 16 of
the Operating Partnerships. Series 23 has $772,817 in capital
contributions that remain to be paid to the other 6 Operating
Partnerships.
(Series 24). The Fund commenced offering BACs in Series 24
on June 9,
1995. The Fund received and accepted subscriptions for
$21,697,000 representing 2,169,878 BACs from investors admitted
as BAC Holders in Series 24. Offers and Sales of BACs in Series
24 were completed and the last of the BACs in Series 24 were
issued by the Fund on September 22, 1995.
During the fiscal year ended March 31, 1999, the Fund used
$306,593
of Series 24 net offering proceeds to pay initial and additional
installments of its capital contributions to 9 Operating
Partnerships. As
of March 31, 1999 proceeds from the offer and sale of BACs in
Series 24 had
been used to invest in 24 Operating Partnerships in an aggregate
amount of
$15,980,237 and the Fund had completed payment of all
installments of its
40
capital contributions to 16 of the Operating Partnerships.
Series 24 has
$1,285,736 in capital contributions that remain to be paid to the
other 8
Operating Partnerships.
(Series 25). The Fund commenced offering BACs in Series 25
on September
30, 1995. The Fund received and accepted subscriptions for
$30,248,000 representing 3,026,109 BACs from investors admitted
as BAC Holders in Series 25. Offers and Sales of BACs in Series
25 were completed and the last of the BACs in Series 25 were
issued by the Fund on December 29, 1995.
During the fiscal year ended March 31, 1999, the Fund used
$298,607
of Series 25 net offering proceeds to pay installments of its
capital contributions to 9 Operating Partnerships. As of March
31, 1999 proceeds from the offer and sale of BACs in Series 25
had been used to invest in 22 Operating Partnerships in an
aggregate amount of $22,449,722 and the Fund had completed
payment of all installments of its capital contributions to 9 of
the Operating Partnerships. Series 25 has $2,704,223 in capital
contributions that remain to be paid to the other 13 Operating
Partnerships.
(Series 26). The Fund commenced offering BACs in Series 26
on January
18, 1996. The Fund received and accepted $39,959,000
representing 3,995,900 BACs from investors admitted as BAC
Holders in Series 26. Offers and sales of BACs in Series 26 were
completed and the last of the BACS in Series 26 were issued by
the Fund on June 14, 1996.
During the fiscal year ended March 31, 1999, the Fund used
$1,946,670
of Series 26 net offering proceeds to pay initial and additional
installments of its capital contributions to 21 Operating
Partnerships. As of March 31, 1999 proceeds from the offer and
sale of BACs in Series 26 had been used to invest in 45 Operating
Partnerships in an aggregate amount of $29,373,269
and the Fund had completed payment of all installments of its
capital contributions to 20 of the Operating Partnerships.
Series 26 has
$5,548,536 in capital contributions that remain to be paid to the
other 25
Operating Partnerships.
(Series 27). The Fund commenced offering BACs in Series 27
on June 17,
1996. The Fund received and accepted $24,607,000 representing
2,460,700 BACs from investors admitted as BAC Holders in Series
27. Offers and sales of BACs in Series 27 were completed and the
last of the BACS in Series 27 were issued by the Fund on
September 27, 1996.
During the fiscal year ended March 31, 1999, the Fund used
$1,198,896
of Series 27 net offering proceeds to pay initial and additional
installments of its capital contributions to 10 Operating
Partnerships. As
of March 31, 1999 proceeds from the offer and sale of BACs in
Series 27 had
been used to invest in 14 Operating Partnerships in an aggregate
amount of
$17,175,371 and the Fund had completed payment of all
installments of its
capital contributions to 5 of the Operating Partnerships. Series
27 has
$1,645,618 in capital contributions that remain to be paid to the
other 9 Operating Partnerships.
(Series 28). The Fund commenced offering BACs in Series 28
on September
30, 1996. The Fund received and accepted $39,999,000
representing 4,000,738 BACs from investors admitted as BAC
Holders in Series 28. Offers and sales of BACs in Series 28 were
completed and the last of the BACS in Series 28 were issued by
the Fund on January 31, 1997.
41
During the fiscal year ended March 31, 1999, the Fund used
$4,170,336
of Series 28 net offering proceeds to pay initial and additional
installments
of its capital contributions to 21 Operating Partnerships. As of
March 31, 1999 proceeds from the offer and sale of BACs in Series
28 had been used to
invest in 26 Operating Partnerships in an aggregate amount of
$29,261,233 and the Fund had completed payment of all
installments of its capital contributions to 9 of the Operating
Partnerships. Series 28 has $4,440,923 in capital contributions
that remain to be paid to the other 17 Operating
Partnerships.
(Series 29). The Fund commenced offering BACs in Series 29
on February
10, 1997. The Fund received and accepted $39,918,000
representing 3,991,800 BACs from investors admitted as BAC
Holders in Series 29. Offer and sales of BACs in Series 29 were
completed on June 20, 1997.
During the fiscal year ended March 31, 1999, the Fund used
$7,473,413
of Series 29 net offering proceeds to pay initial and additional
installments
of its capital contributions to 20 Operating Partnerships. As of
March 31,
1999 proceeds from the offer and sale of BACs in Series 29 had
been used to
invest in 22 Operating Partnerships in an aggregate amount of
$29,130,617 and
the Fund had completed payment of all installments of its capital
contributions to 4 of the Operating Partnerships. Series 29 has
$5,800,186
in capital contributions that remain to be paid to the other 18
Operating
Partnerships.
(Series 30). The Fund commenced offering BACs in Series 30 on
June 23,
1997. The Fund received and accepted $26,490,750 representing
2,651,000 BACs from investors admitted as BAC Holders in Series
30. Offer and sales of BACs in Series 30 were completed on
September 10, 1997.
During the fiscal year ended March 31, 1999, the Fund used
$4,549,243
of Series 30 net offering proceeds to pay initial and additional
installments
of its capital contributions to 11 Operating Partnerships. As of
March 31,
1999 proceeds from the offer and sale of BACs in Series 30 had
been used to
invest in 18 Operating Partnerships in an aggregate amount of
$16,530,745 and
the Fund had not completed payment of all installments of its
capital
contributions to any of the Operating Partnerships. Series 30
has $5,188,387
in capital contributions that remain to be paid to the 18
Operating
Partnerships.
(Series 31). The Fund commenced offering BACs in Series 31
on September
11, 1997. The Fund had received and accepted $44,057,750
representing 4,417,857 BACs from investors admitted as BAC
Holders in Series 31. Offer and sales of BACs in Series 31 were
completed on January 18, 1998.
During the fiscal year ended March 31, 1999, the Fund used
$9,130,091
of Series 31 net offering proceeds to pay initial and additional
installments
of its capital contributions to 14 Operating Partnerships. As of
March 31,
1999 proceeds from the offer and sale of BACs in Series 31 had
been used to invest in 26 Operating Partnerships in an aggregate
amount of $32,268,563 and
the Fund had completed payment of all installments of its capital
contributions to 2 of the Operating Partnerships. Series 31 has
$8,010,788
in capital contributions that remain to be paid to the other 24
Operating
Partnerships.
42
(Series 32). The Fund commenced offering BACs in Series 32
on January
19, 1998. As of March 31, 1999, the Fund had received and
accepted
$47,431,000 representing 4,754,198 BACs from investors admitted
as BAC Holders
in Series 32. Offer and sales of BACs in Series 32 were
completed on June 23, 1998.
During the fiscal year ended March 31, 1999, the Fund used
$16,991,915
of Series 32 net offering proceeds to pay initial and additional
installments
of its capital contributions to 11 Operating Partnerships. As of
March 31,
1999 proceeds from the offer and sale of BACs in Series 32 had
been used to
invest in 14 Operating Partnerships in an aggregate amount of
$30,077,192 and
the Fund had completed payment of all installments of its capital
contributions to one of the Operating Partnerships. Series 32
has $10,155,068
in capital contributions that remain to be paid to the other 13
Operating
Partnerships.
During the fiscal year ended March 31, 1999, the Fund 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 Fund utilized $1,092,847 of Series 32
net offering proceeds to invest in Operating Partnerships for
this investment. These investments are reported in the
Investment in Operating Limited Partnerships line item on the
balance sheet.
(Series 33). The Fund commenced offering BACs in Series 33
on June 22,
1998. The Fund received and accepted $26,362,000 representing
2,636,533 BACs from investors admitted as BAC Holders in Series
33. Offer and sales of BACs in Series 33 were completed on
September 21, 1998.
During the fiscal year ended March 31, 1999, the Fund used
$12,028,598
of Series 33 net offering proceeds to pay initial and additional
installments
of its capital contributions to 7 Operating Partnerships. As of
March 31,
1999 proceeds from the offer and sale of BACs in Series 33 had
been used to
invest in 8 Operating Partnerships in an aggregate amount of
$17,673,585 and the Fund had not completed payment of all
installments of its capital
contributions to any of the Operating Partnerships. Series 33
has $5,507,151
in capital contributions that remain to be paid to the 8
Operating
Partnerships.
(Series 34). The Fund commenced offering BACs in Series 34
on September
22, 1998. The Fund had received and accepted $35,273,000
representing 3,529,319 BACs from investors admitted as BAC
Holders in Series 34. Offer and sales of BACs in Series 34 were
completed on February 11, 1999.
During the fiscal year ended March 31, 1999, the Fund used
$7,648,749
of Series 34 net offering proceeds to pay initial and additional
installments
of its capital contributions to 7 Operating Partnerships. As of
March 31,
1999 proceeds from the offer and sale of BACs in Series 34 had
been used to invest in 9 Operating Partnerships in an aggregate
amount of $19,681,149 and
the Fund had not completed payment of all installments of its
capital
contributions to any of the Operating Partnerships. Series 34
has $12,032,400
in capital contributions that remain to be paid to the 9
Operating
Partnerships.
43
(Series 35). The Fund commenced offering BACs in Series 35
on February
22, 1999. As of March 31, 1999, the Fund had received and
accepted
$7,042,000 representing 704,200 BACs from investors admitted as
BAC Holders
in Series 35. As of March 31, 1999 the Fund was continuing to
offer BACs in
Series 35. Offer and sales of BACs in Series 35 were completed
on June 25, 1999. A total of $33,002,000 was received and
accepted representing 3,300,463 BACs.
During the fiscal year ended March 31, 1999, the Fund used
$1,072,587
of Series 35 net offering proceeds to pay initial and additional
installments
of its capital contributions to 2 Operating Partnerships. As of
March 31,
1999 proceeds from the offer and sale of BACs in Series 35 had
been used to
invest in 5 Operating Partnerships in an aggregate amount of
$10,632,978 and
the Fund had not completed payment of all installments of its
capital
contributions to any of the Operating Partnerships. Although the
amount invested in Operating Partnerships at March 31, 1999 was
in excess of the amount collected from investors, proceeds from
sales of BACs in Series 35 were received subsequent to March 31,
1999. Part of those proceeds will be used by Series 35 to pay
the $8,801,775 in capital contributions that remained to be paid
to the 5 Operating Partnerships at March 31, 1999.
Results of Operations
- ---------------------
The Fund incurs a fund management fee to the General Partner
and/or
its affiliates in an amount equal to 0.5% of the aggregate cost
of the
Apartment Complexes owned by the Operating Partnerships, less the
amount of
certain partnership management and reporting fees paid by the
Operating
Partnerships. The annual fund management fee incurred for the
fiscal years
ended March 31, 1999 and 1998 was $3,702,096 and $2,454,590,
respectively.
The amount is anticipated to increase in subsequent fiscal years
as additional
Operating Partnerships are acquired.
The Fund's investment objectives do not include receipt of
significant
cash flow distributions from the Operating Partnerships in which
it has
invested or intends to invest. The Fund's investments in
Operating
Partnerships have been and will be made principally with a view
towards
realization of Federal Housing Tax Credits for allocation to its
partners
and BAC holders.
As funds are utilized by the individual series for payment of
fund management fees, operating expenses and capital
contributions to the Operating Partnerships, it is anticipated
that the combination of the cash and cash equivalents and
investments available for sale amounts for each series will
decrease. It is expected that interest income reported by each
series will begin to decrease after the first full year of
operations, as a result. With one exception, interest income
reported by Series 20 through Series 30 decreased in fiscal year
1999 as expected. The increase in total interest income reported
by the Fund, from fiscal year 1998 to 1999, was primarily a
result of interest reported from loans to two of the operating
partnerships in Series 31.
(Series 20). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 100%. The series had a total of 24
Operating Partnerships at March 31, 1999, all of which were at
100% qualified occupancy.
44
For the tax years ended December 31, 1998 and 1997, the
series, in total,
generated $2,626,847 and $2,743,341, respectively in passive
income tax losses that were passed through to the investors and
also provided $1.33 for both 1998 and 1997, in tax credits per
BAC to the investors.
As of March 31, 1999 and 1998 the Investments in Operating
Partnerships
for Series 20 was $20,817,668 and $23,307,328, respectively. The
decrease is
a result of the way the Fund accounts for such investments, the
equity method. By using the equity method the Fund adjusts its
investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued.
For the years ended March 31, 1999 and 1998, the net loss of
the series
was $2,811,432 and $2,844,245, respectively. The major
components of these
amounts are the Fund's share of losses from Operating
Partnerships and the
fund management fee. In fiscal year 1999 there was also an
increase in the fund management fee. It was the result of a
reduction of reporting fee collections in fiscal year 1999 from
fiscal year 1998. In fiscal year 1998, approximately $50,000 of
fees due for prior years was collected. The amount collected in
fiscal year 1999 more accurately reflects the anticipated
collections for future years. It is anticipated that the net
loss will for Series 20 will remain relatively consistent in
future years since the series has finished acquiring Operating
Partnerships and they are now fully operational.
Breeze Cove Limited Partnership (Breeze Cove Apartments)
experienced financial difficulties in 1997 due to vacancy issues
and high expenses. The management company has steadily improved
occupancies throughout 1997 and 1998, and occupancy stands at 96%
as of March 31, 1999. The Operating General Partner has pushed
the management company to reduce expenses as well. The Operating
General Partner has submitted a debt restructure proposal to the
Lender and a response is expected to be received next quarter.
A new Operating General Partner was admitted on March 1, 1999,
and this Operating General Partner is responsible for negative
cash flow over $3,800 per month.
The Operating General Partner of East Douglas Apartments
Limited Partnership (East Douglas Apartments) failed to meet its
partnership obligations. As a result, the Operating General
Partner and its related management agent were replaced in April
1998. The new management company is focusing on improving the
property's physical occupancy and operations. During 1998, the
property's mortgages went into default. The new Operating
General Partner worked out a forbearance agreement with the
lenders, and had completed a refinance of the loan as of December
31, 1998. As of March 1999, physical occupancy had increased to
94%, and the property's operations were exceeding budgeted
projections.
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 delivery 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%. At this time occupancy has improved,
and the Investment General Partner is working with the Operating
General Partner to select a new management agent.
45
(Series 21). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 93.9% and 93.6%, respectively. The
series had a
total of 14 properties at March 31, 1999. Out of the total, 9
were at 100%
qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the
series, in total,
generated $2,002,299 and $1,282,891, respectively, in passive
income tax losses that were passed through to the investors and
also provided $1.19 and $1.13, respectively, in tax credits per
BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 21 was $7,984,415 and $9,560,326, respectively. The
decrease is
a result of the way the Fund accounts for such investments, the
equity method. By using the equity method the Fund adjusts its
investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued.
For the years ended March 31, 1999 and 1998, the net loss of
the series
was $1,653,386 and $2,098,068, respectively. The major
components of these
amounts are the Fund's share of losses from Operating
Partnerships, and the
fund management fee. It is anticipated that the net loss will
become more stable in future years as the series has finished
acquiring Operating Partnerships and most were in full operations
as of December 31, 1998.
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.
(Series 22). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 100%. The series had total of 29
properties at March 31, 1999, all or which were at 100% qualified
occupancy.
For the tax years ended December 31, 1998 and 1997, the
series, in total,
generated $1,635,853 and $1,646,323, respectively, in passive
income tax losses that were passed through to the investors and
also provided $1.25 and $1.19, respectively, in tax credit per
BAC to the investors.
As of March 31, 1999 and 1998 the Investments in Operating
Partnerships
for Series 22 was $14,961,440 and $16,104,712, respectively. The
decrease is primarily a result of the way the Fund accounts for
such investments, the
equity method. By using the equity method the Fund adjusts its
investment
cost for its share of each Operating Partnership's results of
operations and
for any distributions received or accrued. Investments in
Operating Partnerships was also affected by the acquisition of
one additional Operating Partnership.
For the years ended March 31, 1999 and 1998, the net loss of
the series
was $1,658,012 and $1,654,264, respectively. The major
components of these
amounts are the Fund's share of losses from Operating
Partnerships and the
fund management fee. It is anticipated that the net loss will be
relatively consistent in future years as the series has finished
acquiring Operating Partnerships and most were fully operational
as of December 31, 1998.
46
(Series 23). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 100%. The series had a total of 22
properties at March 31, 1999, all of which were at 100% qualified
occupancy.
For the tax years ended December 31, 1998 and 1997, the
series, in total, generated $2,081,592 and $2,328,388,
respectively, in passive income tax losses that were passed
through to investors and also provided $1.31 and $1.29,
respectively in tax credits per BAC to the investors.
As of March 31, 1999 and 1998 the Investments in Operating
Partnerships
for Series 23 was $21,681,096 and $23,271,914, respectively.
The decrease
is a result of the way the Fund accounts for such investments,
the equity
method. By using the equity method the Fund adjusts its
investment cost for
its share of each Operating Partnership's results of operations
and for any
distributions received or accrued.
For the years ended March 31, 1999 and 1998 the net loss of
the series
was $1,860,174 and $1,927,661, respectively. The major
components of these
amounts are the Fund's share of losses from Operating
Partnerships and the fund management fee. It is anticipated that
the net loss will be relatively consistent in future years as the
series has finished acquiring Operating Partnerships and all were
fully operational as of December 31, 1998.
(Series 24). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 99.8% and 99.9%, respectively. The
series had a
total of 24 properties at March 31, 1999. Out of the total, 23
were at 100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the
series, in total, generated $1,500,322 and $1,556,521,
respectively, in passive income tax losses that were passed
through to investors and also provided $1.27 and $1.12,
respectively in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 24 was $13,973,053 and $15,422,126, respectively. The
decrease is
a result of the way the Fund accounts for such investments, the
equity
method. By using the equity method the Fund adjusts its
investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued.
For the years ended March 31, 1999 and 1998 the net loss of
the Series was $1,723,705 and $1,575,358, respectively. The
major components of these amounts are the Fund's share of losses
from Operating Partnerships and the fund management fee. It is
anticipated that the net will loss begin to stabilize in future
years as the series has completed investing in Operating
Partnerships and all are fully operational.
(Series 25). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 99.6% and 98.7%, respectively. The
series had a
total of 22 properties at March 31, 1999. Out of the total, 20
were at 100%
qualified occupancy.
For the tax year ended December 31, 1998 and 1997, the
series, in total, generated $1,877,709 and $2,174,096,
respectively in passive income tax losses that were passed
through to investors and also provided $1.25 and $1.08 in tax
credits per BAC to the investors.
47
As of March 31, 1999 and 1998 the Investments in Operating
Partnerships for Series 25 was $20,921,953 and $22,681,362,
respectively. The decrease is a result of the way the Fund
accounts for such investments, the equity method. By using the
equity method the Fund adjusts its investment cost for its share
of each Operating Partnership's results of operations and for any
distributions received or accrued.
For the year ended March 31, 1999 and March 31, 1998 the net
loss of the series was $1,926,105 and $1,793,365, respectively.
The major components of these amounts are the Fund's share of
losses from Operating Partnerships and the fund management fee.
It is anticipated that the net loss will begin to stabilize in
future years as the series has finished acquiring Operating
Partnerships and most are fully leased-up.
(Series 26). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 98.8% and 95.5%, respectively. The
series had a
total of 45 properties at March 31, 1999. Out of the total, 40
were at 100%
qualified occupancy and 2 were in initial lease-up. The series
also had 3 properties that were under construction at March 31,
1999.
For the tax years ended December 31, 1998 and 1997, the
series, in total, generated $1,664,159 and $1,535,837,
respectively, in passive income tax losses that were passed
through to investors and also provided $1.00 and $.59 in tax
credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 26 was $29,938,230 and $29,729,194, respectively. The
change is a result of the Fund acquiring 3 additional interests
in Operating
Partnerships, and costs capitalized to the investment account
which were
incurred by the Fund in acquiring the Operating Partnerships.
Investments in
Operating Partnerships was also affected by the way the Fund
accounts for such
investments, the equity method. By using the equity method the
Fund adjusts
its investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued.
For the years ended March 31, 1999 and 1998 the net loss of
the series was $1,719,368 and $1,016,127, respectively. The
major components of these amounts are the Fund's share of losses
from Operating Partnerships, the fund management fee and interest
income earned on Offering proceeds to be used for acquisitions
and working capital reserves that have yet to be expended. It is
anticipated that the net loss will continue to fluctuate in
future years until the Operating Partnerships complete
construction, lease-up and stabilize operations.
(Series 27). As of March 31, 1999 and 1998 the average
Qualified Occupancy for the series was 91.3% and 90.1%,
respectively. The series had a total of 14 properties at March
31, 1999. Out of the total, 9 were at 100% qualified occupancy
and 4 were in initial lease-up. The series also had 1 property
that was still under construction as of March 31, 1999.
For the tax years ended December 31, 1998 and 1997, the
series, in total, generated $1,202,881 and $748,300,
respectively, in passive income tax losses that were passed
through to investors and also provided $.68 and $.20 in tax
credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 27 was $16,996,406 and $18,158,317, respectively. The
decrease is a result of the way the Fund accounts for such
investments, the equity method.
48
By using the equity method the Fund adjusts its investment cost
for its share of each Operating Partnership's results of
operations and for any distributions received or accrued.
Investments in Operating Partnerships was also affected by the
Fund acquiring 1 additional interest in Operating Partnerships
and costs capitalized to the investment account which were
incurred by the Fund in acquiring the Operating Partnerships.
For the year ended March 31, 1999 and 1998 the net loss of
the series was $1,716,151 and $787,105, respectively. The major
components of these amounts are the Fund's share of losses from
Operating Partnerships, the fund management fee and interest
income earned on Offering proceeds to be used for acquisitions.
It is anticipated that the net loss will fluctuate in future
years until the series finishes acquiring Operating Partnerships,
construction is completed on the Operating Partnerships, and they
become fully leased-up and stabilize operations.
(Series 28). As of March 31, 1999 and 1998, the average
Qualified Occupancy for the series was 97.7% and 94.9%,
respectively. The series had a total of 26 properties at March
31, 1999. Out of the total, 23 were at 100% qualified occupancy
and 1 was in initial lease-up . The series also had 2 properties
that were still under construction at March 31, 1999.
For the tax years ended December 31, 1998 and 1997, the
series, in total, generated $1,193,820 and $483,903,
respectively, in passive income tax losses that were passed
through to investors and also provided $.49 and $.066 in tax
credits per BAC to the investors.
As of March 31, 1999 and 1998 the Investments in Operating
Partnerships
for Series 28 was $32,194,644 and $28,144,829, respectively. The
increase is a result of the Fund acquiring 2 additional
investments in Operating Partnerships, and costs capitalized to
the investment account which were incurred by the Fund in
acquiring the Operating Partnerships. Investments in Operating
Partnerships was also affected by the way the Fund accounts for
such investments, the equity method. By using the equity method
the Fund adjusts its investment cost for its share of each
Operating Partnership's results of operations and for any
distributions received or accrued. Investments in Operating
Partnerships was also affected by the removal of one Operating
Partnership, and the removal of costs capitalized to the
investment account which were incurred by the Fund in acquiring
that Operating Partnerships.
For the year ended March 31, 1999 and 1998 the net income
(loss) of the series was $(724,209) and $264,071, respectively.
The major components of these amounts are the Fund's share of
losses from Operating Partnerships, the fund management fee and
interest income earned on Offering proceeds to be used for
acquisitions and working capital reserves that have yet to be
expended. It is anticipated that operations will continue to
fluctuate in future years until the series finishes acquiring
Operating Partnerships, construction is completed on the
Operating Partnerships and they become fully leased-up and
stabilize operations.
(Series 29). As of March 31, 1999 and 1998, the average
Qualified Occupancy for the series was 92.1% and 85.3%,
respectively. The series had a total of 22 properties at March
31, 1999. Out of the total, 16 were at 100% qualified occupancy
and 1 was in initial lease-up. The series also had 4 properties
that were still under construction, and 1 property with multiple
buildings some of which were under construction and some of which
were in lease-up at March 31, 1999.
49
For the tax years ended December 31, 1998 and 1997 the
series, in total, generated $1,776,772 and $393,806, respectively
in passive income tax losses that were passed through to
investors. The series also provided tax credits to the investors
of $.49 for 1998 and from $.154 to $.241 for 1997 depending on
the investors' date of admission.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 29 was $31,006,270 and $24,760,987, respectively. The
increase is a result of the Fund acquiring 5 additional interests
in Operating Partnerships, and costs capitalized to the
investment account which were incurred by the Fund in acquiring
the Operating Partnerships. Investments in Operating
Partnerships, was also affected by the way the Fund accounts for
such investments, the equity method. By using the equity method
the Fund adjusts its investment cost for its share of each
Operating Partnership's results of operations and for any
distributions received or accrued.
For the year ended March 31, 1999 and 1998, the net loss of
the series was $1,414,244 and $276,745, respectively. The major
components of these amounts are the Fund's share of losses from
Operating Partnerships, the fund management fee, general and
administrative expenses and interest income earned on Offering
proceeds to be used for acquisitions and working capital reserves
that have yet to be expended. It is anticipated that the net
loss will fluctuate in future years until the series finishes
acquiring Operating Partnerships, construction is completed on
the Operating Partnerships, they become fully leased-up, and
stabilize operations.
(Series 30). As of March 31, 1999 and 1998 the average
Qualified Occupancy for the series was 83.2% and 66.0%,
respectively. The series had a total of 18 properties at March
31, 1999. Out of the total, 8 were at 100% qualified occupancy
and 4 were in initial lease-up. The series also had 6 properties
that were still under construction at March 31, 1999.
For the tax years ended December 31, 1998 and 1997, the
series, in total, generated $562,671 and $42,545, respectively,
in passive income tax losses that were passed through to
investors. The series also provided tax credits to the investors
of $.19 for 1998 and from $.011 to $.016 for 1997 depending I the
investors' date of admission.
As of March 31, 1999 and 19988, the Investments in Operating
Partnerships
for Series 30 was $18,385,611 and $14,400,077, respectively. The
increase is a result of the Fund acquiring 5 additional interests
in Operating Partnerships and costs capitalized to the investment
account which were incurred by the Fund in acquiring the
Operating Partnerships. Investments in Operating Partnerships
was also affected by the way the Fund accounts for such
investments, the equity method. By using the equity method the
Fund adjusts its investment cost for its share of each Operating
Partnership's results of operations and for any distributions
received or accrued.
For the year ended March 31, 1999 and for the period ended
March 31, 1998 the net income (loss) of the series was $(304,871)
and $331,331, respectively. The major components of these amounts
are the Fund's share of income (loss) from Operating
Partnerships, general and administrative expenses and interest
income earned on Offering proceeds to be used for acquisitions
and working capital reserves that have yet to be expended. It is
anticipated that the the net loss will decrease in future years
until the series finishes acquiring Operating Partnerships,
construction is completed on the Operating Partnerships, and they
become fully leased-up and stabilize operations.
50
(Series 31). As of March 31, 1998 and 1998, the average
Qualified Occupancy for the series was 88.3% and 39.9%,
respectively. The series had a total of 26 properties at March
31, 1999. Out of the total 17 were at 100 % qualified occupancy
and 5 were in initial lease-up. The series also had 2 properties
that were still under construction, and 2 properties with
multiple buildings some of which were under construction and some
of which were in lease-up at March 31, 1999.
For the tax years ended December 31, 1998 and 1997, the
series, in total, generated $699,651 and $140,296, respectively,
in passive income tax losses to pass through to the investors and
also provided $.28 and $.001 in tax credits per BAC to the
investors.
As of March 31, 1999 and 1998, Investments in Operating
Partnerships
for Series 31 was $35,524,458 and $29,042,410. The increase is a
result of the Fund acquiring 4 additional interests in Operating
Partnerships, and costs capitalized to the investment account
which were incurred by the Fund in acquiring the Operating
Partnerships. Investments in Operating Partnerships was also
affected by the way the Fund accounts for such investments, the
equity method. By using the equity method the Fund adjusts its
investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued.
For the year ended March 31, 1999 and for the period ended
March 31, 1998 the net loss of the series was $462,813 and
$69,689, respectively. The major components of these amounts are
the Fund's share of income (loss) from Operating Partnerships,
the fund management fee, general and administrative expenses and
interest income earned on Offering proceeds to be used for
acquisitions and working capital reserves that have yet to be
expended. It is anticipated that the net loss will decrease in
future years until the series finishes acquiring Operating
Partnerships, construction is completed on the Operating
Partnerships and they become fully leased-up and stabilize
operations.
(Series 32). As of March 31, 1999 and 1998, the average
Qualified Occupancy for the series was 85.71 and 91.3%,
respectively. The series had a total of 14 properties at March
31, 1999. Out of the total, 5 were at 100% qualified occupancy
and 1 was in initial lease-up. The series also had 7 properties
that were still under construction, and 1 property with multiple
buildings some of which were under construction and some of which
were in lease-up at March 31, 1999.
For the tax year ended December 31, 1998, the series, in
total, generated
$447,366 in passive income tax losses that were passed through to
investors.
The series also provided tax credits to the investors, below is a
summary of
tax credit per BAC by month of admission.
February $.25
March $.23
April $.21
May $.19
June $.16
The series had not admitted any investors as of December 31,
1997,
therefore, it has no comparative information to report.
51
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 32 was $35,492,664 and $8,571,676, respectively. The
increase is a result of the Fund acquiring 6 assignments in
Massachusetts LLC's, 11 additional interests in Operating
Partnerships, and costs capitalized to the investment account
which were incurred by the Fund in acquiring the Operating
Partnerships. Investments in Operating Partnerships, is also
affected by the way the Fund accounts for such investments, the
equity method. By using the equity method the Fund adjusts its
investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued.
For the year ended March 31, 1999 and for the period ended
March 31, 1998 the net income (loss) of the series was $269,836
and $(21,196), respectively. The major component of this amount
is general and administrative expenses. It is anticipated that
the net loss will fluctuate in future years until the series
finishes acquiring Operating Partnerships, construction is
completed on the Operating Partnerships, they become fully
leased-up, and stabilize operations.
(Series 33). As of March 31, 1999 the average Qualified
Occupancy for the
series was 85.0%. The series had a total of 8 properties at
March 31, 1999, one of which was at 100% qualified occupancy.
The series also had 6 properties that were still under
construction at March 31, 1999, and one property with multiple
buildings some of which were under construction and some of which
were in lease-up at March 31, 1999.
For the tax year ended December 31, 1998, the series, in
total, generated
$66,964 in passive income tax losses that were passed through to
investors.
The series also provided tax credits to the investors, below is a
summary of
tax credit per BAC by month of admission.
July $.023
August $.020
September $.016
As of March 31, 1999, the Investments in Operating
Partnerships
for Series 33 was $19,871,865. The amount is a result of the
Fund acquiring
8 interests in Operating Partnerships and costs capitalized to
the
investment account which were incurred by the Fund in acquiring
the Operating
Partnerships. Investments in Operating Partnerships was also
affected by the
way the Fund accounts for such investments, the equity method.
By using the
equity method the Fund adjusts its investment cost for its share
of each
Operating Partnership's results of operations and for any
distributions
received or accrued.
For the period ended March 31, 1999 the net income of the
Series was
$194,098. The major components of this amount are the Fund's
share of income
from Operating Partnerships, the fund management fee, general and
administrative expenses and interest income earned on Offering
proceeds to be used for acquisitions and working capital reserves
that have yet to be expended. It is anticipated that the
operations will fluctuate in future years until the series
finishes acquiring Operating Partnerships, construction is
completed on the Operating Partnerships, and they become fully
leased-up and stabilize operations.
Since Series 33 did not commence operations until after
March 31, 1998,
it does not have any comparative information to report.
52
(Series 34). As of March 31, the series had a total of 9
properties all of which were still under construction.
For the tax year ended December 31, 1998, the series, in
total, generated
$190,488 in passive income that were passed through to investors,
but did not generate any tax credit to pass though to the
investors.
As of March 31, 1999, the Investments in Operating
Partnerships
for Series 34 was $22,247,242. The amount is a result of the
Fund acquiring
9 interests in Operating Partnerships and costs capitalized to
the
investment account which were incurred by the Fund in acquiring
the Operating
Partnerships. Investments in Operating Partnerships was also
affected by the
way the Fund accounts for such investments, the equity method.
By using the
equity method the Fund adjusts its investment cost for its share
of each
Operating Partnership's results of operations and for any
distributions
received or accrued.
For the period ended March 31, 1999 the net income of the
Series was
$39,949. The major components of this amount are the general and
administrative expenses and interest income earned on Offering
proceeds to be used for acquisitions and working capital reserves
that have yet to be expended. It is anticipated that the
operations will fluctuate in future years until the series
finishes acquiring Operating Partnerships, construction is
completed on the Operating Partnerships, and they become fully
leased-up and stabilize operations.
Since Series 34 did not commence operations until after
March 31, 1998,
it does not have any comparative information to report.
(Series 35). As of March 31, 1999 the series had a total of
5 properties all of which were still under construction.
The series had not admitted any investors as of December 31,
1998,
therefore, it had no passive income tax losses or tax credits to
pass through
to investors for the tax year ended December 31, 1998.
As of March 31, 1999, the Investments in Operating
Partnerships
for Series 35 was $10,632,978. The amount is a result of the
Fund acquiring
5 interests in Operating Partnerships. In the future,
Investments in Operating Partnerships, will also be affected by
the way the Fund accounts for such investments, the equity
method. By using the equity method the Fund adjusts its
investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or
accrued.
For the period ended March 31, 1999 the net loss of the
series was
$6,767. The major component of this amount is general and
administrative
expenses and the fund management fee. It is anticipated that the
net loss will increase in future years until the series finishes
acquiring Operating Partnerships, construction is completed on
the Operating Partnerships, they become fully leased-up, and
stabilize operations.
Since the Series did not commence operations until after
March 31, 1998,
it does not have any comparative information to report.
53
Recent Accounting Statements Not Yet Adopted
- --------------------------------------------
On March 31, 1997, the Partnership adopted Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings per
Share" and SFAS No. 129, "Disclosure of Information about Capital
Structure." SFAS No. 128 provides
accounting and reporting standards for the amount of earnings per
share. SFAS
No. 129 requires the disclosure in summary form within the
financial statements of pertinent rights and privileges of the
various securities
outstanding. On March 31, 1998, the Fund adopted SFAS No. 130,
"Reporting Comprehensive Income;" SFAS No. 131, "Disclosures
about Segments of an Enterprise and Related Information;" and
SFAS No. 132, "Employers' Disclosures about Pensions and Other
Postretirement Benefits." SFAS No. 130 establishes standards for
reporting and display of comprehensive income and its components,
SFAS NO. 131 establishes standards for how public business
enterprises report information about operating segments and SFAS
No. 132 revises employers' disclosures about pension and other
portetirement benefit plans. The implementation of these
standards has not materially affected the Fund's financial
statements.
In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities." In October 1998,
the FASB issued SFAS No. 134, "Accounting for Mortgage-backed
Securities Retained after the Securitization of Mortgage Loans
Held for Sale by a Mortgage Banking Enterprise." In February
1999, the FASB issued SFAS No. 135, "Rescission of FASB Statement
75 and Technical Corrections." SFAS No. 133 is effective for all
the fiscal quarters of years beginning after June 15, 1999; SFAS
No. 134 is effective for the first fiscal quarter beginning after
December 31, 1998; and SFAS No. 135 is effective for years ending
after February 15, 1999. Early adoption is encouraged for SFAS
No. 133, 134 and 135.
The Fund does not have any derivative or hedging activities
and does not have any mortgage-backed securities. FASB Statement
75, "Deferral of the Effective Date of Certain Accounting
Requirements for Pension Plans of State and Local Governmental
Units," does not apply to the fund. Consequently, these
pronouncements are expected to have no effect on the Funds's
financial statements.
Year 2000 Compliance
- --------------------
Boston Capital and its management have reviewed the
potential computer problems that may arise from the century date
change known as the "Year 2000"or "Y2K" problem. We are
currently in the process of taking the necessary precautions to
minimize any disruptions. The majority of Boston Capital's
systems are "Y2K" compliant. For all remaining systems we have
contacted the vendors to provide us with the necessary upgrades
and replacements. Boston Capital is committed to ensuring that
the "Y2K" issue will have no impact on our investors.
Item 7A. Quantitative and Qualitative Disclosure About Market
Risk
Not Applicable
Item 8. Financial Statements and Supplementary Data
The information required by this item is contained in Part
IV, Item 14
of this Annual Report on Form 10-K.
54
Item 9. Changes in and Disagreements with Accountants on
Accounting and
Financial Disclosure
None.
PART III
--------
Item 10. Directors and Executive Officers of the Registrant
(a), (b), (c), (d) and (e)
The Partnership has no directors or executives officers of
its own. The following biographical information is presented for
the partners of the General Partners and affiliates of those
partners (including Boston Capital Partners, Inc. ("Boston
Capital")) with principal responsibility for the Partnership's
affairs.
Herbert F. Collins, age 68, is co-founder and Chairman of the
Board of Boston Capital Corporation. Nominated by President
Clinton and confirmed by the United States Senate, Mr. Collins
served as the Republican private sector member of the Thrift
Depositor Protection Oversight Board. During 1990 and 1991 he
served as Chairman of the Board of Directors for the Federal Home
Loan Bank of Boston, a 314-member, $12 billion central bank in
New England. Mr. Collins is the co-founder and past President of
the Coalition for Rural Housing and Development. In the 1980s he
served as Chairman of the Massachusetts Housing Policy Commission
to evaluate current programs and recommend future housing policy.
Additionally, he served as a member of the Board of Directors of
the Metropolitan Boston Housing Partnership and on the Mitchell-
Danforth Task Force, which helped structure the 1990 federal Tax
Credit legislation. Mr. Collins also is a past Member of the
Board of Directors of the National Leased Housing Association and
has served as a member of the U. S. Conference of Mayors Task
Force on "HUD and the cities: 1995 and Beyond." Mr. Collins also
was a member of the Fannie Mae Housing Impact Advisory Council
and the Republican Housing Opportunity Caucus. He is Chairman of
the Business Advisory Council and a member of the National
Council of State Housing Agencies Tax Credit Commission. Mr.
Collins graduated from Harvard College. President Bush appointed
him to the President's Advisory Committee on the Arts at the John
F. Kennedy Center for the Performing Arts. He is a leader in the
civic community, serving on the Boards of Youthbuild Boston, the
Pine Inn and I Have a Dream Foundation.
John P. Manning, age 51, is co-founder, President and Chief
Executive Officer of Boston Capital Corporation where he is
responsible for strategic planning and business development. In
addition to his responsibilities at Boston Capital, Mr. Manning
is a proactive leader in the industry. He served in 1990 as a
member of the Mitchell-Danforth Task Force, to review and reform
the Low Income Housing Tax Credit. He was the founding President
of the Affordable Housing Tax Credit Coalition, is a member of
the board of the National Leased Housing Association and sits on
the Advisory Board of the publication Housing and Development
Reporter. During the 1980s he served as a member of the
Massachusetts Housing Policy Committee, as an appointee of the
Governor of Massachusetts. In addition, Mr. Manning has
testified before the U.S. House Ways and Means Committee and the
U.S. Senate Finance Committee, on the critical role of the
private sector in the success of the Low Income Housing Tax
Credit Program. In 1996, President Clinton appointed him to the
President's Advisory Committee on the Arts at the John F. Kennedy
Center for the Performing Arts. In 1998, President Clinton also
appointed Mr. Manning to the President's Export Council, which is
the premier committee comprised of major corporate CEOs to advise
the President in matters
55
of foreign trade. Mr. Manning is also a member of the Board of
Directors of the John F. Kennedy Presidential Library in Boston.
In the civic community, Mr. Manning is a leader, serving on the
Board of Youthbuild Boston. Mr. Manning is a graduate of Boston
College.
Richard J. DeAgazio, age 54, is Executive Vice President of
Boston Capital Partners, Inc., and is President of Boston Capital
Services, Inc., Boston Capital's NASD registered broker/dealer.
Mr. DeAgazio formerly served on the national Board of Governors
of the National Association of Securities Dealers (NASD), was the
Vice Chairman of the NASD's District 11 Committee, and served as
Chairman of the NASD's Statutory Disqualification Subcommittee of
the National Business Conduct Committee. He also served on the
NASD State Liaison Committee and the Direct Participation Program
Committee. He presently serves as a member of the National
Adjudicatory Council on NASD. He is a founder and past President
of the National Real Estate Investment Association, past
President of the Real Estate Securities and Syndication Institute
(Massachusetts Chapter) and the Real Estate Investment
Association. Prior to joining Boston Capital in 1981, Mr.
DeAgazio was the Senior Vice President and Director of the
Brokerage Division of Dresdner Securities (USA), Inc., an
international investment banking firm owned by four major
European banks, and was a Vice President of Burgess &
Leith/Advest. He has been a member of the Boston Stock Exchange
since 1967. He is a leader in the community and serves on the
Business Leaders Council of the Boston Symphony, Board of
Directors for Junior Achievement of Massachusetts, the Board of
Advisors for the Ron Burton Training Village and is on the Board
of Corporators of Northeastern University. He graduated from
Northeastern University.
Christopher W. Collins, age 43, is an Executive Vice
President and a principal of Boston Capital Partners, Inc., and
is responsible for, among other areas, overseeing the investment
portfolio of funds sponsored by Boston Capital and the
acquisition of real estate investments on behalf of such funds.
Mr. Collins has had extensive experience in real estate
development activities, having founded and directed the American
Development Group, a comprehensive real estate development firm,
and has also had extensive experience in the area of acquiring
real estate investments. He is on the Board of Directors of the
National Multi-Housing Council and a member of the Massachusetts
Housing Finance Agency Multi-Family Advisory Committee. He
graduated from the University of New Hampshire.
Anthony A. Nickas, age 38, is Chief Financial Officer of
Boston Capital Partners, Inc., and serves as Chairman of the
firm's Operating Committee. He has fifteen years of experience
in the accounting and finance field and has supervised the
financial aspects of Boston Capital's project development and
property management affiliates. Prior to joining Boston Capital
in 1987, he was Assistant Director of Accounting and Financial
Reporting for the Yankee Companies, Inc., and was an Audit
Supervisor for Wolf & Company of Massachusetts, P.C., a regional
certified public accounting firm based in Boston. He graduated
with honors from Norwich University.
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
None.
56
Item 11. Executive Compensation
(a), (b), (c), (d) and (e)
The Fund has no officers or directors. However, under the
terms of the
Amended and Restated Agreement and Certificate of Limited
Partnership of the
Fund, the Fund has paid or accrued obligations to the General
Partner and
its affiliates for the following fees during the 1998 fiscal
year:
1. An annual fund management fee based on .5 percent of the
aggregate
cost of all Apartment Complexes acquired by the Operating
Partnerships has
been accrued or paid to Boston Capital Asset Management Limited
Partnership.
The annual fund management fees charged to operations for the
year ended March
31, 1999 was $3,702,096.
2. The Fund has reimbursed an affiliate of the General
Partner a total
of $243,615 for amounts charged to operations during the year
ended March 31,
1999. The reimbursement includes, but may not be limited to
postage,
printing, travel, and overhead allocations.
3. The Fund has reimbursed affiliates of the General
Partner a total
of $396,541 for amounts charged to syndication during the year
ended March
31, 1999. The reimbursement includes, but may not be limited to
postage,
printing, travel, and overhead allocations.
4. The General Partner has the right to charge acquisition
fees and
expenses in connection with the purchase of Operating Partnership
interests.
During the 1999 fiscal year, the Fund accrued or paid $8,818,410
of
acquisition fees and expenses to the General Partner or its
affiliates.
5. Dealer Manager fees of $2,049,000 were accrued or paid
to Boston
Capital Services, Inc. during the 1999 fiscal year in respect to
the sale of
units.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1999, 49,998,759 BACs had been issued.
No person
is known to own beneficially in excess of 5% of the
outstanding
BACs in any of the series.
(b) Security ownership of management.
The General Partner has a 1% interest in all Profits,
Losses,
Credits and distributions of the Fund. The Fund's
response to
Item 12(a) is incorporated herein by reference.
57
(c) Changes in control.
There exists no arrangement known to the Fund the
operation of
which may at a subsequent date result in a change in
control of
the Fund. There is a provision in the Limited
Partnership
Agreement which allows, under certain circumstances,
the ability
to change control.
Item 13. Certain Relationships and Related Transactions
(a) Transactions with management and others.
The Fund has no officers or directors. However, under
the terms
of the public offering, various kinds of compensation
and fees are
payable to the General Partner and its Affiliates
during the
organization and operation of the Fund. Additionally,
the General
Partner will receive distributions from the partnership
if there
is cash available for distribution or residual proceeds
as defined
in the Fund Agreement. The amounts and kinds of
compensation and
fees are described on page 43 of the Prospectus, as
supplemented,
under the caption "Compensation and Fees", which is
incorporated
herein by reference. See Note B of Notes to Financial
Statements
in Item 14 of this Annual Report on Form 10-K for
amounts accrued
or paid to the General Partner and its affiliates for
the period
April 1, 1995 through March 31, 1999.
(b) Certain business relationships.
The Fund response to Item 13(a) is incorporated herein
by
reference.
(c) Indebtedness of management.
None.
(d) Transactions with promoters.
Not applicable.
58
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K
(a) 1 and 2. Financial Statements and Financial Statement
Schedules
Independent Auditors' Report
Balance Sheets, March 31, 1999 and 1998
Statements of Operations for the years or periods ended
March 31, 1999, 1998 and 1997
Statements of Changes in Partners' Capital for the years
or periods ended March 31, 1999, 1998, and 1997
Statements of Cash Flows for the years or periods ended
March 31, 1999, 1998 and 1997
Notes to Financial Statements, March 31, 1999, 1998, and
1997
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of
the
conditions under which they are required or because the
information is
included in the financial statements or the notes thereto.
(a) 3. Exhibits (listed according to the number assigned
in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents.
a. Certificate of Limited Partnership of Boston Capital
Tax Credit
Fund IV L.P. (Incorporated by reference from Exhibit 3 to the
Fund's
Registration Statement No. 33-70564 on Form S-11 as filed with
the
Securities and Exchange Commission on October 19, 1993.
Exhibit No. 4 - Instruments defining the rights of security
holders,
including indentures.
a. Agreement of Limited Partnership of Boston Capital Tax
Credit Fund
IV L.P. (Incorporated by reference from Exhibit 4 to
the Fund's
Registration Statement No. 33-70564 on Form S-11 as
filed with the
Securities and Exchange Commission on October 19, 1993.
59
Exhibit No. 10 - Material contracts.
a. Beneficial Assignee Certificate. (Incorporated by
reference from
Exhibit 10A to the Fund's Registration Statement No.
33-70564 on
Form S-11 as filed with the Securities and Exchange
Commission on
October 19, 1993
Exhibit No. 28 - Additional exhibits.
a. Agreement of Limited Partnership of Better Homes for
Havelock
Limited Partnership (Incorporated by reference from
Registrant's
current report on Form 8-K as filed with the Securities
and
Exchange Commission on February 1, 1995).
b. Agreement of Limited Partnership of Cynthiana
Properties Limited
(Incorporated by reference from Registrant's current
report on
Form 8-K as filed with the Securities and Exchange
Commission on
February 1, 1995).
c. Agreement of Limited Partnership of North Hampton Place
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on October 13, 1995).
d. Agreement of Limited Partnership of Brook Summitt
Apartments, LP
(Incorporated by reference from Registrant's current
report on
Form 8-K as filed with the Securities and Exchange
Commission on
February 29, 1996).
e. Agreement of Limited Partnership of New Madison Park IV
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on December 16, 1997).
f. Agreement of Limited Partnership of Smith House II
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on December 16, 1997).
g. Agreement of Limited Partnership of New Madison Park IV
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on February 11, 1997).
h. Agreement of Limited Partnership of M.R.H.,L.P.
(Incorporated by
reference from Registrant's current report on Form 8-K
as filed
with the Securities and Exchange Commission on February
14, 1997).
i. Agreement of Limited Partnership of 352 Lenox
Associates,
L.P.(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on December 16, 1997).
60
j. Agreement of Limited Partnership of Decro Nordoff, L.P.
(Incorporated by reference from Registrant's current
report on
Form 8-K as filed with the Securities and Exchange
Commission on
December 16, 1997).
k. Agreement of Limited Partnership of Hurricane Hills,
L.C.
(Incorporated by reference from Registrant's current
report on Form
8-K as filed with the Securities and Exchange
Commission on March
25, 1997).
l. Agreement of Limited Partnership of Main Everett
Housing, L.P.
(Incorporated by reference from Registrant's current
report on Form
8-K as filed with the Securities and Exchange
Commission on March
25, 1997).
m. Agreement of Limited Partnership of Mokapoke Limited
Partnership
(Incorporated by reference from Registrant's current
report on Form
8-K as filed with the Securities and Exchange
Commission on March
25, 1997).
n. Agreement of Limited Partnership of Autumn Ridge
Limited Partnership
(Incorporated by reference from Registrant's current
report on Form
8-K as filed with the Securities and Exchange
Commission on March
26, 1997).
o. Agreement of Limited Partnership of Century East
Apartments II
Limited Partnership (Incorporated by reference from
Registrant's
current report on Form 8-K as filed with the Securities
and Exchange
Commission on March 26, 1997).
p. Agreement of Limited Partnership of Coolidge-Pinal II
Associates
(Incorporated by reference from Registrant's current
report on Form
8-K as filed with the Securities and Exchange
Commission on March
26, 1997).
q. Agreement of Limited Partnership of Dublin Housing
Associates Phase
II (Incorporated by reference from Registrant's current
report on Form K as filed with the Securities and
Exchange
Commission on March 26, 1997).
r. Agreement of Limited Partnership of East Park
Apartments II Limited
Partnership(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
s. Agreement of Limited Partnership of Edenfield Place
Apartments,
L.P. (Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
t. Agreement of Limited Partnership of Ethel Housing,
L.P.(Incorporated
by reference from Registrant's current report on Form
8-K as filed
with the Securities and Exchange Commission on March
26, 1997).
61
u. Agreement of Limited Partnership of Los Lunas Limited
Partnership(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
v. Agreement of Limited Partnership of New Devonshire
West,
Limited Partnership (Incorporated by reference from
Registrant's
current report on Form 8-K as filed with the Securities
and Exchange
Commission on March 26, 1997).
w. Agreement of Limited Partnership of Northfield Housing,
L.P.(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
x. Agreement of Limited Partnership of Ohio Investors
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
y. Agreement of Limited Partnership of Osborne Housing,
L.P.(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
z. Agreement of Limited Partnership of Overton Associates
Limited
Partnership(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
aa. Agreement of Limited Partnership of Pahrump Valley
Investors
(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
ab. Agreement of Limited Partnership of Osborne Housing,
L.P.(Incorporated by reference from Registrant's
current report on Form 8-K as filed with the Securities
and
Exchange Commission on March 26, 1997).
ac. Agreement of Limited Partnership of Shannon Housing,
L.P.
(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
ad. Agreement of Limited Partnership of Sutton Place
Apartments
(Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
ae. Agreement of Limited Partnership of West Point Housing,
L.P.(Incorporated by reference from Registrant's
current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 26, 1997).
62
af. Agreement of Limited Partnership of Jeremy Associates
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 27, 1997).
ag. Agreement of Limited Partnership of Laurelwood Park
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 27, 1997).
ah. Agreement of Limited Partnership of Jeremy Associates
Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 27, 1997).
ai. Agreement of Limited Partnership of Roxbury Housing
Veterans Limited
Partnership (Incorporated by reference from
Registrant's current
report on Form 8-K as filed with the Securities and
Exchange
Commission on March 27, 1997).
aj. Agreement of Limited Partnership of Elm Street
Associates, L.P.
(incorporated by reference from Registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on April 7,
1997.)
ak. Agreement of Limited Partnership of Brookhaven
Apartments
Partnership (incorporated by reference from Registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on May 21, 1997.)
al. Agreement of Limited Partnership of Maple Limited
Partnership
(incorporated by reference from Registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on July 16,
1997.)
am. Agreement of Limited Partnership of Byam Limited
Partnership
(incorporated by reference from Registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on July 22,
1997.)
an. Agreement of Limited Partnership of Harbor Limited
Partnership
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on July 22,
1997.)
ao. Agreement of Limited Partnership of Bradley Phase II
Limited
Partnership (incorporated by Reference from registrants
current
report on form 8-K as filed with the Securities and
Exchange
Commission on July 22, 1997.)
ap. Agreement of Limited Partnership of Butler
Street/Hanover Towers
Limited Partnership (incorporated by reference from
registrants
current report on form 8-k as filed with the Securities
and Exchange
Commission on July 22, 1997.)
aq. Agreement of Limited Partnership of Bradley Phase I
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on July 22, 1997.)
63
ar. Agreement of Limited Partnership of 1374 Boston Road
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on August 5, 1997.)
as. Agreement of Limited Partnership of Centenary Housing
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on August 5, 1997.)
at. Agreement of Limited Partnership of Lake Apartments II
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on August 5, 1997.)
au. Agreement of Limited Partnership of AHAB Project One,
LP
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on August
8, 1997.)
av. Agreement of Limited Partnership of Grandview Limited
Partnership
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on April
23, 1998.)
aw. Agreement of Limited Partnership of Angelou Associates,
L.P.
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on April
23, 1998.)
ax. Agreement of Limited Partnership of Country Edge
Apartments I
Limited Partnership(incorporated by reference from
registrants
current report on form 8-k as filed with the Securities
and
Exchange Commission on April 24, 1998.)
ay. Agreement of Limited Partnership of Sumner House
Limited Partnership
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on April
27, 1998.)
az. Agreement of Limited Partnership of Magnolia Place
Apartments
Partnerships (incorporated by reference from
registrants current
report on form 8-k as filed with the Securities and
Exchange
Commission on April 30, 1998.)
ba. Agreement of Limited Partnership of Edgewood Apartments
Partnership
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on April
30, 1998.)
bb. Agreement of Limited Partnership of Harrisonville
Heights L.P.
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on April
30, 1998.)
bc. Agreement of Limited Partnership of Neighborhood
Restorations
Limited Partnership VII incorporated by reference from
registrants
current report on form 8-k as filed with the Securities
and Exchange
Commission on April 30, 1998.)
64
bd. Agreement of Limited Partnership of Escher SRO Project,
L.P.
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on May
1, 1998.)
(b) Reports on Form 8-K
Report on Form 8-K dated February 1, 1995, concerning
the
Partnership's investment in Better Homes for Havelock Limited
Partnership
filed with the commission on February 1, 1995.
Report on Form 8-K dated February 1, 1995, concerning
the
Partnership's investment in Cynthiana Properties Limited filed
with the
commission on February 1, 1995.
Report on Form 8-K dated October 13, 1995, concerning
the
Partnership's investment in North Hampton Place Limited
Partnership
filed with the commission on October 13, 1995.
Report on Form 8-K dated February 29, 1996, concerning
the Partnership's investment in Brook Summit Apartments, LP filed
with the
commission on February 29, 1996.
Report on Form 8-K dated December 16, 1996, concerning
the
Partnership's investment in New Madison Park IV Limited
Partnership filed with the commission on December 16, 1996.
Report on Form 8-K dated December 16, 1996, concerning
the
Partnership's investment in Smith House II Limited Partnership
filed with the commission on December 16, 1996.
Report on Form 8-K dated February 11, 1997, concerning
the
Partnership's investment in Pear Village Limited Partnership
filed with the commission on February 11, 1997.
Report on Form 8-K dated February 14, 1997, concerning
the
Partnership's investment in M.R.H., L.P. filed with the
commission on February 14, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in 352 Lennox Associates, L.P. filed
with the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Decro Nordhoff, L.P. filed with the
commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Hurricane Hills, L.C. filed with the
commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Main Everett Housing, L.P. filed with
the commission on March 25, 1997.
Report on Form 8-K dated March 25, 1997, concerning the
Partnership's investment in Mokapoke Limited Partnership filed
with the commission on March 25, 1997.
65
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Autumn Ridge Limited Partnership
filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Century East Apartments II Limited
Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Coolidge-Pinal II Associates filed
with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Dublin Housing Associates, Phase II
filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in East Park Apartments II Limited
Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Edenfield Place Apartments, L.P.
filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Ethel Housing, L.P. filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Los Lunas Limited Partnership filed
with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in New Devonshire West, Limited
Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Northfield Housing L.P. filed with
the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Ohio Investors Limited Partnership
filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Osborne Housing, L.P. filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Overton Associates Limited
Partnership filed with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Pahrump Valley Investors filed with
the commission on March 26, 1997.
66
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Shannon Housing, L.P. filed with the
commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in Sutton Place Apartments, L.P. filed
with the commission on March 26, 1997.
Report on Form 8-K dated March 26, 1997, concerning the
Partnership's investment in West Point Housing, L.P. filed with
the commission on March 26, 1997.
Report on Form 8-K dated March 27, 1997, concerning the
Partnership's investment in Jeremy Associates Limited Partnership
filed with the commission on March 27, 1997.
Report on Form 8-K dated March 27, 1997, concerning the
Partnership's investment in Laurelwood Park Limited Partnership
filed with the commission on March 27, 1997.
Report on Form 8-K dated March 27, 1997, concerning the
Partnership's investment in Roxbury Housing Veterans Limited
Partnership filed with the commission on March 27, 1997.
Report on Form 8-K dated April 7, 1997, concerning the
Partnership's investment in Elm Street Associates, L.P. filed
with the commission on April 7, 1997.
Report on Form 8-K dated May 21, 1997, concerning the
Partnership's investment in Brookhaven Apartments Partnership
filed with the commission on July 22, 1997.
Report on Form 8-K dated July 16, 1997, concerning the
Partnership's investment in Maple Limited Partnership filed with
the commission on July 16, 1997.
Report on Form 8-K dated July 22, 1997, concerning the
Partnership's investment in Bradley Phase I Limited Partnership
filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the
Partnership's investment in Bradley Phase II Limited Partnership
filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the
Partnership's investment in Butler Street/Hanover Towers Limited
Partnership filed with the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the
Partnership's investment in Byam Limited Partnership filed with
the commission on July 22, 1997.
Report on Form 8-K dated July 22, 1997, concerning the
Partnership's investment in Harbor Limited Partnership filed with
the commission on July 22, 1997.
67
Report on Form 8-K dated August 5, 1997, concerning the
Partnership's investment in 1374 Boston Road Limited Partnership
filed with the commission on August 5, 1997.
Report on Form 8-K dated August 5, 1997, concerning the
Partnership's investment in Centenary Housing Limited Partnership
filed with the commission on August 5, 1997.
Report on Form 8-K dated August 5, 1997, concerning the
Partnership's investment in Lake Apartments II Limited
Partnership filed with the commission on August 5, 1997.
Report on Form 8-K dated August 8, 1997, concerning the
Partnership's investment in AHAB Project One, LP filed with the
commission on August 8, 1997.
Report on Form 8-K dated April 23, 1998, concerning the
Partnership's investment in Grandview Limited Partnership filed
with the commission on April 23, 1998.
Report on Form 8-K dated April 23, 1998, concerning the
Partnership's investment in Angelou Associates, L.P. filed with
the commission on April 23, 1998.
Report on Form 8-K dated April 24, 1998, concerning the
Partnership's investment in Country Edge Apartments I Limited
Partnership filed with the commission on April 24, 1998.
Report on Form 8-K dated April 27, 1998, concerning the
Partnership's investment in Sumner House Limited Partnership
filed with the commission on April 27, 1998.
Report on Form 8-K dated April 30, 1998, concerning the
Partnership's investment in Magnolia Place Apartments Partnership
filed with the commission on April 30, 1998.
Report on Form 8-K dated April 30, 1998, concerning the
Partnership's investment in Edgewood Apartments Partnership filed
with the commission on April 30, 1998.
Report on Form 8-K dated April 30, 1998, concerning the
Partnership's investment in Harrisonville Heights L.P. filed with
the commission on April 30, 1998.
Report on Form 8-K dated April 30, 1998, concerning the
Partnership's investment in Neighborhood Restorations Limited
Partnership VII filed with the commission on April 30, 1998.
Report on Form 8-K dated May 1, 1998, concerning the
Partnership's investment in Escher SRO Project LP filed with the
commission on May 1, 1998.
68
(c) Exhibits
The list of exhibits required by Item 601 of Regulation
S-K is
included in Item (a)(3).
(d) Financial Statement Schedules
See Item (a) 1 and 2 above.
(e) Independent Auditors' Reports for Operating
Partnerships.
None
69
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities
Exchange
Act of 1934, the Fund has duly caused this Report to be signed on
its behalf
by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund IV
L.P.
By: Boston Capital Associates IV
L.P.
General Partner
By: Boston Capital Associates
Date: July 14, 1999 By: /s/ John P. Manning
- --------------------------
John P. Manning
By: /s/ Herbert F.
Collins
- --------------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act
of 1934,
this report has been signed below by the following persons on
behalf of the
Fund and in the capacities and on the dates indicated:
DATE: SIGNATURE:
TITLE:
General
Partner and
July 14, 1999 /s/ John P. Manning Principal
Executive
-------------------- Officer,
Principal
John P. Manning Financial
Officer and
Principal
Accounting
Officer
of Boston
Capital
Associates
General
Partner and
/s/ Herbert F. Collins Principal
Executive
----------------------- Officer,
Principal
Herbert F. Collins Financial
Officer and
Principal
Accounting
Officer
of Boston
Capital
Associates
70
<PAGE>
FINANCIAL STATEMENTS AND INDEPENDENT
AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND IV L.P. SERIES
20 THROUGH SERIES 35
MARCH 31, 1999 AND 1998
<PAGE> Boston Capital Tax Credit Fund IV L.P. -
Series 20 through Series 35
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT F-3
FINANCIAL STATEMENTS
BALANCE SHEETS F-6
STATEMENTS OF OPERATIONS F-23
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F-40
STATEMENTS OF CASH FLOWS F-57
NOTES TO FINANCIAL STATEMENTS F-91
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION F-206
NOTES TO SCHEDULE III
Schedules not listed are omitted because of the absence of the
conditions under which they are required or the information is
included in the financial statements or the notes thereto.
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants * A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814-
3319 (301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners of
Boston Capital Tax Credit Fund IV L.P.
We have audited the accompanying balance sheets of
Boston Capital Tax Credit Fund IV L.P. as of March 31,
1999 and 1998, and the related statements of operations,
changes in partners' capital and cash flows for the years ended
March 31, 1999, 1998 and 1997 and Boston Capital Tax Credit Fund
IV L.P. - Series 20 through 35 as of March 31, 1999 and
Series 20
through 32 as of March 31, 1998 and the related statements of
operations, partners' capital and cash flows for the years
ended March 31, 1999, 1998 and 1997 for Series 20 through
26, for the period June 17, 1996 (date of inception) through
March 31, 1997 for Series 27, for the period September 30,
1996 (date of inception) through March 31, 1997 for Series 28,
for the period February 10, 1997 (date of inception)
through March 31, 1997 for Series 29, for the period June 23,
1997 (date of inception) through March 31, 1998 for Series
30, for the period September 11, 1997 (date of inception)
through March 31, 1998 for Series 31, for the period January 19,
1998 (date of inception) through March 31, 1998 for Series
32, for the period June 22, 1998 (date of inception) through
March 31, 1999 for Series 33, for the period September 22, 1998
(date of inception) through March 31, 1999 for Series 34, and
for the period February 22, 1999 (date of inception) through
March 31, 1999 for Series 35. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits. We did not audit the
financial statements of certain operating limited
partnerships in which Boston Capital Tax Credit Fund IV L.P.
owns a limited partnership interest. Investments in
such partnerships comprise the
following percentages: Total, 21% and 17% of the assets as of
March 31, 1999 and 1998, respectively, and 28%, 22% and 12%
of the partnership loss for the years ended March 31, 1999,
1998 and 1997, respectively; of the assets for Series 20 as of
March 31, 1999 and 1998, 26% and 16%, respectively; of the
partnership loss for Series 20 for the years ended March 31,
1999, 1998 and 1997, 25%, 11% and 9%, respectively; of the
assets for Series 21 as of March 31, 1999 and 1998, 25% and
22%, respectively; of the partnership loss for Series 21 for
the years ended March 31, 1999, 1998 and 1997, 15%, 10% and
11%, respectively; of the assets for Series 22 as of March 31,
1999 and 1998, 12% and 12%, respectively; of the partnership
loss for Series 22 for the years ended March 31, 1999, 1998 and
1997, 8%, 8% and 6%, respectively; of the assets for Series
23 as of March 31, 1999 and 1998, 40% and 31%, respectively; of
the partnership loss for Series 23 for the years ended March
31, 1999, 1998 and 1997, 38%, 28% and 16%, respectively; of the
assets for Series 24 as of March 31, 1999 and 1998, 32% and
31%, respectively; of the partnership loss for Series 24 for
the years ended March 31, 1999, 1998 and 1997, 35%, 31% and 27%,
respectively; of the assets for Series 25 as of
F-3
<PAGE>
March 31, 1999 and 1998, 39% and 34%, respectively; of the
partnership loss for Series 25 for the years ended March 31,
1999, 1998 and 1997, 41%, 37% and 16%, respectively; of the
assets for Series 26 as of March 31, 1999 and 1998, 33% and
19%, respectively; of the partnership loss for Series 26 for the
years ended March 31, 1999, 1998 and 1997, 34%, 28%
and 13%, respectively; of the assets for Series 27 as of March
31, 1999 and 1998, 14% and 19%, respectively; of the
partnership loss for Series 27 for the years ended March 31,
1999, 1998 and for the period June 17, 1996 (date of
inception) through March 31, 1997, 9%, 10% and 0%,
respectively; of the assets for Series 28 as of March 31,
1999 and 1998, 34% and 16%, respectively; of the
partnership loss for Series 28 for the years ended March 31,
1999, 1998 and for the period September 30, 1996 (date of
inception) through March 31, 1997, 45%, 12% and 0%,
respectively; of the assets for Series 29 as of March 31,
1999 and 1998, 11% and 4%, respectively; of the
partnership loss for Series 29 for the years ended March 31,
1999, 1998 and for the period February 10, 1997 (date of
inception) through March 31, 1997, 16%, 31% and 0%,
respectively; of the assets for Series 30 as of March 31,
1999 and 1998, 28% and 3%, respectively; of the partnership
loss for Series 30 for the year ended March 31, 1999 and for
the period June 23, 1997 (date of inception) through March 31,
1998, 21% and 10%, respectively; of the assets for Series 31 as
of March 31, 1999 and 1998, 32% and 21%, respectively; of the
partnership loss for Series 31 for the year ended March 31, 1999
and for the period September 11, 1997 (date of inception)
through March 31, 1998, 22% and 9%, respectively; of the
assets for Series 32 as of March 31, 1999 and 1998, 4% and
0%, respectively; of the partnership loss for Series 32 for the
year ended March 31, 1999 and for the period January 19,
1998 (date of inception) through March 31, 1998, 7% and 0%,
respectively; of the assets for Series 33 as of March 31,
1999, 13%; of the partnership loss for Series 33 for the period
June 22, 1998 (date of inception) through March 31, 1999, 38%;
of the assets for Series 34 as of March 31, 1999, 5%; of the
partnership loss for Series 34 for the period September 22,
1998 (date of inception) through March 31, 1999, 1%; of the
assets for Series 35 as of March 31, 1999, 0%; and of the
partnership loss for Series 35 for the period February 22,
1999 (date of inception) through March 31, 1999, 0%. The
financial statements of these partnerships were audited by
other auditors, whose reports have been furnished to us,
and our opinion, insofar as it relates to information
relating to these partnerships, is based solely on the reports
of the other auditors.
We conducted our audits in accordance with
generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits and the
reports of the other auditors provide a reasonable basis
for our opinion.
F-4
<PAGE>
In our opinion, based on our audits and the reports
of the other auditors, the financial statements referred to
above present fairly, in all material respects, the financial
position of Boston Capital Tax Credit Fund IV L.P. as of March
31, 1999 and 1998 and the results of its operations and its
cash flows for the years ended March 31, 1999, 1998 and 1997 and
Boston Capital Tax Credit Fund IV L.P. Series 20 through 35
as of March 31, 1999 and Series 20 through 32 as of March
31, 1998 and the results of their operations and their cash
flows for the years ended March 31, 1999, 1998 and 1997 for
Series 20 through 26, for the period June 17, 1996 (date
of inception) through March 31, 1997 for Series 27, for the
period September 30, 1996 (date of inception) through March
31, 1997 for Series 28, for the period February 10, 1997
(date of inception) through March 31, 1996 for Series 29, for
the period June 23, 1997 (date of inception) through March 31,
1998 for Series 30, for the period September 11, 1997
(date of inception) through March 31, 1998 for Series 31, for
the period January 19, 1998 (date of inception) through
March 31, 1998 for Series 32, for the period June 22, 1998
(date of inception) through March 31, 1999 for Series 33, for
the period September 22, 1998 (date of inception) through March
31, 1999 for Series 34, and for the period February 22, 1999
(date of inception) through March 31, 1999 for Series 35, in
conformity with generally accepted accounting principles.
We and other auditors have also audited the information
included in the related financial statement schedules listed in
Form 10-K, Item 14(a) of Boston Capital Tax Credit Fund IV
L.P. - Series 20 through Series 35 as of March 31, 1999. In
our opinion, the schedules present fairly, in all material
respects, the information required to be set forth therein,
in conformity with generally accepted accounting principles.
Bethesda, Maryland
July 9, 1999
F-5
EideBailly,LLP
Consultants - Certified Public Accountants
INDEPENDENT AUDITOR 'S REPORT
The Partners
Ashbury Apartments Limited Partnership
Sioux Falls, South Dakota
We have audited the accompanying balance sheets of Ashbury
Apartments Limited Partnership as of December 31, 1998 and 1997,
and the related statements of operations, partners' equity
(deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ashbury Apartments Limited Partnership as of December 31,
1998 and 1997, and the results of its operations, changes in
partners' equity (deficit) and cash flows for the years then
ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Sioux Falls, South Dakota
January 21, 1999
100 North Phillips - Suite 800 - PO Box 5126 - Sioux Falls,
South Dakota 57117-5126 - 605.339.1999 - Fax 605.339.1306
605.339.1970
Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and
South Dakota - Equal Opportunity Employer
MEMBER
INTERNATIONAL
Thomas C. Cunningham, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners
Bennetts Pointe Limited Partnership
I have audited the accompanying balance sheets of Bennetts
Pointe Limited Partnership as of December 31, 1998 and 1997, and
the related statements of operations, partners, equity and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States and the U.S.
Department of Agriculture, Farmers Home Administration Audit
Program issued in December 1989. Those standards require that I
plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
I believe that my audits provide a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Bennetts Pointe Limited Partnership as of December 31, 1998
and 1997, and the results of it-operations, changes in partners'
equity, and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 15 to 17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
In accordance with Government Auditing standards, I have also
issued a report dated February 18, 1999 on my consideration of
Bennetts Pointe Limited Partnership's internal control and a
report dated February 18, 1999 on its compliance with laws and
regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C.
February 18, 1999
Virchow, Krause & Company, LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners
Breeze Cove Limited Partnership
Madison, Wisconsin
We have audited the balance sheet of Breeze Cove Limited
Partnership as of December 31, 1998, and the related statements
of loss, partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit. The
financial statements of Breeze Cove Limited Partnership as of
December 31, 1997 were audited by other auditors whose report
dated January 14, 1998 indicated that they were unable to obtain
written representations from the general partner of the
partnership concerning certain matters relating to compliance
and contingencies and except for the effects of such
adjustments, the financial statements for 1997 were in
conformity with generally accepted accounting principles.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Breeze Cove Limited Partnership as of December 31, 1998, and
the results of its operations, changes in partners' equity and
its cash flows for the year then ended in conformity with
generally accepted accounting principles.
VIRCHOW, KRAUSE & COMPANY, LLP
Madison, Wisconsin
January 22, 1999
Page 1
SALMIM, CELONA, WEHRLE & FLAHERTY, LLP
CERTIFITED PUBLIC ACCOUNTANTS
1170 CHILI AVENUE ROCHESTER, NY 14694-3033
716 / 279-0120
FAX 716 / 279-0166
To The Partners
College Green Rental Associates
Rochester, New York
Independent Auditor's Report
We have audited the accompanying balance sheet of College Greene
Rental Associates, L.P. (a Limited Partnership as of December
31, 1998 and the related statements of operations, changes in
partners' capital (deficit) and cash flows for the year then
ended. These financial statements are the responsibility of the
Partners management. Our responsibility is to express an
opinion on these financial statements based on our audit. The
financial statements of College Greene Rental Associates, L.P.
as of December 31, 1997, were audited by other auditors whose
report dated February 9, 1998, expressed an unqualified opinion
on those statements.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the 1998 financial statements referred to above
present fairly, in all material respects, the financial position
of College Greene Rental Associates, L.P. as of December 31,
1998, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted
accounting principles.
Salmin, Celona, Wehrle & Flaherty, LLP
January 25, 1999
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
CERTIFIED PUBUC ACCCUNTANTS
4747 WEST PETERSON AVENUE
CHICAGO, ILLINOIS 60646
(773) 777-4445
(773) 777-6657 FAX
MEMBERS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
ILLINOIS CPA SOCIETY
INDEPENDENT AUDITOR'S REPORT
To The Partners Of
EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP
(An Illinois Limited Partnership)
We have audited the accompanying balance sheets of EAST DOUGLAS
APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
as of December 31, 1998 and 1997, and the related statements of
operations, partners' equity (deficit), and cash flows for the
years' then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We have conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used in significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial posit
ion of EAST DOUGLAS APARTMENTS LIMTED PARTNERSHIP as of December
31, 1998 and 1997, and the results of its operations and its
cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying information included in this report on Schedule I
accompanying the financial statements is presented for purposes
of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
FRIDUSS, LUKEE, SCHIFF & Co., P.C.
Certified Public Accountants
Chicago, Illinois
PRICEWATERHOUSECOOPER5
PricewaterhouseCoopers LLP
1100 Bausch & Lomb Place
Rochester NY 14604-2705
Telephone (716) 232 4000
Page I
Report of Independent Accountants
January 25, 1999
To the Partners Evergreen Hills Associates, L.P.
In our opinion, the accompanying statements of financial
position, and the related statements of operations and partners'
capital, changes in partners' capital and cash flows present
fairly, in all material respects, the financial position of
Evergreen Hills Associates, L.P. at December 31, 1998 and 1997,
and the results of their operations and their cash flows for the
years then ended in conformity with generally accepted
accounting principles. These financial statements are the
responsibility of the Company's management; our responsibility
is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in
accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used
and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed
above.
PAILET, MEUNIER and LeBLANC, LLP
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
FLORAL ACRES APARTMENTS II
We have audited the accompanying balance sheets of FLORAL ACRES
APARTMENTS 11, RHS PROJECT NO. 22-026-721172913 as of December
31, 1998 and 1997 and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of FLORAL ACRES APARTMENTS 11 as of December 31, 1998 and 1997
and the results of its operations, changes in partners' equity
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information presented on pages 16 through 24, is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in
our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also
issued a report dated February 23, 1999 on our consideration of
FLORAL ACRES APARTMENTS II's internal control and a report dated
February 23, 1999 on its compliance with laws and regulations
applicable to the financial statements.
Metairie, Louisiana
February 23, 1999
3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 201 St.
Charles Ave., Suite 2559 - New Orleans, LA 70170 Telephone (504)
837-0770 - Fax (504) 837-7102 Telephone (504) 522-0504 - Fax
(504) 837-7102
AICPA SEC Practice Section 9 3AICPA Private companies Practice
Section
Martin A. Starr, CPA,
INDEPENDENT AUDITORS' REPORT
To the Partners Virginia Avenue Affordable Housing Limited
Partnership
I have audited the accompanying balance sheets of Virginia
Avenue Affordable Housing Limited Partnership as of December 31,
1998 and 1997, and the related statements of operations,
partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these
financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Virginia Avenue Affordable Housing Limited Partnership as of
December 31, 1998 and 1997, and the results of its operations,
the changes in partners' equity and cash flows for the years
then ended in conformity with generally accepted accounting
principles
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 14 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Martin A. Starr
Certified Public Accountant
March 18, 1999
- -3-
Certified Public Accountants
1
4260 Truxtun Avenue, Ste. 140, Bakersfield, CA 93369
805-635-3185 FAX 805-615-3190
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT
To the PartnersAshbury Apartments Limited PartnershipSioux
Falls, South Dakota
We have audited the accompanying balance sheets of Ashbury
Apartments Limited Partnership as of December 31, 1997 and 1996,
and the related statements of operations, partners I equity and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ashbury Apartments Limited Partnership as of December 31,
1997 and 1996, and the results of its operations, changes in
partners, equity and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 11 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Sioux Falls, South Dakota
January 19, 1998
Thomas C. Cunningham, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners
Bennetts Pointe Limited Partnership
I have audited the accompanying balance sheets of Bennetts
Pointe Limited Partnership as of December 31, 1997 and 1996, and
the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States, and the U.S.
Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that I plan and perform the
audits to obtain reasonable assurance about whether the
financial statements are free of misstatement. An audit
includes
examining, on a test basis, evidence supporting the amounts and
discloses in the financia1 statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financia1 statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Bennetts Pointe Limited Partnership as of December 31, 1997
and 1996, and the resu1t of its operations, changes in partners'
equity, and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
information on pages 15 to 17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to
the audit procedures applied in the audits of the basic
financial statements and, in my opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
In accordance with Government Auditing Standards, 1 have also
issued a report dated February 18, 1998 on my consideration of
Bennetts Pointe Limited Partnership's internal contro1 and a
report dated February 18, 1998 on its compliance with laws and
regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C.
February 18, 1998
Coopers
&Lybrand
Report of Independent Accountants
To the Partners
College Greene Rental Associates, L.P.
We have audited the accompanying balance sheets of College
Greene Rental Associates, L.P. (A Limited Partnership), as of
December 31, 1997 and 1996, and the related statements of
operations and partners' capital, changes in partners' capital
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of College Greene Rental Associates, L.P., as of December 31,
1997 and 1996, and the results of its operations and its cash
flows for the years then ended, in conformity with generally
accepted accounting principles.
Rochester, New York
February 9, 1998
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
Telephone (502)756-5704
FAX (502)756-5927
e-mail [email protected]
INDEPENDENT AUDITOR'S REPORT
To the Partners
Cynthiana Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Cynthiana
Properties, Limited (a Kentucky limited partnership), HUD
Project No. 08344096, as of December 31, 1997 and 1996 and the
related statements of operations, partners' capital and cash
flows for the years then ended. These financial statements are
the responsibility of the Project's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards, Government Auditing Standards, issued by the
Comptroller General of the United States, and the consolidated
Audit Guide for Audits of HUD Programs(the "Guide"). Those
standards and the Guide require that I plan and perform the
audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Cynthiana Properties, Limited, HUD Project No. 083-44096, as
of December 31, 1997 and 1996, and the results of its
operations, changes in its partners' capital, and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 11 and 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to
the auditing procedures applied in the audits of the basic
financial statements and, in my opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
Daniel G. Drane
Certified Public Accountant
April 14, 1998
Coopers
&Lybrand
Report of Independent Accountants
To the Partners
Evergreen Hills Associates, L.P.
We have audited the accompanying statements of financial
position of Evergreen Hills Associates, L.P. (A Limited
Partnership), as of December 31, 1997 and 1996, and the related
statements of operations and partners' capital, changes in
partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Evergreen Hills Associates, L.P., as of December 31, 1997 and
1996, and the results of its operations, changes in partners'
capital and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Rochester, New York
January 21, 1998
Martin A. Starr, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Virginia Avenue Affordable Housing Limited Partnership
I have audited the accompanying balance sheets of Virginia
Avenue Affordable Housing Limited Partnership as of December 31,
1997 and 1996, and the related statements of operations,
partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these
financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Virginia Avenue Affordable Housing Limited Partnership as of
December 31, 1997 and 1996, and the results of its operations,
the changes in partners' equity and cash flows for the years
then ended in conformity with generally accepted accounting
principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 14 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been Subjected to the auditing
procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Martin A. Starr
Certified Public Accountant
February 11, 1998
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Better Homes for Havelock Limited Partnership
(A North Carolina Limited Partnership)
We have audited the accompanying balance sheet of Better Homes
for Havelock Limited Partnership (a North Carolina Limited
Partnership) as of December 31, 1998, and the related statements
of operations, changes in partners' equity (deficit), and cash
flows for the year then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit. The 1997 financial statements
were audited by other auditors whose report dated February 11,
1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Better Homes for Havelock Limited Partnership as of December
31, 1998, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 29, 1999, on our consideration of
the Partnership's internal controls and a report dated January
29, 1999, on its compliance with laws and regulations.
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
Better Homes for Havelock Limited Partnership
Page Two
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the financial statements
taken as a whole.
January 29, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
STIESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Black River Run Limited Partnership
We have audited the accompanying balance sheets of Black River
Run Limited Partnership as of December 31, 1998 and 1997, and
the related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the Amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our: audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Black River Run Limited Partnership, as of December 31, 1998
and 1997, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 19, 1999
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI
547~-0810 PHONE(715) 832-3425 FAX(715) 832-1665
Bernard Robinson
& Company L.L.P
Certified Public Accountants since 1947
MAILING ADDRESS
P.O. BOX 19608
GREENSBORO, NC 27419-9608
FAX 336-547-0840 TELEPHONE 336-294-4494
Independent Auditor's Report
To the Partners
Liveoak Village Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheets of Liveoak
Village Limited Partnership (an Alabama limited partnership) as
of December 31, 1998, and the related statements of operations,
partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit. The financial
statements of Liveoak Village Limited Partnership as of December
31, 1997, were audited by other auditors whose report dated
February 6, 1998, expressed an unqualified opinion on those
statements.
We conducted our audit in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Liveoak Village Limited Partnership of December 31, 1998, and
the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued our report dated February 5, 1999, on our consideration
of the Partnership's internal control over financial reporting
and our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information listed in the table of contents is presented for
purposes of additional analysis and is not a required part of
the basic financial statements of the Partnership. Such
information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in
our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
February 5, 1999 Page 1
RANKIN, RANKIN & COMPANY
Lookout Corporate Center
1717 Dixie Highway, Suite 600
Ft. Wright, Kentucky 41011
Tel. 606/331-5000
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge
Limited Partnership as of December 31, 1998, and the related
statements of operations, partners' equity and cash flows for
the year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lookout Ridge Limited Partnership as of December 31, 1998,
and the results of its operations, the changes in partners'
equity and cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 9 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing,
procedures applied in the audit of the basic financial statement
and, in our opinion, is fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky
February 8, 1999
1
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY CO MPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Pinedale II Limited Partnership
We have audited the accompanying balance sheets of Pinedale II
Limited Partnership as of December 31, 1998 and 1997, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pinedale II Limited Partnership, as of December 31, 1998 and
1997, and the results of its operations, changes in partners'
equity, and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 26, 1999
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI
54702-0810 PHONE(715) 832-3425 FAX(715) 832-1665
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Pumphouse Crossing II Limited Partnership
We have audited the accompanying balance sheets of Pumphouse
Crossing II Limited Partnership as of December 31, 1998 and
1997, and the related statements of operations, partners'
equity, and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pumphouse Crossing II Limited Partnership, as of December 31,
1998 and 1997, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
January 25, 1999
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI
54702-0810 PHONE (715) 832-3425 FAX(715) 832-1665
- -I-
STANCIL & COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of
Better Homes for Havelock Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Better Homes
for Havelock Limited Partnership (a limited partnership) as of
December 31, 1997 and 1996 and the related statements of
operations, partners' capital, and cash flows for the years then
ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Better Homes for Havelock Limited Partnership as of December
31, 1997 and 1996 and the results of its operations, changes in
partners' capital and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on pages 12 through 16 is presented for
purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been
subjected to the audit procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.
In accordance with Government Auditing Standards, we have also
issued a report dated February 13, 1998 on our consideration of
Better Homes for Havelock Limited Partnership's internal control
and a report dated February 13, 1998 on its compliance with laws
and regulations applicable to the financial statements.
Raleigh, North Carolina
February 13, 1998
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Black River Run Limited Partnership
We have audited the accompanying balance sheets of Black River
Run Limited Partnership as of December 31, 1997 and 1996, and
the related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Black River Run Limited Partnership, as of December 31, 1997
and 1996, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 13 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to
the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in
all material respects in relation to the basic financial
statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 16, 1998
OSCAR N. HARMS & ASSOCIATES, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
OSCAR N. HARRIS, C.P.A.
SHERRY S. JOHNSON, C.P.A.
KENNETH E- MILTON, C.P.A.
CONNIE P. STANCIL, C.P.A.
MEMBERS:
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
NORTH CAROLINA ASSOCIATION OF
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of
Live Oak Village Limited Partnership
Charlotte, North Carolina
We have audited the balance sheets of Live Oak Village Limited
Partnership (an Alabama Limited Partnership) as of December 31,
1997 and 1996, and the repeated statements of partners' capital,
income, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Live Oak Village Limited Partnership as of December 31, 1997
and 1996, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. Schedules 1, 2, 3,
and 4 on pages 13, 14, 15, and 16 are presented for purposes of
additional analysis and are not a required part of the basic
financial statements. Such information has been subjected to
the audit procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Certified Public Accountants
February 6, 1998
RANKIN, RANKIN & COMPANY
Certified Public Accountants
Lookout Corporate Center
1717 Dixie Highway Suite 600
Ft Wright, Kentucky 41011
Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge
Limited Partnership as of December 31, 1997, and the related
statements of operations, partners' equity and cash flows for
the year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lookout Ridge Limited Partnership as of December 31, 1997,
and the results of its operations, the changes in partners'
equity and cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 9 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statement
and, in our opinion, is fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky
February 13, 1998
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Pumphouse Crossing II Limited Partnership
We have audited the accompanying balance sheets of Pumphouse
Crossing H Limited Partnership as of December 31, 1997 and 1996,
and the related statements of operations, partners' equity, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pumphouse Crossing II Limited Partnership, as of December 31,
1997 and 1996, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 13 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to
the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in
all material respects in relation to the basic financial
statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 22, 1998
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Pinedale II Limited Partnership
We have audited the accompanying balance sheets of Pinedale II
Limited Partnership as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pinedale II Limited Partnership, as of December 31, 1997 and
1996, and the results of its operations, changes in partners'
equity, and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 13 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to
the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in
all material respects in relation to the basic financial
statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 12, 1998
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-
0810 - PHONE(715) 832-3425 - FAX(715) 832-1665
-1-
Jensen Burcham Stelmack Edwards LLP
717 West 5th Avenue, Longmont, Colorado 80501-5420
Telephone (303) 651-3626 - Metro (303) 443-4581
Fax (303) 443-0107 - E-mail [email protected]
STIENESSEN SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Black River Run Limited Partnership
We have audited the accompanying balance sheets of Black River
Run Limited Partnership as of December 31, 1998 and 1997, and
the related statements of operations, partners, equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Black River Run Limited Partnership, as of December 31, 1998
and 1997, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI
54702-0810 * PHONE (715) 832-3425 * FAX(715) 832-1665
Lawrence M. Jensen, CPA
John R Burcham, CPA
Jensen Burcham Stelmack Edwards LLP
Richard A. Stelmack, CPA
Debra S. Edwards, CPA, ABV, CSA
Carolyn H. Beck, CPA
Patricia Ridge, CPA
Kathryn G. Clemons, CPA
Claudia L. Grace, CPA
Amy M. Seger, CPA
717 West 5th Avenue, Longmont, Colorado 805O1 -5420
Telephone (303) 651-3626 * Metro (303) 443-4581
fax (303) 443-0107- E-mail [email protected]
INDEPENDENT AUDITORS' REPORT
To the Partners
Kimbark 1200 Associates,
Limited Partnership
Longmont, Colorado
We have audited the accompanying balance sheets of Kimbark 1200
Associates, Limited Partnership (a Colorado limited partnership)
(FHA Project No. 101-98011) as of December 31, 1998 and 1997,
and the related statements of operations, changes in partners'
equity (deficit), and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Kimbark 1200 Associates, Limited Partnership as of December
31, 1998 and 1997, and the results of its operations, changes in
partners' equity (deficit) and cash flows for the years then
ended in conformity with generally accepted accounting
principles.
To the Partners
Kimbark 1200 Associates,
Limited Partnership
Our audits were conducted for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental information on pages 16 and 17 is presented for the
purpose of additional analysis and is not a required part of the
basic financial statements of Kimbark 1200 Associates, Limited
Partnership. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
Certified Public Accountants
January 22, 1999
Audit Partner: Richard A. Stelmack, CPA
Colorado Permit Number 4479
IA's Federal I.D. Number: 84-1362772
Page 2
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lost Tree Limited Partnership
I have audited the accompanying balance sheets of Lost Tree
Limited Partnership as of December 31, 1998 and 1997, and the
related statements of operations, partners' equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lost Tree Limited Partnership as of December 31, 1998 and
1997, and the results of its operations, changes in partners'
equity (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 14 and 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Tom Mechsner
Certified Public Accountant
January 29, 1999
Matthews, Hearson,
Cutrer & Lindsay, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
Brett C. Matthews, CPA
J. Raleigh Cutrer, CPA
Charles R. IAndsay, CPA
J. Erik Hearon, CPA
Tammy L. Burney, CPA
Elizabeth Hulen Barr, CPA
Matthew E. Freeland, CPA
INDEPENDENT AUDITOR'S REPORT ON INTERNAL
CONTROL STRUCTURE
To the Partners
Philadelphia Housing II, Limited Partnership
Philadelphia, Mississippi
We have audited the financial statements of Philadelphia Housing
II, Limited Partnership as of and for the years ended December
31, 1998 and 1997, and have issued our report thereon dated
January 29, 1999.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement.
In planning and performing our audits of the financial
statements of Philadelphia Housing 11, Limited Partnership for
the years ended December 31, 1998 and 1997, we considered its
internal control structure in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and not to provide assurance on the
internal control structure.
The management of Philadelphia Housing II, Limited Partnership
is responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected
benefits and related costs of internal control structure
policies and procedures. The objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are
executed in accordance with managements authorization and
recorded properly to permit the preparation of financial
statements in accordance with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may nevertheless occur and
not be detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that
procedures may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
of policies and procedures may deteriorate.
633 North State Street - Suite 607 -Jackson, Mississippi
39202-3306
Telephone (601) 355-9266 - Facsimile (601) 352-6826
For the purpose of this report, we have classified the
significant internal control structure policies and procedures
in the following categories:
Financing (notes, loans and capital contributions)
Revenue and receipts
Purchases and disbursements
Accuracy and completeness of external reporting to regulatory
authorities and others
For all of the internal control structure categories listed
above, we obtained an understanding of the design of relevant
policies and procedures and whether they have been placed in
operation, and we assessed control risk.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a reportable condition in
which the design or operation of one or more of the specific
internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. We noted no matters involving the
internal control structure and its operation that we consider to
be material weaknesses as defined above.
This report is intended for the information of the audit
committee, management, and the Rural Housing Service (RHS),
formerly the Farmers Home Administration, and should not be used
for any other purpose.
Jackson, Mississippi
January 29, 1999
12
AHMADU H. SAMBO
CERTIFIED PUBLIC ACCOUNTANT
Independent Auditor's Report
To the Partners of
Roxbury Veterans Housing Limited Partnership
I have audited the accompanying balance sheet of Roxbury
Veterans Housing Limited Partnership (a Massachusetts Limited
Partnership) as of December 31, 1998, and the related statements
of operations, changes in partners' equity, and cash flows for
the year then ended. These financial statements are the
responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Roxbury Veterans Housing Limited Partnership as of December
31, 1998, and the results of its operations, changes in
partners' equity, and cash flows for the year ended in
conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
schedule of operating expenses is presented for purposes of
additional analysis and is not required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
April 9, 1999
12 HOEG STREET, SUITE 200, RANDOLPH, MA 02368 - TEL (781)
961-5562 - FAX (781) 961-5563
Friduss, Lukee, Schiff & CO P.C.
Certified Public Accountants
4747 West Peterson Avenue
Chicago, Illinois 60645
(773)777-4445
(773)777-8557 Fax
Members
American Institute of Certified Public Accountants
Illinois CPA Society
Independent Auditor's Report
To the Partners
ELKS TOWER APARTMENTS LIMITED PARTNERSHIP
(An Illinois Limited Partnership)
We have audited the accompanying balance sheets of ELKS TOWER
APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
as of December 31, 1997 and 1996, and the related statements of
operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of ELKS TOWER APARTMENTS LIMITED PARTNERSHIP,, as of December
31, 1997 and 1996, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying information in Schedule I is presented for purposes
of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to
the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in
all material respects in relation to the basic financial
statements taken as a whole.
Friduss, Lukee, Schiff & CO P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Chicago, IL
May 26, 1998
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine Suite 360
Springfie1d, Missouri 65804
(417) 882-4,103
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lost Tree Limited Partnership
I have audited the accompanying balance sheets of Lost Tree
Limited Partnership as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lost Tree Limited Partnership as of December 31, 1997 and
1996, and the results of its operations, changes in partners'
equity (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 14 and 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to
the auditing procedures applied in the audits of the basic
financial statements and, in my opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
Tom Mechsner
Certified Public Accountant
March 10, 1998
Matthews, Hearon,
Cutrer & Lindsay, PLLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Philadelphia Housing II, Limited Partnership
Philadelphia, Mississippi
We have audited the accompanying balance sheets of Philadelphia
Housing II, Limited Partnership (a Mississippi limited
partnership), FmHA Project No. 28-050-640808922 as of December
31, 1997 and 1996, and the related statements of operations,
partners' capital (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Philadelphia Housing II, Limited Partnership, and the results
of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purposes of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. We have prepared the Multiple Family Housing
Borrower Balance Sheet (FmHA Form 1930-8) and the Multiple
Family Housing Project Budget (FmHA Form 1930-7). Such
information has been subjected to the audit procedures applied
in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Jackson, Mississippi
February 4, 1998
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
Telephone (502)756-5704
FAX (502)756-5927
INDEPENDENT AUDITOR'S REPORT
To the Partners
Sacramento Properties Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sacramento
Properties Limited (a Kentucky limited partnership), RHS Project
No.: 20-075-0611257573, as of December 31, 1997, and the related
statements of operations, partners' capital, and cash flows for
the year then ended. These financial statements are the
responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit, as of and for the year December 31, 1997,
in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sacramento Properties Limited, as of December 31, 1997, and
the results of its operations, the changes in its partners'
capital and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Daniel G. Drane
Certified Public Accountant
February 11, 1998
MARGOLIN, WINER & EVENS LLP
CERTIFIED PUBLIC ACCOUNTANTS
400 GARDEN CITY PLAZA - GARDEN CITY. NEW YORK 11530-3317
TEL: (516) 747-2000
FAX: (516) 747-6707
Report of Independent Accountants
Partners
Colonna Redevelopment Company L.P.
Hempstead, New York
We have audited the accompanying balance sheets of Colonna
Redevelopment Company L.P. (a New York Limited Partnership) (the
"Partnership") as of December 31, 1998 and 1997 and the related
statements of operations, cash flows and partners' equity for
the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Colonna Redevelopment Company L.P. as of December 31, 1998
and 1997, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
February 9, 1999
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, SEC PRACTICE
SECTION AND PRIVATE COMPANIES PRACTICE SECTION
CPA ASSOCIATES INTERNATIONAL, INC, WITH OFFICES IN PRINCIPAL
U.S. AND INTERNATIONAL CITIES
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners
Halls Ferry Apartments, L.P.
I have audited the accompanying balance sheets of Halls Ferry
Apartments, L.P. as of December 31, 1998, and 1997 and the
related statements of operations, partners' equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Halls Ferry Apartments, L.P. as of December 31, 1998 and
1997, and the results of its operations, changes in partners'
equity (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 15 and 16 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Tom Mechsner
Certified Public Accountant
January 29, 1999
YEO & YEO
Independent Auditors' Report
Partners
Ithaca I Limited Partnership
Ithaca, Michigan
We have audited the accompanying balance sheet of Ithaca I
Limited Partnership Rural Development Project No.
26-029-383119117 as of December 31, 1998 and 1997, and the
related statements of income, partners' equity and cash flows
for the years ended December 31, 1998 and 1997. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards, the standards applicable to financial audits
contained in Government Auditing Standards issued by the
Comptroller General of the United States, and the U.S.
Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ithaca I Limited Partnership as of December 31, 1998 and
1997, and the results of its operations, changes in partner's
equity and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 10, 1999 on our consideration of
Ithaca I Limited Partnership's internal control over financial
reporting and our tests of compliance with certain provisions of
laws and regulations, contracts, and grants.
Our audits were conducted for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplementary information presented on pages 11 through 17 is
presented for purposes of complying with the requirements of the
Rural Development and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial
statements and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
February 10, 1999
Yeo & Yeo PC.
Certified Public Accountants
912 Centennial Way
Suite 300
Lansing, MI 48917
Jensen Burcharn Stelmack Edwards LLP
Lawrence M. Jensen, CPA
John R Burcham, CPA
Richard A. Stelmack, CPA
Debra S. Edwards, CPA, ABV, CSA
Kathryn G. Clemons, CPA
Carolyn H. Beck, CPA
Claudia L. Grace, CPA
Amy M. Seger, CPA
Patricia Ridge, CPA
Certified Public Accountants and Consultants
717 West Sth Avenue, Longmont, Colorado 80501-5420
Telephone (303) 651-3626 - Metro (303) 443-4581
fax (303) 443-0107 - E-mail [email protected]
INDEPENDENT AUDITORS' REPORT
To the Partners
Kimbark 1200 Associates,
Limited Partnership
Longmont, Colorado
We have audited the accompanying balance sheets of Kimbark 1200
Associates, Limited Partnership (a Colorado limited partnership)
(FHA Project No. 101-98011) as of December 31, 1998 and 1997, and
the related statements of operations, changes in partners' equity
(deficit), and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Kimbark 1200 Associates, Limited Partnership as of December
31, 1998 and 1997, and the results of its operations, changes in
partners' equity (deficit) and cash flows for the years then
ended in conformity with generally accepted accounting
principles.
Page I
To the Partners
Kimbark 1200 Associates,
Limited Partnership
Our audits were conducted for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental information on pages 16 and 17 is presented for the
purpose of additional analysis and is not a required part of the
basic financial statements of Kimbark 1200 Associates, Limited
Partnership. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
Certified Public Accountants
January 22, 1999
Audit Partner: Richard A. Stelmack, CPA
Colorado Permit Number 4479
IA's Federal I.D. Number: 84-1362772
Page 2
PAILET, MEUNIER and LeBLANC, LLP
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
MATHIS APARTMENTS, LTD.
We have audited the accompanying balance sheets of MATHIS
APARTMENTS, LTD., RHS PROJECT NO. 51-005-721010606 as of December
31, 1998 and 1997 and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of MATHIS APARTMENTS, LTD. as of December 31, 1998 and 1997 and
the results of its operations, changes in partners' equity and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information presented on pages 16 through 24, is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole,
3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 201 St.
Charles Ave., Suite 2559 e New Orleans, LA 70170
Telephone (504) 837-0770 - Fax (504) 837-7102 Telephone (504)
522-0504 - Fax (504) 837-7102
Member of international Group of Accounting Firms a Member Firms
in Principal Cities AlCPA SEC Practice Section * AICPA Private
companies Practice Section
In accordance with Government Auditing Standards, we have also
issued a report dated February 24, 1999 on our consideration of
MATHIS APARTMENTS, LTD.'s internal control and a report dated
February 24, 1999 on its compliance with laws and regulations
applicable to the financial statements.
Metairie, Louisiana
February 24, 1999
CONSIDINE & CONSIDINE
To The Partners
Sacramento SRO Limited Partnership
A California Limited Partnership
600 West Broadway, #1070
San Diego, CA 92101
Independent Auditor's Report
We have audited the accompanying balance sheets of Sacramento SRO
Limited Partnership, as of December 31, 1998 and 1997 and the
related statements of operations and partners, capital and
statements of cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sacramento SRO Limited Partnership, as of December 31, 1998
and 1997, and the results of their operations and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
CONSIDINE & CONSIDINE
An Accountancy Corporation
February 11, 1999
CERTIFIED PUBLIC ACCOUNTANTS - MEMBER OF AICPA
1501 FIFTH AVENUE. SUITE 400 - SAN DIEGO. CA 92101-3202
(619) 231-1977 - FAX: (619) 231-8244 - E-MAIL: [email protected] -
V;WW.CCCPA.COM
GORACKE & WILCOX, P.C.
Certified Public Accountants
5010 SOUTH 118TH STREET, SUITE 100, OMAHA, NEBRASKA 68137-2208
VIRGIL J. GORACKE, C.P.A.
DOUGLAS A. GORACKE. C.P.A.
MICHAEL E. WILCOX. C.P.A.
PAUL F. PIOTROWSKI. C.P.A.
CHRIS E. RITTERSUSH. C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
South Hills Apartments, L.P.
We have audited the accompanying balance sheets of South Hills
Apartments, L.P. as of December 31, 1998 and 1997, and the
related statements of operations, partners, equity and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. we believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of South Hills Apartments, L.P. as of December 31, 1998 and 1997,
and the results of its operations, changes in partners, equity
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 14 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Goracke & Wilcox, P.C.
January 21, 1999
1-3
RICHARD J. PAULUS, CPA
DAVID R. PAULUS, CPA, CVA
MICHAEL D. BARTZ, CPA
CHRISTINE K. SPENGLER, CPA
PAULUS & COMPANY
Certified Public Accountants
49 BUFFALO STREET
P.O. BOX 563
HAMBURG, NEWYORK 140:75
(716) 648-1330
FAX (716) 648-1484
E-MAIL: [email protected]
Independent Auditor's Report
To the partners:
Village Woods Estates, L.P.
We have audited the accompanying balance sheet of Village Woods
Estates, L.P. as of December 31, 1998, and the related statements
of income, changes in partners' capital, and cash flows for the
year then ended. These financial statements are the
responsibility of the Company's management. Our responsibility
is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Village Woods Estates, L.P. as of December 31, 1998, and the
results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting
principles.
Paulus & Company
January 29, 1999
Page 1
MARGOLIN, WINER & EVENS LLP
CERTIFIED PUBLIC ACCOUNTANTS, ESTABLISHED 1946
400 GARDEN CITY PLAZA
GARDEN CITY, NEW YORK 11530-3317
TEL: (516) 747-2000 FAX: (516) 747-6707
Report of Independent Accountants
Partners
Colonna Redevelopment Company L.P.
Hempstead, New York
We have audited the accompanying balance sheets of Colonna
Redevelopment Company L.P. (a New York Limited Partnership) (the
"Partnership") as of December 31, 1997 and 1996 and the related
statements of operations, cash flows and partners' equity for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Colonna Redevelopment Company L.P. as of December 31, 1997 and
1996, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
January 22, 1998
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Michigan 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners
Halls Ferry Apartments, L.P.
I have audited the accompanying balance sheets of Halls Ferry
Apartments, L.P. as of December 31, 1997, and 1996 and the
related statements of operations, partners' equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Halls
Ferry Apartments, L.P. as of December 31, 1997 and 1996, and the
results of its operations, changes in partners' equity (deficit)
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 15 and 16 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Tom Mechsner
Certified Public Accountant
March 10, 1998
YEO & YEO
Independent Auditors' Report
Partners
Ithaca I Limited Partnership
Ithaca, Michigan
We have audited the accompanying balance sheet of Ithaca I
Limited Partnership RHCD Project No. 26-029-383119117 as of
December 31, 1997 and 1996, and the related statements of income,
partners' equity and cash flows for the years ending December 31,
1997 and 1996. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards, the standards applicable to financial audits
contained in Government Auditing Standards issued by the
Comptroller General of the United States, and the U.S. Department
of Agriculture, Farmers Home Administration Audit Program. Those
standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ithaca I Limited Partnership as of December 31, 1997 and 1996,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 4, 1998 on our consideration of
Ithaca I Limited Partnership's internal control over financial
reporting and our tests of compliance with certain provisions of
laws and regulations, and contracts.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplementary information presented on pages 11 through 17 is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
February 4, 1998
To The Partners
Sacramento SRO Limited Partnership
A California Limited Partnership
600 West Broadway, #1070
San Diego, CA 92101
Independent Auditors' Report
We have audited the accompanying balance sheet of Sacramento SRO
Limited Partnership as of December 31, 1997 and 1996, and the
related statements of operations, partners' capital and
statements of cash flows for the years the ended. These
financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sacramento SRO Limited Partnership as of December 31, 1997 and
1996, and the results of their operations and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
CONSIDINE & CONSIDINE
An Accountancy Corporation
February 20, 1998
GORACKE & WILCOX, P.C.
Certified Public Accountants
5010 South 118th Street, Suite 100
Omaha, Nebraska 68137-2208
Telephone 402-896-1500
INDEPENDENT AUDITORS' REPORT
To the Partners
South Hills Apartments, L.P.
We have audited the accompanying balance sheets of South Hills
Apartments, L.P. as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the partnerships management. our responsibility
is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statement. referred to above
present fairly, in all material respects, the financial position
of South Hills Apartments, L.P. as of December 31, 1997 and 1996,
and the results of its operations, changes in partners, equity
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 14 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Goracke & Wilcox, P.C.
January 26, 1998
YOUNG & PRICKITT, P C.
Certified Public Accountants
111 Franklin Road, Suite 302
Roanoke, Virginia 24011-2100
540/982-3852
540/343-9231 FAX
INDEPENDENT AUDITOR'S REPORT
To The Partners
Autumn Ridge Associates
Roanoke, Virginia:
We have audited the accompanying balance sheet of Autumn Ridge
Associates (A Virginia Limited Partnership) as of December 31,
1998 and 1997 and the related statement of operations and
partners' equity (deficit) and cash flow for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as we'll as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Autumn Ridge Associates as of December 31, 1998 and 1997, and
the results of its operation and its cash flow for the year then
ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 13 through 16 is presented for the purpose
of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
February 17, 1999
- - Page 4
YORK, DILLINGHAM & COMPANY, P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
LARRY W.YORK
JOHN M. DILLINGHAM
P. 0. BOX 5511708
COLUMBIA, TENNESSEE 38402-0551
TELEPHONE (931) 388-0517
FAX (931) 381-3440
AMERICAN INSTITUTE OF C.P.A.'S
TENNESSEE SOCIETY OF C.P.A'S
INDEPENDENT AUDITORS' REPORT
To the Partners
Brownsville Associates, Limited
We have audited the accompanying balance sheets of Brownsville
Associates, Limited (a Tennessee limited partnership) d/b/a
Brownsville Village Apartments, RHS Project No.:
48-038-621467876, as of December 31, 1998 and 1997, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Brownsville Associates, Limited (a Tennessee limited
partnership) d/b/a Brownsville Village Apartments, RHS Project
No.: 48-038-621467876, as of December 31, 1998 and 1997, and the
results of its operations, the changes in partners' equity and
its cash flows for the years then ended in conformity with
generally accepted accounting principles,
In accordance with Government Auditing Standards, we have also
issued a report dated March 3, 1999 on our consideration of
Brownsville Associates, Limited's internal control over financial
reporting and our tests of its compliance with certain provisions
of laws, regulations, contracts, and grants.
Our audits were made for the purpose of forming an opinion on the
basic-financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Columbia, Tennessee
March 3, 1999
RBG & Co.
Independent Auditors' Report
To The Partners
Centenary Housing Limited Partnership
St. Louis, Missouri
We have audited the accompanying balance sheet of Centenary
Housing Limited Partnership (Centenary Towers Apartments, Project
No. 085-35239-PM-SR-PR-WAH-L8) as of December 31, 1998 and the
related statements of profit and loss, partners' equity and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Centenary Housing Limited Partnership as of December 31, 1998
and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The accompanying
supplementary information shown on pages 15 to 18 is presented
for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
In accordance with Government Auditing Standards, we have also
issued a report dated January 28, 1999 on our consideration of
Centenary Housing Limited Partnership's internal controls and a
report dated January 28, 1999 on its compliance with laws and
regulations.
January 28 1999
Rubin, Brown, Gornstein & Co. LLP
Blume Loveridge & Co., PLLC
CERTIFIED PUBLIC ACCUNTANTS
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
Partners
Coolidge-Pinal II Associates, A
Washington Limited Partnership
Bellevue, Washington
We have audited the accompanying balance sheets of Coolidge-Pinal
II Associates, A Washington Limited Partnership, of December 31,
1998 and 1997, and the related statements of operations, changes
in partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform an audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Coolidge-Pinal II Associates, A Washington Limited
Partnership, as of December 31, 1998 and 1997, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing-Standards, we have also
issued a report, dated January 22, 1999, on our consideration of
the Partnership's compliance with laws and regulations and on
internal control over financial reporting.
11100 NE 8th Street, Suite 410
Bellevue, WA 98004-4441
PHONE (425) 453-2088
FAX (425) 646-3368
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS (CONTINUED)
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The additional information
shown on pages 12 to 14 is presented for the purpose of complying
with the requirements of the U.S. Department of Agriculture,
Rural Housing Service, for the year ended December 31, 1998, and
is not a required part of the financial statements. Such
additional information, presented in Column 2 of Parts I, II and
III of the Multiple Family Housing Project Budget (Form RD
1930-7), has been subjected to the auditing procedures applied in
the audit of the financial statements for that year, and in our
opinion, is fairly stated in all material respects in relation to
the financial statements taken as a whole. Columns 1, 3 and 4 of
Parts I, I I and I I I and Parts IV, V and VI of the Multiple
Family Housing Project Budget have not been subjected to the
auditing procedures applied in the audits of the financial
statements, and accordingly, we express no opinion on Columns 1,
3 and 4 of Parts I, II and III and Parts IV, V and VI of the
Multiple Family Housing Project Budget.
The additional information presented on page 15 is presented for
the purpose of complying with the requirements of a limited
partner and is not a required part of the financial statements.
The additional information presented on page 15 has been
subjected to the auditing procedures applied in the audits of the
financial statements for the years ended December 31, 1998 and
1997, and in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
January 22, 1999
Blume Loveridge & Co., PLLC
Bellevue, Washington
Page 1A
Rosenberg, Neuwirth & Kuchner
INDEPENDENT AUDITORS' REPORT
To the Partners Elm Street Associates, L.P.
We have audited the accompanying balance sheets of Elm Street
Associates, L.P. as of December 31, 1998 and 1997, and the
related statements of operations, partners' capital and cash
flows for the years then ended. These financial statements are
the responsibility of the partnerships' management. Our
responsibility is to express and opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Elm Street Associates, L.P., as of December 31, 1998 and
1997, and the results of its operations, changes in partners'
capital and cash flows for the year then ended in conformity with
generally accepted accounting principles.
January 20, 1999
ROSENBERG, NEUWIRTH & KUCHNER
CERTIFIED PUBLIC ACCOUNTANTS, P.C.
SEVEN PENN PLAZA - NEW YORK, NEW YORK 10001 - TEL (212) 330-6000
- - FAX (212) 643-1951
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of
Jeremy Associates Limited Partnership:
We have audited the accompanying balance sheets of JEREMY
ASSOCIATES LIMITED PARTNERSHIP (a Colorado limited partnership)
as of December 31, 1998 and 1997, and the related statements of
operations, partners' capital accounts and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Jeremy Associates Limited Partnership as of December 31, 1998
and 1997, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Denver, Colorado,
February 12, 1999.
James L. Caughren
Certified Public Accountant
P.O. Box 36014
Albuquerque, NM 87176
INDEPENDENT AUDITORS' REPORT
To the Partners
Los Lunas Apartments Limited Partnership
We have audited the accompanying balance sheet of Los Lunas
Apartments d/b/a Hillridge Apartments as of December 31, 1998 and
1997, and the related statements of operations, partners'
equity and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Los Lunas Apartments Limited Partnership d/b/a Hillridge
Apartments as of December 31, 1998 and 1997, and the results of
its operations, changes in partners' equity and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
June 22, 1999
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
New Hilltop Apartments, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of New Hilltop
Apartments, A Limited Partnership (A South Carolina Limited
Partnership), as of December 31, 1998 and 1997, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of New Hilltop Apartments, A Limited Partnership, as of December
31, 1998 and 1997, and the results of its operations and its cash
flows for the years then ended, in conformity with generally
accepted accounting principles.
February 23, 1999
4408 Forest Drive, Third Floor Columbia, South Carolina 29206
Telephone 803-790-0020Fax 803-790-0011
Mantyla McReynolds
Independent Auditor's Report
Partners
Shadowcreek Apartments
Elko, Nevada
We have audited the accompanying balance sheet of Shadowcreek
Apartments (Project), Rural Development Case No.
33-002-0990283493, as of December 31, 1998 and 1997 -and the
related statements of operations, changes in Project equity and
cash flows for the year ended December 31, 1998 and December 31,
1997. These financial statements are the responsibility of the
Project's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and with Government Auditing Standards, issued
by the Comptroller General of the United States. These standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis. for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the Project as of December 31, 1998 and 1997 and the results
of its operations and cash flows for the year ended December 31,
1999 and December 31, 1997, in conformity with general accepted
accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the financial statements taken as a whole. The supplemental data
included in the report (shown on pages 10 ftough 12) are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements of the Project
for the year ended December 31, 1999. Such information has been
subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly
presented in all material respects in relation to the financial
statements taken as a whole.
Partners
Shadowcreek Apartments
In accordance with Government Auditing Standards, we have issued
a report dated January 27, 1999, on our consideration of the
Projects internal control structure and a report dated January
27, 1999, on its compliance with laws and regulations.
January 27, 1999
3
BERNARD E. REA, CPA
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners
Pahrump Valley Investors
(A Wyoming Limited Partnership)
Cheyenne, WY
I have audited the accompanying balance sheets of Pahrump Valley
Investors (A Wyoming Limited Partnership), USDA Rural Development
Case No. 33-019-680204949, as of December 31, 1998 and 1997, and
the related statements of income, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management as well as evaluating the overall financial statement
presentation. I believe that my audits provide a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Pahrump Valley Investors (A Wyoming Limited Partnership) as of
December 31, 1998 and 1997, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also
issued a report dated March 26, 1999 on my consideration of
Pahrump Valley Investors' internal control structure and a report
dated March 26, 1999 on its compliance with laws and regulations.
Stockton, California
March 26, 1999
- - 1 -
P.O. BOX 4632 - STOCKTON, CA 95204 - TELEPHONE (209) 933-9113 -
FAX (209) 933-9115 - EMAIL [email protected]
YORK, DILLINGHAM & COMPANY, P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
LARRY W.YORK
JOHN M. DILLINGHAM
P. 0. BOX 5511708
COLUMBIA, TENNESSEE 38402-0551
TELEPHONE (931) 388-0517
FAX (931) 381-3440
AMERICAN INSTITUTE OF C.P.A.'S
TENNESSEE SOCIETY OF C.P.A'S
INDEPENDENT AUDITORS' REPORT
To the Partners
Stanton Associates, Limited
We have audited the accompanying balance sheets of Stanton
Associates, Limited (a Tennessee limited partnership) d/b/a
Stanton Village Apartments, RHS Project No.: 48-038-621542356, as
of December 31, 1998 and 1997, and the related statements of
operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Stanton Associates, Limited (a Tennessee limited partnership)
d/b/a Stanton Village Apartments, RHS Project No.:
48-038-621542356, as of December 31, 1998 and 1997, and the
results of its operations, the changes in partners' equity and
its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 5, 1999 on our consideration of
Stanton Associates, Limited's internal control over financial
reporting and our tests of its compliance with certain provisions
of laws, regulations, contracts, and grants.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Columbia,
March 5, 1999
Mantyla McReynolds
Independent Auditor's Report
Partners
Woodlands Apartments
Elko, Nevada
We have audited the accompanying balance sheets of Woodlands
Apartments (Project), Rural Development Case No.
33-004-0880314570, as of December 31, 1998 and 1997 and the
related statements of operations, changes in Project equity and
cash flows for the years then ended. These financial statements
are the responsibility of the Project! s management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and with Government Auditing Standards, issued
by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the Project as of December 31, 1998 and 1997 and the results
of its operations and cash flows for the years then ended, in
conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the financial statements taken as a whole. The supplemental data
included in the report (shown on pages 10 through 12) are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements of the Project
for the year ended December 31, 1998. Such information has been
subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly
presented in all material respects in relation to the financial
statements taken as a whole.
Partners
Woodlands Apartments
In accordance with Government Auditing Standards, we have issued
a report dated January 28, 1999, on our consideration of the
Project's internal control structure and a report dated January
28, 1999, on its compliance with laws and regulations.
January 28, 1999
2
PAILET, MEUINER and LeBLANC, L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
ZWOLLE PARTNERSHIP
We have audited the accompanying balance sheets of ZWOLLE
PARTNERSHIP, RHS PROJECT NO. 22-043-721260425 as of December 31,
1998 and 1997 and the related statements of operations, changes
in partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of ZWOLLE PARTNERSHIP as of December 31, 1998 and 1997 and the
results of its operations, changes in partners' equity and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information presented on pages 16 through 24, is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
In accordance with Government Auditing Standards, we have also
issued a report dated February 24, 1999 on, our consideration of
ZWOLLE PARTNERSHIP's internal control and a report dated February
24, 1999 on its compliance with laws and regulations
applicable-to the financial statements.
Metairie, Louisiana
February 24, 1999
YORK, DILLINGHAM & COMPANY, P.L.L.C
CERTIFIED PUBLIC ACCOUNTANTS
P.O. BOX 551
1708 ALPINE AVENUE
COLUMBIA, TENNESSEE 38402-0551
TELEPHONE (615) 388-0517
FAX (615) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners
Brownsville Associates, Limited
We have audited the accompanying (a Tennessee limited
partnership) d/b/a Brownsville Village Apartments, FmHA Project
No. : 48-038-621467876, as of December 31, 1997 and 1996, and the
related statement of operations, partners' equity, and cash flows
for the year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basic evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Brownsville Associates, Limited (a Tennessee limited
partnership) d/b/a Brownsville Village Apartments, FmHA Project
No. : 48-038-621467876, as of December 31, 1997 and 1996, and the
results of its operations, the changes in partners' equity and
its cash flows for the year then ended in conformity with
generally accepted accenting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 7, 1998 on our consideration of
Brownsville Associates, Limited's internal control structure and
a report dated March 8, 1998 on its compliance with laws and
regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Columbia, Tennessee
March 7, 1998
RBG & CO.
Independent Auditors' Report
To The Partners
Centenary Housing Limited Partnership
St. Louis, Missouri
We have audited the accompanying balance sheet of Centenary
Housing Limited Partnership (Centenary Towers Apartments, Project
No. 085-35239-PM-SR-PR-WAH-L8) as of December 31, 1997 and the
related statements of profit and loss, partners' equity and cash
flows for the period beginning May 29, 1997 and ended December
31, 1997. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Centenary Housing Limited Partnership as of December 31, 1997
and the results of its operations and its cash flows for the
period beginning May 29, 1997 and ended December 31, 1997 in
conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying supplementary information (shown on pages 15 through
19) is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied
in the audit of the financial statements and, in our opinion, is
fairly stated in all material respects in relation to the
financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also
issued a report dated February 28, 1998 on our consideration of
Centenary Housing Limited Partnership's internal control
structure and a report dated February 28, 1998 on its compliance
with laws and regulations.
February 28, 1998
Blume Loveridge & CO., PLLC
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
Partners
Coolidge-Pinal II Associates,
A Washington Limited Partnership
Bellevue, Washington
We have audited the accompanying balance sheets of Coolidge-Pinal
II Associates, A Washington Limited Partnership, as of December
31, 1997 and 1996, and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform an audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Coolidge-Pinal II Associates, A Washington Limited
Partnership, as of December 31, 1997 and 1996, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report, dated February 27, 1998, on our consideration of
the Partnership's internal control structure and a report, dated
February 27, 1998, on its compliance with laws and regulations.
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS -
(CONTINUED)
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The additional
information shown on pages 14 to 17 is presented for the purpose
of complying with the requirements of the U.S. Department of
Agriculture, Rural Housing Service, for the year ended December
31, 1997, and is not a required part of the financial statements.
Such additional information, presented in Column 2 of Parts I, II
and III of the Multiple Family Housing Project Budget (Form RD
1930-7) and on page 17, has been subjected to the auditing
procedures applied in the audit of the financial statements for
that year, and in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole. Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V
and VI of the Multiple Family Housing Project Budget have not
been subjected to the auditing procedures applied in the audits
of the financial statements, and accordingly, we express no
opinion on Columns 1, 3 and 4 of Parts I, II and III and Parts
IV, V and VI of the Multiple Family Housing Project Budget.
February 27, 1998
RNK
INDEPENDENT AUDITORS' REPORT
To the Partners
Elm Street Associates, L.P.
We have audited the accompanying balance sheets of Elm Street
Associates, L.P. as of December 31, 1997 and 1996, and the
related statements of operations, partners' capital and cash
flows for the years then ended. These financial statements are
the responsibility of the partnerships, management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require than we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Elm Street Associates, L.P., as of December 31, 1997 and 1996,
and the results of its operations, changes in partners' capital
and cash flows for the year then ended in conformity with
generally accepted accounting principles.
January 26, 1998
ROSENBERG, NEUWIRTH & KUCHNER
SEVEN PENN PLAZA - NEW YORK, NEW YORK 10001 - TEL (212) 330-6000
- -
FAX (212) 643-1951
James L. Caughren
Certified Public Accountant
P.O. Box 36014
Albuquerque, NM 87176
INDEPENDENT AUDITORS' REPORT
To the Partners
Los Lunas Apartments Limited Partnership
We have audited the accompanying balance sheet of Los Lunas
Apartments Limited Partnership d/b/a Hillridge Apartments as of
December 31, 1997 and 1996, and the related statements of
operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Los Lunas Apartments Limited Partnership d/b/a Hillridge
Apartments as of December 31, 1997 and 1996, and the results of
its operations, changes in partners' equity and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
April 8, 1998
010483 Co
08/01/1996
BCTC FUND IV - SERIES 24
Los Lunas Apartments Limited Partnership
James L. Caughren, CPA
James L Caughren
P: (505) 872-0573 F: (505) 881-1781
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
New Hilltop Apartments, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of New Hilltop
Apartments, A Limited Partnership (A South Carolina Limited
Partnership), as of December 31, 1997 and 1996, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of new Hilltop Apartments, A Limited Partnership, as of December
31, 1997 and 1996, and the results of its operations and its cash
flows for the years then ended, in conformity with generally
accepted accounting principles.
January 29, 1999
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 -
Telephone 803-790-0020 - Fax 803-790-0011
BURKE & REA
EDWARD T. BURKE, C.P.A.
BERNARD E. REA, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Pahrump Valley Investors
(A Wyoming Limited Partnership)
Cheyenne, WY
We have audited the accompanying balance sheets of Pahrump Valley
Investors (A Wyoming Limited Partnership), USDA Rural Development
Case No. 33-019-680204949, as of December 31, 1997 and 1996, and
the related statements of income, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. These standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pahrump Valley Investors (A Wyoming Limited Partnership) as of
December 31, 1997 and 1996, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 13, 1998 on our consideration of
Pahrump Valley Investors' internal control structure and a report
dated March 13, 1998 on its compliance with laws and regulations.
Stockton, California
March 13, 1998
YORK, DILLINGHAM & COMPANY, P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 551
1708 Alpine Drive
Columbia, Tennessee 38402-0551
Telephone (931) 388-0517
Fax (931) 381-3440
INDEPENDENT AUDITORS' REPORT
To the Partners
Stanton Associates, Limited
We have audited the accompanying balance sheet of Stanton
Associates, Limited (a Tennessee limited partnership) d/b/a
Stanton Village Apartments, RHS Project No. : 48-038-621542356,
as of December 31, 1997 and 1996, and the related statement of
operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Stanton Associates, Limited (a Tennessee limited partnership)
d/b/a Stanton Village Apartments, RHS Project No. : 48-038-
621542356, as of December 31, 1997 and 1996, and the results of
its operations, the changes in partners' equity and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 14, 1998 on our consideration of
Stanton Associates, Limited's internal control structure and a
report dated March 14, 1998 on its compliance with laws and
regulations applicable to the financial statements.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Columbia, Tennessee
March 14, 1998
Mantyla
McReynolds PC
Certified Public Accountants
Independent Auditor's Report
Partners
Woodlands Apartments
Elko, Nevada
We have audited the accompanying balance sheets of Woodlands
Apartments (Project), FmHA Case No. 33-004-0880314570, as of
December 31, 1997 and 1996 and the related statements of
operations, changes in Project equity and cash flows for the
years then ended. These financial statements are the
responsibility of the Project's management. Our responsibility
is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted
auditing standards and with Government Auditing Standards, issued
by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the Project as of December 31, 1997 and 1996 and the results
of its operations and cash flows for the years then ended, in
conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the financial statements taken as a whole. The supplemental data
included in the report (shown on pages 10 through 12) are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements of the Project
for the year ended December 31, 1997. Such information has been
subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly
presented in all material respects in relation to the financial
statements taken as a whole.
Partners
Woodlands Apartments
In accordance with Government Auditing Standards, we have issued
a report dated February 4, 1998, on our consideration of the
Project's internal control structure and a report dated February
4, 1998, on its compliance with laws and regulations.
February 4, 1998
LIPSKY, GOODKIN & GO., P C.
CERTIFIED PUBLIC ACCOUNTANTS
120 WEST 45TH STREET
NEW YORK, NEW YORK 10036
TELEPHONE (212) 840-6444
TELECOPIER (212) 921-7186
MEMBERS AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
N. Y. STATE SOCIETY OF
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners
352 Lenox Associates, L.P.
We have audited the accompanying balance sheet of 352 Lenox
Associates, L.P. as of December 31, 1998, and the related
statements of operations, changes in partners' equity and cash
flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of 352 Lenox Associates, L.P. as of December 31, 1998, and the
results of its operations, the changes in partners' equity and
cash flows for the year ended December 31, 1998, in conformity
with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 13 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
March 3, 1999
- -3-
Grantham Poole
1. Thomas Grantham, Jr., CPA, CFP, ABV
James E. Poole, CPA
Vance Randall, CPA
J. Richard Reitano, CPA, J.D.
Alan G. Arrington, CPA
RobertA. Cunningham, CPA
William L. Crim, Jr., CPA
Mary Ann Mosal, CPA
Sue Carole Chisolm, CPA
D. Stevens Norman, CPA
Dickens Q. Fournet, CPA
Marcy L. Lee, CPA
Fred L. Richards, CPA, CFP
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
The Partners
Ethel Housing, L.P.
Ethel, Mississippi
We have audited the accompanying balance sheets of Ethel Housing,
L.P., RD Case No. 28-0040640823417, as of December 31, 1998 and
1997, and the related statements of operations, partners' equity,
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ethel Housing, L.P. as of December 31, 1998 and 1997, and the
results of its operations and its cash flows for the years then
ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the Audit
Program issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February 3,
1999, on our consideration of Ethel Housing, L.P.'s internal
control, and reports dated February 3, 1999, on its compliance
with specific requirements applicable to major RD programs and
nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
additional analysis and are not a required part of the financial
statements of Ethel Housing, L.P. Such information, except for
the current budget and proposed budget columns on page 17 through
20, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
February 3, 1999
MILLER, MAYER, SULLIVAN & STEVENS LLP
CERTIFIED PUBLIC ACCOUNTANTS
INNOVATORS OF SOLUTION TECHNOLOGY
INDEPENDENT AUDITORS' REPORT
To the Partners
Horse Cave Family Apartments, Ltd.
We have audited the accompanying balance sheet of Horse Cave
Family Apartments, Ltd., (a limited partnership), as of December
31, 1998 and the related statements of operations, changes in
partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Horse Cave Family Apartments, Ltd. as of December 31, 1998,
and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplemental
data included in this report is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements, and in our opinion, is presented fairly, in all
material respects, in relation to the basic financial statements
taken as a whole.
Lexington, Kentucky
January 28, 1999
(606) 223 -3095
FAX: (606) 223-2143
2365 HARRODSBURG ROAD
LEXINGTON, KENTUCKY 40504-3399
Roger Morris
Independent Auditors' Report
To the partners
Hurrican Hills I LC
I have audited the accompanying balance sheets of Hurricane Hills
LC as of December 31, 1998, and the related statements of
operations, partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examination, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management as well as evaluating
the overall financial statement presentation. We believe that
our audits provided a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Hurrican Hills I LC as of December 31, 1998, and the results
of its operations, changes in Partners' equity and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Tobin and Company
Certified Public Accountants
2001 Palmer Avenue
Larchmont, New York 10538
914-833-2200 fax: 914-833-2278
INDEPENDENT AUDITORS' REPORT
To the Partners
Main Everett Housing Limited Partnership
We have audited the accompanying balance sheet of Main Everett
Housing Limited Partnership as of December 31, 1998 and 1997 and
the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatements. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Main Everett Housing Limited Partnership as of December 3 1,
1998 and 1997 and the results of its operations, changes in
partners' equity and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming and opinion on
the basic financial statements taken as a whole. The supplemental
information on page 15 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Tobin and Company, CPA's
January 29, 1999
- -3-
Boyd, Franz & Stephans LLP
12755 Olive Street Road
St. Louis, Missouri 63141
314/576-7400
Fax 314/576-3770
Certified Public Accountants
Joseph B. Stephans, CPA, CFP
Robert F. Kelly, CPA
John P. Nanos, CPA
Stephen M. King, CPA
Michael P. Siebert, CPA
To the Partners
M.R.H., L.P.
We have audited the accompanying balance sheets of M.R.H., L.P.
as of December 31, 1998 and 1997, and the related statements of
operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of M.R.H., L.P. as of December 31, 1998 and 1997, and the results
of its operations, changes in partners' equity and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
January 29, 1999
Tobin and Company
Certified Public Accountants
2001 Palmer Avenue
Larchmont, New York 10538
914-833-2200 fax: 914-833-2278
INDEPENDENT AUDITORS'REPORT
To the Partners
Osborne Housing Limited Partnership
We have audited the accompanying balance sheet of Osborne Housing
Limited Partnership as of December 31, 1998 and 1997 and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatements. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Osborne Housing Limited Partnership as of December 31, 1998
and 1997 and the results of its operations, changes in partners'
equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming and opinion on
the basic financial statements taken as a whole. The supplemental
information on page 15 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Tobin and Company, CPA's
January 29, 1999
Campanella & Stevens PC.
Ward F. Junkermier, CPA Jerry L. Lehman, CPA
George L. Campanella, CPA Daniel J. Konen, CPA
Rick A. Frost, CPA James V. Galipeau, CPA
Robert E. Nebel, CPA Robert E. Geis, CPA
Joseph F. Shevlin, CPA Daniel J. Eigeman, CPA
Junkermier - Clark Ronald A. Taylor, CPA Gerald L. Hanson,
CPA
Terry L. Alborn, CPA Joseph S. Adney, CPA
Walter J. Kero, CPA Robert J. Heffernan, CPA
Certified Public Accountants
To the Partners
Sandstone Village Limited Partnership
Great Falls, Montana
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Sandstone
Village Limited Partnership as of December 31, 1998 and 1997 and
the related statements of operations, partners' capital and cash
flows for the years then ended. These financial statements are
the responsibility of the management of Sandstone Village Limited
Partnership. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sandstone Village Limited Partnership as of December 31, 1998
and 1997, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Great Falls, Montana
January 29, 1999
-3
501 Park Drive South - P.O. Box 989 - Great Falls, Montana
59403(406) 761-2820 FAX 761-2825
Offices in: Columbia Falls - Fort Benton - Great Falls -
Helena - Kalispell - Lincoln Missoula - Whitefish
Shannon Housing, L.P.
RD Case No. 28-0410640835658
1998 and 1997,
GranthamPoole
1. Thomas Grantham, Jr., CPA, CFP, ABV
James E. Poole, CPA
Vance Randall, CPA
J. Richard Reitano, CPA, J.D.
Alan G. Arrington, CPA
RobertA. Cunningham, CPA
William L. Crim, Jr., CPA
Mary Ann Mosal, CPA
Sue Carole Chisolm, CPA
D. Stevens Norman, CPA
Dickens Q. Fournet, CPA
Marcy L. Lee, CPA
Fred L. Richards, CPA, CFP
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Shannon Housing, L.P.
We have audited the accompanying balance sheets of and the
related statements of Shannon Housing, L.P. RD Case No.
28-0410640835658 as of December 31, 1998 and 1997, operations,
partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Shannon Housing, L.P. as of December 31, 1998 and 1997, and
the results of its operations and its cash flows for the years
then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the Audit
Program issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February 3,
1999, on our consideration of Shannon Housing, L.P.'s internal
control, and reports dated February 3, 1999, on its compliance
with specific requirements applicable to major RD programs and
nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
additional analysis and are not a required part of the financial
statements of Shannon Housing, L.P. Such information, except for
the current budget and proposed budget columns on page 17 through
20, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
February 3, 1999
INDEPENDENT AUDITORS' REPORT
To the Partners of
Sutton Place Apartments
(A Limited Partnership)
Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project
#07355035, 073-55037, 073-55038, 073-55061 and 073-55062 of
Sutton Place Apartments (a limited partnership) as of December
31, 1998, and the related statements of profit and loss, changes
in partners, capital and cash flows for the year then ended.
These financial statements are the responsibility of the
Project's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States, and Consolidated Audit
Guide for Audits of HUD Programs (the "Guide") issued by the U.
S. Department of Housing and Urban Development, Office of
Inspector General in August 1997. Those standards and the Guide
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of HUD Project #073-55035, 073-55037, 073-55038, 073-55061 and
073-55062 as of December 31, 1998 and the results of its
operations and its cash flows and its changes in partners'
capital for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 27, 1999 an our consideration of
Sutton Place Apartments' internal control and a report dated
January 27, 1999 on its compliance with laws and regulations.
We were engaged to conduct an audit for the purpose of forming an
opinion on the financial statements taken as a whole. The
additional information included in the report shown on pages
12-16 is presented for the purposes of additional analysis and is
not a required part of the financial statements of HUD Project
#07355035, 073-55037, 073-55038, 073-55061 and 073-55062. Such
information has been subjected to the auditing-procedures applied
in the audit of the financial statements and, in our opinion, is
fairly stated in all material respects in relation to the
financial statements taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
January 27, 1999
Hischler, Nurre & Waite, Ltd.
INDEPENDENT AUDITORS' REPORT
To the Partners
Washington Arms Apartments
(A Limited Partnership)
Dayton, Ohio
We have audited the accompanying balance sheet of HUD Project
#046-NI093 of Washington Arms Apartments (a limited partnership)
as of December 31, 1998, and the related statements of profit and
loss, changes in partners' capital and cash flows for the year
ended December 31, 1998. The financial statements are the
responsibility of the Project's management. Our responsibility
is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States, and Consolidated Audit
Guide for Audits of HUD Programs (the "Guide") issued by the U.S.
Department of Housing and Urban Development, Office of Inspector
General in August 1997. Those standards and the Guide require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of HUD Project #046-NI093 as of December 31, 1998 and the results
of its operations and its cash flows and its changes in partners'
capital for the period then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 27, 1999 on our consideration of
Washington Arms Apartments' internal controls and a report dated
January 27, 1999 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The additional
information included in the report shown on pages 12-14 is
presented for the purposes of additional analysis and is not a
required part of the financial statements of HUS Project #046-
NI093. Such information has been subjected to the auditing
procedures applied in a the audit of the financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
Hischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
January 27, 1999
2
GranthamPoole
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
The Partners
West Point Housing, L.P.
West Point, Mississippi
We have audited the accompanying balance sheets of and the
related statements of West Point Housing, L.P. RD Case No. 28-013-
0640834734 as of December 31, 1998 and 1997, operations,
partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of West Point Housing, L.P. as of December 31, 1998 and 1997, and
the results of its operations and its cash flows for the years
then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the Audit
Program issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February 3,
1999, on our consideration of West Point Housing, L.P.'s internal
control, and reports dated February 9, 1999, on its compliance
with specific requirements applicable to major RD programs and
nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
additional analysis and are not a required part of the financial
statements of West Point Housing, L.P. Such information, except
for the current budget and proposed budget columns on page 17
through 20, on which we express no opinion, is fairly stated in
all material respects in relation to the financial statements
taken as a whole.
February 9, 1999
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
The Partners
Ethel Housing, L.P.
Ethel, Mississippi
We have audited the accompanying balance sheet of Ethel Housing,
L.P., RD Case No. 28-0040640823417, as of December 31, 1997 and
1996, and the related statements of operations, partners' equity,
and cash flows for the year ended December 31, 1997 and the
period June 26, 1996 through December 31, 1996. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ethel Housing, L.P. as of December 31, 1997 and 1996, and the
results of its operations and its cash flows for the year ended
December 31, 1997 and the period June 26, 1996 through December
31, 1996 in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the Audit
Program issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February
17, 1998, on our consideration of Ethel Housing, L.P. as internal
control, and reports dated February 17, 1998, on its compliance
with specific requirements applicable to major RD programs and
nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
Ethel Housing, L.P.
Page Two
additional analysis and are not a required part of the financial
statements of Ethel Housing, L.P. Such information, except for
the current budget and proposed budget columns on page 17 through
20, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
February 17, 1998
MILLER, MAYER, SULLIVAN & STEVENS LLP
CERTIFIED PUBLIC ACCOUNTANTS
INNOVATORS OF SOLUTION TECHNOLOGY
INDEPENDENT AUDITORS' REPORT
To the Partners
Horse Cave Family Apartments, Ltd.
We have audited the accompanying balance sheet of Horse Cave
Family Apartments, Ltd., (a limited partnership), as of December
31, 1997 and the related statements of operations, partners'
equity (deficit), and cash flows for the period then ended.
These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Horse Cave Family Apartments, Ltd. as of December31, 1997, and
the results of its operations and its cash flows for the period
then ended in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental data included in this report is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements, and in our opinion, is presented fairly, in
all material respects, in relation to the basic financial
statements taken as a whole.
Lexington, Kentucky
February 3, 1998
Robert C. Morris CPA
716 S. 1100 W
Cedar City, Utah 84720
INDEPENDENT AUDITORS' REPORT
To the Partners
Hurricane Hills I LC
I have audited the accompanying balance sheet of Hurricane Hills
I LC
as of December 31, 1997 and the related statements of operations,
partners' equity and cash flows for the year the ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Hurricane Hills I LC
as of December 31, 1997, and the results of its operations,
changes in partners' equity and cash flows for the year then
ended in conformity with generally accepted accounting
principles.
San Juan, Puerto Rico
MISCHLER
NURRE
WAITE
CERTIFIED PUBLIC ACCOUNTANTS
973 HATCH STREET
CINCINNATI, OHIO 45202
513-579-8787
FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the PartnersWashington Arms Apartments(A Limited
Partnership)Dayton, OhioWe have audited the accompanying balance
sheet of HUD Project #046NIO93 of Washington Arms Apartments (a
limited partnership) as of December 31, 1997, and the related
statements of profit and loss, changes in partners' capital and
cash flows for the year ended December 31, 1997. These financial
statements are the responsibility of the Project's management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States, and Consolidated Audit
Guide for Audits of HUD Programs (the "Guide") issued by the U. S.
Department of Housing and Urban Development, Office of Inspector
General in August 1997. Those standards and the Guide require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of HUD
Project #046-NIO93 as of December 31, 1997 and the results of its
operations and its cash flows and its changes in partners' capital
for the period then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 13, 1998 on our consideration of
Washington Arms Apartments' internal controls and a report dated
February 13, 1998 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The additional information
included in the report shown on pages 13-17 is presented for the
purposes of additional analysis and is not a required part of the
financial statements of HUD Project #046-NIO93. Such information
has been subjected to the auditing procedures applied in the audit
of the financial statements and, in our opinion, is fairly stated
in all material respects in relation to the financial statements
taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
February 13, 1998
Junkermier - ClarkCampanella - Stevens - P.C.Certified Public
AccountantsTo the PartnersSandstone Village Limited
PartnershipGreat Falls, Montana
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Sandstone
Village Limited Partnership as of December 31, 1997 and 1996 and
the related statements of operations, partners' capital and cash
flows for the years then ended. These financial statements are
the responsibility of the management of Sandstone Village Limited
Partnership. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sandstone Village Limited Partnership as of December 31, 1997
and 1996, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Great Falls, Montana
February 6, 1998
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
INDEPENDENT AUDITORS' REPORT
The Partners
Shannon Housing, L.P.
Shannon, Mississippi
We have audited the accompanying balance sheets of Shannon
Housing, L.P., RD Case No. 28-0410640835658, as of December 31,
1997 and 1996, and the related statements of operations,
partners' equity, and cash flows for the year ended December 31,
1997 and the period April 11, 1996 through December 31, 1996.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Shannon Housing, L.P. as of December 31, 1997 and 1996, and
the results of its operations and its cash flows for the year
ended December 31, 1997, and the period April 11, 1996 through
December 31, 1996 in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards and the Audit
Program, issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February
14, 1998, on our consideration of Shannon Housing, L.P.'s
internal control, and reports dated February 14, 1998, on its
compliance with specific requirements applicable to major RD
programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
Shannon Housing, L.P.
Page Two
additional analysis and are not a required part of the financial
statements of Shannon Housing, L.P. Such information, except for
the current budget and proposed budget columns on page 17 through
20, on which we express no opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
February 14, 1998
MISCHLER
NURRE
WAITE
CERTIFIED PUBLIC ACCOUNTANTS
973 Hatch Street
Cincinnati, Ohio 45202
513-579-8787
Fax: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of
Sutton Place Apartments
(A Limited Partnership)
Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project
107355035, 073-55037, 073-55038, 073-55061 and 073-55062 of
Sutton Place Apartments (a limited partnership) as of December
31, 1997, and the related statements of profit and loss, changes
in partners' capital and cash flows for the year then ended.
These financial statements are the responsibility of the
Project's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States, and Consolidated Audit
Guide for Audits of HUD Programs (the "Guide") issued by the U.
S. Department of Housing and Urban Development, Office of
Inspector General in August 1997. Those standards and the Guide
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of HUD Project 1073-55035, 073-55037, 073-55038, 073-55061 and
073-55062 as of December 31, 1997 and the results of its
operations and its cash flows and its changes in partners'
capital for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 13, 1998 on our consideration of
Sutton Place Apartments' internal control and a report dated
February 13, 1998 on its compliance with laws and regulations.
We were engaged to conduct an audit for the purpose of forming an
opinion on the financial statements taken as a whole. The
additional information included in the report shown on pages 13-
17 is presented for the purposes of additional analysis and is
not a required part of the financial statements of HUD Project
107355035, 073-55037, 073-55038, 073-55061 and 073-55062. Such
information has been subjected to the auditing procedures applied
in the audit of the financial statements and, in our opinion, is
fairly stated in all material respects in relation to the
financial statements taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
February 13, 1998
GRANTHAM, RANDALL, ARRINGTON & CO
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
INDEPENDENT AUDITORS' REPORT
The Partners
West Point Housing, L.P.
West Point, Mississippi
We have audited the accompanying balance sheets of West Point
Housing, L.P., RD Case No. 28-0130630762266, as of December 31,
1997 and 1996, and the related statements of operations,
partners' equity, and cash flows for the year ended December 31,
1997 and the period September 29, 1996 through December 31, 1996.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
Opinion on these financial statements based on our audits.
We conducted cur audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of West Point Housing, L.P. as of December 31, 1997 and 1996, and
the results of its operations and its cash flows for the year
ended December 31, 1997 and the period September 29, 1996 through
December 31, 1996 in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, and the Audit
Program issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February
25, 1998, on our consideration of West Point Housing, L.P.'s
internal control, and reports dated February 25, 1998, on its
compliance with specific requirements applicable to major RD
programs and nonmajor RD program transactions.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 15 through 21 are presented for purposes of
West Point Housing, L.P.
Page Two
additional analysis and are not a required part of the financial
statements of West Point Housing, L.P. Such information, except
for the current budget and proposed budget columns on page 18
through 21, on which we express no opinion, is fairly stated in
all material respects in relation to the financial statements
taken as a whole.
February 25, 1998
Bernard Robinson
& Company L.L.P
Certified Public Accountants since 1947
MAILING ADDRESS
P.O. BOX 19608
GREENSBORO, NC 27419-9608
FAX 336-547-0840
TELEPHONE 336-294-4494
Independent Auditor's Report
To the Partners
A.V.A. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheets of A.V.A. Limited
Partnership (a Virginia limited partnership) as of December 31,
1998, and the related statements of operations, partners' equity,
and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit. The financial statements
of A.V.A. Limited Partnership, as of December 31, 1997, were
audited by other auditors whose report dated February 6, 1998,
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of A.V.A. Limited Partnership as of December 31, 1998, and the
results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued our report dated February 5, 1999, on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information listed in the table of contents is presented for
purposes of additional analysis and is not a required part of the
basic financial statements of the Partnership. Such information
has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
February 5, 1999 Page I
LITTLE, SHANEYFELT, MARSHALL & CO.
CERTIFIED PUBLIC ACCOUNTANTS
1501 N. UNIVERSITY, SUITE 300
LITTLE ROCK, ARKANSAS 72207-5232
TELEPHONE 501-666-2879
FAX NO. 501-1366-5260
MARION W. LITTLE, CPA
JEFF SHANEYFELT, CPA
CHARLES A. MARSHALL, JR., CPA
LARRY A CAMPBELL, CPA
STEPHANIE A ROMINE, CPA
PEGGY L. WILSON
KRISSIE G. WILLIAMS
STEVEN D. LITTLE
INDEPENDENT AUDITOR'S REPORT
To the Partners
Beckwood Manor One Limited Partnership
We have audited the accompanying balance sheets of Beckwood Manor
One Limited Partnership, RD Project No. 03-025-710677259 (the
Partnership), as of December 31, 1998 and 1997 and the related
statements of profit (loss), changes in partners' equity
(deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Beckwood Manor One Limited Partnership as of December 31, 1998
and 1997, and its results of operations, changes in partners,
equity (deficit), and cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated February 24, 1999 on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts and grants.
Little, Shaneyfelt, Marshall & Co.
February 24, 1999
PAILET, MEUNIER and LeBLANC, L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
BUTLER ESTATES PARTNERSHIP
A LOUISIANA PARTNERSHIP IN COMMENDAM
We have audited the accompanying balance sheets of BUTLER ESTATES
PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December
31, 1998 and 1997 and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of BUTLER ESTATES PARTNERSHIP, A LOUISIANA PARTNERSHIP IN
COMMENDAM as of December 31, 1998 and 1997 and the results of its
operations, changes in partners' equity and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made primarily for the purpose of forming an
opinion on the basic financial statements for the years ended
December 31, 1998 and 1997 taken as a whole. The supplemental
information on pages 18 and 19 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures performed on the basic financial statements and,
in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Metairie, Louisiana
February 5, 1999
PAILET, MEUNIER and LeBLANC L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
CAMERON APARTMENTS PARTNERSHIP
A LOUISIANA PARTNERSHIP IN COMMENDAM
We have audited the accompanying balance sheets of CAMERON
APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as
of December 31, 1998 and 1997 and the related statements of
operations, changes in partners' equity (deficit) and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of CAMERON APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN
COMMENDAM as of December 31, 1998 and 1997 and the results of its
operations, changes in partners' equity and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made primarily for the purpose of forming an
opinion on the basic financial statements for the years ended
December 31, 1998 and 1997 taken as a whole. The supplemental
information on pages 18 and 19 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures performed on the basic financial statements and,
in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Metairie, Louisiana
February 11, 1999
3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 201 St.
Charles Ave., Suite 2559 - New Orleans, LA 70170 Telephone (504)
837-0770 - Fax (504) 837-7102 Telephone (504) 522-0504 - Fax
(504) 837-7102
Member of International Group of Accounting Firms a Member Firms
in Principal Cities
AICPA SEC Practice Section 0 6CPA Private Companies Practice
Section
TAPP, TAPP & CHU
CERTIFIED PUBLIC ACCOUNTANTS
FRANK J. CHU, CPA
AN ACCOUNTANCY CORPORATION
404 E. LAS TUNAS DR., SUITE 208
SAN GABRIEL, CAUFORNIA 91776
John D. Tapp, CPA
Lynda Tapp, CPA
(626) 286-8897
2650 MISSION STREET #205
SAN MARINO, CALIFORNIA 91108
(626) 286-8897
INDEPENDENT AUDITOR'S REPORT
To the Partners
Decro Nordhoff, L.P.
We have audited the accompanying balance sheets of Decro
Nordhoff, L.P. as of December 31, 1998 and 1997, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Decro Nordhoff, L.P. as of December 31, 1998 and 1997, and the
results of its operations, changes in partners' equity and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 13 and 14 are presented for purposes of
additional analysis and are not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Tapp, Tapp & Chu, CPA's
San Gabriel, California
March 8, 1999
Rothstein, Kass & Company, PC.
1177 Avenue of the Americas
New York, New York 10036-2714
212-490-7700
Fax 212-730-6892
INDEPENDENT AUDITORS REPORT
To the Partners
Escher SRO Project, L.P.
(A Limited Partnership)
We have audited the accompanying balance sheet of Escher SRO
Project, L.P. (A Limited Partnership) (Hud Project No.
NJ-39-KO87-020-2) as of December 31, 1998, and the related
statements of operations, partners' capital and cash flows for
the year then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Escher SRO Project, L.P. (A Limited Partnership) as of
December 31, 1998, and the results of its operations and its cash
flows for the year then ended, in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 18, 1999 on our consideration of
Escher SRO Project, L.P.'s internal control and a report dated
February 18, 1999 on its compliance specific requirements
applicable to major HUD programs.
Roseland, New Jersey
February 18, 1999
Affiliated Offices Worldwide
Thomas C. Cunningham, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 669-5531
INDEPNDENT AUDITOR'S REPORT
To the Partners
Grayson Manor Limited Partnership
I have audited the accompanying balance sheet of Grayson Manor
Limited Partnership as of December 31, 1998, and the related
statements of operations, partners' equity and cash flows for the
year then ended. These financial statements are the
responsibility of the Partnership's management. My responsibility
is to express an opinion on these financial statements based on
my audit.
I conducted my audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States and the U.S.
Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that I plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Grayson Manor Limited Partnership as of December 31, 1998, and
the results of its operations, changes in partners' equity, and
its cash flows for the year then ended in conformity with
generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The Supplemental
information on pages 13 to 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
In accordance with Government Auditing Standards, I have also
issued a report dated March 12, 1999 on my consideration of
Grayson Manor Limited Partnership's internal control and a report
dated March 12, 1999 on its compliance with laws and regulations
applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C.
March 12, 1999
Bernard Robinson
&Company, L.LP
Certfied Public Accountants since 1947
MAILING ADDRESS
P.O. BOX 19608
GREENSBORO, NC 27419-9608
TELEPHONE 336-294-4494
Independent Auditor's Report
To the Partners
G. V. A. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheet of G. V. A.
Limited Partnership (a Virginia limited partnership) as of
December 31, 1998, and the related statements of operations,
partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit. The financial statements
of G. V. A. Limited Partnership as of December 31, 1997, were
audited by other auditors whose report dated February 6, 1998,
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of G. V. A. Limited Partnership as of December 31, 1998, and the
results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued our report dated February 5, 1999, on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information listed in the table of contents is presented for
purposes of additional analysis and is not a required part of the
basic financial statements of the Partnership. Such information
has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANIS
Greensboro, North Carolina
February 5, 1999
SHARPTON, BRUNSON & COMPANY, P.A.
One Southeast Third Avenue, Suite 2100
Miami, FL 33131
Telephone: (305) 374-1574 Facsimile: (305) 372-8161
E-Mail: [email protected]
Independent Accountants' Report
To The Partners
M.B. Apartments Associates, Ltd.
We have audited the accompanying balance sheets of M.B.
Apartments Associates, Ltd. (A Limited Partnership) as of
December 31, 1998 and 1997, and the related statements of
operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of M.B. Apartments Associates, Ltd. (A Limited Partnership) as of
December 31, 1998 and 1997, and the results of its operations,
changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
February 10, 1999
KLINE AND LONDON
CERTIFIED PUBLIC ACCOUNTANTS LLC
STANLEY W. KLINE 3681 GREEN ROAD #402
STUART W. LONDON BEACHWOOD, OHIO 44122-5716
(216) 591-1718
FAX (216) 591-1927
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners of
New Devonshire II Limited Partnership
(An Ohio Limited Partnership)
Lancaster, Ohio
We have audited the accompanying balance sheets of New Devonshire
II Limited Partnership (an Ohio limited partnership), RD Project
#41-049-311449843, as of December 31, 1998 and 1997, and the
related statements of income, changes in partners' deficit, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on the financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards, Government Auditing Standards, issued by the
Comptroller General of the United States, and the U.S. Department
of Agriculture, Farmers Home Administration "Audit Program"
issued in December, 1989. Those standards require that we plan
and perform our audits to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of New Devonshire II Limited Partnership, (an Ohio limited
partnership), at December 31, 1998 and 1997, and the results of
its operations, changes in partners' deficit, and cash 'flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued 8 report dated January 27. 1999, on our consideration of
New Devonshire II Limited Partnership's internal control
structure and a report dated January 27, 1999, on its compliance
with laws and regulations.
Our audits were made for the purpose of forming an opinion on the
financial statement taken as a whole. The accompanying
information included in the report (shown on pages 11 to 18) is
presented for the purpose of additional analysis and is not a
required part of the basic financial statements of New Devonshire
II Limited Partnership. Such information has been subjected to
the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
KLINE AND LONDON
Certified Public Accountants. LLC
Beachwood. Ohio
January 27, 1999
KLINE AND LONDON
CERTIFIED PUBLIC ACCOUNTANTS LLC
STANLEY W. KLINE 3681 GREEN ROAD #402
STUART W. LONDON BEACHWOOD, OHIO 44122-5716
(216) 591-1718
FAX (216) 591-1927
To the Partners of
New Devonshire West Limited Partnership
(An Ohio Limited Partnership)
Lancaster, Ohio
We have audited the accompanying balance sheets of New Devonshire
West Limited Partnership (an Ohio limited partnership), RD
Project #41-092-0310955693, as of December 31, 1998 and 1997, and
the related statements of income, changes in partners' deficit,
and cash flows for the years then ended. The financial statements
are is the responsibility of the Partnership's management. Our
responsibility is to express an opinion on the financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards, Government Auditing Standards, issued by the
Comptroller General of the United States, and the U.S. Department
of Agriculture, Farmers Home Administration "Audit Program"
issued in December, 1989. Those standards require that we plan
and perform our audits to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management. as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statement referred to above present
fairly, in all material respects, the financial position of New
Devonshire West Limited Partnership (an Ohio limited
partnership), at December 31, 1998 and 1997, and the results of
its operations, changes in partners' deficit and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 27, 1999, on our consideration of
New Devonshire West Limited Partnership's internal control
structure and a report dated January 27, 1999, on its compliance
with laws and regulations.
Our audits were made for the purpose of forming an opinion on the
financial statement taken as a whole. The accompanying
information included in the report (shown on pages 11 to 18) is
presented for the purpose of additional analysis and is not a
required part of the basic financial statements of New Devonshire
West Limited Partnership. Such information has been subjected to
the auditing procedures applied in the audit of the basic
financial statement and, in our opinion, is fairly stated in all
material respects in relation to the financial statement taken as
a whole.
KLINE AND LONDON
Certified Public Accountants, LLC
Beachwood, Ohio
January 27, 1999
Thomas C. Cunningham, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 6.69-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners
Powell Valley Village Limited Partnership
I have audited the accompanying balance sheet of Powell Valley
Village Limited Partnership as of December 31, 1998, and the
related statements of operations, partners' equity and cash flows
for the year then ended. These financial statements are the
responsibility of the Partnership's management. My responsibility
is to express an opinion on these financial statements based on
my audit.
I conducted my audit in accordance with generally accepted
auditing standards and Government, Auditing Standards issued by
the Comptroller General of the United States and the U.S.
Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that I plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Powell valley Village Limited Partnership as of December 31,
1998, and the results of its operations, changes in partners'
equity, and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The Supplemental
information on pages 13 to 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
In accordance with Government Auditing Standards, I have also
issued a report dated March 12, 1999 on my consideration of
Powell Valley Village Limited Partnership's internal control and
a report dated March 12, 1999 on its compliance with laws and
regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C.
March 12, 1999
- -3-
PAILET, MEUNIER and LeBLANC, L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
T. R. BOBB APARTMENTS PARTNERSHIP
A LOUISIANA PARTNERSHIP IN COMMENDAM
We have audited the accompanying balance sheets of T. R. BOBB
APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as
of December 31, 1998 and 1997 and the related statements of
operations, changes in partners' equity (deficit) and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of T.R. BOBB APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN
COMMENDAM as of December 31, 1998 and 1997 and the results of its
operations, changes in partners' equity and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made primarily for the purpose of forming an
opinion on the basic financial statements for the years ended
December 31, 1998 and 1997 taken as a whole. The supplemental
information on pages 17 and 18 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures performed on the basic financial statements and,
in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Metairie, Louisiana
February 22, 1999
Bernard Robinson
&Company, L.LP
Certified Public Accountants since 1947
MAILING ADDRESS
P.O. BOX 19608
GREENSBORO, NC 27419-9608
TELEPHONE 336-294-4494
To the Partners
V. V. A. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheet of V. V. A.
Limited Partnership (a Virginia limited partnership) as of
December 31, 1998, and the related statements of operations,
partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit. The financial statements
of V. V. A. Limited Partnership as of December 31, 1997, were
audited by other auditors whose report dated February 6, 1998,
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of V. V. A. Limited Partnership as of December 31, 1998, and the
results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued our report dated February 5, 1999, on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information listed in the table of contents is presented for
purposes of additional analysis and is not a required part of the
basic financial statements of the Partnership. Such information
has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
February 5, 1999 Page I
Bernard Robinson
&Company, L.LP
Certfied Public Accountants since 1947
MAILING ADDRESS
P.O. BOX 19608
GREENSBORO, NC 27419-9608
TELEPHONE 336-294-4494
To the Partners
W. P. V. A. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheet of W. P. V. A.
Limited Partnership (a Virginia limited partnership) as of
December 31, 1998, and the related statements of operations,
partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit. The financial statements
of W. P. V. A. Limited Partnership as of December 31, 1997, were
audited by other auditors whose report dated February 6, 1998,
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of W. P. V. A. Limited Partnership as of December 31, 1998, and
the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued our report dated February 5, 1999, on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information listed in the table of contents is presented for
purposes of additional analysis and is not a required part of the
basic financial statements of the Partnership. Such information
has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
February 5, 1999 Page I
LITTLE, SHANEYFELT, MARSHALL & CO.
CERTIFIED PUBLIC ACCOUNTANTS
PROSPECT BUILDING
1501 N. UNIVERSITY, SUITE 300
LITTLE ROCK, ARKANSAS 72207-5232
INDEPENDENT AUDITOR'S REPORT
To the Partners
Beckwood Manor One Limited Partnership
We have audited the accompanying balance sheets of Beckwood Manor
One Limited Partnership, RD Project No. 03-025-710677259 (the
Partnership), as of December 31, 1997 and 1996 and the related
statements of profit (loss), changes in partners' equity
(deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Beckwood Manor One Limited Partnership as of December 31, 1997
and 1996, and its results of operations, changes in partners,
equity (deficit), and cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated March 15, 1998 on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts and grants.
Little, Shaneyfelt, Marshall & Co.
March 15, 1998
TAPP, TAPP & CHU
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Decro Nordhoff, L.P.
We have audited the accompanying balance sheets of Decro
Nordhoff, L.P. as of December31, 1997 and 1996, and the related
statements of operations. partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Decro Nordhoff, L.P. as of December 31, 1997 and 1996, and the
results of its operations, changes in partners' equity and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 13 and 14 are presented for purposes of
additional analysis and are not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Tapp, Tapp & Chu, CPA's
San Gabriel, California
March 6, 1998
Rothstein, Kass & Company, P.C.
Certified Public Accountants
1177 Avenue of the Americas
New York, New York 10036-2714
212-490-770/Fax 212-730-6892
85 Livingston Avenue
Roseland, New Jersey 07068-1785
973-994-6666/Fax 973-994-0337
INDEPENDENT AUDITORS' REPORT
To the Partners
Escher SRO Project, L.P.
We have audited the accompanying balance sheet of Escher SRO
Project, L.P. as of December 31, 1997, and the related statements
of income, partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Escher SRO Project, L.P. as of December 31, 1997, and the
results of its operations and its cash flows for the year then
ended, in conformity with generally accepted accounting
principles.
Roseland, New Jersey
January 16, 1998
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
Telephone (502)756-5704
FAX (502)756-5927
e-mail [email protected]
INDEPENDENT AUDITOR'S REPORT
To the Partners
Holly Hills Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheet of Holly Hills
Properties, Limited (a Kentucky limited partnership), as of
December 31, 1997 and the related statements of operations,
partners' equity and cash flows for the six-month period then
ended. These financial statements are the responsibility of the
Project's management. My responsibility is to express an opinion
on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards, Government Auditing Standards, issued by the
Comptroller General of the United States, and the Consolidated
Audit Guide for Audits of HUD Programs(the "Guide"). Those
standards and the Guide require that I plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Holly
Hills Properties, Limited, as of December 31, 1997, and the
results of its operations, changes in its partners' capital, and
its cash flows for the six-month period then ended in conformity
with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 11 and 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Daniel G. Drane
Certified Public Accountant
April 14, 1998
Tom Mechsner
Certified Public Accountant
2200 E. Sunshine, Suite 360
Springfield, Missouri 65804
(417) 882-4303
INDEPENDENT AUDITOR'S REPORT
To the Partners
AHAB Project One, L.P.
I have audited the accompanying balance sheets of AHAB Project
One, L.P. as of December 31, 1998 and 1997, and the related
statements of operations, partners, equity (deficit) and cash
flows for the years then ended. These financial statements are
the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of AHAB
Project One, L.P. as of December 31, 1998 and 1997, and the
results of its operations, changes in partners' equity (deficit)
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Tom Mechsner
Certified Public Accountant
January 29, 1999
JOSE R. BARRERAS, CPA
Plaza Inmaculada 1406
Santurce, PR 00909
Telephone (787) 728-4753
Facsimile (787) 728-1214
Report of Independent Accountants
To the Partners of CR Housing Associates, L.P.
I have audited the accompanying balance sheet of CR HOUSING
ASSOCIATES, L.P. (the "Partnership") as of December 31, 1998, and
the related statements of operations, partners' capital and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of CR
HOUSING ASSOCIATES, L.P. as of December 31, 1998, and the results
of it operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 10 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Jose R. Barreras, CPA
June 16, 1999
GORACKE & WILCOX, P.C.
Certified Public Accountants
SOJO SOUTH I ISTH STREET, SUITE 100 0 OMAHA, NEBRASKA 68137-2208
TELEPHONE 402-896-1500
VIRGIL J. GORACKE, C.P.A.
DOUGLAS A. GORACKE. C.P.A.
MICHAEL E. WILCOX, C.P.A.
PAUL F. PIOTROWSKI. C.P.A.
CHRIS E. R177ERBUSH. C.PA.
INDEPENDENT AUDITORS' REPORT
To the Partners
Holly Heights Apartments, L.P.
We have audited the accompanying balance sheets of Holly Heights
Apartments, L.P. as of December 31, 1998 and 1997, and the
related statements
of operations, partners, equity and cash flows for the years then
ended.
These financial statements are the responsibility of the
partnership's
management. Our responsibility is to express an opinion on these
financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Holly Heights Apartments, L.P. as of December 31, 1998 and
1997, and the results of its operations, changes in partners,
equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 14 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
March 4, 1999
Page 1-3
Report of Independent Accountants
To the Partners
CR Housing Associates, LP
We have audited the accompanying balance sheet of CR Housing
Associates, LP
as of December 31, 1997 and the related statements partners'
capital and cash flows for the year the ended. These financial
statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of CR Housing Associates, LP
as of December 31, 1997, changes in partners' capital and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
San Juan, Puerto Rico
DANIEL G. DRANE Telephone (502)756-5704CERTIFIED PUBLIC
ACCOUNTANT FAX (502)756-5927209 East Third Street - P. 0. Box
577 e-mail [email protected], Kentucky 40143
INDEPENDENT AUDITOR'S REPORTTo the PartnersPear Village
LimitedLeitchfield, KentuckyI have audited the accompanying
balance sheet of Pear Village Limited (a Kentucky limited
partnership), as of December 31, 1997, and the related statements
of operations, partners' capital, and cash flows for the year
then ended. These financial statements are the responsibility of
the partnership's management. My responsibility is to express an
opinion on these financial statements based on my audit.
I conducted my audit, as of and for the year ended December 31,
1997, in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Pear
Village Limited, as of December 31, 1997, and the results of its
operations, the changes in its partners' capital, and its cash
flows for the year then ended in conformity with generally
accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Daniel G. Drane
Certified Public Accountant
February 11, 1998
DANIEL G. DRANE Telephone (502)756-5704CERTIFIED PUBLIC
ACCOUNTANT FAX (502)756-5927209 East Third Street - P. 0.
Box 577 email [email protected], Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the PartnersSunday Sun Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sunday Sun
Limited (a Kentucky limited partnership), as of December 31,
1997, and the related statements of operations, partners'
capital/deficit, and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these
financial statements based on my audit.
I conducted my audit, as of and for the year ended December 31,
1997, in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit
provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Sunday Sun Limited, as of December 31, 1997, and the results of
its operations, the changes in its partners' capital/deficit, and
its cash flows for the year then ended in conformity with
generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 13 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Daniel G. Drane
Certified Public Accountant
Trochiano & Daszkowski LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of 1374 Boston Road Associates, L.P.:
We have audited the accompanying balance sheet of 1374 Boston
Road Associates, L.P. s of December 31, 1998 and December 31,
1997, and the related statements of revenues, expenses, and
changes in partners' capital and cash flows for the years then
ended. These financial statements are the responsibility of the
management of 1374 Boston Road Associates, L.P. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable Assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of 1374 Boston Road Associates, L.P. as of December 31, 1998 and
December 31, 1997, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
Trocliano Daszkowski UP
Staten Island: NY
February, 24, 1999
PAILET, MEUNIER and LeBLANC, L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
BIENVILLE 11 APARTMENTS
We have audited the accompanying balance sheets of BIENVILLE II
APARTMENTS, RHS PROJECT NO.: 22-007-721280566 as of December 31,
1998 and 1997 and the related statements of operations, changes
in partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of BIENVILLE If APARTMENTS as of December 31, 1998 and 1997 and
the results of its operations, changes in partners' equity and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information presented on pages 16 through 24, is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
In accordance with Government Auditing- Standards, we have also
issued a report dated February 10, 1999 on our consideration of
BIENVILLE 11 APARTMENTS's internal control and a report dated
February 10, 1999 on its compliance with laws and regulations
applicable to the financial statements.
Metairie, Louisiana
February 10, 1999
4
PAILET, MEUNIER and LeBLANC, L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
BLANCHARD II APARTMENTS
We have audited the accompanying balance sheets of BLANCHARD II
APARTMENTS, RHS PROJECT NO. 22-009-721313034 as of December 31,
1998 and 1997 and the related statements of operations, changes
in partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of BLANCHARD II APARTMENTS as of December 31, 1998 and 1997 and
the results of its operations, changes in partners' equity and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information presented on pages 16 through 24, is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
In accordance with Government- Auditing Standards, we have also
issued a report dated March 2,1999 on our consideration of
BLANCHARD 11 APARTMENTS's internal control and a report dated
March 2, 1999 on its compliance with laws and regulations
applicable to the financial statements.
Metairie, Louisiana
March 2, 1999
4
PAILET, MEUNIER and LeBLANC, L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
EVANGELINE PARTNERSHIP
We have audited the accompanying balance sheets of EVANGELINE
PARTNERSHIP, RHS PROJECT NO. 22-027-721313386 as of December 31,
1998 and 1997 and the related statements of operations, changes
in partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of EVANGELINE. PARTNERSHIP as of December 31, 1998 and 1997 and
the results of its operations, changes in partners' equity and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information presented on pages 16 through 24, is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
In accordance with Government Auditing Standards, we have also
issued a report dated February 19, 1999 on our consideration of
EVANGELINE PARTNERSHIP's internal control and a report dated
February 19, 1999 on its compliance with laws and regulations
applicable to the financial statements.
Metairie, Louisiana
February 19, 1999
4
Y E 0 & Y E 0
Independent Auditors' Report
Partners
Fairway II Limited Dividend Housing Association
Limited Partnership
Marlette, Michigan
We have audited the accompanying balance sheet of Fairway II
Limited Dividend Housing Association Limited Partnership, Rural
Development Project No. 26-074-0383047638 as of December 31,
1998 and 1997, and the related statements of income, partners'
equity and cash flows for the years the ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards, the standards applicable to financial audits
contained in Government Auditing Standards issued by the
Comptroller General of the United States, and the U.S. Department
of Agriculture, Farmers Home Administration Audit Program. Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that-our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Fairway II Limited Dividend Housing Association Limited
Partnership as of December 31, 1998 and 1997, and the results of
its operations, changes in partners equity and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 10, 1999 on our consideration of
Fairway II Limited Dividend Housing Association Limited
Partnership's internal control over financial reporting and our
tests of compliance with certain provisions of laws, regulations,
contracts, and grants.
Our audits were conducted for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplementary information presented on pages I I through 17 is
presented for purposes of complying with the requirements of the
Rural Development and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
February 10, 1999
-1
Yeo & Yeo PC.
Certified Public Accountants
912 Centennial Way
Suite 300
Lansing, M1 48917
(517) 323-9500
FAX (517) 323-8360
COGEN SKLAR LLP
CERTIFIED PUBLIC ACCOUNTANTS
CONSULTANTS TO BUSINESS
INDEPENDENT AUDITORS'REPORT
To the Partners
Neighborhood Restorations Limited Partnership VII
Dresher, Pennsylvania
We have audited the accompanying balance sheet of Neighborhood
Restorations Limited Partnership VII(a Pennsylvania Limited
Partnership) as of December 31, 1998, and the related statements
of operations, changes in partners' capital and cash flows for
the year then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Neighborhood Restorations Limited Partnership VII as of
December 31, 1998, and the results of its operations and its
cash flows for the year then ended in conformity with generally
accepted accounting principles.
January 15, 1999 150 Monument Road. Suite 500
Bala Cynwyd, PA 19004 Tel: 610.668.9700/Fax: 610.668.2181
E-mail: [email protected]
www.co,lenskl~ir.coni
Bernard Robinson
& Company, LIP
Certified Public Accountants since 1947
MAILING ADDRESS OFFICES
Po, Box 19608 Independent Auditor's Report
GREENSBORO, Nc 27419-9608 GREENSBORO, NC 274 10
FAX 336-547-0840 TELEPHONE 336-294-4494
To the Partners
R. V. K. Y. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheet of R. V. K. Y.
Limited Partnership (a Kentucky limited partnership) as of
December 31, 1998, and the related statements of operations,
partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit. The balance sheet of R.
V. K. Y. Limited Partnership as of December 31, 1997, was
audited by other auditors whose report dated June 3, 1998,
expressed an unqualified opinion on the balance sheet.
We conducted our audit in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of R. V. K. Y. Limited Partnership as of December 31, 1998, and
the results of its operations and its cash flows for the year
ended December 31, 1998, in conformity with generally accepted
accounting principles.
We did not audit or review the statements of operations,
partners' equity and cash flows for the year ended December 31,
1997 and, accordingly we express no opinion or other form of
assurance on them.
In accordance with Government Auditing Standards, we have also
issued our report dated February 5, 1999, on our consideration
of the Partnership's internal control over financial reporting
and our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information for 1998 listed in the table of contents is
presented for purposes of additional analysis and is not a
required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
February 5, 1999
Page I
Kupferberg, Goldberg & Nelmark, LLC
Independent Auditors' Report
Partners
Senior Suites Chicago Austin
Limited Partnership
Chicago, Illinois
We have audited the accompanying balance sheet of Senior Suites
Chicago Austin Limited Partnership (an Illinois Limited
Partnership) as of December 3l, 1998, and the related statements
of operations, partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit. We
conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
presents fairly, in all material respects, the financial
position of Senior Suites Chicago Austin Limited Partnership as
of December 31, 1998 and the results of its operations and its
cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion an
the basic financial statements taken as a whole, The schedule of
other operating expenses on page 10 is presented for the purpose
of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
whole.
KUPFERBERHG, GOLDBERG & NEIMARK, LLC
February 13, 1999
K.OSTIN, RUFFKESS & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS
345 North Main Street
West Hartford, CT 06117-2521
(860) 236-1975 To The Partners
Sumner House Limited Partnership
FAX: (860) 236-1783
400 Bayonet Street, Suite 306
New London, CT 06320-2600
(860) 4424373
Toll Free: (888) 666-5726
FAX: (860) 442-1124
INDEPENDENT AUDITORS'REPORT
We have audited the accompanying balance sheet of Sumner House
Limited Partnership as of December 31, 1998, and the related
statements of operations and changes in partners' capital and
cash flows, and the supplementary information contained in
Schedule I for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the accompanying financial statements and
supplementary information present fairly, in all material
respects, the financial position of Sumner House Limited
Partnership as of December 31, 1998, and the results of its
operations and cash flows for the year then ended, in conformity
with generally accepted accounting principles.
Members of American Institute of
Certified Public Accountants
West Hartford, Connecticut
February 23, 1999
Krest on International A worldwide network of independent
accountants
An Equal Opportunity Employer
STANGL & JASKOWIAK, LTD
CERTIFIED PUBLIC ACCOUNTANTS
2 South 2nd Avenue Suite 100
Sauk Rapids, MN 56379
(320) 252-9972
Fax (320) 253-4160
Clyde M. Stangl, CPA
Adam M. Jaskowiak, CPA
Allan J. Rudolph, CPA
Robert J. Zawacki, LPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Terraceview Limited Partnership
We have audited the accompanying balance sheet of Terraceview
Limited Partnership as of December 31, 1998, and the related
statements of operations, partners, equity (deficit) and cash
flows for the year then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Terraceview Limited Partnership as of December 31, 1998, and
the results of its operations, changes in partners' equity
(deficit) and cash flows for the year then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 12 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
February 22, 1999
DANIEL G. DRANE Telephone (502)756-5704
CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927
209 East Third Street - P. 0. Box 577 e-mail [email protected]
Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners
Ashberry Manor, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheet of Ashberry Manor,
Limited (a Kentucky limited partnership), as of December 31,
1997, and the related statements of operations, partners'
capital/deficit, and cash flows for the period March 12, 1997 to
December 31, 1997. These financial statements are the
responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit, as of December 31, 1997 and for the period
March 12, 1997 to December 31, 1997, in accordance with
generally accepted auditing standards. Those standards require
that I plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
I believe that my audit provides a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ashberry Manor, Limited, as of December 31, 1997, and the
results of its operations, the changes in its partners'
capital/deficit, and its cash flows for the period March 12,
1997 to December 31, 1997 in conformity with generally accepted
accounting principles.
My audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Daniel G. Drane
Certified Public Accountant
April 14, 1998
DANIEL G. DRANETelephone (502)756-5704
CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927
209 East Third Street - P. 0. Box 577 e-mail [email protected]
Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners
Sand Lane Manor, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheet of Sand Lane
Manor, Limited (a Kentucky limited partnership), as of December
31, 1997. This financial statement is the responsibility of the
partnership's management. My responsibility is to express an
opinion on this financial statement based on my audit.
I conducted my audit, as of December 31, 1997, in accordance
with generally accepted auditing standards. Those standards
require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statement is free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statement. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a
reasonable basis for my opinion.
In my opinion, the balance sheet referred to above presents
fairly, in all material respects, the financial position of Sand
Lane Manor, Limited, as of December 31, 1997, in conformity with
generally accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
June 3, 1998
KGN
Certified Public Accountants
Financial & Management Consultants
Kupferberg, Goldberg & Neimark, LLC
111 E. Wacker Drive Suite 1400
Chicago, Illinois 60602-4595
312-819-4300 FAX 312-819-4343
e-mail: kgn @kgn.com
To the Partners of
Senior Suites Chicago Austin
Limited Partnership
Chicago, Illinois
We have audited the accompanying balance sheet of Senior Suites
Chicago Austin Limited Partnership (a Development Stage Company)
as of December 31, 1997, and the related statement of partners'
equity for the year then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
presents fairly, in
all material respects, the financial position of Senior Suites
Chicago Austin
Limited Partnership (a Development Stage Company) as of December
31, 1997 and the changes in partners' equity for the year then
ended in
conformity with generate accepted accounting principles.
KUPFERBERG, GOLD
January 22, 1998
STANGL & JASKOWIAK, LTDCERTIFIED PUBLIC ACCOUNTANTSClyde M.
Staitgl, CPAAdam M. Jaskowiak, CPAAllan J. Rudolph, CPARobert J.
Zawacki, LPAINDEPENDENT AUDITORS' REPORTTo the PartnersTerraceview
Limited Partnership
We have audited the accompanying balance sheet of Terraceview
Limited Partnership as of December 31, 1997, and the related
statements of operations, partners' equity (deficit) and cash flows
for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Terraceview Limited Partnership as of December 31, 1997, and the
results of its operations, changes in partners' equity (deficit)
and cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation the basic financial statements taken as a whole.
February 7, 1998
GranthamPoole
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
The Partners
Collins Housing, L.P.
Collins, Mississippi
We have audited the accompanying balance sheets of Collins
Housing, L.P. , RD Case No. 28-016408646674, as of December 31,
1998 and 1997, and the related statements of operations,
partners' equity, and cash flows for the year ended December 31,
1998 and the period October 1, 1997 through December 21, 1997.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit in includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Collins Housing, L.P. as of December 31, 1998 and 1997, and
the results of its operations and its cash flows for the year
ended December 31, 1998 and the period October 1, 1997 through
December 31, 1997 in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards and the Audit
Program, issued by the United States Department of Agriculture,
Rural Development, we have also issued a report dated February
1, 1999, on our consideration of Collins Housing, L.P.'s
internal control, and reports dated February 1, 1999, on its
compliance with specific requirements applicable to major RD
programs and nonmajor RD prgram transactions.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supporting data
included on pages 14 through 20 are presented for purposes of
additional analysis and are not a required part of the financial
statements of Collins Housing, L.P. Such information, except for
the current budget and proposed budget columns on page 17
through 20, on which we express no opinion, is fairly stated in
all material respects in relation to the financial statements
taken as a whole.
February 1, 1999
CONSIDINE & CONSIDINE
To The Partners
Lincoln Hotel Partnership
A California Limited Partnership
600 West Broadway, #1070
San Diego, CA 92101
Independent Auditor's Report
We have audited the accompanying balance sheet of Lincoln Hotel
Partnership, A California Limited Partnership, as of December
31, 1998 and 1997 and the related statements of operations and
partners' capital and statements of cash flows for the years
then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lincoln Hotel Partnership, a California Limited Partnership,
as of December 31, 1998, and the results of operations and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
CONSIDINE & CONSIDINE
An Accountancy Corporation
February 11, 1999
CERTIFIED PUBLIC ACCOUNTANTS - MEMBER OF AICPA
1501 FIFTH AVENUE, SUITE 400 SAN DIEGO. CA 92101-3202
(619) 231-1977 - FAX: (619) 231-8244
Matthews, Hearon, Cutrer & Lindsay, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
Brett C. Matthews, CPA
Raleigh Cutrer, CPA
Charles R. Lindsay, CPA
J. Erik Hearon, CPA
Tammy Burney Ray, CPA
Elizabeth Hulen Barr, CPA
Matthew E. Freelow, CPA
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lutkin Bayou Apartments, LP
Drew, Mississippi
We have audited the accompanying balance sheets of Lutkin Bayou
Apartments. LP (a Mississippi limited partnership), RHS Project
No. 28-083-640863241 December 31, 1998 and 1997, and the related
statements of operations, partners' capital (deficit) and cash
flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material prespect, the financial position
of Lutkin Bayou Apartment, LP, and the results of its operations
and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purposes of forming pn opinion on
the basic financial statements taken as a whole. The
supplemental information is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. We have prepared the Multiple Family Housing
Borrower Balance Sheet (RHS FORM RD 1980-8) and the Multiple
Family Housing Project Budget (RHS FORM RD 1980-7). Such
information has been sqbjecte~d to the audit procedures applied
in the audit of the basic.financial statements and, in our
opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Jackson, Mississippi
January 22, 1999
633 North State Street * Suite 6010 Jackson, Mississippi
39202-3306
Telephone (601) 355-9266 * Facsimile (601) 352-6826 * E-mail:
[email protected]
LOU ANN MONTEY AND ASSOCIATES, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
8400 N. Mopse Expressway-Suite 304-Anstin. Texas 79759
(312)338-0000 Facsimile (512)338-S395
To The Partners
Northway Drive, Ltd.
Bryan, Texas
We have audited the accompanying balance sheet of Northway
Drive, Ltd. - (A Texas Limited Partnership) as of December 31,
1998, and the related statements of income, partners' equity and
cash flows for the year ended December 31, 1998. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audit in accordance with Generally Accepted
Auditing Standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the balance sheet is free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall balance sheet presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents
fairly, in all material respects, the financial position of
Northway Drive, Ltd - (A Texas Limited Partnership) as of
December 31, 1998, in conformity with Generally Accepted
Accounting Principles.
Austin, Tex
February 16, 1999
Moore, Camp, Phillips & Co., LLP
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners
Bryson Apartments, LTD.
We have audited the accompanying balance sheet of Bryson
Apartments, Ltd. (a limited partnership) as of December 31, 1997
and the related statement of operations, partners' equity and
cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Bryson Apartments, Ltd. as of December 31, 1997, and the
results of its operations, changes in partners' equity and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on Page I-17 is presented for purposes of additional
analysis and is not a required part of the basic financial state-
To the Partners
Page 2
ments. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Wichita Falls, Texas
March 7, 1998
Moore, Camp, Phillips & Co., LLP
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners
Glenbrook Apartments, Ltd.
We have audited the accompanying balance sheet of Glenbrook
Apartments, Ltd. (a limited partnership) as of December 31, 1997
and the related statements of operations, partners' equity and
cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Glenbrook Apartments, Ltd. as of December 31, 1997, and the
results of its operations, changes in partners, equity and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on Page I-17 is presented for purposes of additional
To the Partners
Page 2
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Wichita Falls, Texas
March 9, 1998
Moore, Camp, Phillips & Co., LLP
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners
Jacksboro Apartments, LTD.
We have audited the accompanying balance sheet of Jacksboro
Apartments, Ltd. (a limited partnership) as of December 31, 1997
and the related statements of operations, partners' equity and
cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Jacksboro Apartments, Ltd. as of December 31, 1997, and the
results of its operations, changes in partners, equity and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on Page I-17 is presented for purposes of additional
analysis and is not a required part of the basic financial state-
To the Partners
Page 2
ments. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Wichita Falls, Texas
March 6, 1998
INDEPENDENT AUDITORS' REPORT
To the Partners
Rhome Apartments, Ltd.
We have audited the accompanying balance sheet of Rhome
Apartments, Ltd. (a limited partnership) as of December 31, 1997
and the related statements of operations, partners' equity and
cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Rhome Apartments, Ltd. as of December 31, 1997, and the
results of its operations, changes in partners' equity and cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page I-17 is presented for purposes of additional
analysis and is not a required part of the basic financial state-
To the Partners
Page 2
ments. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Wichita Falls, Texas
February 23, 1998
LITTLE, SHANEYFELT, MARSHALL & CO.
MARION W. LITTLE, CPA TELEPHONE 501-668-2879
JEFF SHANEYFELT, CPA FAX NO. 501-668-6260
CHARLES A. MARSHALL, JR., CPA
PROSPECT BUILDING
LARRY A. CAMPBELL, CPA 1501 N. UNIVERSITY, SUITE 300 BENTON,
ARKANSAS OFFICE
STEPHANIE A. ROMINE, CPA 210 W. SEVIER STREET
PEGGY L. WILSON LITTLE ROCK, ARKANSAS 72207-5232 BENTON,
ARKANSAS 72015
KRISSIE G. WILLIAMS TELEPHONE 501-378-In4S
STEVEN D. LITTLE
INDEPENDENT AUDITOR'S REPORT
To the Partners
Bellwood Four Limited Partnership
We have audited the accompanying balance sheet of Bellwood Four
Limited Partnership, (the Partnership), as of December 31, 1998
and the related statements of profit (loss), changes in
partners' equity (deficit) and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Bellwood Four Limited Partnership as of December 31, 1998,
and its results of operations, changes in partners' equity
(deficit), and cash flows for the year then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated March 18, 1999 on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts and grants.
Little, Shaneyfelt, Marshall & Co.
March 18, 1999
Bernard Robinson & Company, LIP
Certified Pubic Accountants since 1947
MAILING ADDRESS OFFICES
P.O. BOX 19608 109 MUIRS CHAPEL ROAD
GREENSBORO, NC 27419-9608 GREENSBORO, NC 274 10
FAX 336-547-0840 TELEPHONE 336-294-4494
Independent Auditor's Report
To the Partners
C. V. V. A. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheets of C. V. V. A.
Limited Partnership (a Virginia limited partnership) as of
December 31, 1998 and 1997, and the related statements of
operations, partners' equity, and cash flows for the year ended
December 31, 1998 and period November 10, 1997 (date of
inception) through December 31, 1997. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of C. V. V. A. Limited Partnership as of December 31, 1998 and
1997, and the results of its operations and its cash flows for
the year ended December 31, 1998 and period November 10, 1997
(date of inception) through December 31, 1997, in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated February 5, 1999, on our consideration
of the Partnership's internal control over financial reporting
and our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplementary information listed in the table of contents is
presented for purposes of additional analysis and is not a
required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
February 5, 1999
Page I
Bernard Robinson
& Company, L.L.P
Certified Public Accountants since 1947
MAILING ADDRESS
P.O. BOX 19608
GREENSBORO, NC 27419-9608
FAX 336-547-0840
TELEPHONE 336-294-4494
OFFICES
109 MUIRS CHAPEL ROAD
GREENSBORO, NC 274 10
Report on Compliance and on Internal Control
Over Financial Reporting Based on an Audit
of Financial Statements Performed in
Accordance with Government Auditing Standards
To the Partners
K. G. V. A. Limited Partnership
Charlotte, North Carolina
We have audited the financial statements of K. G. V. A. Limited
Partnership (a Virginia limited partnership) as of and for the
year ended December 31, 1998, and have issued our report thereon
dated February 5, 1999. We conducted our audit in accordance
with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United
States.
Compliance
As part of obtaining reasonable assurance about whether K. G. V.
A. Limited Partnership's financial statements are free of
material misstatement, we performed tests of its compliance with
certain provisions of laws, regulations, contracts and grants,
noncompliance with which could have a direct and material effect
on the determination of financial statement amounts. However,
providing an opinion on compliance with those provisions was not
an objective of our audit and, accordingly, we do not express
such an opinion. The results of our tests disclosed no instances
of noncompliance that are required to be reported under
Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered K. G. V. A.
Limited Partnership's internal control over financial reporting
in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and not to
provide assurance on the internal control over financial
reporting. Our consideration of the internal control over
financial reporting would not necessarily disclose all matters
in the internal control over financial reporting that might be
material weaknesses. A material weakness is a condition in which
the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk
that misstatements in amounts that would be material in relation
to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. We noted no
matters involving the internal control over financial reporting
and its operation that we consider to be material weaknesses.
This report is intended for the information of the Partnership's
management and USDA Rural Housing Service. However, this report
is a matter of public record and its distribution is not
limited.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
February 5, 1999
Page 12
MONTEITH, LACY, SHARKEY & ASSOCIATES, LLC
Certified Public Accountants
6846 Pacific Street, Suite 100 (888) 558-2596 Office (402)
558-2721
Omaha, Nebraska 68106 Fax (402) 558-2914
INDEPENDENT AUDITORS'REPORT
To the Members
Linden Partners II LLC
We have audited the accompanying balance sheet and related
statement of cash flows of Linden Partners II LLC (a Nebraska
Limited Liability Company in the development stage) as of
December31, 1998. This financial statement is the responsibility
of the Company's management. Our responsibility is to express an
opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for my opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Linden Partners II LLC as of December 1, 1998, in conformity
with generally accepted accounting principles.
February 25, 1999
1-3
SUAREZ ACCOUNTANCY CORPORATION
150 AV. SEVENTH STREET. SUITE 100
SAN PEDRO, CA 90731
RICHARD SUAREZ. JR.. CPA
TELEPHONE (310) 832-7887
PAX 4310) 832-6563
Independent Auditor's Report
To the Partners
Mesa Grande Apartments, Limited Partnership:
(A Development Stage Enterprise)
Newport Beach, California
I have audited the accompanying balance sheet of Mesa Verde
Apartments, Limited Partnership (A Development Stage Enterprise)
as of November 4, 1998, and the related statements of
operations, changes in partners' capital, and cash flows for the
period December 16, 1996 (inception) through December 31, 1998.
These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an
opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Mesa Verde Apartments, Limited Partnership (A Development
Stage Enterprise) at December 31, 1998, and the results of its
operations and cash flows for the period November 4, 1996
(inception) through December 31, 1998 in conformity with
generally accepted accounting principles.
February 28, 1999
San Pedro, California
Moore, Camp, Phillips & Co.
CERTIFIED PUBLIC ACCOUNTANTS
DANNY M. MOORE. C.P.A., C.F.E., C.V.A.
RANDY D . CAMP, C.P.A.
RICHARD A. PHILLIPS. C.P.A. L.L.P.
PHIL S. PATTERSON, C.P.A.
ANN F. LUCAS, C.P.A.
MEMBER: TEXAS SOCIETY OF CERTIF19D PUBLIC ACCOUNTANTS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
To the Partners
Nocona Apartments, Ltd.
Independent Auditors' Report
We have audited the accompanying balance sheets of Nocona
Apartments, Ltd. (a limited partnership), RD Project No: 50-069
0752685663-02-2 as of December 31, 1998 and 1997, and the
related statements of operations, partners' equity (deficit) and
cash flows for the year ended December 31, 1998 and the five
month period ended December 31, 1997. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Nocona Apartments, Ltd. RD Project No.:
50-069-0752685663-02-2 as of December 31, 1998 and 1997, and the
results of its operations, the changes in partners' equity
(deficit) and cash flows for the year ended December 31, 1998
and the five month period ended December 31, 1997 in conformity
with generally accepted accounting principles.
I-1
To the Partners
Nocona Apartments, Ltd.
Page 2
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on Page 1-19 is presented for purposes
of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
In accordance with Government Auditing Standards, we have also
issued a report dated May 14, 1999 on our consideration of
Nocona Apartments, Ltd.'s internal control structure and a
report dated May 14, 1999 on its compliance with laws and
regulations applicable to the financial statement.
Wichita Falls, Texas
May 14, 1999
1-2
SUAREZ ACCOUNTANCY CORPORATION
150W. SEVENTH STREET. SUITE 100
SAN PEDRO. CA 90731
RICHARD SUAREZ. JR.. CPA
TELEPHONE (310183-2-7887
PAX (310) 832-6563
Independent Auditor's Report
To the Partners
Sunrise Homes Apartments, Limited Partnership
(A Development Stage Enterprise)
Newport Beach, California
I have audited the accompanying balance sheet of Sunrise Homes
Apartments, Limited Partnership (A Development Stage Enterprise)
as of December 31, 1998, and the related statements of
operations, changes in partners' capital, and cash flows for the
period November 4, 1996 (inception) through December 31, 1998.
These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an
opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sunrise Homes Apartments, Limited Partnership (A Development
Stage Enterprise) at December 31, 1998, and the results of its
operations and cash flows for the period November 4, 1996
(inception) through December 31, 1998 in conformity with
generally accepted accounting principles.
February 28, 1999
San Pedro, California
EUBANK & BETTS
A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North Post Office Box 16090 / Jackson,
Mississippi 39236-6090 / Phone (601) 987-4300 Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners
Canton Housing One, L.P.
Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing
One, L.P., a Mississippi limited partnership, FmHA Project No.
28-045-0640886062 01-8, as of December 31, 1998 and 1997, and
the related statements of income, partners' capital, and cash
flows for the year ended December 31, 1998 and the one month
ended December 31, 1997. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Canton Housing One, L.P., FmHA Project No. 28-045-0640886062
01-8, as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the year ended December 31,
1998 and the one month ended December 31, 1997 in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 9, 1999, on our consideration of
the Partnership's internal control and a report dated February
9, 1999, on its compliance with specific requirements applicable
to major FmHA programs.
2
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying financial information included on pages 14 through
19 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information, except for the current budget and proposed budget
columns in Part I and 11 and the information in Part IV included
on pages 14 through 17 on which we express no opinion, has been
subjected to the auditing procedures applied in the audits of
the basic financial statements, and in our opinion, is fairly
stated in all material respects in relation to the basic
financial. statements taken as a whole.
EUBANK & BETTS, PLLC
Jackson, Mississippi
February 9, 1999
3
EUBANK & BETTS
A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North / Post Office Box 16090 / Jackson,
Mississippi 39236-6090 / Phone (601) 987-4300 Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners
Canton Housing Two, L.P.
Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing
Two, L.P., a Mississippi limited partnership, FmHA Project No.
28-045-0640886061 01-5, as of December 31, 1998 and 1997, and
the related statements of income, partners' capital, and cash
flows for the year ended December 31, 1998 and the one month
ended December 31, 1997. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Canton Housing Two, L.P., FmHA Project No. 28-045-0640886061
01-5, as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the year ended December 31,
1998 and the one month ended December 31, 1997 in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have
also issued a report dated February 11, 1999, on our
consideration of the Partnership's internal control and a report
dated February 11, 1999, on its compliance with specific
requirements applicable to major FmHA programs,
2
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying financial information included on pages 13 through
18 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information, except for the current budget and proposed budget
columns in Part I and 11 and the information in Part IV included
on pages 13 through 16, on which we express no opinion, has been
subjected to the auditing procedures applied in the audits of
the basic financial statements, and in our opinion, is fairly
stated in all material respects in relation to the basic
financial statements taken as a whole.
EUBANK & BETTS, PLLC
Jackson, Mississippi
February 11, 1999
3
EUBANK & BETTS
A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North / Post Office Box 16090 / Jackson,
Mississippi 39236-6090 / Phone (601) 987-4300Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners
Canton Housing Three, L.P.
Jackson, Mississippi
We have audited the accompanying balance sheet of Canton Housing
Three, L.P., a Mississippi limited partnership, FmHA Project No.
28-045-0640886063 04-2, as of December 31, 1998 and 1997, and
the related statements of income, partners' capital, and cash
flows for the year ended December 31, 1998 and the one month
ended December 31, 1997. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Canton Housing Three, L.P., FmHA Project No.
28-045-0640886063 04-2, as of December 31, 1998 and 1997, and
the results of its operations and its cash flows for the year
ended December 31, 1998 and the month ended December 31, 1997 in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 11, 1999, on our consideration of
the Partnership's internal control and a report dated February
11, 1999, on its compliance with specific requirements
applicable to major FmHA programs.
2
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying financial information included on pages 13 through
18 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information, except for the current budget and proposed budget
columns in Part I and 11 and the information in part IV included
on pages 13 through 16, on which we express no opinion, has been
subjected to the auditing procedures applied in the audits of
the basic financial statements, and in our opinion, is fairly
stated in all material respects in relation to the basic
financial statements taken as a whole.
EUBANK & BETTS, PLLC
Jackson, Mississippi
February 11, 1999
3
EUBANK & BETTS
A Professional Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
3820 Interstate 55 North / Post Office Box 16090 / Jackson,
Mississippi 39236-6090 / Phone (601) 987-4300Fax (601) 987-4314
INDEPENDENT AUDITORS' REPORT
The Partners
Canton Housing Four, L.P.
Jackson, Mississippi
We have audited the accompanying balance sheets of Canton
Housing Four, L.P., a Mississippi limited partnership, FmHA
Project No. 28-045-0640886064 02-0, as of December 31, 1998 and
1997, and the related statements of income, partners' capital,
and cash flows for the year ended December 31, 1998 and the one
month ended December 31, 1997. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Canton Housing Four, L.P., FrnHA Project No.
28-045-0640886064-02-0, as of December 31, 1998 and 1997, and
the results of its operations and its cash flows for the year
ended December 31, 1998 and the month ended December 31, 1997 in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 10, 1999, on our consideration of
the Partnership's internal control and a report dated February
10, 1999, on its compliance with specific requirements
applicable to major FmHA programs.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying financial information included on pages 12 through
17 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information, except for the current budget and proposed budget
columns in Part I and II and the information in Part IV included
on pages 12 through 15, on which we express no opinion, has been
subjected to the auditing procedures applied in the audits of
the basic financial statements, and in our opinion, is fairly
stated in all material respects in relation to the basic
financial statements taken as a whole.
EUBANK & BETTS, PLLC
Jackson, Mississippi
February 10, 1999
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Eagles Ridge Terrace, L. P.
Decatur, Texas
I have audited the accompanying balance sheets of Eagles Ridge
Terrace, L. P. as of December 31, 1998 and 1997, and the related
statements of operations, partners' capital and cash flows for
the year and period then ended. These financial statements are
the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Eagles Ridge Terrace, L. P. as of December 31, 1998 and 1997
and the results of its operations, changes in partners' capital
and cash flows for the year and period then ended in conformity
with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 1-16 and 1-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Fort Worth, Texas
March 13, 1999
1-3
Matthews, Hearon, Cutrer & Lindsay, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
Brett C. Matthews, CPA
Raleigh Cutrer, CPA
Charles R. Lindsay, CPA
J. Erik Hearon, CPA
Tammy Burney Ray, CPA
Elizabeth Hulen Barr, CPA
Matthew E. FreelwW, CPA
INDEPENDENT AUDITOR'S REPORT
To the Partners
Ellisville Housing, L.P.
West Point, Mississippi
We have audited the accompanying balance sheets of Ellisville
Housing, L.P. (a Mississippi limited partnership). RHA Project
No. 28-034-0640864667 as of December 31, 1998 and 1997, and the
related statements of operations, partners' capital (deficit)
and cash flows for the years then ended. These financial
statements are the responsible of the partnership's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Ellisville Housing, L.P. and the results of its operations
and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. We have prepared the Multiple Family Housing
Borrower Balance Sheet (RHS Form RD 1930-8) and the Multiple
Family Housing Project Budget (RHS Form RD 1930-7). Such
information has been subjected to the audit procedures applied
in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Jackson, Mississippi
January 22, 1999
633 North State Street 0 Suite 607 - Jackson, Mississippi
39202-3306
Telephone (601) 355-9266 - Facsimile (601) 352-6826 0 E-mail:
[email protected]
Matthews, Hearon, Cutrer & Lindsay, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
Brett C. Matthews, CPA
Raleigh Cutrer, CPA
Charles R. Lindsay, CPA
J. Erik Hearon, CPA
Tammy Burney Ray, CPA
Elizabeth Hulen Barr, CPA
Matthew E. FreelwW, CPA
INDEPENDENT AUDITOR'S REPORT
INDEPENDENT AUDITOR'S REPORT
To the Partners
Hattiesburg Housing, LP
Jackson, Mississippi
We have audited the accompanying balance sheet of Hattiesburg
Housinq, LP (a Mississippi limited partnership). RHS Proiect No.
28-018-6408b4bbts as of December 31, 1998 and 1997, and the
related statements of operations, partners' capital and cash
flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued b
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Hattiesburg Housing, LP, and the results of its operations
and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. We have prepared the Multiple Family Housing
Borrower Balance Sheet (RHS FORM RD 1930-8) and the Multiple
Family Housing Project Budget (RHS FORM RD 1930-7). Such
information has been subjected to the audit procedures applied
in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Jackson, Mississippi
January 29, 1999
633 North State Street 0 Suite 607 # Jackson, Mississippi
39202-3306
Telephone (601) 355-9266 * Facsimile (601) 352-6826
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Henderson Terrace, L. P.
Bridgeport, Texas
I have audited the accompanying balance sheets of Henderson
Terrace, L. P. as of December 31, 1998 and 1997, and the related
statements of operations, partners' capital and cash flows for
the year and period then ended. These financial statements are
the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Henderson Terrace, L. P. as of December 31, 1998 and 1997 and
the results of its operations, changes in partners' capital and
cash flows for the year and period then ended in conformity with
generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 1-16 and 1-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my, opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
Fort Worth, Texas
March 12, 1999
1-3
Robert C. Morris, CPA
716 S 1100 W
Cedar City, Utah 84720
INDEPENDENT AUDITORS' REPORT
To the partners
Hurricane Hills II LC
I have audited the accompanying balance sheets of Hurricane
Hills II LC as of December 31, 1998, and the related partners'
equity for the year then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examination, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management as well as evaluating
the overall financial statement presentation. We believe that
our audits provided a reasonable basis for our opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Hurricane Hills II LC as of December 31, 1998, and the
results of its operations, changes in Partners' equity and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
Independent Auditor's Report
MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
To the Partners of
Lakeview Little Elm, L. P.
Little Elm, Texas
I have audited the accompanying balance sheets of Lakeview
Little Elm, L. P. as of December 31, 1998 and 1997, and the
related statements of operations, partners' capital and cash
flows for the year and period then ended. These financial
statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these
financial statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lakeview Little Elm, L. P. as of December 31, 1998 and 1997
and the results of its operations, changes in partners' capital
and cash flows for the year and period then ended in conformity
with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 1-16 and 1-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Fort Worth, Texas
March 12, 1999
1-3
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
Independent Auditor's Report
MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Mesquite Trails, L. P.
Jacksboro, Texas
I have audited the accompanying balance sheets of Mesquite
Trails, L.P. as of December 31, 1998 and 1997, and the related
statements of operations, partners' capital and cash flows for
the year and period then ended. These financial statements are
the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Mesquite Trails, L. P. as of December 31, 1998 and 1997 and
the results of its operations, changes in partners' capital and
cash flows for the year and period then ended in conformity with
generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 1-16 and 1-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the c financial statements taken as a
whole.
Fort Worth, Texas
March 13, 1999
Bernard Robinson
&Company, L.L.P
Certified Public Accountant since 1947
MAILING ADDRESS OFFICES
P.O. BOX 19608 109 MUIRS CHAPEL ROAD
GREENSBORO, NC 27419-9608 GREENSBORO, NC 274 10
FAX 336-547-0840 TELEPHONE 336-294-4494
Independent Auditor's Report
To the Partners
N. M. V. A. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheets of N. M. V. A.
Limited Partnership (a Virginia limited partnership) as of
December 31, 1998 and 1997, and the related statements of
operations, partners' equity, and cash flows for the year ended
December 31, 1998 and for the period November 10, 1997 (date of
inception) through December 31, 1997. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of N. M. V. A. Limited Partnership as of December 31, 1998 and
1997, and the results of its operations and its cash flows for
the year ended December 31, 1998 and for the period November 10,
1997 (date of inception) through December 31, 1997, in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated February 5, 1999, on our consideration
of the Partnership's internal control over financial reporting
and our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplementary information listed in the table of contents is
presented for purposes of additional analysis and is not a
required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
February 5, 1999 Page I
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
Independent Auditor's Report
To the Partners of
Pilot Point Apartments, L. P.
Pilot Point, Texas
I have audited the accompanying balance sheets of Pilot Point
Apartments, L. P. as of December 31, 1998 and 1997, and the
related statements of operations, partners' capital and cash
flows for the year and period then ended. These financial
statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these
financial statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Pilot Point Apartments, L. P. as of December 31, 1998 and
1997 and the results of its operations, changes in partners'
capital and cash flows for the year and period then ended in
conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 1-16 and 1-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to basic financial statements taken as a
whole.
Fort Worth, Texas
March 13, 1999
Fishbein & Company, P.C.
Elkins Park Square -- Suite 200
8080 Old York Road
Elkins Park, PA 19027-1455
215-635-3100
Fax: 215-635-5788
INDEPENDENT AUDITOR'S REPORT
January 21, 1999
Partners
Sencit Hampden Associates, L.P.
We have audited the accompanying balance sheets of SENCIT
HAMPDEN ASSOCIATES, L.P., ROTH VILLAGE TOWNHOMES, PHFA Project
No. 0-546, as of December 31, 1998, and the related statements
of profit and loss, partners' equity and cash flows for the year
then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sencit Hampden Associates, L.P. as of December 31, 1998, and
the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting
principles.
HUNGERFORD & CO. Certified Public Accountants
A Professional Corporation
INDEPENDENT AUDITOR'S REPORT
To the Partners
Silver Creek/MHT Limited Dividend Housing
Association Limited Partnership
We have audited the accompanying balance sheet of Silver
Creek/MHT Limited Dividend Housing Association Limited
Partnership (a Michigan limited partnership) as of December 31,
1998. This financial statement is the responsibility of the
Company's management. Our responsibility is to express an
opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the balance sheet is free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall balance sheet presentation. We believe that our
audit of the balance sheet provides a reasonable basis for our
opinion.
In our opinion, the balance sheet referred to above presents
fairly, in all material respects, the financial position of
Silver Creek/MHT Limited Dividend Housing Association Limited
Partnership as of December 31, 1998, in conformity with
generally accepted accounting principles.
March 11, 1999
13305 Reeck Road, Southgate, Michigan 48195 (734) 246-9600 FAX
(734) 246-8349
Members - American Institute of Certified Public Accountants -
Michigan Association of Certified Public Accountants
Robert C. Morris, CPA
716 S 1100 W
Cedar City, Utah 84720
INDEPENDENT AUDITORS' REPORT
To the partners
Hurricane Hills II LC
I have audited the accompanying balance sheets of Hurricane
Hills II LC as of December 31, 1997, and the related partners'
equity for the year then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examination, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management as well as evaluating
the overall financial statement presentation. We believe that
our audits provided a reasonable basis for our opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Hurricane Hills II LC as of December 31, 1997, and the
results of its operations, changes in Partners, equity and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
I-3
Blume Loveridge & Co., PLLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
Partners
Courtside Housing Associates, A
Washington Limited Partnership
Bellevue, Washington
We have audited the accompanying balance sheet of Courtside
Housing Associates, A Washington Limited Partnership, as of
December 31, 1998, and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the
year then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform an audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Courtside Housing Associates, A Washington Limited
Partnership, as of December 31, 1998, and the results of its
operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the financial statements taken as a whole. The additional
information shown on page 9 is presented for the purpose of
additional analysis and is not a required part of the financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the financial statements and,
in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
February 15, 1999
Blume Loveridge & Co., PLLC
Bellevue, Washington
11100 NE 8th Street, Suite 410, Bellevue, WA 98004-4441 PHONE
(425) 453-2088 FAX (425) 646-3368
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
NHC Partnership 5, L.P.
(A Virginia Limited Partnership)
We have audited the accompanying balance sheet of NHC
Partnership 5, L.P. as of December 31, 1998, and the related
statements of operations, changes in partners, equity (deficit)
and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also, includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of NHC Partnership 5, L.P. as of December 31, 1998, and the
results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting
principles.
January 22, 1999
Dauby O'Connor a Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax:
317-815-6140
Vander Ploeg
Bergakker &
Houtstra
Certified Public Accountants. & Consultants
Independent Auditor's Report
January 26, 1999
Partners
RHP 96-1 Limited Partnership
Novi, Michigan
We have audited the accompanying statement of assets,
liabilities and capital of RHP 96-1 Limited Partnership as of
December 31, 1998 and the related statements of revenue,
expenses and partner capital and cash flows for the year then
ended. These financial statements are the responsibility of RHP
96-1 Limited Partnership's management. Our responsibility is to
express an opinion on the financial statement based upon our
audit.
We conducted our audit in accordance with generally accepted
auditing standards. These standards require that we plan and
perform the audit to obtain reasonable assurance whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statements presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of RHP 96-1 Limited Partnership as of December 31, 1998 and the
results of its operations and its cash flow for the year then
ended in conformity with generally accepted accounting
principles.
Professional Corporation
FRIDUSS, LUKEE, SCHIFF & CO., R.C.
CERTIFIED PUBLIC ACCOUNTANTS
4747 WEST PETERSON AVENUE
CHICAGO, ILLINOIS 60646 MEMBERS
AMERICAN INSTITUTE OF CERTIFIED
(773) 777-4445
FAX (773) 777-6557
INDEPENDENT AUDITOR'S REPORT
To The Partners Of
EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP
(An Illinois Limited Partnership)
We have audited the accompanying balance sheets of EAST DOUGLAS
APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership)
as of December 31, 1996 and 1995, and the related statements of
operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP as of December
31, 1996 and 1995, and the results of its operations and its
cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
accompanying information in Schedule I is presented for purposes
of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
FRIDUSS, LUKEE, SCHIFF CO., P.C.
Certified Public Accountants
Chicago, Illinois
June 30, 1997
RANKIN, RANKIN & COMPANY
Certified Public Accountants
Lookout Corporate Center
1717 Dixie Highway Suite 600
Ft Wright, Kentucky 41011
Tel 606/331-5000
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lookout Ridge Limited Partnership
We have audited the accompanying balance sheet of Lookout Ridge
Limited Partnership as of December 31, 1996, and the related
statements of operations, partners' equity (deficit) and cash
flows for the year then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lookout Ridge Limited Partnership as of December 31, 1996,
and the results of its operations, the changes in partners'
equity (deficit) and cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 9 and 10 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to
the auditing procedures applied in the audit of the basic
financial statement and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
RANKIN, RANKIN & COMPANY
Ft. Wright, Kentucky
February 20, 1997
Ehrhardt
Keefe
Steiner &
Hottman PC
INDEPENDENT AUDITORS' REPORT
To the Partners
Kimbark 1200 Associates, Limited Partnership
Longmont, Colorado
We have audited the accompanying balance sheet of FHA Project
No. 101-98011 of Kimbark 1200 Associates, Limited Partnership,
as of December 31, 1996, and the related statements of profit
and loss, changes in partners' equity, and cash flows for the
year then ended. These financial statements are the
responsibility of the Project's management. Our responsibility
is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of FHA Project No. 101-98011 as of December 31, 1996, and the
results of its operations and the changes in partners' equity
and cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 14, 1997 on our consideration of
FHA Project No. 101-98011's internal control structure and a
report dated February 14, 1997 on its compliance with specific
requirements applicable to major HUD programs and specific
requirements applicable to affirmative fair housing.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supporting
data included in the report (shown on pages 15 through 20) are
presented for the purpose of additional analysis and are not. a
required part of the basic financial statements of FHA Project
No. 101-98011. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
Ehrhardt Keefe Steiner & Hottman PC
February 14, 1997
Denver, Colorado
Audit Partner: Lisa M. Pease
EIN: 84-0869721
YOUNG & PRICKITT, P. C. Certified Public Accountants
111 Franklin Road, Suite 302
Roanoke, Virginia 24011-21 00
540/982-3852
540/343-9231 FAX
INDEPENDENT AUDITOR'S REPORT
To the Partners
Autumn Ridge Associates
Roanoke, Virginia:
We have audited the accompanying balance sheet of Autumn Ridge
Associates (A Virginia Limited Partnership) as of December 31,
1996. This financial statement is the responsibility of the
Company's management. Our responsibility is to express an
opinion on this financial statement based our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the balance sheet is free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall balance sheet presentation. We believe that our
audit of the balance sheet provides a reasonable basis for our
opinion.
In our opinion, the balance sheet referred to above presents
fairly, in all material respects, the financial position of
Autumn Ridge Associates (A Virginia Limited Partnership) as of
December 31, 1996, in conformity with generally accepted
accounting principles.
February 21, 1997
Sonnenberg & Company, CPAs
A Professional Corporation
Corporate Office: 5190 Governor Drive, Suite 201, San Diego,
California 92122
Regional Office: 15840 Ventura Blvd., Suite 208, Encino,
California 91436
Phone: (818) 986-5551 (800) 464-4HOA FAX (818) 986-6318
INDEPENDENT AUDITORS' REPORT
To the Partners
SG-Wyandotte, L.P.
We have audited the accompanying balance sheet of SG-Wyandotte,
L.P., a California Limited Partnership, as of December 31, 1996,
and the related statement of partners' equity for the year then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of SG-Wyandotte, L.P. as of December 31, 1996, and the changes
in partners' equity for the year then ended in conformity with
generally accepted accounting principles.
Sonnenberg & Company, CPAs
February 12, 1997
Bybee & Company
A BUSINESS DEVELOPMENT COMPANY
100 South 500 West, Suite 200
Bountiful, Utah 84010
(801) 295-2992
Independent Auditor's Report
Partners
Shadowcreek Apartments
Elko, Nevada
We have audited the accompanying balance sheet of Shadowcreek
Apartments (Project), FmHA Case No. 33-002-0880283493, as of
December 31, 1996 and the related statements of operations,
changes in Project equity and cash flows for the period October
1, 1996 through December 31,1996. These financial statements
are the responsibility of the Project's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and with Government Auditing Standards,
issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free from material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of the Project as of December 31, 1996 and the results of its
operations and cash flows for the period October 1, 1996, in
conformity with general accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the financial statements taken as a whole. The supplemental
data included in the report (shown on pages 10 and 11) are
presented for the purpose of additional analysis and are not a
required part of the basic financial statements of the Project
for the period October 1, 1996 through December 31, 1996. Such
information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in
our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Partners
Shadowcreek Apartments
In accordance with Government Auditing Standards, we have issued
a report dated May 30, 1997, on our consideration of the
Project's internal control structure and a report dated May 30,
1997, on its compliance with laws and regulations.
May 30, 1997
SPAR & BOYER
Certified Public Accountants, L.L.P.
Stewart A. Spar CFA
Keith Boyer CFA
Paul R. Galizia CPA
Independent Auditors' Report
MAIN EVERETT HOUSING L.P.
New Rochelle NY 10801
We have audited the accompanying balance sheet of MAIN EVERETT
HOUSING L.P. as of December 31, 1996, and the related statements
of income, changes in partners' capital and cash flows for the
year then ended. These financial statements are the
responsibility of the Company's management. Our responsibility
is to express an opinion on these financial statements based on
our audit.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of MAIN EVERETT HOUSING L.P. as at December 31, 1996, and its
cash flows and changes in partners capital for the years then
ended in conformity with generally accepted accounting
principles.
Dobbs Ferry, New York
February 6, 1996
SPAR & BOYER
Certified Public Accountants, L.L.P.
Stewart A. Spar CFA
Keith Boyer CFA
Paul R. Galizia CPA
Independent Auditors' Report
OSBORNE HOUSING L.P.
New Rochelle NY 10801
We have audited the accompanying balance sheet of OSBORNE
HOUSING L.P. as of December 31, 1996, and the related
statements of income, changes in partners,
Capital and cash flows for the year then ended. These financial
statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of OSBORNE HOUSING L.P. as at
December 31, 1996, and its cash flows and changes in partners
capital for the years then ended in conformity with generally
accepted accounting principles.
Dobbs Ferry, New York
February 6, 1996
MISCHLER
NURRE
WAITE
CERTIFIED PUBLIC ACCOUNTANTS
973 HATCH STREET
CINCINNATI, OHIO 45202
513-579-8787
FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of
Sutton Place Apartments
(A Limited Partnership)
Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project
#07355035, 073-55037, 073-55038, 073-55061 and 073-55062 of
Sutton Place Apartments (a limited partnership) as of December
31, 1996, and the related statements of profit and loss, changes
in partners' capital and cash flows for the year then ended.
These financial statements are the responsibility of the
Project's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States, and Consolidated Audit
Guide for Audits of HUD Programs (the "Guide,,) issued by the U.
S. Department of Housing and Urban Development, Office of
Inspector General in July 1993. Those standards and the Guide
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of HUD Project #073-55035, 073-55037, 073-55038, 073-55061 and
073-55062 as of December 31, 1996 and the results of its
operations and its cash flows and its changes in partners,
capital for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 5, 1997 on our consideration of
Sutton Place Apartments, internal control structure and a report
dated February 5, 1997 on its compliance with laws and
regulations.
We were engaged to conduct an audit for the purpose of forming
an opinion on the financial statements taken as a whole. The
additional information included in the report shown on pages 13-
15 is presented for the purposes of additional analysis and is
not a required part of the financial statements of HUD Project
#07355035, 073-55037, 073-55038, 073-55061 and 073-55062. Such
information has been subjected to the auditing procedures
applied in the audit of the financial statements and, in our
opinion, is fairly stated in all material respects in relation
to the financial statements taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
February 5, 1997
MISCHLER
NURRE
WAITE
CERTIFIED PUBLIC ACCOUNTANTS
973 HATCH STREET
CINCINNATI, OHIO 45202
513-579-8787
FAX: 513-562-8683
INDEPENDENT AUDITORS' REPORT
To the Partners of
Washington Arms Apartments
(A Limited Partnership)
Dayton, Ohio
We have audited the accompanying balance sheet of HUD Project
#046NIO93 of Washington Arms Apartments (a limited partnership)
as of December 31, 1996, and the related statements of profit
and loss, changes in partners, capital and cash flows for the
year ended December 31, 1996. These financial statements are
the responsibility of the Project's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States, and Consolidated Audit
Guide for Audits of HUD Programs (the "Guide,,) issued by the U.
S. Department of Housing and Urban Development, Office of
Inspector General in July 1993. Those standards and the Guide
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of HUD Project #046-NIO93 as of December 31, 1996 and the
results of its operations and its cash flows and its changes in
partners, capital for the period then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 29, 1997 on our consideration of
Washington Arms Apartments I internal control structure and a
report dated January 29, 1997 on its compliance with laws and
regulations.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The additional
information included in the report shown on pages 13-18 is
presented for the purposes of additional analysis and is not a
required part of the financial statements of HUD Project #046-
NT093. Such information has been subjected to the auditing
procedures applied in the audit of the financial statements and,
in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
Mischler, Nurre & Waite, Ltd.
Certified Public Accountants
Cincinnati, Ohio
January 29, 1997
Sonnenberg & Company, CPAs
A Professional Corporation
Corporate Office: 5190 Governor Drive, Suite 201, San Diego,
California 92122
Regional Office: 15840 Ventura Blvd., Suite 208, Encino,
California 91436
Phone: (818) 986-5551 (800) 464-4HOA FAX (818) 986-6318
INDEPENDENT AUDITORS' REPORT
To the Partners
SG-Hazeltine, L.P.
We have audited the accompanying balance sheet of SG-Hazeltine,
L.P., a California Limited Partnership, as of December 31, 1996 and
the related statement of partners' equity for the year then ended.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of SG-
Hazeltine, L.P. as of December 31, 1996, and the changes in
partners' equity for the year then ended in conformity with
generally accepted accounting principles.
Sonnenberg & Company, CPAs
February 12, 1997
San Diego, California
LITTLE & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
P. 0. BOX 2485 1111 NORTH 19TH STREET
MONROE, LOUISIANA 71207
TELEPHONE (318) 323-1717
TELECOPIER (318) 322-5121
INDEPENDENT AUDITOR'S REPORT
The Willows Apartments Partnership, Ltd.
Smithville, Texas
We have audited the accompanying balance sheet of The Willows
Apartments Partnership, Ltd., (the Partnership) as of December 31,
1996, and the related statements of operations, partners' equity,
and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and the Standards for Financial and Compliance
Audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatements An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of The
Willows Apartments Partnership, Ltd., as of December 31, 1996, and
the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated May 27, 1997, on our consideration of the
internal control structure and a report dated May 27, 1997, on its
compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying schedule
listed in the table of contents is presented for the purpose of
additional analysis and is not a required part of the financial
statements of The Willows Apartments Partnership, Ltd. Such
information has been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in our opinion,
is fairly presented in all material respects in relation to the
financial statements taken as a whole.
Monroe, Louisiana
May 27, 1997
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
March 31, 1999 and 1998
<TABLE>
Total -
---------------------
----------
1999
1998
-------------- --
- -----------<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 352,630,004 $
263,155,258
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 14,152,267
4,193,020
Investments available-for-sale
(notes A and G) 47,977,925
70,135,961
Notes receivable (note D) 14,174,473
24,395,853
Deferred acquisition costs (notes
A and C) 5,644,971
5,541,912
Organization costs, net of
accumulated amortization (note
A) 623,193
603,443
Other assets (note E) 21,298,752
18,047,506
-------------- --
-----------$
456,501,585 $
386,072,953
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ 98,803 $
486,292
Line of credit 200,000
5,000,000
Syndication costs payable 312,955
- -
Accounts payable - affiliates
(note B) 5,280,848
3,413,858
Capital contributions payable
(note C) 73,541,468
70,863,665
-------------- --
-----------
79,434,074
79,763,815
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value per
BAC, 49,998,759
and 39,610,709
at
March 31, 1999 and 1998 are issued and outstanding to
the assignees - -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor limited partner,
49,998,759 and 39,610,709 at March 31, 1999 and
1998 issued and
outstanding 377,341,887 306,404,507
General Partner (501,370) (326,595)
Accumulated other comprehensive
income 226,994 231,226
-------------- --
-----------
377,067,511 306,309,138
-------------- --
-----------$ 456,501,585 $
386,072,953
==============
============= </TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-6
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 20
---------------------
-----------
1999
1998
-------------- --
- -----------<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 20,817,668 $
23,307,328
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 223,286
198,679
Investments available-for-sale
(notes A and G) -
374,317
Notes receivable (note D) -
- -
Deferred acquisition costs (notes
A and C) 98,235
98,235
Organization costs, net of
accumulated amortization (note
A) 10,607
33,891
Other assets (note E) 726,093
433,334
-------------- --
-----------$
21,875,889 $
24,445,784
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 1,331,964
952,716
Capital contributions payable
(note C) 388,026
524,696
-------------- --
-----------
1,719,990
1,477,412
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
3,866,700 at March 31, 1999 and 1998 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 3,866,700 at March 31, 1999 and 1998
issued and outstanding 20,284,905 23,068,223
General Partner (129,006) (100,892)
Accumulated other comprehensive
income - 1,041
-------------- --
- ------------
20,155,899 22,968,372
-------------- --
- ------------
$ 21,875,889 $ 24,445,784
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-7
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 21
---------------------
-----------
1999
1998
-------------- --
- -----------<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 7,984,415 $
9,560,326
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 204,141
171,025
Investments available-for-sale
(notes A and G) 777,925
1,017,352
Notes receivable (note D) 641,542
641,542
Deferred acquisition costs (notes
A and C) 53,731
53,731
Organization costs, net of
accumulated amortization (note
A) -
12,523
Other assets (note E) 268,066
249,118
-------------- --
-----------$
9,929,820 $
11,705,617
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 623,670
597,830
Capital contributions payable
(note C) 709,193
860,126
-------------- --
-----------
1,332,863
1,457,956
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
1,892,700 at
March 31, 1999
and 1998 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 1,892,700 at March 31, 1999 and 1998
issued and outstanding 8,667,497 10,304,349
General Partner (76,038) (59,504)
Accumulated other comprehensive
income 5,498 2,816
-------------- --
- ------------
8,596,957 10,247,661
-------------- --
- ------------
$ 9,929,820 $ 11,705,617
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-8
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 22
---------------------
-----------
1999
1998
-------------- --
- -----------<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 14,961,440 $
16,104,712
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 319,333
99,260
Investments available-for-sale
(notes A and G) 272,533
385,678
Notes receivable (note D) 462,686
1,796,240
Deferred acquisition costs (notes
A and C) 168,844
202,011
Organization costs, net of
accumulated amortization (note
A) 9,694
22,232
Other assets (note E) 165,466
438,091
-------------- --
-----------$
16,359,996 $
19,048,224
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 791,555
536,965
Capital contributions payable
(note C) 550,641
1,836,296
-------------- --
-----------
1,342,196
2,373,261
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
2,564,400 at March 31, 1999 and 1998 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 2,564,400 at March 31, 1999 and 1998
issued and outstanding 15,084,797 16,726,229
General Partner (68,922) (52,342)
Accumulated other comprehensive
income 1,925 1,076
-------------- --
- ------------
15,017,800 16,674,963
-------------- --
- ------------
$ 16,359,996 $ 19,048,224
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-9
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 23
---------------------
-----------
1999
1998
-------------- --
- -----------<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 21,681,096 $
23,271,914
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 610,758
75,562
Investments available-for-sale
(notes A and G) -
584,414
Notes receivable (note D) 456,751
2,186,398
Deferred acquisition costs (notes
A and C) 171,769
166,697
Organization costs, net of
accumulated amortization (note
A) 16,933
30,006
Other assets (note E) 393,309
713,561
-------------- --
-----------$
23,330,616 $
27,028,552
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 413,155
297,891
Capital contributions payable
(note C) 772,817
2,724,109
-------------- --
-----------
1,185,972
3,022,000
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
3,336,727 at March 31, 1999 and 1998 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 3,336,727 at March 31, 1999 and 1998
issued and outstanding 22,208,044 24,049,616
General Partner (63,400) (44,798)
Accumulated other comprehensive
income - 1,734
-------------- --
- ------------
22,144,644 24,006,552
-------------- --
- ------------
$ 23,330,616 $ 27,028,552
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-10
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 24
-----------------------
-----------
1999
1998
---------------- ----
- -----------<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 13,973,053 $
15,422,126
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 304,564
275,033
Investments available-for-sale
(notes A and G) 188,039
198,587
Notes receivable (note D) 551,210
779,231
Deferred acquisition costs (notes
A and C) 280,602
276,690
Organization costs, net of
accumulated amortization (note
A) 19,470
32,450
Other assets (note E) 674,603
756,754
---------------- ----
-----------$
15,991,541 $
17,740,871
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
27,000
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 546,259
313,111
Capital contributions payable
(note C) 1,285,736
1,518,325
---------------- ----
-----------
1,831,995
1,858,436
---------------- ----
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
2,169,878 at March 31, 1999 and 1998 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 2,169,878 at March 31, 1999 and 1998
issued and outstanding 14,201,933 15,908,401
General Partner (43,716) (26,479)
Accumulated other comprehensive
income 1,329 513
---------------- ----
- ------------
14,159,546 15,882,435
---------------- ----
- ------------
$ 15,991,541 $ 17,740,871
================
================
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-11
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 25
---------------------
-----------
1999
1998
-------------- --
- -----------<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 20,921,953 $
22,681,362
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 660,000
173,979
Investments available-for-sale
(notes A and G) 529,693
998,627
Notes receivable (note D) 551,221
754,841
Deferred acquisition costs (notes
A and C) 281,804
279,327
Organization costs, net of
accumulated amortization (note
A) 18,354
28,842
Other assets (note E) 1,322,390
1,713,420
-------------- --
-----------$
24,285,415 $
26,630,398
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 272,676
- -
Capital contributions payable
(note C) 2,704,223
3,396,767
-------------- --
-----------
2,976,899
3,396,767
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
3,026,109 at March 31, 1999 and 1998 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 3,026,109 at March 31, 1999 and 1998
issued and outstanding 21,349,087 23,255,931
General Partner (44,397) (25,136)
Accumulated other comprehensive
income 3,826 2,836
-------------- --
- ------------
21,308,516 23,233,631
-------------- --
- ------------
$ 24,285,415 $ 26,630,398
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-12
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 26
---------------------
-----------
1999
1998
-------------- --
- -----------<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 29,938,230 $
29,729,194
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 1,190,003
105,301
Investments available-for-sale
(notes A and G) 721,150
6,645,272
Notes receivable (note D) 653,909
1,173,727
Deferred acquisition costs (notes
A and C) 475,012
601,034
Organization costs, net of
accumulated amortization (note
A) 42,595
61,526
Other assets (note E) 3,856,657
3,764,864
-------------- --
-----------$
36,877,556 $
42,080,918
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ 90 $
82
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 266,608
17,324
Capital contributions payable
(note C) 5,548,536
9,269,613
-------------- --
-----------
5,815,234
9,287,019
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
3,995,900 at March 31, 1999 and 1998, are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 3,995,900 at March 31, 1999 and 1998,
issued and outstanding 31,085,523 32,787,697
General Partner (29,727) (12,533)
Accumulated other comprehensive
income 6,526 18,735
-------------- --
- ------------
31,062,322 32,793,899
-------------- --
- ------------
$ 36,877,556 $ 42,080,918
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-13
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 27
---------------------
-----------
1999
1998
-------------- --
- -----------<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 16,996,406 $
18,158,317
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 1,328,141
258,292
Investments available-for-sale
(notes A and G) 140,982
2,664,947
Notes receivable (note D) 270,649
653,377
Deferred acquisition costs (notes
A and C) 402,321
458,280
Organization costs, net of
accumulated amortization (note
A) 38,806
54,328
Other assets (note E) 1,017,819
1,515,909
-------------- --
-----------$
20,195,124 $
23,763,450
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 430,737
125,327
Capital contributions payable
(note C) 1,645,618
3,524,022
-------------- --
-----------
2,076,355
3,649,349
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
2,460,700 at March 31, 1999 and 1998 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 2,460,700 at March 31, 1999 and 1998
issued and outstanding 18,142,362 20,116,351
General Partner (25,276) (8,114)
Accumulated other comprehensive
income 1,683 5,864
-------------- --
- ------------
18,118,769 20,114,101
-------------- --
- ------------
$ 20,195,124 $ 23,763,450
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-14
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 28
---------------------
-----------
1999
1998
-------------- --
- -----------<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 32,194,655 $
28,144,829
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 569,820
483,635
Investments available-for-sale
(notes A and G) 4,164,571
12,270,184
Notes receivable (note D) 1,477,458
240,575
Deferred acquisition costs (notes
A and C) 70,092
539,209
Organization costs, net of
accumulated amortization (note
A) 55,896
76,222
Other assets (note E) 205,606
204,913
-------------- --
-----------$
38,738,098 $
41,959,567
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 256,148
4,681
Capital contributions payable
(note C) 4,440,923
7,185,987
-------------- --
-----------
4,697,071
7,190,668
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
4,000,738 at March 31, 1999 and 1998 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 4,000,738 at March 31, 1999 and 1998
issued and outstanding 34,013,990 34,737,846
General Partner (3,685) 3,557
Accumulated other comprehensive
income 30,722 27,496
-------------- --
- ------------
34,041,027 34,768,899
-------------- --
- ------------
$ 38,738,098 $ 41,959,567
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-15
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 29
---------------------
-----------
1999
1998
-------------- --
- -----------<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 31,006,270 $
24,760,987
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 1,066,404
305,731
Investments available-for-sale
(notes A and G) 5,250,347
13,567,187
Notes receivable (note D) 835,878
1,428,362
Deferred acquisition costs (notes
A and C) 13,596
816,252
Organization costs, net of
accumulated amortization (note
A) 49,448
64,663
Other assets (note E) 26,001
2,437,225
-------------- --
-----------$
38,247,944 $
43,380,407
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 6,511
56,703
Capital contributions payable
(note C) 5,800,186
9,330,218
-------------- --
-----------
5,806,697
9,386,921
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
3,991,800 at March 31, 1999 and 1998 are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 3,991,800 at March 31, 1999 and 1998,
issued and outstanding 32,431,904 33,941,732
General Partner (16,900) (2,758)
Accumulated other comprehensive
income 26,243 54,512
-------------- --
- ------------
32,441,247 33,993,486
-------------- --
- ------------
$ 38,247,944 $ 43,380,407
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-16
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 30
---------------------
-----------
1999 1998
-------------- --
- -----------<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 18,385,611 $
14,400,077
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 1,339,143 1,162,518
Investments available-for-sale
(notes A and G) 5,366,697
10,891,290
Notes receivable (note D) 1,415,196 1,422,259
Deferred acquisition costs (notes
A and C) 510,332 1,062,082
Organization costs, net of
accumulated amortization (note
A) 48,501 62,358
Other assets (note E) 888,146 3,853,336
-------------- --
-----------$
27,953,626 $
32,853,920
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $ -
Line of credit - -
Syndication costs payable - -
Accounts payable - affiliates
(note B) 6,196 1,002
Capital contributions payable
(note C) 5,188,387 9,721,288
-------------- --
-----------
5,194,583 9,722,290
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
2,651,000 at March 31, 1999 and 1998, are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 2,651,000 at March 31, 1999 and 1998,
issued and outstanding 22,733,909 23,106,377
General Partner 264 3,313
Accumulated other comprehensive
income 24,870 21,940
-------------- --
- ------------
22,759,043 23,131,630
-------------- --
- ------------
$ 27,953,626 $ 32,853,920
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-17
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 31
---------------------
-----------
1999
1998
-------------- --
- -----------<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 35,524,458 $
29,042,410
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 1,294,456
811,235
Investments available-for-sale
(notes A and G) 5,366,127
14,537,576
Notes receivable (note D) 2,221,022
7,309,603
Deferred acquisition costs (notes
A and C) -
672,182
Organization costs, net of
accumulated amortization (note
A) 51,385
65,087
Other assets (note E) 974,611
489,053
-------------- --
-----------$
45,432,059 $
52,927,146
==============
==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ 1,660 $
27,359
Line of credit -
- -
Syndication costs payable -
- -
Accounts payable - affiliates
(note B) 1,390
417,337
Capital contributions payable
(note C) 8,010,788
14,425,302
-------------- --
-----------
8,013,838
14,869,998
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
4,417,857 at March 31, 1999 and 1998, are issued and
outstanding to the assignees - -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 4,417,857 at March 31, 1999 and 1998,
issued and outstanding 37,405,408 37,991,231
General Partner (5,325) (697)
Accumulated other comprehensive
income 18,138 66,614
-------------- --
- ------------
37,418,221 38,057,148
-------------- --
- ------------
$ 45,432,059 $ 52,927,146
==============
==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-18
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 32
---------------------
-----------
1999 1998
-------------- --
- -----------<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 35,492,664 $ 8,571,676
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 1,625,906 72,770
Investments available-for-sale
(notes A and G) 9,246,829 6,000,530
Notes receivable (note D) 1,995,249 6,009,698
Deferred acquisition costs (notes
A and C) 723,349 316,182
Organization costs, net of
accumulated amortization (note
A) 50,418 59,315
Other assets (note E) 1,970,512 1,477,928
-------------- --
-----------$ 51,104,927 $
22,508,099
==============
============== LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $ 431,851
Line of credit - 5,000,000
Syndication costs payable - -
Accounts payable - affiliates
(note B) 103 92,971
Capital contributions payable
(note C) 10,155,068 6,546,916
-------------- --
-----------
10,155,171
12,071,738
-------------- --
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
4,754,198 and 1,236,200 at March 31, 1999 and 1998,
respectively, are issued and
outstanding to the assignees -
- -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 4,754,198 and 1,236,200 at March 31,
1999 and 1998, respectively,
issued and outstanding 40,911,216
10,410,524
General Partner 2,486
(212)
Accumulated other comprehensive
income 36,054
26,049
-------------- --
-----------
40,949,756
10,436,361
-------------- --
-----------$
51,104,927 $
22,508,099
==============
============== </TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-19
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 33 ----------
---
1
9
9
9
--
- -----------<S> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 19,871,865
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 685,857
Investments available-for-sale
(notes A and G) 5,892,859
Notes receivable (note D) 46,280
Deferred acquisition costs (notes
A and C) 668,353
Organization costs, net of
accumulated amortization (note
A) 83,770
Other assets (note E) 1,078,560
--
----
----
---$ 28,327,544
============== LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ -
Line of credit -
Syndication costs payable -
Accounts payable - affiliates
(note B) 6,443
Capital contributions payable
(note C) 5,507,151
------
--
--
--
-
5
,
5
1
3
,
5
9
4
--
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
2,636,533 at March 31, 1999, are issued and
outstanding
to the assignees -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 2,636,533 at March 31, 1999, issued
and outstanding 22,776,691
General Partner 1,941
Accumulated other comprehensive
income 35,318
-----
--
--
--
--
2
2
,
8
1
3
,
9
5
0
--
----
----
---$ 28,327,544
============== </TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-20
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 34 ----------
---
1
9
9
9
--
- -----------<S> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 22,247,242
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 2,482,579
Investments available-for-sale
(notes A and G) 9,666,568
Notes receivable (note D) 1,678,562
Deferred acquisition costs (notes
A and C) 904,527
Organization costs, net of
accumulated amortization (note
A) 110,441
Other assets (note E) 5,146,310
--
----
----
---$ 42,236,229
============== LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ 493
Line of credit -
Syndication costs payable -
Accounts payable - affiliates
(note B) 32,894
Capital contributions payable
(note C) 12,032,400
-----
--
--
--
--
1
2
,
0
6
5
,
7
8
7
--
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
3,529,319 at March 31, 1999, are issued and
outstanding
to the assignees -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor
limited partner, 3,529,319 at March 31, 1999, issued
and outstanding 30,136,760
General Partner 399
Accumulated other comprehensive
income 33,283
-----
--
--
--
--
3
0
,
1
7
0
,
4
4
2
--
----
----
---$ 42,236,229
============== </TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
(continued)
F-21
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 35 ----------
---
1
9
9
9
--
- -----------<S> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 10,632,978
OTHER ASSETS
Cash and cash equivalents (notes
A, H and I) 247,876
Investments available-for-sale
(notes A and G) 393,605
Notes receivable (note D) 916,860
Deferred acquisition costs (notes
A and C) 822,404
Organization costs, net of
accumulated amortization (note
A) 16,875
Other assets (note E) 2,584,603
--
----
----
---$ 15,615,201
============== LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ 96,560
Line of credit 200,000
Syndication costs payable 312,955
Accounts payable - affiliates
(note B) 294,539
Capital contributions payable
(note C) 8,801,775
------
--
--
--
-
9
,
7
0
5
,
8
2
9
--
- -----------PARTNERS' CAPITAL (note A)
Assignor Limited
Partner
Units of limited
partnership
interest
consisting
of
65,000,000
authorized
beneficial
assignee
certificates
(BACs), $10
stated value
per BAC,
704,200 at March 31, 1999, are issued and outstanding
to the assignees -
Assignees
Units of beneficial interest of
the limited partnership interest of the assignor limited
partner, 704,200 at March 31, 1999, issued and
outstanding
5,907,861
General Partner
(68)
Accumulated other comprehensive
income
1,579
----------
---
5,909
,372
----------
---$
15,615,201
==========
====
</TABLE>
Series 33, 34 and 35 were not formed until after March 31, 1998,
therefore no comparative information has been included.
(continued)
F-22
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
<TABLE>
Total -----------
---------------------------------------
Year ended Year ended
Year ended
March 31, March 31,
March 31,
1999 1998
1997
------------ ------------ -
- -----------
<S> <C> <C>
<C>
Income
Interest income $ 4,604,150 $ 4,007,240 $
2,498,953
------------ ------------ -
- -----------
Share of losses from operating limited
partnerships (note A) (16,178,884) (12,821,176)
(10,783,903)*
------------ ------------ -
- -----------
Expenses
Fund management fee (note B) 3,702,096 2,454,590
1,747,642
Amortization (note A) 200,643 163,770
118,360
General and administrative
expenses (note B) 1,444,688 1,528,261
1,099,740
Professional fees 555,193 507,864
317,809
------------ ------------ -
- -----------
5,902,620 4,654,485
3,283,551
------------ ------------ -
- -----------
NET LOSS (note A) $(17,477,354) $(13,468,421)
$(11,568,501)
============ ============
============
Net loss allocated to general partner $ (174,775) $ (134,685) $
(115,684)
============ ============
============
Net loss allocated to assignees $(17,302,579) $(13,333,736)
$(11,452,817)
============ ============
============
Net loss per BAC $ (0.36) $ (0.36) $
(0.50)
============ ============
============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
* Includes net of gain on disposition of investment of $25,059 for
Series
21, $4,596 for Series 22, and $23,253 for Series 24.
(continued)
F-23
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 20 ------------
----------------------------------------------
Year ended Year ended
Year ended
March 31, 1999 March 31, 1998
March 31, 1997
-------------- -------------- ---
- -----------
<S> <C> <C> <C>
Income
Interest income $ 8,005 $ 52,699 $
41,051
-------------- -------------- ---
- -----------
Share of losses from operating limited
partnerships (note A) (2,359,812) (2,516,153)
(2,941,378)
-------------- -------------- ---
- -----------
Expenses
Fund management fee (note B) 358,566 270,336
325,113
Amortization (note A) 23,284 23,285
23,285
General and administrative
expenses (note B) 34,973 56,682
43,900
Professional fees 42,802 30,488
27,598
-------------- -------------- ---
- -----------
459,625 380,791
419,896
-------------- -------------- ---
- -----------
NET LOSS (note A) $ (2,811,432) $ (2,844,245) $
(3,320,223)
============== ==============
==============
Net loss allocated to general partner $ (28,114) $ (28,442) $
(33,202)
============== ==============
==============
Net loss allocated to assignees $ (2,783,318) $ (2,815,803) $
(3,287,021)
============== ==============
==============
Net loss per BAC $ (0.72) $ (0.73) $
(0.85)
============== ==============
==============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-24
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 21 ---------
----------------------------------------
Year ended Year ended
Year ended
March 31, March 31,
March 31,
1999 1998
1997
------------ ------------ -
- -----------
<S> <C> <C>
<C>
Income
Interest income $ 63,167 $ 53,299 $
63,343
------------ ------------ -
- -----------
Share of losses from operating limited
partnerships (note A) (1,440,087) (1,854,423)
(2,109,014)*
------------ ------------ -
- -----------
Expenses
Fund management fee (note B) 201,340 215,217
224,252
Amortization (note A) 12,523 18,957
18,957
General and administrative
expenses (note B) 40,896 40,040
39,434
Professional fees 21,707 22,730
33,123
------------ ------------ -
- -----------
276,466 296,944
315,766
------------ ------------ -
- -----------
NET LOSS (note A) $ (1,653,386) $ (2,098,068) $
(2,361,437)
============ ============
============
Net loss allocated to general partner $ (16,534) $ (20,981) $
(23,614)
============ ============
============
Net loss allocated to assignees $ (1,636,852) $ (2,077,087) $
(2,337,823)
============ ============
============
Net loss per BAC $ (0.86) $ (1.10) $
(1.24)
============ ============
============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
* Net of gain on disposition of investments of $25,059.
(continued)
F-25
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 22 -----
-----------------------------------------
-----
Year ended Year ended
Year ended
March 31, March 31,
March 31,
1999 1998
1997
------------ ------------ -
- -----------
<S> <C> <C>
<C>
Income
Interest income $ 28,945 $ 35,289 $
80,225
------------ ------------ -
- -----------
Share of losses from operating limited
partnerships (note A) (1,371,100) (1,372,762)
(1,817,108)*
------------ ------------ -
- -----------
Expenses
Fund management fee (note B) 241,151 225,636
223,892
Amortization (note A) 12,538 12,538
12,538
General and administrative
expenses (note B) 32,283 44,605
57,572
Professional fees 29,885 34,012
27,957
------------ ------------ -
- -----------
315,857 316,791
321,959
------------ ------------ -
- -----------
NET LOSS (note A) $ (1,658,012) $ (1,654,264) $
(2,058,842)
============ ============
============
Net loss allocated to general partner $ (16,580) $ (16,543) $
(20,588)
============ ============
============
Net loss allocated to assignees $ (1,641,432) $ (1,637,721) $
(2,038,254)
============ ============
============
Net loss per BAC $ (0.64) $ (0.64) $
(0.79)
============ ============
============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
* Net of gain on disposition of investment of $4,596.
(continued)
F-26
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 23 ------------
----------------------------------------------
Year ended Year ended
Year ended
March 31, 1999 March 31, 1998
March 31, 1997
-------------- -------------- ---
- -----------
<S> <C> <C> <C>
Income
Interest income $ 17,417 $ 78,002 $
190,215
-------------- -------------- ---
- -----------
Share of losses from operating limited
partnerships (note A) (1,587,640) (1,705,493)
(1,847,436)
-------------- -------------- ---
- -----------
Expenses
Fund management fee (note B) 214,325 188,213
212,843
Amortization (note A) 13,072 13,072
13,072
General and administrative
expenses (note B) 33,071 62,957
93,594
Professional fees 29,483 35,928
20,186
-------------- -------------- ---
- -----------
289,951 300,170
339,695
-------------- -------------- ---
- -----------
NET LOSS (note A) $ (1,860,174) $ (1,927,661) $
(1,996,916)
============== ==============
==============
Net loss allocated to general partner $ (18,602) $ (19,277) $
(19,969)
============== ==============
==============
Net loss allocated to assignees $ (1,841,572) $ (1,908,384) $
(1,976,947)
============== ==============
==============
Net loss per BAC $ (0.55) $ (0.57) $
(0.59)
============== ==============
==============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997 therefore no
comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-27
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 24 -----
----------------------------------------
-----Year ended Year ended
Year ended
March 31, March 31,
March 31,
1999 1998
1997
------------ ------------ -
- -----------
<S> <C> <C>
<C>
Income
Interest income $ 31,706 $ 50,741 $
193,065
------------ ------------ -
- -----------
Share of losses from operating limited
partnerships (note A) (1,475,502) (1,342,281)
(797,796)*
------------ ------------ -
- -----------
Expenses
Fund management fee (note B) 203,448 208,597
212,130
Amortization (note A) 12,980 12,979
12,980
General and administrative
expenses (note B) 28,523 33,088
73,370
Professional fees 34,958 29,154
25,402
------------ ------------ -
- -----------
279,909 283,818
323,882
------------ ------------ -
- -----------
NET LOSS (note A) $ (1,723,705) $ (1,575,358) $
(928,613)
============ ============
============
Net loss allocated to general partner $ (17,237) $ (15,754) $
(9,286)
============ ============
============
Net loss allocated to assignees $ (1,706,468) $ (1,559,604) $
(919,327)
============ ============
============
Net loss per BAC $ (0.79) $ (0.72) $
(0.42)
============ ============
============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
* Net of gain on disposition of investment of $23,253.
(continued)
F-28
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 25 -----------
----------------------------------------------
Year ended Year ended
Year ended
March 31, 1999 March 31, 1998
March 31, 1997
-------------- -------------- ---
- -----------
<S> <C> <C>
<C>
Income
Interest income $ 89,058 $ 134,963 $
442,637
-------------- -------------- ---
- ------------
Share of losses from operating limited
partnerships (note A) (1,653,302) (1,550,724)
(767,183)
-------------- -------------- ---
- ------------
Expenses
Fund management fee (note B) 266,576 248,382
214,610
Amortization (note A) 10,488 10,488
10,488
General and administrative
expenses (note B) 45,111 82,717
171,239
Professional fees 39,686 36,017
39,787
-------------- -------------- ---
- ------------
361,861 377,604
436,124
-------------- -------------- ---
- ------------
NET LOSS (note A) $ (1,926,105) $ (1,793,365) $
(760,670)
============== ==============
===============
Net loss allocated to general partner $ (19,261) $ (17,934) $
(7,607)
============== ==============
===============
Net loss allocated to assignees $ (1,906,844) $ (1,775,431) $
(753,063)
============== ==============
===============
Net loss per BAC $ (0.63) $ (0.59) $
(0.25)
============== ==============
===============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not
formed until after March 31, 1998, therefore no comparative information
has been included.
(continued)
F-29
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 26 ------------
---------------------------------------------
Year ended Year ended
Year ended
March 31, 1999 March 31, 1998
March 31, 1997
-------------- -------------- ---
- -----------
<S> <C> <C> <C>
Income
Interest income $ 284,747 $ 534,030 $
962,666
-------------- -------------- ---
- -----------
Share of losses from operating limited
partnerships (note A) (1,448,218) (869,148)
(493,405)
-------------- -------------- ---
- -----------
Expenses
Fund management fee (note B) 359,834 346,887
181,052
Amortization (note A) 18,931 18,931
14,198
General and administrative
expenses (note B) 135,748 225,083
378,577
Professional fees 41,384 90,108
105,431
-------------- -------------- ---
- -----------
555,897 681,009
679,258
-------------- -------------- ---
- -----------
NET LOSS (note A) $ (1,719,368) $ (1,016,127) $
(209,997)
============== ==============
==============
Net loss allocated to general partner $ (17,194) $ (10,161) $
(2,100)
============== ==============
==============
Net loss allocated to assignees $ (1,702,174) $ (1,005,966)
$
(207,897) ============== ==============
===============
Net loss per BAC $ (0.43) $ (0.25) $
(0.06)
============== ==============
==============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-30
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 27 ------------
---------------------------------------------
P
e
r
i
o
d
Ju
ne
17
,
19
96
(d
at
e
of
i
n
c
e
p
t
i
o
n
)
Year ended Year ended
through March
March 31, 1999 March 31, 1998
31, 1997
-------------- -------------- ---
- -----------
<S> <C> <C> <C>
Income
Interest income $ 103,948 $ 323,118 $ 269,562
-------------- -------------- ---
- -----------
Share of losses from operating limited
partnerships (note A) (1,421,601) (689,756) (9,016)
-------------- -------------- ---
- -----------
Expenses
Fund management fee (note B) 288,306 275,320 144,692
Amortization (note A) 15,522 15,522 7,761
General and administrative
expenses (note B) 58,117 99,622 114,535
Professional fees 36,553 30,003 17,885
-------------- -------------- ---
- -----------
398,498 420,467 284,873
-------------- -------------- ---
- -----------
NET LOSS (note A) $ (1,716,151) $ (787,105) $ (24,327)
============== ==============
==============
Net loss allocated to general partner $ (17,162) $ (7,871) $ (243)
============== ==============
==============
Net loss allocated to assignees $ (1,698,989) $ (779,234) $ (24,084)
============== ==============
==============
Net loss per BAC $ (0.69) $ (0.32) $ (0.02)
============== ==============
==============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-31
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 28 ------------
----------------------------------------------
P
e
r
i
o
d
Se
pt
em
be
r
30
,
19
96
(d
at
e
of
i
n
c
e
p
t
i
o
n
)
Year ended Year ended
through March
March 31, 1999 March 31, 1998
31, 1997
-------------- -------------- ---
- ------------
<S> <C> <C> <C>
Income
Interest income $ 683,347 $ 1,280,997 $ 254,197
-------------- -------------- ---
- ------------
Share of losses from operating limited
partnerships (note A) (793,965) (351,007) (1,567)
-------------- -------------- ---
- ------------
Expenses
Fund management fee (note B) 322,689 155,994 9,058
Amortization (note A) 20,326 20,326 5,081
General and administrative
expenses (note B) 205,933 393,649 126,461
Professional fees 64,643 95,950 20,440
-------------- -------------- ---
- ------------
613,591 665,919 161,040
-------------- -------------- ---
- ------------
NET INCOME (LOSS) (note A) $ (724,209) $ 264,071 $ 91,590
============== ==============
===============
Net income (loss) allocated to general
partner $ (7,242) $ 2,641 $ 916
============== ==============
===============
Net income (loss) allocated to
assignees $ (716,967) $ 261,430 $ 90,674
============== ==============
===============
Net income (loss) per BAC $ (0.18) $ 0.07 $ 0.08
============== ==============
===============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-32
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 29 ------------
----------------------------------------------
Pe
ri
od
Fe
br
ua
ry
10
,
19
97
(d
at
e
of
in
ce
pt
io
n)
Year ended Year ended
through March
March 31, 1999 March 31, 1998
31, 1997
-------------- -------------- ---
- ------------
<S> <C> <C> <C>
Income
Interest income $ 560,635 $ 800,608 $
1,992
-------------- -------------- ---
- ------------
Share of losses from operating limited
partnerships (note A) (1,418,793) (626,915)
- -
-------------- -------------- ---
- ------------
Expenses
Fund management fee (note B) 306,704 192,348
- -
Amortization (note A) 15,215 8,633
- -
General and administrative
expenses (note B) 167,904 202,191
1,058
Professional fees 66,263 47,266
- -
-------------- -------------- ---
- ------------
556,086 450,438
1,058
-------------- -------------- ---
- ------------
NET INCOME (LOSS) (note A) $ (1,414,244) $ (276,745) $
934
============== ==============
===============
Net income (loss) allocated to general
partner $ (14,142) $ (2,767) $
9
============== ==============
===============
Net income (loss) allocated to
assignees $ (1,400,102) $ (273,978) $
925
============== ==============
===============
Net income (loss) per BAC $ (0.35) $ (0.08) $
0.02
============== ==============
===============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-33
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series
30 ---------------
--------------
P
e
r
i
o
d
June 23, 1997 (date
o
f
inception) Year
ended through
March 31, March 31,
1999 1998
-----------
- ------------
<S> <C>
<C>
Income
Interest income $ 476,758 $ 459,716
-----------
- ------------
Share of income from operating limited
partnerships (note A) (432,433) 100,573
-----------
- ------------
Expenses
Fund management fee (note B) 159,294 55,733
Amortization (note A) 13,857 5,613
General and administrative
expenses (note B) 130,320 144,751
Professional fees 45,725 22,861
-----------
- ------------
349,196 228,958
-----------
- ------------
NET INCOME (LOSS) (note A) $ (304,871) $ 331,331
===========
============
Net income (loss) allocated to general
partner $ (3,049) $ 3,313
===========
============
Net income (loss) allocated to
assignees $ (301,822) $ 328,018
===========
============
Net income (loss) per BAC $ (0.11) $ 0.15
===========
============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-34
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series
31 ---------------
--------------
P
e
r
i
o
d
Sep
t
e
m
b
e
r
1
1
,
1997
(
d
a
t
e
o
f
inception) Year
ended through
March 31, March 31,
1999 1998
-----------
- ------------
<S> <C>
<C>
Income
Interest income $ 1,115,174 $ 200,996
-----------
- ------------
Share of income from operating limited
partnerships (note A) (1,020,163) (43,087)
-----------
- ------------
Expenses
Fund management fee (note B) 334,849 69,951
Amortization (note A) 13,702 3,426
General and administrative
expenses (note B) 141,047 121,735
Professional fees 68,226 32,486
-----------
- ------------
557,824 227,598
-----------
- ------------
NET INCOME (LOSS) (note A) $ (462,813) $ (69,689)
===========
============
Net income (loss) allocated to general
partner $ (4,628) $ (697)
===========
============
Net income (loss) allocated to
assignees $ (458,185) $ (68,992)
===========
============
Net income (loss) per BAC $ (0.10) $ (0.02)
===========
============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-35
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series
32 ---------------
--------------
P
e
r
i
o
d
Ja
n
u
a
r
y
1
9
,
1
9
9
8
(
d
a
t
e
o
f
inception) Year
ended through
March 31, March 31,
1999 1998
-----------
- ------------
<S> <C>
<C>
Income
Interest income $ 727,112 $ 2,782
-----------
- ------------
Share of income from operating limited
partnerships (note A) 56,660 -
-----------
- ------------
Expenses
Fund management fee (note B) 264,361 1,976
Amortization (note A) 8,897 -
General and administrative
expenses (note B) 231,009 21,141
Professional fees 9,669 861
-----------
- ------------
513,936 23,978
-----------
- ------------
NET INCOME (LOSS) (note A) $ 269,836 $ (21,196)
===========
============
Net income (loss) allocated to general
partner $ 2,698 $ (212)
===========
============
Net income (loss) allocated to
assignees $ 267,138 $ (20,984)
===========
============
Net income (loss) per BAC $ 0.06 $ (0.04)
===========
============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-36
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 33 ---------
--
P
e
r
i
o
d
Jun
e
2
2
,
1
9
9
8
(date of inception)
t
h
r
o
u
g
h
Mar
c
h
3
1
,
1
9
9
9
- -----------<S> <C>
Income
Interest income $ 256,081
- ------------
Share of income from operating limited
partnerships (note A) 187,290
- -----------Expenses
Fund management fee (note B) 107,826
Amortization (note A) 9,308
General and administrative
expenses (note B) 111,018
Professional fees 21,121
-----
--
--
--
2
4
9
,
2
7
3
- ------------
NET INCOME (note A) $ 194,098
============
Net income allocated to general
partner $ 1,941
============
Net income allocated to assignees $ 192,157
============
Net income per BAC $ 0.09
============ </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-37
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 34 ---------
--
P
e
r
i
o
d
S
e
p
t
e
m
b
e
r
2
2
,
1
9
9
8
(
d
a
t
e
o
f
inc
e
p
t
i
o
n
)
t
h
r
o
u
g
h
Mar
c
h
3
1
,
1
9
9
9
- -----------<S> <C>
Income
Interest income $ 156,247
- ------------
Share of income from operating limited
partnerships (note A) (218)
- -----------Expenses
Fund management fee (note B) 68,018
Amortization (note A) -
General and administrative
expenses (note B) 44,974
Professional fees 3,088
-----
--
--
--
1
1
6
,
0
8
0
- ------------
NET INCOME (note A) $ 39,949
============
Net income allocated to general
partner $ 399
============
Net income allocated to assignees $ 39,550
============
Net income per BAC $ 0.02
============ </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-38
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 35 ---------
--
P
e
r
i
o
d
Febru
a
r
y
2
2
,
1
9
9
9
(date of inception)
t
h
r
o
u
g
h
Mar
c
h
3
1
,
1
9
9
9
- -----------<S> <C>
Income
Interest income $ 1,803
- ------------
Share of income from operating limited
partnerships (note A) -
- -----------Expenses
Fund management fee (note B) 4,809
Amortization (note A) -
General and administrative
expenses (note B) 3,761
Professional fees -
-------
--
--
8
,
5
7
0
- ------------
NET LOSS (note A) $ (6,767)
============
Net loss allocated to general partner $ (68)
============
Net loss allocated to assignees $ (6,699)
============
Net loss per BAC $ (0.02)
============ </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were
not formed until after March 31, 1998, therefore no comparative
information has been included.
See notes to financial statements
F-39
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Total Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<C> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ 144,569,903 $ (76,226) $ 26,974 $
144,520,651
Capital contributions 104,754,000 - -
104,754,000
Selling commissions and registration
costs (15,103,748) - -
(15,103,748)
Comprehensive income (loss)
Net income (loss) (11,452,817) (115,684) - $ (11,568,501)
(11,568,501)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 29,769 29,769
29,769
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss)
$ (11,538,732)
================
Partners' capital (deficit), March 31,
1997 222,767,338 (191,910) 56,743
222,632,171
Capital contributions 112,693,500 - -
112,693,500
Selling commissions and registration
costs (15,722,595) - -
(15,722,595)
Comprehensive income (loss)
Net income (loss) (13,333,736) (134,685) - $ (13,468,421)
(13,468,421)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 174,483 174,483
174,483
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss)
$ (13,293,938)
================
Partners' capital (deficit), March 31,
1998 306,404,507 (326,595) 231,226
306,309,138
Capital contributions 103,746,000 - -
103,746,000
Selling commissions and registration
costs (15,231,041) - -
(15,231,041)
Distributions (275,000) - -
(275,000)
Comprehensive income (loss)
Net income (loss) (17,302,579) (174,775) - $ (17,477,354)
(17,477,354)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (4,232) (4,232)
(4,232)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss)
$ (17,481,586)
================
Partners' capital (deficit), March 31,
1999 $ 377,341,887 $ (501,370) $ 226,994 $
377,067,511
================ ================ ================ ================
================ </TABLE>
(continued)
F-40
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 20 Assignees partner income income Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<C> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ 29,171,047 $ (39,248) $ 108 $ 29,131,907
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Comprehensive income (loss)
Net income (loss) (3,287,021) (33,202) - $ (3,320,223) (3,320,223)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 640 640 640
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (3,319,583)
================
Partners' capital (deficit), March 31,
1997 25,884,026 (72,450) 748 25,812,324
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Comprehensive income (loss)
Net income (loss) (2,815,803) (28,442) - $ (2,844,245) (2,844,245)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 293 293 293
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (2,843,952)
================
Partners' capital (deficit), March 31,
1998 23,068,223 (100,892) 1,041 22,968,372
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Distributions - - - -
Comprehensive income (loss)
Net income (loss) (2,783,318) (28,114) - $ (2,811,432) (2,811,432)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (1,041) (1,041)
(1,041)
---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (2,812,473)
================
Partners' capital (deficit), March 31,
1999 $ 20,284,905 $ (129,006) $ - $
20,155,899
================ ================ ================
================
</TABLE>
(continued)
F-41
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 21 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ 14,719,259 $ (14,909) $ 773 $
14,705,123
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Comprehensive income (loss)
Net income (loss) (2,337,823) (23,614) - $ (2,361,437)
(2,361,437)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (31) (31)
(31)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (2,361,468)
================
Partners' capital (deficit), March 31,
1997 12,381,436 (38,523) 742
12,343,655
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Comprehensive income (loss)
Net income (loss) (2,077,087) (20,981) - $ (2,098,068)
(2,098,068)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 2,074 2,074
2,074
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (2,095,994)
================
Partners' capital (deficit), March 31,
1998 10,304,349 (59,504) 2,816
10,247,661
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Distributions - - - -
Comprehensive income (loss)
Net income (loss) (1,636,852) (16,534) - $ (1,653,386)
(1,653,386)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 2,682 2,682
2,682
---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (1,650,704)
================
Partners' capital (deficit), March 31,
1999 $ 8,667,497 $ (76,038) $ 5,498 $
8,596,957
================ ================ ================
================
</TABLE>
(continued)
F-42
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 22 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ 20,402,204 $ (15,211) $ 824 $
20,387,817
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Comprehensive income (loss)
Net income (loss) (2,038,254) (20,588) - $ (2,058,842)
(2,058,842)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (59) (59)
(59)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (2,058,901)
================
Partners' capital (deficit), March 31,
1997 18,363,950 (35,799) 765
18,328,916
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Comprehensive income (loss)
Net income (loss) (1,637,721) (16,543) - $ (1,654,264)
(1,654,264)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 311 311
311
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (1,653,953)
================
Partners' capital (deficit), March 31,
1998 16,726,229 (52,342) 1,076
16,674,963
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Distributions - - - -
Comprehensive income (loss)
Net income (loss) (1,641,432) (16,580) - $ (1,658,012) (1,658,012)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 849 849 849
---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (1,657,163)
================
Partners' capital (deficit), March 31,
1999 $ 15,084,797 $ (68,922) $ 1,925 $ 15,017,800
================ ================ ================
================
</TABLE>
(continued)
F-43
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 23 Assignees partner income income Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ 27,934,947 $ (5,552) $ 6,631 $ 27,936,026
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Comprehensive income (loss)
Net income (loss) (1,976,947) (19,969) - $ (1,996,916) (1,996,916)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (5,051) (5,051) (5,051)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (2,001,967)
================
Partners' capital (deficit), March 31,
1997 25,958,000 (25,521) 1,580 25,934,059
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Comprehensive income (loss)
Net income (loss) (1,908,384) (19,277) - $ (1,927,661) (1,927,661)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 154 154 154
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (1,927,507)
================
Partners' capital (deficit), March 31,
1998 24,049,616 (44,798) 1,734 24,006,552
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Distributions - - - -
Comprehensive income (loss)
Net income (loss) (1,841,572) (18,602) - $ (1,860,174) (1,860,174)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (1,734) (1,734)
(1,734)
---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (1,861,908)
================
Partners' capital (deficit), March 31,
1999 $ 22,208,044 $ (63,400) $ - $
22,144,644
================ ================ ================
================
</TABLE>
(continued)
F-44
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 24 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ 18,387,332 $ (1,439) $ 4,545 $
18,390,438
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Comprehensive income (loss)
Net income (loss) (919,327) (9,286) - $ (928,613)
(928,613)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (4,028) (4,028)
(4,028)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (932,641)
================
Partners' capital (deficit), March 31,
1997 17,468,005 (10,725) 517
17,457,797
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Comprehensive income (loss)
Net income (loss) (1,559,604) (15,754) - $ (1,575,358)
(1,575,358)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (4) (4)
(4)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (1,575,362)
================
Partners' capital (deficit), March 31,
1998 15,908,401 (26,479) 513
15,882,435
Capital contributions - - - -
Selling commissions and registration
costs - - - -
Distributions - - - -
Comprehensive income (loss)
Net income (loss) (1,706,468) (17,237) - $ (1,723,705)
(1,723,705)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 816 816
816
---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (1,722,889)
================
Partners' capital (deficit), March 31,
1999 $ 14,201,933 $ (43,716) $ 1,329 $
14,159,546
================ ================ ================
================
</TABLE>
(continued)
F-45
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 25 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ 25,788,647 $ 405 $ 12,764 $
25,801,816
Capital contributions - - -
- -
Selling commissions and registration
costs (3,652) - -
(3,652)
Comprehensive income (loss)
Net income (loss) (753,063) (7,607) - $ (760,670)
(760,670)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (7,186) (7,186)
(7,186)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (767,856)
================
Partners' capital (deficit), March 31,
1997 25,031,932 (7,202) 5,578
25,030,308
Capital contributions - - -
- -
Selling commissions and registration
costs (570) - -
(570)
Comprehensive income (loss)
Net income (loss) (1,775,431) (17,934) - $ (1,793,365)
(1,793,365)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (2,742) (2,742)
(2,742)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (1,796,107)
================
Partners' capital (deficit), March 31,
1998 23,255,931 (25,136) 2,836
23,233,631
Capital contributions - - -
- -
Selling commissions and registration
costs - - -
- -
Distributions - - -
- -
Comprehensive income (loss)
Net income (loss) (1,906,844) (19,261) - $ (1,926,105)
(1,926,105)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 990 990
990
---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (1,925,115)
================
Partners' capital (deficit), March 31,
1999 $ 21,349,087 $ (44,397) $ 3,826 $
21,308,516
================ ================ ================
================
</TABLE>
(continued)
F-46
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 26 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ 8,166,467 $ (272) $ 1,329 $
8,167,524
Capital contributions 30,013,000 - -
30,013,000
Selling commissions and registration
costs (4,177,907) - -
(4,177,907)
Comprehensive income (loss)
Net income (loss) (207,897) (2,100) - $ (209,997)
(209,997)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 18,066 18,066
18,066
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (191,931)
================
Partners' capital (deficit), March 31,
1997 33,793,663 (2,372) 19,395
33,810,686
Capital contributions - - -
- -
Selling commissions and registration
costs - - -
- -
Comprehensive income (loss)
Net income (loss) (1,005,966) (10,161) - $ (1,016,127)
(1,016,127)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (660) (660)
(660)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (1,016,787)
================
Partners' capital (deficit), March 31,
1998 32,787,697 (12,533) 18,735
32,793,899
Capital contributions - - -
- -
Selling commissions and registration
costs - - -
- -
Distributions - - -
- -
Comprehensive income (loss)
Net income (loss) (1,702,174) (17,194) - $ (1,719,368)
(1,719,368)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (12,209) (12,209)
(12,209)
---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (1,731,577)
================
Partners' capital (deficit), March 31,
1999 $ 31,085,523 $ (29,727) $ 6,526 $
31,062,322
================ ================ ================
================
</TABLE>
(continued)
F-47
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 27 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ - $ - $ - $
- -
Capital contributions 24,607,000 - -
24,607,000
Selling commissions and registration
costs (3,687,455) - -
(3,687,455)
Comprehensive income (loss)
Net income (loss) (24,084) (243) - $ (24,327)
(24,327)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 7,550 7,550
7,550
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (16,777)
================
Partners' capital (deficit), March 31,
1997 20,895,461 (243) 7,550
20,902,768
Capital contributions - - -
- -
Selling commissions and registration
costs 124 - -
124
Comprehensive income (loss)
Net income (loss) (779,234) (7,871) - $ (787,105)
(787,105)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (1,686) (1,686)
(1,686)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (788,791)
================
Partners' capital (deficit), March 31,
1998 20,116,351 (8,114) 5,864
20,114,101
Capital contributions - - -
- -
Selling commissions and registration
costs - - -
- -
Distributions (275,000) - -
(275,000)
Comprehensive income (loss)
Net income (loss) (1,698,989) (17,162) - $ (1,716,151)
(1,716,151)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (4,181) (4,181)
(4,181)
---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (1,720,332)
================
Partners' capital (deficit), March 31,
1999 $ 18,142,362 $ (25,276) $ 1,683 $
18,118,769
================ ================ ================
================
</TABLE>
(continued)
F-48
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 28 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ - $ - $ - $
- -
Capital contributions 39,999,000 - -
39,999,000
Selling commissions and registration
costs (5,610,272) - -
(5,610,272)
Comprehensive income (loss)
Net income (loss) 90,674 916 - $ 91,590
91,590
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 19,868 19,868
19,868
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ 111,458
================
Partners' capital (deficit), March 31,
1997 34,479,402 916 19,868
34,500,186
Capital contributions - - -
- -
Selling commissions and registration
costs (2,986) - -
(2,986)
Comprehensive income (loss)
Net income (loss) 261,430 2,641 - $ 264,071
264,071
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 7,628 7,628
7,628
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ 271,699
================
Partners' capital (deficit), March 31,
1998 34,737,846 3,557 27,496
34,768,899
Capital contributions - - -
- -
Selling commissions and registration
costs (6,889) - -
(6,889)
Distributions - - -
- -
Comprehensive income (loss)
Net income (loss) (716,967) (7,242) - $ (724,209)
(724,209)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 3,226 3,226
3,226
---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (720,983)
================
Partners' capital (deficit), March 31,
1999 $ 34,013,990 $ (3,685) $ 30,722 $
34,041,027
================ ================ ================
================
</TABLE>
(continued)
F-49
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 29 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1996 $ - $ - $ - $
- -
Capital contributions 10,135,000 - -
10,135,000
Selling commissions and registration
costs (1,624,462) - -
(1,624,462)
Comprehensive income (loss)
Net income (loss) 925 9 - $ 934
934
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - - -
- -
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ 934
================
Partners' capital (deficit), March 31,
1997 8,511,463 9 -
8,511,472
Capital contributions 29,783,000 - -
29,783,000
Selling commissions and registration
costs (4,078,753) - -
(4,078,753)
Comprehensive income (loss)
Net income (loss) (273,978) (2,767) - $ (276,745)
(276,745)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 54,512 54,512
54,512
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (222,233)
================
Partners' capital (deficit), March 31,
1998 33,941,732 (2,758) 54,512
33,993,486
Capital contributions - - -
- -
Selling commissions and registration
costs (109,726) - -
(109,726)
Distributions - - -
- -
Comprehensive income (loss)
Net income (loss) (1,400,102) (14,142) - $ (1,414,244)
(1,414,244)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (28,269) (28,269)
(28,269)
---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (1,442,513)
================
Partners' capital (deficit), March 31,
1999 $ 32,431,904 $ (16,900) $ 26,243 $
32,441,247
================ ================ ================
================
</TABLE>
(continued)
F-50
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999 and 1998
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 30 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1997 $ - $ - $ - $
- -
Capital contributions 26,490,750 - -
26,490,750
Selling commissions and registration
costs (3,712,391) - -
(3,712,391)
Comprehensive income (loss)
Net income (loss) 328,018 3,313 - $ 331,331
331,331
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 21,940 21,940
21,940
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ 353,271
================
Partners' capital (deficit), March 31,
1998 23,106,377 3,313 21,940
23,131,630
Capital contributions - - -
- -
Selling commissions and registration
costs (70,646) - -
(70,646)
Distributions - - -
- -
Comprehensive income (loss)
Net income (loss) (301,822) (3,049) - $ (304,871)
(304,871)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 2,930 2,930
2,930
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $
(301,941)
================
Partners' capital (deficit), March 31,
1999 $ 22,733,909 $ 264 $ 24,870 $
22,759,043
================ ================ ================
================ </TABLE>
(continued)
F-51
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999 and 1998
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 31 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1997 $ - $ - $ - $
- -
Capital contributions 44,057,750 - -
44,057,750
Selling commissions and registration
costs (5,997,527) - -
(5,997,527)
Comprehensive income (loss)
Net income (loss) (68,992) (697) - $ (69,689)
(69,689)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 66,614 66,614
66,614
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
Total comprehensive income (loss) $ (3,075)
================
Partners' capital (deficit), March 31,
1998 37,991,231 (697) 66,614
38,057,148
Capital contributions - - -
- -
Selling commissions and registration
costs (127,638) - -
(127,638)
Distributions - - -
- -
Comprehensive income (loss)
Net income (loss) (458,185) (4,628) - $ (462,813)
(462,813)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - (48,476) (48,476)
(48,476)
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $
(511,289)
================
Partners' capital (deficit), March 31,
1999 $ 37,405,408 $ (5,325) $ 18,138 $
37,418,221
================ ================ ================
================ </TABLE>
(continued)
F-52
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999 and 1998
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 32 Assignees partner income income Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1997 $ - $ - $ - $ -
Capital contributions 12,362,000 - - 12,362,000
Selling commissions and registration
costs (1,930,492) - - (1,930,492)
Comprehensive income (loss)
Net income (loss) (20,984) (212) - $ (21,196) (21,196)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 26,049 26,049 26,049
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $
4,853
================
Partners' capital (deficit), March 31,
1998 10,410,524 (212) 26,049 10,436,361
Capital contributions 35,069,000 - - 35,069,000
Selling commissions and registration
costs (4,835,446) - - (4,835,446)
Distributions - - - -
Comprehensive income (loss)
Net income (loss) 267,138 2,698 - $ 269,836 269,836
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 10,005 10,005 10,005
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $
279,841
================
Partners' capital (deficit), March 31,
1999 $ 40,911,216 $ 2,486 $ 36,054 $ 40,949,756
================ ================ ================
================ </TABLE>
(continued)
F-53
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Year ended March 31, 1999
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 33 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1998 $ - $ - $ - $
- -
Capital contributions 26,362,000 - -
26,362,000
Selling commissions and registration
costs (3,777,466) - -
(3,777,466)
Distributions - - -
- -
Comprehensive income (loss)
Net income (loss) 192,157 1,941 - $ 194,098
194,098
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 35,318 35,318
35,318
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ 229,416
================
Partners' capital (deficit), March 31,
1999 $ 22,776,691 $ 1,941 $ 35,318 $
22,813,950
================ ================ ================
================
</TABLE>
(continued)
F-54
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Year ended March 31, 1999
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 34 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1998 $ - $ - $ - $
- -
Capital contributions 35,273,000 - -
35,273,000
Selling commissions and registration
costs (5,175,790) - -
(5,175,790)
Distributions - - -
- -
Comprehensive income (loss)
Net income (loss) 39,550 399 - $ 39,949
39,949
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 33,283 33,283
33,283
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ 73,232
================
Partners' capital (deficit), March 31,
1999 $ 30,136,760 $ 399 $ 33,283 $
30,170,442
================ ================ ================
================ </TABLE>
(continued)
F-55
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Year ended March 31, 1999
<TABLE>
Accumulated
other
General comprehensive Comprehensive
Series 35 Assignees partner income income
Total
- ------------------------------------- ---------------- ---------------- ---------------- ---------------- ----
- ------------
<S> <C> <C> <C> <C> <C>
Partners' capital (deficit), March 31,
1998 $ - $ - $ - $
- -
Capital contributions 7,042,000 - -
7,042,000
Selling commissions and registration
costs (1,127,440) - -
(1,127,440)
Distributions - - -
- -
Comprehensive income (loss)
Net income (loss) (6,699) (68) - $ (6,767)
(6,767)
Other comprehensive income (loss)
Unrealized gain (loss) on
securities available-for-sale - - 1,579 1,579
1,579
---------------- ---------------- ---------------- ---------------- ----
-----------Total comprehensive income (loss) $ (5,188)
================
Partners' capital (deficit), March 31,
1999 $ 5,907,861 $ (68) $ 1,579 $
5,909,372
================ ================ ================
================
</TABLE>
See notes to financial statements
F-56
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
<TABLE>
Total --------------
------------------------------------------
Year ended Year ended
Year ended
March 31, 1999 March 31, 1998
March 31, 1997 --------------- -----------
---- ---------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (17,477,354) $ (13,468,421) $
(11,568,501)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 16,178,884 12,821,176
10,783,903
Distributions received from
operating limited
partnerships 74,152 56,484
1,391
Amortization 200,643 163,770
118,360
Organization costs (220,394) (232,245)
(264,394)
Changes in assets and liabilities
Prepaid expenses - 6,458
(247)
Other assets (469,521) 1,615,579
(117,439)
Accounts payable and accrued
expenses (387,489) 479,609
(317,080)
Accounts payable - affiliates 1,866,990 1,877,816
1,045,255
--------------- --------------- ----
- -----------
Net cash provided by (used
in) operating activities (234,089) 3,320,226
(318,752)
--------------- --------------- ----
- -----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (11,333,915) (12,648,551)
(11,151,932)
Capital contributions paid to
operating limited partnerships (67,552,049) (55,573,742)
(41,188,223)
Deposits for purchases of
operating limited partnerships - (11,903,719)
(5,021,622)
Advances to operating limited
partnerships (16,827,418) (12,100,134)
(7,549,854)
Purchase of investments (net of
proceeds from sale of
investments) 22,153,804 (23,392,784)
(28,077,767)
--------------- --------------- ----
- -----------
Net cash provided by (used
in) investing activities (73,559,578) (115,618,930)
(92,989,398)
--------------- --------------- -------------
- --
Cash flows from financing activities
Capital contributions received 103,746,000 112,693,500
103,779,906
Selling commissions and
registration costs paid (14,918,086) (16,003,410)
(15,124,909)
Distributions paid (275,000) -
- -
Proceeds from (repayment of) line
of credit (4,800,000) 5,000,000
- -
--------------- --------------- -------------
- --
Net cash provided by (used
in) financing activities 83,752,914 101,690,090
88,654,997
--------------- --------------- -------------
- --
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 9,959,247 (10,608,614)
(4,653,153)
Cash and cash equivalents, beginning 4,193,020 14,801,634
19,454,787
--------------- --------------- -------------
- --
Cash and cash equivalents, ending $ 14,152,267 $ 4,193,020 $
14,801,634
=============== ===============
===============
</TABLE>
(continued)
F-57
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Total -------------
----------------------------
Year ended Year ended Year
ended
March 31, March 31,
March 31,
1999 1998
1997
----------- ----------- ----
- -------
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $ 97,716,105 $ 83,394,434 $
58,516,586
=========== ===========
===========
The fund has decreased its
investment and decreased its capital contribution obligation
in operating limited
partnerships for low income tax
credits not generated $ 1,070,100 $ 653,582 $ 1,126,529
=========== ===========
===========
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $ - $ - $ 3,505,470
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation
in operating limited
partnerships $ 24,841,626 $ 5,302,786 $
13,848,014
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to
the operating limited
partnership disposed of during
the year $ 1,700,745 $ - $ 1,773,705
=========== ===========
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $ 244,628 $ - $ 90,208
=========== ===========
===========
The fund has decreased its
i n vestments and recorded a
receivable for tax credits not g e nerated by the operating
limited partnerships $ 448,332 $ 313,388 $ 236,894
=========== ===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ 312,955 $ - $
- -
=========== ===========
===========
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-58
<PAGE>
Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF
CASH FLOWS - CONTINUED
<TABLE>
Series 20
--------------------------------------
---Year ended Year ended Year
ended
March 31, March 31, March
31,
1999 1998 1997
----------- ----------- --------
- ---
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (2,811,432)
$ (2,844,245) $
(3,320,223) Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 2,359,812 2,516,153
2,941,378
Distributions received from
operating limited
partnerships 5,283 17,236
88
Amortization 23,284 23,285
23,285
Organization costs - -
- -
Changes in assets and liabilities
Prepaid expenses - 4,410
(247)
Other assets 188,042 (96,053)
67,528
Accounts payable and accrued
expenses - -
- -
Accounts payable - affiliates 379,248 379,065
378,973
----------- ----------- --------
- ---
Net cash provided by (used
in) operating activities 144,237 (149)
90,782
----------- ----------- --------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships - -
(4)
Capital contributions paid to
operating limited partnerships (97,459) (553,877)
(943,061)
Deposits for purchases of
operating limited partnerships - (81,330)
- -
Advances to operating limited
partnerships (395,447) -
41,266
Purchase of investments (net of
proceeds from sale of
investments) 373,276 404,930
(66,553)
----------- ----------- --------
- ---
Net cash provided by (used
in) investing activities (119,630) (230,277)
(968,352)
----------- ----------- --------
- ---
Cash flows from financing activities
Capital contributions received - - -
Selling commissions and
registration costs paid - - -
Distributions paid - - -
Proceeds from (repayment of) line
of credit - - -
----------- ----------- --------
- ---
Net cash provided by (used
in) financing activities - - -
----------- ----------- --------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 24,607 (230,426)
(877,570)
Cash and cash equivalents, beginning 198,679 429,105
1,306,675
----------- ----------- --------
- ---
Cash and cash equivalents, ending $ 223,286 $ 198,679 $
429,105
=========== ===========
===========
</TABLE>
(continued)
F-59
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 20 -----------
------------------------------
Year ended Year ended Year
ended
March 31, March 31, March
31,
1999 1998 1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $ 31,153 $ - $
- -
=========== ===========
===========
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $ 2,662 $ - $
75,779
=========== ===========
===========
The fund has recorded capital
contributions (syndication proceeds) being held and
subsequently released by the
escrow agent $ - $ - $
- -
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $ 67,702 $ 874,787 $
912,500
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $ - $ - $
- -
=========== ===========
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $ - $ - $
- -
=========== ===========
===========
The fund has decreased its
i n vestments and recorded a
receivable for tax credits not g e nerated by the operating
limited partnerships $ 153,054 $ - $
- -
=========== ===========
===========
The fund has increased selling commissions and registration
costs for amounts payable $ - $ - $
- -
=========== ===========
=========== </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-60
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 21 ------------
-----------------------------
Year ended Year ended Year
ended March 31, March 31,
March 31,
1999 1998 1997
----------- ----------- --------
- --<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (1,653,386) $ (2,098,068) $
(2,361,437)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 1,440,087 1,854,423
2,109,014
Distributions received
(returned), net, from
operating limited
partnerships (6,582) 22,158
- -
Amortization 12,523 18,957
18,957
Organization costs - -
- -
Changes in assets and liabilities
Prepaid expenses - -
- -
Other assets 2,672 (1,644)
62,784
Accounts payable and accrued
expenses - -
- -
Accounts payable - affiliates 25,840 225,840
225,840
----------- ----------- --------
- ---
Net cash provided by (used
in) operating activities (178,846) 21,666
55,158
----------- ----------- --------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships - -
- -
Capital contributions paid to
operating limited partnerships (30,147) (30,517)
(318,005)
Deposits for purchases of
operating limited partnerships - -
- -
Advances to operating limited
partnerships - -
(420,377)
Purchase of investments (net of
proceeds from sale of
investments) 242,109 (314,236)
(221,571)
----------- ----------- --------
- ---
Net cash provided by (used
in) investing activities 211,962 (344,753)
(959,953)
----------- ----------- --------
- ---
Cash flows from financing activities
Capital contributions received - - -
Selling commissions and
registration costs paid - - -
Distributions paid - - -
Proceeds from (repayment of) line
of credit - - -
----------- ----------- --------
- ---
Net cash provided by (used
in) financing activities - - -
----------- ----------- --------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 33,116 (323,087)
(904,795)
Cash and cash equivalents, beginning 171,025 494,112
1,398,907
----------- ----------- --------
- ---
Cash and cash equivalents, ending $ 204,141 $ 171,025 $
494,112
=========== ===========
===========
</TABLE>
(continued)
F-61
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 21 -----------
------------------------------
Year ended Year ended Year
ended
March 31, March 31, March
31,
1999 1998
1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating limited partnerships for
unpaid capital contributions due to the operating limited
partnerships $ - $ - $
- -
=========== ===========
===========
The fund has decreased its
investment and decreased its
c a p i tal contribution
obligation in operating
limited partnerships for low
income tax credits not
generated $ 120,786 $ 78,670 $
299,263
=========== ===========
===========
The fund has recorded capital
contributions (syndication
p r oceeds) being held and subsequently released by the
escrow agent $ - $ - $
- -
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation
in operating
limited partnerships $ - $ - $
138,080
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ - $ - $
319,435
=========== ===========
===========
The fund has increased its
deferred acquisition costs
for operating limited
partnerships disposed of
during the year $ - $ - $
- -
=========== ===========
===========
The fund has decreased its
investments and recorded a
receivable for tax credits
not generated by the
o p e r a t i ng limited
partnerships $ 21,620 $ 1,752 $
118,031
=========== ===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ - $ - $
- -
=========== ===========
===========
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-62
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 22 ------------
-----------------------------
Year ended Year ended Year
ended March 31, March 31,
March 31,
1999 1998 1997
----------- ----------- --------
- --<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (1,658,012) $ (1,654,264) $
(2,058,842)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 1,371,100 1,372,762
1,817,108
Distributions received from
operating limited
partnerships 47,722 3,342
- -
Amortization 12,538 12,538
12,538
Organization costs - -
- -
Changes in assets and liabilities
Prepaid expenses - -
- -
Other assets 1,050 115,918
109,096
Accounts payable and accrued
expenses - -
(1,199)
Accounts payable - affiliates 254,590 247,568
242,675
----------- ----------- --------
- ---
Net cash provided by (used
in) operating activities 28,988 97,864
121,376
----------- ----------- --------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (1,483) (35,327)
(38,438)
Capital contributions paid to
operating limited partnerships (238,491) (1,261,110)
(611,151)
Deposits for purchases of
operating limited partnerships - -
- -
Advances to operating limited
partnerships 317,065 413,033
(342,847)
Purchase of investments (net of
proceeds from sale of
investments) 113,994 236,153
(166,640)
----------- ----------- --------
- ---
Net cash provided by (used
in) investing activities 191,085 (647,251)
(1,159,076)
----------- ----------- --------
- ---
Cash flows from financing activities
Capital contributions received - - -
Selling commissions and
registration costs paid - - -
Distributions paid - - -
Proceeds from (repayment of) line
of credit - - -
----------- ----------- --------
- ---
Net cash provided by (used
in) financing activities - - -
----------- ----------- --------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 220,073 (549,387)
(1,037,700)
Cash and cash equivalents, beginning 99,260 648,647
1,686,347
----------- ----------- --------
- ---
Cash and cash equivalents, ending $ 319,333 $ 99,260 $
648,647
=========== ===========
===========
</TABLE>
(continued)
F-63
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 22 -----------
------------------------------
Year ended Year ended Year
ended
March 31, March 31, March
31,
1999 1998
1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating limited partnerships for
unpaid capital contributions due to the operating limited
partnerships $ 240,900 $ - $
664,633
=========== ===========
===========
The fund has decreased its
investment and decreased its
c a p i tal contribution
obligation in operating
limited partnerships for low
income tax credits not
generated $ - $ 60,840 $
114,458
=========== ===========
===========
The fund has recorded capital
contributions (syndication
p r oceeds) being held and subsequently released by the
escrow agent $ - $ - $
- -
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation
in operating
limited partnerships $ 1,288,063 $ - $ 2,123,455
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ - $ - $
995,075
=========== ===========
===========
The fund has increased its
deferred acquisition costs
for operating limited
partnerships disposed of
during the year $ - $ - $
90,208
=========== ===========
===========
The fund has decreased its
investments and recorded a receivable for tax credits not
generated by the
o p e r a t i ng limited
partnerships $ - $ 35,303 $ -
=========== ===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ - $ - $ -
=========== ===========
===========
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-64
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 23 ------------
-----------------------------
Year ended Year ended Year
ended March 31, March 31,
March 31,
1999 1998 1997
----------- ----------- --------
- --<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (1,860,174) $ (1,927,661) $
(1,996,916)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 1,587,640 1,705,493
1,847,436
Distributions received from
operating limited
partnerships 3,178 360
378
Amortization 13,072 13,072
13,072
Organization costs - -
- -
Changes in assets and liabilities
Prepaid expenses - 2,048
- -
Other assets 83,862 239
(181,000)
Accounts payable and accrued
expenses - -
- -
Accounts payable - affiliates 115,264 237,676
50,832
----------- ----------- --------
- ---
Net cash provided by (used
in) operating activities (57,158) 31,227
(266,198)
----------- ----------- --------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (5,072) 1,550
(32,371)
Capital contributions paid to
operating limited partnerships (370,254) (1,705,632)
(3,749,205)
Deposits for purchases of
operating limited partnerships - (346,490)
- -
Advances to operating limited
partnerships 385,000 -
409,630
Purchase of investments (net of
proceeds from sale of
investments) 582,680 516,109
3,903,324
----------- ----------- -------
- ----
Net cash provided by (used
in) investing activities 592,354 (1,534,463)
531,378
----------- ----------- -------
- ----
Cash flows from financing activities
Capital contributions received - - -
Selling commissions and
registration costs paid - - -
Distributions paid - - -
Proceeds from (repayment of) line
of credit - - -
----------- ----------- -------
- ----
Net cash provided by (used
in) financing activities - - -
----------- ----------- -------
- ----
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 535,196 (1,503,236)
265,180
Cash and cash equivalents, beginning 75,562 1,578,798
1,313,618
----------- ----------- -------
- ----
Cash and cash equivalents, ending $ 610,758 $ 75,562 $
1,578,798
=========== ===========
===========
</TABLE>
(continued)
F-65
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 23 -----------
------------------------------
Year ended Year ended Year
ended
March 31, March 31, March
31,
1999 1998
1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating limited partnerships for
unpaid capital contributions due to the operating limited
partnerships $ - $ - $
80,126
=========== ===========
===========
The fund has decreased
(increased) its investment
and decreased (increased) its
c a p i tal contribution
obligation in operating
limited partnerships for low
income tax credits not
generated $ - $ (723) $
293,659
=========== ===========
===========
The fund has recorded capital
contributions (syndication
p r oceeds) being held and subsequently released by the
escrow agent $ - $ - $
- -
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation
in operating
limited partnership $ 1,581,038 $ 100,000 $ 2,105,920
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ - $ - $
- -
=========== ===========
===========
The fund has increased its
deferred acquisition costs
for operating limited
partnerships disposed of
during the year $ - $ - $
- -
=========== ===========
===========
The fund has decreased its
investments and recorded a
receivable for tax credits not generated by the operat
ing limited partnerships $ - $ 32,604 $
118,863
=========== ===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ - $ - $
- -
=========== ===========
===========
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore
no comparative information has been included.
(continued)
F-66
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 24 ------------
-----------------------------
Year ended Year ended Year
ended March 31, March 31,
March 31,
1999 1998 1997
----------- ----------- --------
- --<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (1,723,705) $ (1,575,358) $
(928,613)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 1,475,502 1,342,281
797,796
Distributions received from
operating limited
partnerships 2,222 9,835
925
Amortization 12,980 12,979
12,980
Organization costs - -
- -
Changes in assets and liabilities
Prepaid expenses - -
- -
Other assets 100,464 3,730
13,326
Accounts payable and accrued
expenses (27,000) 27,000
(236,334)
Accounts payable - affiliates 233,148 233,147
46,367
----------- ----------- --------
- ---
Net cash provided by (used
in) operating activities 73,611 53,614
(293,553)
----------- ----------- --------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (3,912) (76,061)
(220,514)
Capital contributions paid to
operating limited partnerships (306,593) (1,377,894)
(5,596,362)
Deposits for purchases of
operating limited partnerships - (148,335)
(413,344)
Advances to operating limited
partnerships 255,061 1,073,666
(259,283)
Purchase of investments (net of
proceeds from sale of
investments) 11,364 105,358
2,631,254
----------- ----------- --------
- ---
Net cash provided by (used
in) investing activities (44,080) (423,266)
(3,858,249)
----------- ----------- --------
- ---
Cash flows from financing activities
Capital contributions received - - -
Selling commissions and
registration costs paid - - -
Distributions paid - - -
Proceeds from (repayment of) line
of credit - - -
----------- ----------- --------
- ---
Net cash provided by (used
in) financing activities - - -
----------- ----------- --------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 29,531 (369,652)
(4,151,802)
Cash and cash equivalents, beginning 275,033 644,685
4,796,487
----------- ----------- --------
- ---
Cash and cash equivalents, ending $ 304,564 $ 275,033 $
644,685
=========== ===========
===========
</TABLE>
(continued)
F-67
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 24 -----------
------------------------------
Year ended Year ended Year
ended
March 31, March 31, March
31,
1999 1998
1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating limited partnerships for
unpaid capital contributions due to the operating limited
partnerships $ 41,233 $ 787,582 $
6,484,723
=========== ===========
===========
The fund has decreased
(increased) its investment and decreased (increased) its capital
contribution obligation in operating limited partnerships for low
income
tax credits not generated $ - $ (28,458) $
191,888
=========== ===========
===========
The fund has recorded capital
contributions (syndication p r oceeds) being held and subsequently
released by the
escrow agent $ - $ - $
- -
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation
in operating
limited partnerships $ 31,250 $ 699,270 $
1,497,662
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ - $ - $
459,195
=========== ===========
===========
The fund has increased its
deferred acquisition costs
for operating limited
partnerships disposed of
during the year $ - $ - $
- -
=========== ===========
===========
The fund has decreased its
investments and recorded a receivable for tax credits
not generated by the operat-
ing limited partnerships $ 12,582 $ 71,057 $ -
=========== ===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ - $ - $ -
=========== ===========
===========
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore
no comparative information has been included.
(continued)
F-68
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 25 ------------
-----------------------------
Year ended Year ended Year
ended March 31, March 31,
March 31,
1999 1998 1997
----------- ----------- --------
- --<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (1,926,105) $ (1,793,365) $
(760,670)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 1,653,302 1,550,724
767,183
Distributions received from
operating limited
partnerships 144 3,468
- -
Amortization 10,488 10,488
10,488
Organization costs - -
- -
Changes in assets and liabilities
Prepaid expenses - -
- -
Other assets 103,056 6,282
41,697
Accounts payable and accrued
expenses - (983)
392
Accounts payable - affiliates 272,676 (16,554)
15,095
----------- ----------- --------
- ---
Net cash provided by (used
in) operating activities 113,561 (239,940)
74,185
----------- ----------- --------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (2,477) (302,197)
(394,746)
Capital contributions paid to
operating limited partnerships (298,607) (1,996,981)
(7,672,304)
Deposits for purchases of
operating limited partnerships - 42,425
(3,403,085)
Advances to operating limited
partnerships 203,620 (349,141)
139,287
Purchase of investments (net of
proceeds from sale of
investments) 469,924 2,064,018
4,908,818
----------- ----------- --------
- ---
Net cash provided by (used
in) investing activities 372,460 (541,876)
(6,422,030)
----------- ----------- --------
- ---
Cash flows from financing activities
Capital contributions received - -
- -
Selling commissions and
registration costs paid - (570)
(3,652)
Distributions paid - -
- -
Proceeds from (repayment of) line
of credit - -
- -
----------- ----------- --------
- ---
Net cash provided by (used
in) financing activities - (570)
(3,652)
----------- ----------- --------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 486,021 (782,386)
(6,351,497)
Cash and cash equivalents, beginning 173,979 956,365
7,307,862
----------- ----------- --------
- ---
Cash and cash equivalents, ending $ 660,000 $ 173,979 $
956,365
=========== ===========
===========
</TABLE>
(continued)
F-69
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 25 -----------
------------------------------
Year ended Year ended Year
ended
March 31, March 31, March
31,
1999 1998
1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its investments in operating limited
partnerships for
unpaid capital contributions due to the operating limited
partnerships $ - $ - $
15,092,627
=========== ===========
===========
The fund has decreased its
investment and decreased its c a p i tal contribution obligation
in operating limited partnerships for low income tax credits
not
generated $ 47,737 $ 72,102 $
104,873
=========== ===========
===========
The fund has recorded capital
contributions (syndication p r oceeds) being held and subsequently
released by the
escrow agent $ - $ - $
- -
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation
in operating
limited partnerships $ 346,200 $ 971,989 $
5,789,497
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ - $ - $
- -
=========== ===========
===========
The fund has increased its
deferred acquisition costs
for operating limited
partnerships disposed of
during the year $ - $ - $
- -
=========== ===========
===========
The fund has decreased its
investments and recorded a receivable for tax credits
not generated by the operat-
ing limited partnerships $ 58,226 $ 95,998 $ -
=========== ===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ - $ - $ -
=========== ===========
===========
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-70
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 26 ------------
-----------------------------
Year ended Year ended Year
ended
March 31, March 31, March
31,
1999 1998 1997
----------- ----------- --------
- ---
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (1,719,368) $ (1,016,127) $
(209,997)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 1,448,218 869,148
493,405
Distributions received from
operating limited
partnerships 13,696 -
- -
Amortization 18,931 18,931
14,198
Organization costs - -
(48,304)
Changes in assets and liabilities
Prepaid expenses - -
- -
Other assets 36,282 20,397
(51,068)
Accounts payable and accrued
expenses 8 82
(85,639)
Accounts payable - affiliates 249,284 7,694
(49,168)
----------- ----------- --------
- ---
Net cash provided by (used
in) operating activities 47,051 (99,875)
63,427
----------- ----------- --------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (61,180) (310,027)
(3,163,343)
Capital contributions paid to
operating limited partnerships (1,946,670) (5,715,139)
(10,395,846)
Deposits for purchases of
operating limited partnerships - (433,223)
(1,145,193)
Advances to operating limited
partnerships (2,866,412) (102,840)
(2,559,748)
Purchase of investments (net of
proceeds from sale of
investments) 5,911,913 5,527,075
(11,269,351)
----------- ----------- --------
- ---
Net cash provided by (used
in) investing activities 1,037,651 (1,034,154)
(28,533,481)
----------- ----------- --------
- ---
Cash flows from financing activities
Capital contributions received - -
32,544,376
Selling commissions and
registration costs paid - -
(4,479,883)
Distributions paid - -
- -
Proceeds from (repayment of) line
of credit - -
- -
----------- ----------- --------
- ---
Net cash provided by (used
in) financing activities - -
28,064,493
----------- ----------- --------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 1,084,702 (1,134,029)
(405,561)
Cash and cash equivalents, beginning 105,301 1,239,330
1,644,891
----------- ----------- --------
- ---
Cash and cash equivalents, ending $ 1,190,003 $ 105,301 $
1,239,330
=========== ===========
===========
</TABLE>
(continued)
F-71
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 26 -----------
------------------------------
Year ended Year ended Year
ended
March 31, March 31, March
31,
1999 1998
1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $ 1,617,313 $ 8,201,085 $
16,205,864
=========== ===========
===========
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $ - $ 320,446 $
46,609
=========== ===========
===========
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $ - $ - $
- -
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $ 3,453,918 $ - $
1,280,900
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $ - $ - $
- -
=========== ===========
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $ - $ - $
- -
=========== ===========
===========
The fund has decreased its
i n vestments and recorded a
receivable for tax credits not g e nerated by the operating
limited partnerships $ 133,565 $ 76,674 $
- -
=========== ===========
===========
The fund has increased selling commissions and registration
costs for amounts payable $ - $ - $ -
=========== ===========
=========== </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-72
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 27 ------------
-----------------------------
Period
June
16, 1996
(date
of
inception) Year ended Year ended
through
March 31, March 31, March
31,
1999 1998 1997
----------- ----------- --------
- ---
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (1,716,151) $ (787,105) $
(24,327)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 1,421,601 689,756
9,016
Distributions received from
operating limited
partnerships 4,649 -
- -
Amortization 15,522 15,522
7,761
Organization costs - -
(77,611)
Changes in assets and liabilities
Prepaid expenses - -
- -
Other assets 43,951 (11,075)
(33,090)
Accounts payable and accrued
expenses - -
- -
Accounts payable - affiliates 305,410 125,327
- -
----------- ----------- --------
- ---
Net cash provided by (used
in) operating activities 74,982 32,425
(118,251)
----------- ----------- --------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (34,189) (243,421)
(2,611,813)
Capital contributions paid to
operating limited partnerships (1,198,896) (4,713,523)
(8,222,590)
Deposits for purchases of
operating limited partnerships - (1,162,984)
(60,000)
Advances to operating limited
partnerships (16,832) (88,012)
(814,125)
Purchase of investments (net of
proceeds from sale of
investments) 2,519,784 4,252,996
(6,912,079)
----------- ----------- --------
- ---
Net cash provided by (used
in) investing activities 1,269,867 (1,954,944)
(18,620,607)
----------- ----------- --------
- ---
Cash flows from financing activities
Capital contributions received - -
24,607,000
Selling commissions and
registration costs paid - 124
(3,687,455)
Distributions paid (275,000) -
Proceeds from (repayment of) line
of credit - -
- -
----------- ----------- --------
- ---
Net cash provided by (used
in) financing activities (275,000) 124
20,919,545
----------- ----------- --------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 1,069,849 (1,922,395)
2,180,687
Cash and cash equivalents, beginning 258,292 2,180,687
- -
----------- ----------- --------
- ---
Cash and cash equivalents, ending $ 1,328,141 $ 258,292 $
2,180,687
=========== ===========
===========
</TABLE>
(continued)
F-73
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 27 -----------
------------------------------
Perio
d
June
16,
1996
(d
at
e
of
inception) Year ended Year
ended through
March 31, March 31, March
31,
1999 1998
1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $ 626,742 $ 4,836,443 $
11,692,712
=========== ===========
===========
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $ 383,266 $ 69,020 $
- -
=========== ===========
===========
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $ - $ - $
- -
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $ 922,984 $ - $
- -
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $ - $ - $
- -
=========== ===========
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $ - $ - $
- -
=========== ===========
===========
The fund has decreased its i n vestments and recorded a receivable
for tax credits not g e nerated by the operating
limited partnerships $ 69,285 $ - $
- -
=========== ===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ - $ - $
- -
=========== ===========
=========== </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-74
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 28 -----------
------------------------------
Perio
d
Septem
ber
30,
1996
(date
of
inception) Year ended Year ended
through
March 31, March 31, March
31,
1999 1998 1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (724,209) $ 264,071 $
91,590
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 793,965 351,007
1,567
Distributions received from
operating limited
partnerships 3,840 85
- -
Amortization 20,326 20,326
5,081
Organization costs - -
(101,629)
Changes in assets and liabilities
Prepaid expenses - -
- -
Other assets 77,034 (13,201)
(146,712)
Accounts payable and accrued
expenses - (5,700)
5,700
Accounts payable - affiliates 251,467 2,581
2,100
----------- ----------- --------
- ---
Net cash provided by (used
in) operating activities 422,423 619,169
(142,303)
----------- ----------- --------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (139,560) (391,912)
(3,665,291)
Capital contributions paid to
operating limited partnerships (4,170,336) (16,095,025)
(1,363,482)
Deposits for purchases of
operating limited partnerships - -
- -
Advances to operating limited
partnerships (4,128,292) 3,123,082
(3,743,657)
Purchase of investments (net of
proceeds from sale of
investments) 8,108,839 8,642,281
(20,884,969)
----------- ----------- --------
- ---
Net cash provided by (used
in) investing activities (329,349) (4,721,574)
(29,657,399)
----------- ----------- --------
- ---
Cash flows from financing activities
Capital contributions received - -
39,999,000
Selling commissions and
registration costs paid (6,889) (2,986)
(5,610,272)
Distributions paid - -
- -
Proceeds from (repayment of) line
of credit - -
- -
----------- ----------- --------
- ---
Net cash provided by (used
in) financing activities (6,889) (2,986)
34,388,728
----------- ----------- --------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 86,185 (4,105,391)
4,589,026
Cash and cash equivalents, beginning 483,635 4,589,026
- -
----------- ----------- --------
- ---
Cash and cash equivalents, ending $ 569,820 $ 483,635 $
4,589,026
=========== ===========
===========
</TABLE>
(continued)
F-75
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 28 -----------
------------------------------
Peri
od
Septem
ber
30,
1996
(date
of
inception) Year ended Year
ended through
March 31, March 31, March
31,
1999 1998
1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $ 6,002,495 $ 21,987,016 $
2,962,467
=========== ===========
===========
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $ 62,796 $ 44,989 $
- -
=========== ===========
===========
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $ - $ - $
- -
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $ 2,813,682 $ - $
- -
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $ 1,700,745 $ - $
- -
=========== ===========
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $ 244,628 $ - $
- -
=========== ===========
===========
The fund has decreased its i n vestments and recorded a receivable
for tax credits not g e nerated by the operating
limited partnerships $ - $ - $
- -
=========== ===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ - $ - $
- -
=========== ===========
=========== </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-76
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 29 ---------------
----------------------------------
Period
February
10, 1997
(date of
Year ended Year ended
inception)
March 31, March 31, through
March
1999 1998 31,
1997
------------- ------------- ---------
- ----
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $
(1,414,244) $ (276,745) $
934
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 1,418,793 626,915 -
Distributions received from
operating limited
partnerships - - -
Amortization 15,215 8,633 -
Organization costs - (36,446)
(36,850)
Changes in assets and liabilities
Prepaid expenses - - -
Other assets 80,788 3,398,682 -
Accounts payable and accrued
expenses - - -
Accounts payable - affiliates (50,192) (75,838)
132,541
------------- ------------- ----------
- ---
Net cash provided by (used
in) operating activities 50,360 3,645,201
96,625
------------- ------------- ----------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (146,869) (2,993,202)
(1,025,412)
Capital contributions paid to
operating limited partnerships (7,473,413) (8,746,483)
(2,316,217)
Deposits for purchases of
operating limited partnerships - (4,123,059) -
Advances to operating limited
partnerships 151,750 (1,428,362) -
Purchase of investments (net of
proceeds from sale of
investments) 8,288,571 (13,512,675) -
------------- ------------- ----------
- ---
Net cash provided by (used
in) investing activities 820,039 (30,803,781)
(3,341,629)
------------- ------------- ----------
- ---
Cash flows from financing activities
Capital contributions received - 29,783,000
6,629,530
Selling commissions and
registration costs paid (109,726) (4,359,568)
(1,343,647)
Distributions paid - - -
Proceeds from (repayment of) line
of credit - - -
------------- ------------- ----------
- ---
Net cash provided by (used
in) financing activities (109,726) 25,423,432
5,285,883
------------- ------------- ----------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 760,673 (1,735,148)
2,040,879
Cash and cash equivalents, beginning 305,731 2,040,879 -
------------- ------------- ----------
- ---
Cash and cash equivalents, ending $ 1,066,404 $ 305,731 $
2,040,879
============= =============
=============
</TABLE>
(continued)
F-77
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 29 -----------
------------------------------
Perio
d
Febru
ary
10,
1997
(date
of
inception) Year ended Year
ended through
March 31, March 31, March
31,
1999 1998
1997
----------- ----------- -------
- ----
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $ 6,908,381 $ 16,888,802 $
5,333,434
=========== ===========
===========
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $ 193,830 $ 36,696 $
- -
=========== ===========
===========
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $ - $ - $
3,505,470
=========== ===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $ 2,771,170 $ 1,792,622 $
- -
=========== ===========
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $ - $ - $
- -
=========== ===========
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $ - $ - $
- -
=========== ===========
===========
The fund has decreased its
i n vestments and recorded a receivable for tax credits not g e
nerated by the operating
limited partnerships $ - $ - $ -
=========== ===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ - $ - $ -
=========== ===========
===========
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-78
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 30 ------
------------------------
Period
June 23,
1997
(date
of
Year ended
inception)
March 31, through
March
1999 31,
1998
------------- ----------
- ---
<S> <C> <C>
Cash flows from operating activities
Net income (loss) $ (304,871) $
331,331
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 432,433
(100,573)
Distributions received from
operating limited
partnerships -
- -
Amortization 13,857
5,613
Organization costs -
(67,971)
Changes in assets and liabilities
Prepaid expenses -
- -
Other assets 120,418
(171,223)
Accounts payable and accrued
expenses -
- -
Accounts payable - affiliates 5,194
1,002
------------- ----------
- ---
Net cash provided by (used
in) operating activities 267,031
(1,821)
------------- ----------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (162,985)
(2,574,202)
Capital contributions paid to
operating limited partnerships (4,549,243)
(2,201,978)
Deposits for purchases of
operating limited partnerships -
(4,546,231)
Advances to operating limited
partnerships (835,055)
(1,422,259)
Purchase of investments (net of
proceeds from sale of
investments) 5,527,523
(10,869,350)
------------- ----------
- ---
Net cash provided by (used
in) investing activities (19,760)
(21,614,020)
------------- ----------
- ---
Cash flows from financing activities
Capital contributions received -
26,490,750
Selling commissions and
registration costs paid (70,646)
(3,712,391)
Distributions paid -
- -
Proceeds from (repayment of) line
of credit -
- -
------------- ----------
- ---
Net cash provided by (used
in) financing activities (70,646)
22,778,359
------------- ----------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 176,625
1,162,518
Cash and cash equivalents, beginning 1,162,518
- -
------------- ----------
- ---
Cash and cash equivalents, ending $ 1,339,143 $
1,162,518
=============
=============
</TABLE>
(continued)
F-79
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 30 ----
----------------------
Perio
d
June
23,
1997
(d
at
e
of
inception) Year ended
through
March 31, March
31,
1999
1998
----------- -------
- ----
<S> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $ 3,743,360 $
9,721,288
===========
===========
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $ 40,128 $
- -
===========
===========
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $ - $
- -
===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $ 3,686,890 $
864,118
===========
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $ - $
- -
===========
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $ - $
- -
===========
===========
The fund has decreased its
i n vestments and recorded a receivable for tax credits not g e
nerated by the operating
limited partnerships $ - $
- -
===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ - $
- -
===========
=========== </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-80
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 31 ------
------------------------
Period
September
11, 1997
(date of
Year ended
inception)
March 31, through
March
1999 31,
1998
------------- ----------
- ---
<S> <C> <C>
Cash flows from operating activities
Net income (loss) $ (462,813) $
(69,689)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships 1,020,163
43,087
Distributions received from
operating limited
partnerships -
- -
Amortization 13,702
3,426
Organization costs -
(68,513)
Changes in assets and liabilities
Prepaid expenses -
- -
Other assets (203,125)
(158,545)
Accounts payable and accrued
expenses (25,699)
27,359
Accounts payable - affiliates (415,947)
417,337
------------- ----------
- ---
Net cash provided by (used
in) operating activities (73,719)
194,462
------------- ----------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (183,186)
(4,329,695)
Capital contributions paid to
operating limited partnerships (9,130,091)
(10,228,698)
Deposits for purchases of
operating limited partnerships -
(1,104,492)
Advances to operating limited
partnerships 874,882
(7,309,603)
Purchase of investments (net of
proceeds from sale of
investments) 9,122,973
(14,470,962)
------------- ----------
- ---
Net cash provided by (used
in) investing activities 684,578
(37,443,450)
------------- ----------
- ---
Cash flows from financing activities
Capital contributions received -
44,057,750
Selling commissions and
registration costs paid (127,638)
(5,997,527)
Distributions paid -
- -
Proceeds from (repayment of) line
of credit -
- -
------------- ----------
- ---
Net cash provided by (used
in) financing activities (127,638)
38,060,223
------------- ----------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 483,221
811,235
Cash and cash equivalents, beginning 811,235
- -
------------- ----------
- ---
Cash and cash equivalents, ending $ 1,294,456 $
811,235
=============
=============
</TABLE>
(continued)
F-81
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 31 ------
------------------------
Period
September
11, 1997
(date of
Year ended
inception)
March 31, through
March
1999 31,
1998
------------- ----------
- ---
<S> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $ 6,840,579 $
14,425,302
=============
=============
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $ 193,736 $ -
=============
=============
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $ - $ -
=============
=============
The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $ 3,931,266 $
- -
=============
=============
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $ - $ -
=============
=============
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $ - $ -
=============
=============
The fund has decreased its
i n vestments and recorded a
receivable for tax credits not g e nerated by the operating
limited partnerships $ - $
- -
=============
=============
The fund has increased selling
commissions and registration
costs for amounts payable $ - $
- -
=============
=============
</TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore
no comparative information has been included. Series 33, 34 and 35 were not
formed until after March 31, 1998, therefore no comparative information has been
included.
(continued)
F-82
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 32 ------
------------------------
Period
January
19, 1998
(date of
Year ended
inception)
March 31, through
March
1999 31,
1998
------------- ----------
- ---
<S> <C> <C>
Cash flows from operating activities
Net income (loss) $ 269,836 $
(21,196)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships (56,660)
- -
Distributions received from
operating limited
partnerships -
- -
Amortization 8,897
- -
Organization costs -
(59,315)
Changes in assets and liabilities
Prepaid expenses -
- -
Other assets 1,451,661
(1,477,928)
Accounts payable and accrued
expenses (431,851)
431,851
Accounts payable - affiliates (92,868)
92,971
------------- ----------
- ---
Net cash provided by (used
in) operating activities 1,149,015
(1,033,617)
------------- ----------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships (3,620,417)
(1,394,057)
Capital contributions paid to
operating limited partnerships (16,991,915)
(946,885)
Deposits for purchases of
operating limited partnerships -
- -
Advances to operating limited
partnerships (980,807)
(6,009,698)
Purchase of investments (net of
proceeds from sale of
investments) (3,236,294)
(5,974,481)
------------- ----------
- ---
Net cash provided by (used
in) investing activities (24,829,433)
(14,325,121)
------------- ----------
- ---
Cash flows from financing activities
Capital contributions received 35,069,000
12,362,000
Selling commissions and
registration costs paid (4,835,446)
(1,930,492)
Distributions paid -
- -
Proceeds from (repayment of) line
of credit (5,000,000)
5,000,000
------------- ----------
- ---
Net cash provided by (used
in) financing activities 25,233,554
15,431,508
------------- ----------
- ---
NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS 1,553,136
72,770
Cash and cash equivalents, beginning 72,770
- -
------------- ----------
- ---
Cash and cash equivalents, ending $ 1,625,906 $
72,770
=============
=============
</TABLE>
(continued)
F-83
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series 32 ----
----------------------
Perio
d
January
19,
1998
(date
of
inception) Year ended
through
March 31, March
31,
1999
1998
----------- -------
- ----
<S> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $ 23,676,237 $
6,546,916
===========
===========
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $ 25,159 $
- -
===========
===========
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $ - $
- -
===========
===========
The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $ 3,051,011 $
- -
===========
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $ - $
- -
===========
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $ - $
- -
===========
===========
The fund has decreased its
i n vestments and recorded a receivable for tax credits not g e
nerated by the operating
limited partnerships $ - $
- -
===========
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ - $
- -
===========
=========== </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore no comparative
information has been included.
(continued)
F-84
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series
33 ------
------
Period
June
22,
1998
(date
of
inception
) through
March
31,
1999
---------
- ---<S> <C>
Cash flows from operating activities
Net income (loss) $
194,098
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships
(187,290)
Distributions received from
operating limited
partnerships
- -
Amortization
9,308
Organization costs
(93,078)
Changes in assets and liabilities
Prepaid expenses
- -
Other assets
(14,587)
Accounts payable and accrued
expenses
- -
Accounts payable - affiliates
6,443
----------
- ---
Net cash provided by (used
in) operating activities
(85,106)
----------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships
(2,679,343)
Capital contributions paid to
operating limited partnerships
(12,028,598)
Deposits for purchases of
operating limited partnerships
- -
Advances to operating limited
partnerships
(1,248,089)
Purchase of investments (net of
proceeds from sale of
investments)
(5,857,541)
----------
- ---
Net cash provided by (used
in) investing activities
(21,813,571)
----------
- ---
Cash flows from financing activities
Capital contributions received
26,362,000
Selling commissions and
registration costs paid
(3,777,466)
Distributions paid
- -
Proceeds from (repayment of) line
of credit
- -
----------
- ---
Net cash provided by (used
in) financing activities
22,584,534
----------
--NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS
685,857
Cash and cash equivalents, beginning
- -
----------
- ---
Cash and cash equivalents, ending $
685,857
==========
===
</TABLE>
(continued)
F-85
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series
33 ----
------
Period
June
22,
1998
(date
of
incept
ion)
throu
gh
March
31,
199
9
-------
- ---<S> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $
17,673,585
===========
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $
- -
===========
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $
- -
=========== The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $
137,836
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $
- -
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $
- -
===========
The fund has decreased its
i n vestments and recorded a
receivable for tax credits not g e nerated by the operating
limited partnerships $ -
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ -
=========== </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore
no comparative information has been included. (continued)
F-86
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series
34 ------
------
Perio
d
September
22, 1998
(date of
incepti
on)
through
March
31,
1999
---------
- ---<S> <C>
Cash flows from operating activities
Net income (loss) $
39,949
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships
218
Distributions received from
operating limited
partnerships
- -
Amortization
- -
Organization costs
(110,441)
Changes in assets and liabilities
Prepaid expenses
- -
Other assets
(78,031)
Accounts payable and accrued
expenses
493
Accounts payable - affiliates
32,894
----------
- ---
Net cash provided by (used
in) operating activities
(114,918)
----------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships
(3,470,838)
Capital contributions paid to
operating limited partnerships
(7,648,749)
Deposits for purchases of
operating limited partnerships
- -
Advances to operating limited
partnerships
(6,746,841)
Purchase of investments (net of
proceeds from sale of
investments)
(9,633,285)
----------
- ---
Net cash provided by (used
in) investing activities
(27,499,713)
----------
- ---
Cash flows from financing activities
Capital contributions received
35,273,000
Selling commissions and
registration costs paid
(5,175,790)
Distributions paid
- -
Proceeds from (repayment of) line
of credit
- -
----------
- ---
Net cash provided by (used
in) financing activities
30,097,210
----------
--NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS
2,482,579
Cash and cash equivalents, beginning
- -
----------
- ---
Cash and cash equivalents, ending $
2,482,579
============= </TABLE>
(continued)
F-87
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series
34 ----
------
Peri
od
Septem
ber
22,
1998
(date
of
incept
ion)
throu
gh
March
31,
199
9
-------
- ---<S> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $
19,681,149
===========
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $
- -
===========
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $
- -
=========== The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $
- -
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $
- -
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $
- -
===========
The fund has decreased its
i n vestments and recorded a receivable for tax credits not g e
nerated by the operating
limited partnerships $ -
===========
The fund has increased selling
commissions and registration
costs for amounts payable $ -
=========== </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series 33, 34 and
35 were not formed until after March 31, 1998, therefore
no comparative information has been included. (continued)
F-88
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series
35 -------
-----
Period
February
22, 1999
(date of
inceptio
n)
through
March
31,
1999
----------
- --<S> <C>
Cash flows from operating activities
Net income (loss) $
(6,767)
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating activities
Share of (income) losses from operating limited
partnerships
- -
Distributions received from
operating limited
partnerships
- -
Amortization
- -
Organization costs
(16,875)
Changes in assets and liabilities
Prepaid expenses
- -
Other assets
(2,463,058)
Accounts payable and accrued
expenses
96,560
Accounts payable - affiliates
294,539
----------
- ---
Net cash provided by (used
in) operating activities
(2,095,601)
----------
- ---
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships
(822,404)
Capital contributions paid to
operating limited partnerships
(1,072,587)
Deposits for purchases of
operating limited partnerships
- -
Advances to operating limited
partnerships
(1,797,021)
Purchase of investments (net of
proceeds from sale of
investments)
(392,026)
----------
- ---
Net cash provided by (used
in) investing activities
(4,084,038)
----------
- ---
Cash flows from financing activities
Capital contributions received
7,042,000
Selling commissions and
registration costs paid
(814,485)
Distributions paid
- -
Proceeds from (repayment of) line
of credit
200,000
----------
- ---
Net cash provided by (used
in) financing activities
6,427,515
----------
--NET INCREASE (DECREASE) IN
CASH AND CASH
EQUIVALENTS
247,876
Cash and cash equivalents, beginning
- -
----------
- ---
Cash and cash equivalents, ending $
247,876
============= </TABLE>
(continued)
F-89
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
<TABLE>
Series
35 ----
------
Peri
od
Febru
ary
22,
1999
(date
of
incept
ion)
throu
gh
March
31,
199
9
-------
- ---<S> <C>
Supplemental schedule of noncash
investing and financing activities
The fund has increased its
investments in operating
limited partnerships for unpaid
capital contributions due to
the operating limited
partnerships $
10,632,978
===========
The fund has decreased its
investment and decreased its capital contribution obligation in
operating limited
partnerships for low income tax
credits not generated $
- -
===========
The fund has recorded capital
contributions (syndication
proceeds) being held and
subsequently released by the
escrow agent $
- -
=========== The fund has applied notes
receivable and advances to its capital contribution obligation in
operating limited
partnerships $
758,616
===========
The fund has decreased its
investments in operating
limited partnerships for unpaid capital contributions due to the
operating limited
partnership disposed of during
the year $
- -
===========
The fund has increased its
deferred acquisition costs for operating limited partnerships
disposed of during the year $
- -
===========
The fund has decreased its
i n vestments and recorded a receivable for tax credits not g e
nerated by the operating
limited partnerships $ -
===========
The fund has increased selling
commissions and registration
costs for amounts payable $
312,955
=========== </TABLE>
Series 30, 31 and 32 were not formed until after March 31, 1997,
therefore no comparative information has been included. Series
33, 34 and 35 were not formed until after March 31, 1998,
therefore
no comparative information has been included.
See notes to financial statements
F-90
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS March
31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Boston Capital Tax Credit Fund IV L.P. (the "fund") was organized under the
laws of the State of Delaware as of October 5, 1993, for the purpose of
acquiring, holding, and disposing of limited partnership interests in
operating limited partnerships which will acquire, develop, rehabilitate,
operate and own newly- constructed, existing or rehabilitated apartment
complexes which qualify for the Low-Income Housing Tax Credit established
by the Tax Reform Act of 1986. Certain of the apartment complexes may also
qualify for the Historic Rehabilitation Tax Credit for their rehabilitation
of certified historic structures; accordingly, the apartment complexes are
restricted as to rent charges and operating methods and are subject to the
provisions of Section 42(g)(2) of the Internal Revenue Code relating to the
Rehabilitation Investment Credit. The general partner of the fund is Boston
Capital Associates IV L.P. and the limited partner is BCTC IV Assignor
Corp. (the assignor limited partner).
In accordance with the limited partnership agreement, profits, losses, and
cash flow (subject to certain priority allocations and distributions) and
tax credits are allocated 99% to the assignees and 1% to the general
partner. Pursuant to the Securities Act of 1933, the fund filed a Form S-11
Registration Statement with the Securities and Exchange Commission,
effective December 16, 1993, which covered the offering (the "Public
Offering") of the beneficial assignee certificates ("BACs") representing
assignments of units of the beneficial interest of the limited partnership
interest of the assignor limited partner. The fund has registered
65,000,000 BACs at $10 per BAC for sale to the public in one or more
series. BACs sold in bulk are offered to investors at a reduced cost per
BAC.
F-91
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
The BACs issued and outstanding in each series at March 31, 1999 and 1998
are as follows:
<TABLE>
1999 1998
---------------- ------------
- ---<S> <C>
<C>
Series 20 3,866,700
3,866,700
Series 21 1,892,700
1,892,700
Series 22 2,564,400
2,564,400
Series 23 3,336,727
3,336,727
Series 24 2,169,878
2,169,878
Series 25 3,026,109
3,026,109
Series 26 3,995,900
3,995,900
Series 27 2,460,700
2,460,700
Series 28 4,000,738
4,000,738
Series 29 3,991,800
3,991,800
Series 30 2,651,000
2,651,000
Series 31 4,417,857
4,417,857
Series 32 4,754,198
1,236,200
Series 33 2,636,533
- -
Series 34 3,529,319
- -
Series 35 704,200
- -
---------------- ------------
---49,998,759
39,610,709
================
================ </TABLE>
Investment in Operating Limited Partnerships
--------------------------------------- -----
The fund accounts for the investment in the operating limited partnerships
using the equity method, whereby, the fund adjusts the
investment cost for its share of the operating limited
partnership's results of operations and for any
distributions received or accrued. However, the fund recognizes
individual operating limited partnership's losses only to the
extent that the fund's share of losses of the operating
limited partnerships does not exceed the carrying amount of
its investment. Unrecognized losses will be s u s pended and
offset against future individual operating limited
partnership's income.
F-92
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investment in Operating Limited Partnerships (Continued) --------------------
------------------------
A loss in value of an investment in an operating limited partnership other
than a temporary decline would be recorded as an impairment loss. Impairment
is measured by comparing the investment carrying amount to the sum of the
total amount of the remaining tax credits allocated to the fund and the
estimated residual value of the investment.
Capital contributions to operating limited partnerships are adjusted by tax
credit adjusters. Tax credit adjusters are defined as adjustments to
operating limited partnership capital contributions due to reductions in
actual tax credits from those originally projected. The fund records tax
credit adjusters as a reduction in investment in operating limited
partnerships and capital contributions payable.
The operating limited partnerships maintain their financial statements based
on a calendar year and the fund utilizes a March 31 year end. The fund
records losses and income from the operating limited partnerships on a
calendar year basis which is not materially different from losses and
income generated if the operating limited partnerships utilized a March 31
year end.
The fund records capital contributions payable to the operating limited
partnerships once there is a binding obligation to fund a specified amount.
The operating limited partnerships record capital contributions from the
fund when received.
The fund records acquisition cost as an increase in its investment in
operating limited partnerships. Certain operating limited partnerships
have not recorded the acquisition costs as a capital contribution from the
fund. These differences are shown as reconciling items in note C.
F-93
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investment in Operating Limited Partnerships (Continued)
--------------------------------------------
During the years ended March 31, 1999 and 1998, the fund acquired
interests in operating limited partnerships as follows:
<TABLE>
1999 1998
---------------- ------------
- ---<S> <C> <C>
Series 20 - -
Series 21 - -
Series 22 1 -
Series 23 - -
Series 24 - 1
Series 25 - -
Series 26 3 10
Series 27 1 6
Series 28 2 20
Series 29 5 14
Series 30 5 13
Series 31 4 22
Series 32 11 3
Series 33 8 -
Series 34 9 -
Series 35 5 -
---------------- ------------
---54 89
================
================ </TABLE>
During the year ended March 31, 1999, Series 32 acquired limited
partnership equity interests in six (6) limited liability companies,
which are the general partners of other operating limited
partnerships, which own or are constructing, rehabilitating
or operating apartment complexes.
Organization Costs
------------------
Initial organization and offering expenses common to all
Series, are allocated on a percentage of equity raised to each
Series.
F-94
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Organization Costs (Continued)
------------------
Organization costs are being amortized on the straight-line method over 60
months. Accumulated amortization for the years ended March 31, 1999 and
1998 is as follows:
<TABLE>
1999 1998 -
--------------- -------------
---
<S> <C> <C>
Series 20 $ 108,609 $
85,325
Series 21 72,800
60,277
Series 22 54,447
41,909
Series 23 49,020
35,948
Series 24 44,708
31,728
Series 25 34,086
23,598
Series 26 52,060
33,129
Series 27 38,805
23,283
Series 28 45,733
25,407
Series 29 23,848
8,633
Series 30 19,470
5,613
Series 31 17,128
3,426
Series 32 8,897
- -
Series 33 9,308
- -
Series 34 -
- -
Series 35 -
- -
---------------- ------------
---$ 578,919 $
378,276
================
================ </TABLE>
Deferred Acquisition Costs
--------------------------
Deferred acquisition costs which are not allocated to the
investments in operating limited partnerships will be amortized
on the straight-line method over 27.5 years upon the final
acquisition of limited partnership interests in operating
limited partnerships.
F-95
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued) Income Taxes
------------
No provision or benefit for income taxes has been
included in these financial statements since taxable income or
loss passes through to, and is reportable by, the general
partner and assignees individually.
Selling Commissions and Registration Costs ---------------------
---------------------
Selling commissions paid in connection with the public offering
are charged against the assignees' capital upon admission of
investors as assignees. Registration costs associated with the
public offering are charged against assignees' capital as
incurred.
Cash Equivalents
----------------
Cash equivalents include overnight repurchase agreements, tax-
exempt sweep accounts and money market accounts having
original maturities at date of acquisition of three months or
less. The carrying value approximates fair value because of the
short maturity of these instruments.
Fiscal Year
-----------
For financial reporting purposes, the fund uses a March 31 year
end, whereas for income tax reporting purposes, the fund
uses a calendar year. The operating limited partnerships use
a calendar year for both financial and income tax reporting.
F-96
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Net Income (Loss) Per Beneficial Assignee Certificate Unit -----------------
-----------------------------------------
Net income (loss) per beneficial assignee certificate unit is calculated
based upon the weighted average number of units outstanding during the year
or period. The weighted average number of units in each series at March 31,
1999, 1998 and 1997 are as follows:
<TABLE>
1999 1998 1997
---------------- ---------------- ------------
- ---<S> <C>
<C> <C>
Series 20 3,866,700 3,866,700
3,866,700
Series 21 1,892,700 1,892,700
1,892,700
Series 22 2,564,400 2,564,400
2,564,400
Series 23 3,336,727 3,336,727
3,336,727
Series 24 2,169,878 2,169,878
2,169,878
Series 25 3,026,109 3,026,109
3,026,109
Series 26 3,995,900 3,995,900
3,404,374
Series 27 2,460,700 2,460,700
1,379,917
Series 28 4,000,738 4,000,738
1,100,465
Series 29 3,991,800 3,554,530
55,363
Series 30 2,651,000 2,248,616 -
Series 31 4,417,857 2,850,062 -
Series 32 4,205,796 577,668 -
Series 33 2,171,826 - -
Series 34 2,257,862 - -
Series 35 437,224 - -
---------------- ---------------- ------------
---47,447,217 36,544,728
22,796,633
================ ================
================ </TABLE>
Investments
-----------
Investments available-for-sale are being carried at fair market
value. Unrealized gains or losses are reported as other
comprehensive
income. Realized gains or losses, determined on the basis
of the costs of specific securities sold, are included in
earnings.
F-97
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued) Use of Estimates
----------------
The preparation of financial statements in conformity
with generally accepted accounting principles requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could
differ from those estimates.
Recent Accounting Pronouncements
--------------------------------
On March 31, 1997, the partnership adopted Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings
per Share" and SFAS No. 129, "Disclosure of Information
about Capital Structure." SFAS No. 128 provides accounting and
reporting standards for the amount of earnings per share. SFAS
No. 129 requires the disclosure in summary form within the
financial statements of pertinent rights and privileges of
the various securities outstanding. On March 31, 1998, the
partnership adopted SFAS No. 130, "Reporting Comprehensive
Income;" SFAS No. 131, "Disclosures about Segments of an
Enterprise and Related Information;" and SFAS No. 132,
"Employers' Disclosures about Pensions and Other Postretirement
Benefits." SFAS No. 130 establishes standards for reporting and
display of comprehensive income and its components, SFAS No.
131 establishes standards for how public business enterprises
report information about operating segments and SFAS No. 132
revises employers' disclosures about pension and other
postretirement benefit plans. The implementation of these
standards has not materially affected the partnership's
financial statements.
In June 1998, the FASB issued SFAS No. 133, "Accounting
for Derivative Instruments and Hedging Activities." In October
1998, the FASB issued SFAS No. 134, "Accounting for Mortgage-
backed Securities Retained after the Securitization of
Mortgage Loans Held for Sale by a Mortgage Banking
Enterprise." In February 1999, the FASB issued SFAS No. 135,
"Rescission of FASB Statement 75 and Technical Corrections."
SFAS No. 133 is effective for all fiscal quarters of years
beginning after June 15, 1999; SFAS No. 134 is effective for
the first fiscal quarter beginning after December 31, 1998; and
SFAS No. 135 is effective for years ending after February
15, 1999. Early adoption is encouraged for SFAS No. 133, 134 and
135.
The fund does not have any derivative or hedging activities
and does not have any mortgage-backed securities. FASB
Statement 75, "Deferral of the Effective Date of Certain
Accounting Requirements for Pension Plans of State and Local
Governmental Units," does not apply to the fund. Consequently,
these pronouncements are expected to have no effect on the
fund's financial statements.
F-98
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1999, 1998 and 1997, the fund entered into
several transactions with various affiliates of the general partner,
including Boston Capital Partners, Inc. (BCP), Boston Capital Holdings
Limited Partnership (BCHLP), Boston Capital Services, Inc. (BCS) and Boston
Capital Asset Management Limited Partnership (BCAM) as follows:
Boston Capital Asset Management Limited Partnership is entitled to an annual
fund management fee based on .5 percent of the aggregate cost of all
apartment complexes acquired by the operating limited partnerships, less the
amount of certain partnership management and reporting fees paid or payable
by the operating limited partnerships. The aggregate cost is comprised of
the capital contributions made by each Series to the operating limited
partnership and 99% of the permanent financing at the operating limited
partnership level. The annual fund fees charged to operations during the
years ended March 31, 1999, 1998 and 1997, are as follows:
<TABLE>
1999 1998
1997 ---------------- --------------
-- ----------------
<S> <C> <C>
<C>
Series 20 $ 358,566 $ 270,336 $ 325,113
Series 21 201,340 215,217 224,252
Series 22 241,151 225,636 223,892
Series 23 214,325 188,213 212,843
Series 24 203,448 208,597 212,130
Series 25 266,576 248,382 214,610
Series 26 359,834 346,887 181,052
Series 27 288,306 275,320 144,692
Series 28 322,689 155,994 9,058
Series 29 306,704 192,348 -
Series 30 159,294 55,733 -
Series 31 334,849 69,951 -
Series 32 264,361 1,976 -
Series 33 107,826 - -
Series 34 68,018 - -
Series 35 4,809 - -
---------------- ----------------
---------------$ 3,702,096
$ 2,454,590 $ 1,747,642
================ ================
================ </TABLE>
F-99
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Services, Inc. received dealer-manager fees for the marketing
advice and investment banking services performed at the time of the fund's
offering of BACs. The dealer-manager fees are included in partners' capital
as selling commissions and registration costs. During the years ended March
31, 1999, 1998 and 1997, Boston Capital Services, Inc. fees received by
series are as follows:
<TABLE>
1999 1998
1997
---------------- ----------------
- ---------------<S> <C> <C> <C>
Series 20 $ - $ - $ -
Series 21 - - -
Series 22 - - -
Series 23 - - -
Series 24 - - -
Series 25 - - -
Series 26 - -
604,650
Series 27 - -
455,135
Series 28 - -
763,875
Series 29 - 545,135
170,880
Series 30 - 502,098 -
Series 31 - 932,325 -
Series 32 753,600 222,335 -
Series 33 490,750 - -
Series 34 676,630 - -
Series 35 128,020 - -
---------------- ----------------
---------------$
2,049,000 $ 2,201,893 $
1,994,540
================ ================
================ </TABLE>
F-100
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Holdings Limited Partnership is entitled to asset acquisition
fees for selecting, evaluating, structuring, negotiating, and closing the
fund's acquisition of interests in the operating limited partnerships. The
fund incurred $8,818,410, $9,578,948 and $8,964,635, respectively, of
acquisition fees to Boston Capital Holdings Limited Partnership during the
years ended March 31, 1999, 1998 and 1997. The acquisition fees incurred to
Boston Capital Holdings Limited Partnership by series are as follows:
<TABLE>
1999 1998 1997
---------------- ----------------
- ---------------<S> <C>
<C> <C>
Series 20 $ - $ - $ -
Series 21 - - -
Series 22 - - -
Series 23 - - -
Series 24 - - -
Series 25 - - -
Series 26 - - 2,575,165
Series 27 - - 2,126,367
Series 28 - - 3,401,628
Series 29 - 2,531,555 861,475
Series 30 - 2,251,714 -
Series 31 - 3,744,909 -
Series 32 2,980,865 1,050,770 -
Series 33 2,240,770 - -
Series 34 2,998,205 - -
Series 35 598,570 - -
---------------- ----------------
---------------$ 8,818,410 $ 9,578,948 $
8,964,635
================ ================
================ </TABLE>
F-101
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
During the years ended March 31, 1999, 1998 and 1997, general and
administrative expenses incurred by Boston Capital Partners, Inc., Boston
Capital Holdings Limited Partnership and/or Boston Capital Asset Management
Limited Partnership were charged to each series' operations as follows:
<TABLE>
1999 1998 1997
---------------- ---------------- ------------
- ----
<S> <C> <C> <C>
Series 20 $ 14,427 $ 27,590 $
23,876
Series 21 8,389 17,368
16,948
Series 22 11,288 22,206
19,314
Series 23 14,218 33,765
22,265
Series 24 10,648 20,500
21,547
Series 25 13,406 24,231
23,178
Series 26 17,367 29,659
23,336
Series 27 13,582 23,836
15,368
Series 28 17,350 31,809
3,284
Series 29 20,470 32,467
1,028
Series 30 15,782 20,152 -
Series 31 17,659 23,078 -
Series 32 20,351 11,655 -
Series 33 26,436 - -
Series 34 19,095 - -
Series 35 3,147 - -
---------------- ---------------- ------------
- ----
$ 243,615 $ 318,316 $
170,144
================ ================
================
</TABLE>
Accounts payable -affiliates at March 31, 1999 and 1998 represents general
and administrative expenses, fund management fees, and
commissions which are payable to Boston Capital Partners,
Inc., Boston Capital Holdings Limited Partnership, Boston
Capital Services, Inc., and Boston Capital Asset
Management Limited Partnership.
F-102
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
During the years ended March 31, 1999 and 1998, the fund reimbursed
affiliates of the general partner a total of $396,541 and $330,066,
respectively, for amounts in connection with the offering of BACs. These
reimbursements include, but are not limited to postage, printing, travel and
overhead allocations and are included in partners' capital as selling
commissions and registrations costs at March 31, 1999 and 1998. During the
year and period ended March 31, 1999 and 1998, the selling commission and
registration costs incurred to affiliates by series are as follows:
<TABLE>
1999
1998
----------------
- ---------------<S> <C> <C>
Series 20 $ - $ -
Series 21 - -
Series 22 - -
Series 23 - -
Series 24 - -
Series 25 - -
Series 26 - -
Series 27 - -
Series 28 - -
Series 29 -
79,710
Series 30 -
92,926
Series 31 -
92,401
Series 32 103,222
65,029
Series 33 121,385 -
Series 34 146,254 -
Series 35 25,680 -
----------------
---------------$ 396,541 $
330,066
================
================ </TABLE>
F-103
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1999 and 1998, the fund has limited partnership interests in
o p e r ating limited partnerships, which own or are constructing or
rehabilitating operating apartment complexes. The number of operating
limited partnerships in which the fund has limited partnership interests at
March 31, 1999 and 1998 by series are as follows:
<TABLE>
1999
1998
----------------
- ---------------<S> <C> <C>
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 14 13
Series 28 26 25
Series 29 22 17
Series 30 18 13
Series 31 26 22
Series 32 14 3
Series 33 8 -
Series 34 9 -
Series 35 5 -
----------------
-------
-------
-322
269
================
================ </TABLE>
During the year ended March 31, 1999, Series 28 disposed of their
interest in one operating limited partnership.
During the year ended March 31, 1998, Series 26 disposed of their
interest in one operating limited partnership.
F-104
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Under the terms of the fund's investment in each operating limited
partnership, the fund is required to make capital contributions to the
o p e rating limited partnerships. These contributions are payable in
installments over several years upon each operating limited partnership
achieving specified levels of construction or operations. At March 31, 1999
and 1998, contributions are payable to operating limited partnerships as
follows:
<TABLE>
1999 1998
----------------
- ---------------<S> <C> <C>
Series 20 $ 388,026 $ 524,696
Series 21 709,193 860,126
Series 22 550,641 1,836,296
Series 23 772,817 2,724,109
Series 24 1,285,736 1,518,325
Series 25 2,704,223 3,396,767
Series 26 5,548,536 9,269,613
Series 27 1,645,618 3,524,022
Series 28 4,440,923 7,185,987
Series 29 5,800,186 9,330,218
Series 30 5,188,387 9,721,288
Series 31 8,010,788
14,425,302
Series 32 10,155,068 6,546,916
Series 33 5,507,151 -
Series 34 12,032,400 -
Series 35 8,801,775 -
----------------
---------------$
73,541,468 $
70,863,665
================
================
</TABLE>
F-105
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is
summarized as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
<TABLE>
Total Series 20 Series
21 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
Capital contributions paid and to be
paid to operating limited
partnerships, net of tax credit
adjusters $ 352,022,221 $ 28,280,513 $
12,660,433
Acquisition costs of operating limited
partnerships 46,881,004 3,726,293
1,923,140
Cumulative distributions from
operating limited partnerships (132,027) (22,607)
(15,576)
Cumulative income (losses) from
operating limited partnerships (46,141,194) (11,166,531)
(6,583,582)
---------------- ---------------- -
--------------Investment in operating limited
partnerships per balance sheet 352,630,004 20,817,668
7,984,415
F-106
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Total Series 20 Series
21 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1999 which have not been included in the
partnership's capital account included in the operating limited
partnerships' financial
statements as of December 31, 1998
(See note A) (65,984,808) (9,384) (1,279,277)
The fund has recorded acquisition
costs at March 31, 1999 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (12,792,030) (444,246) (123,536)
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1999
which the operating limited partnerships have not included in
their capital as of December 31, 1998 due to different
year ends (See note A) 2,775,472 404,710 651,466
Equity in loss of operating limited
partnerships not recognizable under the equity method of
accounting (See
note A) (78,409) (78,409) -
The fund has recorded low income
h o using tax credit adjusters not recorded by
operating limited
partnerships (See note A) 3,423,273 245,670
876,219
Other (15,082,442) (13,107)
(39,638)
---------------- ---------------- -
--------------Equity per operating limited
partnerships' combined financial
statements $ 264,891,060 $ 20,922,902 $
8,069,649
================ ================
================ </TABLE>
F-107
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is
summarized as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
<TABLE>
Series 22 Series 23 Series
24 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
Capital contributions paid and to be
paid to operating limited
partnerships, net of tax credit
adjusters $ 18,286,372 $ 23,804,642 $
15,720,323
Acquisition costs of operating limited
partnerships 2,504,765 3,504,553
2,030,314
Cumulative distributions from
operating limited partnerships (51,064) (3,916)
(12,982)
Cumulative income (losses) from
operating limited partnerships (5,778,633) (5,624,183)
(3,764,602)
---------------- ----------------
---------------Investment in operating limited
partnerships per balance sheet 14,961,440 21,681,096
13,973,053
F-108
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 22 Series 23 Series
24 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1999 which have not been included in the
partnership's capital account included in the operating limited
partnerships' financial
statements as of December 31, 1998
(See note A) (837,570) (406,774) (405,057)
The fund has recorded acquisition
costs at March 31, 1999 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (274,232) (643,785) (959,403)
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1999
which the operating limited partnerships have not included in
their capital as of December 31, 1998 due to different
year ends (See note A) 259,228 179,850 95,695
Equity in loss of operating limited
partnerships not recognizable under the equity method of
accounting (See
note A) - - -
The fund has recorded low income
h o using tax credit adjusters not recorded by
operating limited
partnerships (See note A) 312,702 307,888
205,772
Other (101,212) 11,187
50,660
---------------- ----------------
---------------Equity per operating limited
partnerships' combined financial
statements $ 14,320,356 $ 21,129,462 $
12,960,720
================ ================
================ </TABLE>
F-109
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is
summarized as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
<TABLE>
Series 25 Series 26 Series
27 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
Capital contributions paid and to be
paid to operating limited
p a r tnerships, net of tax credit
adjusters $ 22,070,782 $ 28,793,780 $
16,653,799
Acquisition costs of operating limited
partnerships 2,803,677 3,968,917
2,467,629
Cumulative distribution from operating
limited partnerships (3,612) (13,696)
(4,649)
Cumulative income (losses) from
operating limited partnerships (3,948,894) (2,810,771)
(2,120,373)
---------------- ----------------
---------------Investment in operating limited
partnerships per balance sheet 20,921,953 29,938,230
16,996,406
F-110
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 25 Series 26 Series
27 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1999 which have not been included in the
partnership's capital account included in the operating limited
partnerships' financial
statements as of December 31, 1998
(See note A) (1,068,516) (3,041,593) (2,003,199)
The fund has recorded acquisition
costs at March 31, 1999 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (943,407) (693,330) (951,133)
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1999
which the operating limited partnerships have not included in
their capital as of December 31, 1998 due to different
year ends (See note A) 335,542 123,194 205,532
Equity in loss of operating limited
partnerships not recognizable under the equity method of
accounting (See
note A) - - -
The fund has recorded low income
h o using tax credit adjusters not recorded by
operating limited
partnerships (See note A) 197,099 536,806
355,065
Other (291,820) (343,387)
15,561
---------------- ----------------
---------------Equity per operating limited
partnerships' combined financial
statements $ 19,150,851 $ 26,519,920 $
14,618,232
================ ================
================ </TABLE>
F-111
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is
summarized as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
<TABLE>
Series 28 Series
29 ---------------- ---------
-------
<S> <C> <C>
Capital contributions paid and to be
paid to operating limited
p a r tnerships, net of tax credit
adjusters $ 29,153,445 $
28,900,092
Acquisition costs of operating limited
partnerships 4,191,674
4,151,886
Cumulative distributions from
operating limited partnerships (3,925)
- -
Cumulative income (losses) from
operating limited partnerships (1,146,539)
(2,045,708)
----------------
---------------Investment in operating limited
partnerships per balance sheet 32,194,655
31,006,270
F-112
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 28 Series
29 ---------------- ---------
-------
<S> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1999 which have not been included in the
partnership's capital account included in the operating limited
partnerships' financial
statements as of December 31, 1998
(See note A) (5,688,933) (4,704,644)
The fund has recorded acquisition
costs at March 31, 1999 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (717,768) (410,517)
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1999
which the operating limited partnerships have not included in
their capital as of December 31, 1998 due to different
year ends (See note A) 129,668 265,240
Equity in loss of operating limited
partnerships not recognizable under the equity method of
accounting (See
note A) - -
The fund has recorded low income
h o using tax credit adjusters not recorded by
operating limited
partnerships (See note A) 90,295
123,612
Other (253,719)
(3,758,691)
----------------
---------------Equity per operating limited
partnerships' combined financial
statements $ 25,754,198 $
22,521,270
================
================ </TABLE>
F-113
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is
summarized as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
<TABLE>
Series 30 Series 31
Series 32 ---------------- ---------
------- ----------------
<S> <C> <C>
<C>
Capital contributions paid and to be
paid to operating limited part-
nerships, net of tax credit adjusters $ 16,490,615 $ 32,074,828 $
31,144,881
Acquisition costs of operating limited
partnerships 2,226,856 4,512,880
4,291,123
Cumulative distribution from operating
limited partnerships - -
- -
Cumulative income (losses) from
operating limited partnerships (331,860) (1,063,250)
56,660
---------------- ----------------
---------------Investment in operating limited
partnerships per balance sheet 18,385,611 35,524,458
35,492,664
F-114
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 30 Series 31 Series
32 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1999 which have not been included in the
partnership's capital account included in the operating limited
partnerships' financial
statements as of December 31, 1998
(See note A) (3,568,757) (9,006,406) (9,567,701)
The fund has recorded acquisition
costs at March 31, 1999 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (627,476) (729,949) (3,752,114)
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1999
which the operating limited partnerships have not included in
their capital as of December 31, 1998 due to different
year ends (See note A) - 125,347 -
Equity in loss of operating limited
partnerships not recognizable under the equity method of
accounting (See
note A) - - -
The fund has recorded low income
h o using tax credit adjusters not recorded by
operating limited
partnerships (See note A) 30,614 116,372
25,159
Other (499,235) 74,426
(1,360,907)
---------------- ----------------
---------------Equity per operating limited
partnerships' combined financial
statements $ 13,720,757 $ 26,104,248 $
20,837,101
================ ================
================ </TABLE>
F-115
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1999 is
summarized as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
<TABLE>
Series 33 Series 34
Series 35 ---------------- ---------
------- ----------------
<S> <C> <C>
<C>
Capital contributions paid and to be
paid to operating limited part-
nerships, net of tax credit adjusters $ 17,673,588 $ 19,681,150 $
10,632,978
Acquisition costs of operating limited
partnerships 2,010,987 2,566,310
- -
Cumulative distribution from operating
limited partnerships - -
- -
Cumulative income (losses) from
operating limited partnerships 187,290 (218)
- -
---------------- ----------------
---------------Investment in operating limited
partnerships per balance sheet 19,871,865 22,247,242
10,632,978
F-116
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 33 Series 34 Series
35 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1999 which have not been included in the
partnership's capital account included in the operating limited partnerships'
financial
statements as of December 31, 1998
(See note A) (5,993,518) (7,770,501) (10,632,978)
The fund has recorded acquisition
costs at March 31, 1999 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (1,232,584) (288,550) -
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1999
which the operating limited partnerships have not included in
their capital as of December 31, 1998 due to different
year ends (See note A) - - -
Equity in loss of operating limited
partnerships not recognizable under the equity method of
accounting (See
note A) - - -
The fund has recorded low income
h o using tax credit adjusters not recorded by operating
limited
partnerships (See note A) - - -
Other (1,335,977) (7,236,583) -
---------------- ----------------
---------------Equity per operating limited
partnerships' combined financial
statements $ 11,309,786 $ 6,951,608 $ -
================ ================
================ </TABLE>
F-117
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is
summarized as follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
<TABLE>
Total Series 20
Series 21 ---------------- ---------
------- ----------------
<S> <C> <C>
<C>
Capital contributions paid and to be
paid to operating limited part-
nerships, net of tax credit adjusters $ 257,525,283 $ 28,405,078 $
12,802,839
Acquisition costs of operating limited
partnerships 35,650,160 3,726,293
1,923,140
Cumulative distributions from
operating limited partnerships (57,875) (17,324)
(22,158)
Cumulative losses from operating
limited partnerships (29,962,310) (8,806,719)
(5,143,495)
---------------- ----------------
---------------Investment in operating limited
partnerships per balance sheet 263,155,258 23,307,328
9,560,326
F-118
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Total Series 20 Series
21 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1998 which have not been included in the
partnership's capital account included in the operating limited
partnerships' financial
statements as of December 31, 1997
(See note A) (78,900,484) (509,165) (1,290,486)
The fund has recorded acquisition
costs at March 31, 1998 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (9,095,289) (444,246) (123,536)
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1998
which the operating limited partnerships have not included in
their capital as of December 31, 1997 due to different
year ends (See note A) 2,650,127 404,710 651,466
The fund has recorded low income
h o using tax credit adjusters not recorded by
operating limited
partnerships (See note A) 2,540,900 89,954
717,116
Other (299,227) (31,555)
(15,843)
---------------- ----------------
---------------Equity per operating limited
partnerships' combined financial
statements $ 180,051,285 $ 22,817,026 $
9,499,043
================ ================
================ </TABLE>
F-119
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is
summarized as follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
<TABLE>
Series 22 Series 23
Series 24 ---------------- ---------
------- ----------------
<S> <C> <C>
<C>
Capital contributions paid and to be
p a i d to operating limited part-
nerships, net of tax credit adjusters $ 18,045,472 $ 23,804,642 $
15,691,672
Acquisition costs of operating limited
partnerships 2,470,115 3,504,553
2,030,314
Cumulative distributions from
operating limited partnerships (3,342) (738)
(10,760)
Cumulative losses from operating
limited partnerships (4,407,533) (4,036,543)
(2,289,100)
---------------- ----------------
---------------Investment in operating limited
partnerships per balance sheet 16,104,712 23,271,914
15,422,126
F-120
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 22 Series 23 Series
24 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1998 which have not been included in the
partnership's capital account included in the operating limited
partnerships' financial
statements as of December 31, 1997
(See note A) (1,917,738) (2,439,095) (939,167)
The fund has recorded acquisition
costs at March 31, 1998 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (274,244) (1,072,905) (867,698)
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1998
which the operating limited partnerships have not included in
their capital as of December 31, 1997 due to different
year ends (See note A) 259,228 179,850 95,695
The fund has recorded low income
h o using tax credit adjusters not recorded by
operating limited
partnerships (See note A) 312,702 364,593
265,163
Other (107,697) 24,580
45,883
---------------- ----------------
---------------Equity per operating limited
partnerships' combined financial
statements $ 14,376,963 $ 20,328,937 $
14,022,002
================ ================
================ </TABLE>
F-121
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is
summarized as follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
<TABLE>
Series 25 Series 26
Series 27 ---------------- ---------
------- ----------------
<S> <C> <C>
<C>
Capital contributions paid and to be
p a i d to operating limited part-
nerships, net of tax credit adjusters $ 22,176,745 $ 27,310,023 $
16,479,609
Acquisition costs of operating limited
partnerships 2,803,677 3,781,724
2,377,480
Cumulative distribution from operating
limited partnerships (3,468) -
- -
Cumulative losses from operating
limited partnerships (2,295,592) (1,362,553)
(698,772)
---------------- ----------------
---------------Investment in operating limited
partnerships per balance sheet 22,681,362 29,729,194
18,158,317
F-122
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 25 Series 26 Series
27 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1998 which have not been included in the
partnership's capital account included in the operating limited
partnerships' financial
statements as of December 31, 1997
(See note A) (1,447,451) (7,697,445) (3,695,805)
The fund has recorded acquisition
costs at March 31, 1998 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (1,131,320) (623,897) (1,279,240)
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1998
which the operating limited partnerships have not included in
their capital as of December 31, 1997 due to different
year ends (See note A) 335,542 123,195 205,532
The fund has recorded low income
h o using tax credit adjusters not recorded by
operating limited
partnerships (See note A) 237,540 403,127
69,020
Other (129,095) (52,855)
122
---------------- ----------------
---------------Equity per operating limited
partnerships' combined financial
statements $ 20,546,578 $ 21,881,319 $
13,457,946
================ ================
================ </TABLE>
F-123
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31,
1998 is summarized as follows (Series 32 invested in operating
limited partnerships subsequent to December 31, 1997):
<TABLE>
Series 28
Series 29 ---------
------- ---------
-------
<S> <C>
<C>
Capital contributions paid and to be
p a i d to operating limited part-
nerships, net of tax credit adjusters $ 24,914,492 $
22,185,541
Acquisition costs of operating limited
partnerships 3,582,996
3,202,361
Cumulative distributions from
operating limited partnerships (85)
- -
Cumulative losses from operating
limited partnerships (352,574)
(626,915)
----------------
---------------Investment in operating limited
partnerships per balance sheet 28,144,829
24,760,987
F-124
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 28 Series
29 ---------------- ---------
-------
<S> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1998 which have not been included in the
partnership's capital account included in the operating limited
partnerships' financial
statements as of December 31, 1997
(See note A) (14,723,487) (12,500,084)
The fund has recorded acquisition
costs at March 31, 1998 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (434,652) (27,657)
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1998
which the operating limited partnerships have not included in
their capital as of December 31, 1997 due to different
year ends (See note A) 129,668 265,241
The fund has recorded low income
h o using tax credit adjusters not recorded by
operating limited
partnerships (See note A) 44,989
36,696
Other (19,682)
(13,183)
----------------
---------------Equity per operating limited
partnerships' combined financial
statements $ 13,141,665 $
12,522,000
================
================ </TABLE>
F-125
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1998 is
summarized as follows (Series 32 invested in operating limited partnerships
subsequent to December 31, 1997):
<TABLE>
Series 30 Series 31
Series 32 ---------------- ---------
------- ----------------
<S> <C> <C>
<C>
Capital contributions paid and to be
p a i d to operating limited part-
nerships, net of tax credit adjusters $ 12,787,384 $ 25,427,985 $
7,493,801
Acquisition costs of operating limited
partnerships 1,512,120 3,657,512
1,077,875
Cumulative distribution from operating
limited partnerships - -
- -
Cumulative income (losses) from
operating limited partnerships 100,573 (43,087)
- -
---------------- ----------------
---------------Investment in operating limited
partnerships per balance sheet 14,400,077 29,042,410
8,571,676
F-126
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 30 Series 31 Series
32 ---------------- ---------------- ---------
-------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating limited partnerships during the
year ended March 31, 1998 which have not been included in the
partnership's capital account included in the operating limited
partnerships' financial
statements as of December 31, 1997
(See note A) (8,736,973) (15,509,787) (7,493,801)
The fund has recorded acquisition
costs at March 31, 1998 which have not been recorded in the net
assets of the operating limited partnerships (See
note A) (711,378) (1,026,641) (1,077,875)
Cumulative losses from operating
limited partnerships for the three months ended March 31, 1998
which the operating limited partnerships have not included in
their capital as of December 31, 1997 due to different
year ends (See note A) - - -
The fund has recorded low income
h o using tax credit adjusters not recorded by
operating limited
partnerships (See note A) - -
- -
Other - 98
- -
---------------- ----------------
---------------Equity per operating limited
partnerships' combined financial
statements $ 4,951,726 $ 12,506,080 $
- -
================ ================
================ </TABLE>
F-127
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 34 hold an interest as of December 31,
1998 are as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Total Series 20 Series 21
------------------ ---------------- ----------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $
781,928,688 $ 84,646,651 $
37,750,449
Construction in progress 65,983,350 - -
Land 60,435,208 6,345,961 2,937,606
Other assets 128,379,742 4,901,355 2,679,454
------------------ ---------------- ----------------
$
1,036,726,988 $ 95,893,967 $
43,367,509
================== ================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $
581,758,979 $ 58,762,600 $
28,806,510
Accounts payable and accrued expenses 31,406,011 2,986,394 917,023
Other liabilities 73,101,208 6,055,599 3,860,733
------------------ ---------------- ----------------
686,266,198 67,804,593 33,584,266
------------------ ---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 264,891,060 20,922,902 8,069,649
Other partners 85,569,730 7,166,472 1,713,594
------------------ ---------------- ----------------
350,460,790 28,089,374 9,783,243
------------------ ---------------- ----------------
$
1,036,726,988 $ 95,893,967 $
43,367,509
================== ================ ================
</TABLE>
F-128
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 34 hold an interest as of December 31,
1998 are as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 22 Series 23 Series 24
---------------- ---------------- ----------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 78,778,178 $ 74,142,498 $ 60,853,739
Construction in progress - - -
Land 4,232,981 3,947,911 3,941,855
Other assets 4,819,990 4,176,440 5,412,885
---------------- ---------------- ----------------
$ 87,831,149 $ 82,266,849 $ 70,208,479
================ ================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $ 53,129,025 $ 43,142,812 $ 41,919,664
Accounts payable and accrued expenses 2,523,446 2,511,118 2,299,629
Other liabilities 3,640,564 6,090,608 5,780,486
---------------- ---------------- ----------------
59,293,035 51,744,538 49,999,779
---------------- ---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 14,320,356 21,129,462 12,960,720
Other partners 14,217,758 9,392,849 7,247,980
---------------- ---------------- ----------------
28,538,114 30,522,311 20,208,700
---------------- ---------------- ----------------
$ 87,831,149 $ 82,266,849 $ 70,208,479
================ ================ ================
</TABLE>
F-129
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 34 hold an interest as of December 31,
1998 are as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 25 Series 26 Series 27
---------------- ---------------- ----------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 64,673,338 $ 76,406,379 $ 58,366,549
Construction in progress - 5,551,622 2,182,245
Land 3,695,640 5,249,128 5,007,088
Other assets 7,379,658 5,764,181 4,563,973
---------------- ---------------- ----------------
$ 75,748,636 $ 92,971,310 $ 70,119,855
================ ================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans 42,201,748
payable $ 39,130,135 $ 54,427,983 $
Accounts payable and accrued expenses 2,296,539 2,883,375 733,154
Other liabilities 8,314,970 4,757,501 7,575,516
---------------- ---------------- ----------------
49,741,644 62,068,859 50,510,418
---------------- ---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 19,150,851 26,519,920 14,618,232
Other partners 6,856,141 4,382,531 4,991,205
---------------- ---------------- ----------------
26,006,992 30,902,451 19,609,437
---------------- ---------------- ----------------
$ 75,748,636 $ 92,971,310 $ 70,119,855
================ ================ ================
</TABLE>
F-130
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 34 hold an interest as of December 31,
1998 are as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 28 Series 29 Series 30
---------------- ---------------- ----------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 72,323,119 $ 56,661,833 $ 29,398,638
Construction in progress 1,677,857 2,000,842 3,806,056
Land 5,498,936 2,605,856 1,938,112
Other assets 6,672,254 7,111,024 10,643,693
---------------- ---------------- ----------------
$ 86,172,166 $ 68,379,555 $ 45,786,499
================ ================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans 24,340,815
payable $ 41,268,749 $ 36,945,362 $
Accounts payable and accrued expenses 2,001,260 851,873 2,585,492
Other liabilities 6,307,988 7,725,660 2,896,858
---------------- ---------------- ----------------
49,577,997 45,522,895 29,823,165
---------------- ---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 25,754,198 22,521,270 13,720,757
Other partners 10,839,971 335,390 2,242,577
---------------- ---------------- ----------------
36,594,169 22,856,660 15,963,334
---------------- ---------------- ----------------
$ 86,172,166 $ 68,379,555 $ 45,786,499
================ ================ ================
</TABLE>
F-131
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 34 hold an interest as of December 31,
1998 are as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 31 Series 32
---------------- ----------------
<S> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 48,922,095 $ 24,614,377
Construction in progress 24,100,817 10,619,463
Land 4,630,091 4,122,102
Other assets 7,979,049 21,181,888
---------------- ----------------
$ 85,632,052 $ 60,537,830
================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $ 50,051,086 $ 28,469,726
Accounts payable and accrued expenses 3,206,676 2,617,952
Other liabilities 6,004,460 1,149,169
---------------- ----------------
59,262,222 32,236,847
---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 26,104,248 20,837,101
Other partners 265,582 7,463,882
---------------- ----------------
26,369,830 28,300,983
---------------- ----------------
$ 85,632,052 $ 60,537,830
================ ================
</TABLE>
F-132
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 34 hold an interest as of December 31,
1998 are as follows (Series 35 invested in operating limited partnerships
subsequent to December 31, 1998):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 33 Series 34
---------------- ----------------
<S> <C> <C>
ASSETS
Buildings and improvements, net of accumulated
depreciation $ 12,575,341 $ 1,815,504
Construction in progress 8,160,735 7,883,713
Land 3,620,019 2,661,922
Other assets 16,534,555 18,559,343
---------------- ----------------
$ 40,890,650 $
30,920,482
================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $ 19,054,846 $
20,107,918
Accounts payable and accrued expenses 2,028,050 964,030
Other liabilities 1,040,046 1,901,050
---------------- ----------------
22,122,942 22,972,998
---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 11,309,786 6,951,608
Other partners 7,457,922 995,876
---------------- ----------------
18,767,708 7,947,484
---------------- ----------------
$ 40,890,650 $
30,920,482
================ ================
</TABLE>
F-133
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 31 hold an interest as of December 31,
1997 are as follows (Series 32 through 35 invested in operating limited
partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Total Series 20 Series 21
---------------- ---------------- ----------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 604,858,775 $ 88,299,641 $ 38,877,300
Construction in progress 38,848,148 - -
Land 42,235,703 6,345,961 2,937,606
Other assets 64,741,805 4,445,180 2,461,410
---------------- ---------------- ----------------
$ 750,684,431 $ 99,090,782 $ 44,276,316
================ ================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $ 404,807,223 $ 59,166,418 $ 27,388,308
Accounts payable and accrued expenses 26,280,296 2,432,939 1,743,740
Other liabilities 74,058,902 6,833,807 4,034,016
---------------- ---------------- ----------------
505,146,421 68,433,164 33,166,064
---------------- ---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 180,051,285 22,817,026 9,499,043
Other partners 65,486,725 7,840,592 1,611,209
---------------- ---------------- ----------------
245,538,010 30,657,618 11,110,252
---------------- ---------------- ----------------
$ 750,684,431 $ 99,090,782 $ 44,276,316
================ ================ ================
</TABLE>
F-134
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 31 hold an interest as of December 31,
1997 are as follows (Series 32 through 35 invested in operating limited
partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 22 Series 23 Series 24
---------------- ---------------- ----------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 80,246,804 $ 75,994,130 $ 62,964,019
Construction in progress - - -
Land 4,121,526 3,814,911 3,941,855
Other assets 4,843,526 4,406,128 5,623,475
---------------- ---------------- ----------------
$ 89,211,856 $ 84,215,169 $ 72,529,349
================ ================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $ 52,360,173 $ 43,627,909 $ 41,876,740
Accounts payable and accrued expenses 1,843,467 2,018,818 2,080,107
Other liabilities 6,147,870 9,047,670 6,493,213
---------------- ---------------- ----------------
60,351,510 54,694,397 50,450,060
---------------- ---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 14,376,963 20,328,937 14,022,002
Other partners 14,483,383 9,191,835 8,057,287
---------------- ---------------- ----------------
28,860,346 29,520,772 22,079,289
---------------- ---------------- ----------------
$ 89,211,856 $ 84,215,169 $ 72,529,349
================ ================ ================
</TABLE>
F-135
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 31 hold an interest as of December 31,
1997 are as follows (Series 32 through 35 invested in operating limited
partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 25 Series 26 Series 27
---------------- ---------------- ----------------
<S> <C> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 66,678,909 $ 64,341,702 $ 37,885,061
Construction in progress - 3,921,404 13,379,781
Land 3,695,640 4,480,943 5,143,963
Other assets 8,301,292 4,640,051 4,361,584
---------------- ---------------- ----------------
$ 78,675,841 $ 77,384,100 $ 60,770,389
================ ================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans 34,741,904
payable $ 39,449,958 $ 44,044,958 $
Accounts payable and accrued expenses 2,489,987 1,793,878 2,501,374
Other liabilities 8,442,823 6,969,470 7,102,514
---------------- ---------------- ----------------
50,382,768 52,808,306 44,345,792
---------------- ---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 20,546,578 21,881,319 13,457,946
Other partners 7,746,495 2,694,475 2,966,651
---------------- ---------------- ----------------
28,293,073 24,575,794 16,424,597
---------------- ---------------- ----------------
$ 78,675,841 $ 77,384,100 $ 60,770,389
================ ================ ================
</TABLE>
F-136
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 31 hold an interest as of December 31,
1997 are as follows (Series 32 through 35 invested in operating limited
partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 28 Series 29
---------------- ----------------
<S> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 41,232,184 $ 23,496,725
Construction in progress 6,271,637 6,662,659
Land 3,249,249 1,285,319
Other assets 4,496,464 5,008,615
---------------- ----------------
$ 55,249,534 $ 36,453,318
================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $ 20,558,820 $ 16,599,438
Accounts payable and accrued expenses 3,192,497 1,844,232
Other liabilities 7,802,956 5,443,481
---------------- ----------------
31,554,273 23,887,151
---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 13,141,665 12,522,000
Other partners 10,553,596 44,167
---------------- ----------------
23,695,261 12,566,167
---------------- ----------------
$ 55,249,534 $ 36,453,318
================ ================
</TABLE>
F-137
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which Series 20 through Series 31 hold an interest as of December 31,
1997 are as follows (Series 32 through 35 invested in operating limited
partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 30 Series 31
---------------- ----------------
<S> <C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 6,529,488 $ 18,312,812
Construction in progress 1,975,090 6,637,577
Land 783,338 2,435,392
Other assets 2,898,853 13,255,227
---------------- ----------------
$ 12,186,769 $ 40,641,008
================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $ 4,096,040 $ 20,896,557
Accounts payable and accrued expenses 702,623 3,636,634
Other liabilities 2,187,501 3,553,581
---------------- ----------------
6,986,164 28,086,772
---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV
L.P. 4,951,726 12,506,080
Other partners 248,879 48,156
---------------- ----------------
5,200,605 12,554,236
---------------- ----------------
$ 12,186,769 $ 40,641,008
================ ================
</TABLE>
F-138
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1998 for operating limited
partnerships in which Series 20 through Series 34 had an interest as of
December 31, 1998 are as follows (Series 35 invested in operating limited
partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Total ---------------
-
<S> <C>
Revenue
Rent $ 76,814,159
Interest and other 4,491,419
---------------
81,305,578
---------------
Expenses
Interest 30,231,530
Depreciation and amortization 26,367,805
Taxes and insurance 9,871,028
Repairs and maintenance 11,635,709
Operating expenses 22,157,332
Other expenses 2,365,691
---------------
102,629,095
---------------
NET LOSS $ (21,323,517)
================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. * $ (16,081,100)
================
Net loss allocated to other partners $ (5,242,417)
================
</TABLE>
* Amount includes $27,563 for Series 20 of loss not recognized
under the equity method of accounting as described in note A.
F-139
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1998 for
operating limited partnerships in which Series 20 through
Series 34 had an interest as of December 31, 1998 are as
follows (Series 35 invested in operating limited
partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 20 Series 21
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 10,647,750 $ 5,010,716
Interest and other 804,809 296,915
---------------- ----------------
11,452,559 5,307,631
---------------- ----------------
Expenses
Interest 4,329,314 2,395,051
Depreciation and amortization 3,875,144 1,240,873
Taxes and insurance 1,361,964 595,101
Repairs and maintenance 1,709,574 1,054,009
Operating expenses 3,034,650 1,390,617
Other expenses 346,584 126,851
---------------- ----------------
14,657,230 6,802,502
---------------- ----------------
NET LOSS $ (3,204,671) $
(1,494,871)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. * $ (2,387,375) $
(1,440,087)
================ ================
Net loss allocated to other partners $ (817,296) $ (54,784)
================ ================
</TABLE>
* Amount includes $27,563 for Series 20 of loss not recognized
under the
equity method of accounting as described in note A.
F-140
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1998 for
operating limited partnerships in which Series 20 through
Series 34 had an interest as of December 31, 1998 are as
follows (Series 35 invested in operating limited
partnerships subsequent to December 31, 1998):
<TABLE>
Series 22 Series 23
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 8,164,974 $ 7,497,724
Interest and other 565,556 308,206
---------------- ----------------
8,730,530 7,805,930
---------------- ----------------
Expenses
Interest 2,917,462 3,005,530
Depreciation and amortization 3,076,945 2,622,410
Taxes and insurance 1,183,749 1,099,755
Repairs and maintenance 1,488,590 1,060,732
Operating expenses 2,108,590 2,212,349
Other expenses 556,094 256,134
---------------- ----------------
11,331,430 10,256,910
---------------- ----------------
NET LOSS $ (2,600,900) $
(2,450,980)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (1,371,100) $
(1,587,640)
================ ================
Net loss allocated to other partners $ (1,229,800) $ (863,340)
================ ================
</TABLE>
F-141
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1998 for
operating limited partnerships in which Series 20 through
Series 34 had an interest as of December 31, 1998 are as
follows (Series 35 invested in operating limited
partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 24 Series 25
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 7,347,412 $ 9,721,536
Interest and other 455,788 250,718
---------------- ----------------
7,803,200 9,972,254
---------------- ----------------
Expenses
Interest 3,332,316 3,430,672
Depreciation and amortization 2,683,977 2,851,105
Taxes and insurance 1,008,002 1,233,639
Repairs and maintenance 991,563 1,891,746
Operating expenses 1,912,610 2,633,689
Other expenses 205,111 129,866
---------------- ----------------
10,133,579 12,170,717
---------------- ----------------
NET LOSS $ (2,330,379) $
(2,198,463)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (1,475,502) $
(1,653,302)
================ ================
Net loss allocated to other partners $ (854,877) $ (545,161)
================ ================
</TABLE>
F-142
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1998 for
operating limited partnerships in which Series 20 through
Series 34 had an interest as of December 31, 1998 are as
follows (Series 35 invested in operating limited
partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 26 Series 27
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 7,075,158 $ 4,743,241
Interest and other 401,008 196,634
---------------- ----------------
7,476,166 4,939,875
---------------- ----------------
Expenses
Interest 2,477,101 2,487,837
Depreciation and amortization 2,449,994 1,667,174
Taxes and insurance 929,715 527,245
Repairs and maintenance 901,254 511,970
Operating expenses 2,048,075 1,260,288
Other expenses 133,740 126,241
---------------- ----------------
8,939,879 6,580,755
---------------- ----------------
NET LOSS $ (1,463,713) $
(1,640,880)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (1,448,218) $
(1,421,601)
================ ================
Net loss allocated to other partners $ (15,495) $ (219,279)
================ ================
</TABLE>
F-143
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1998 for
operating limited partnerships in which Series 20 through
Series 34 had an interest as of December 31, 1998 are as
follows (Series 35 invested in operating limited
partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 28 Series 29
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 5,027,374 $ 3,096,357
Interest and other 390,029 104,401
---------------- ----------------
5,417,403 3,200,758
---------------- ----------------
Expenses
Interest 2,192,027 1,078,922
Depreciation and amortization 1,887,134 1,352,864
Taxes and insurance 509,085 412,629
Repairs and maintenance 629,177 338,237
Operating expenses 1,689,440 1,308,383
Other expenses 47,297 221,288
---------------- ----------------
6,954,160 4,712,323
---------------- ----------------
NET LOSS $ (1,536,757) $
(1,511,565)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (793,965) $
(1,418,793)
================ ================
Net loss allocated to other partners $ (742,792) $ (92,772)
================ ================
</TABLE>
F-144
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1998 for
operating limited partnerships in which Series 20 through
Series 34 had an interest as of December 31, 1998 are as
follows (Series 35 invested in operating limited
partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 30 Series 31
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 1,321,918 $
3,167,459
Interest and other 51,979 223,116
---------------- ----------------
1,373,897 3,390,575
---------------- ----------------
Expenses
Interest 378,195 787,308
Depreciation and amortization 464,869 981,526
Taxes and insurance 176,613 477,393
Repairs and maintenance 188,374 559,515
Operating expenses 486,297 1,414,944
Other expenses 103,328 70,567
---------------- ----------------
1,797,676 4,291,253
---------------- ----------------
NET INCOME (LOSS) $ (423,779) $
(900,678)
================ ================
Net income (loss) allocated to Boston
Capital Tax Credit Fund IV L.P. $ (432,433) $
(894,816)
================ ================
Net income (loss) allocated to other
partners $ 8,654 $ (5,862)
================ ================
</TABLE>
F-145
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1998 for
operating limited partnerships in which Series 20 through
Series 34 had an interest as of December 31, 1998 are as
follows (Series 35 invested in operating limited
partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 32 Series 33
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 2,117,769 $
1,874,771
Interest and other 210,170 232,090
---------------- ----------------
2,327,939 2,106,861
---------------- ----------------
Expenses
Interest 736,930 682,865
Depreciation and amortization 672,347 541,443
Taxes and insurance 182,047 174,091
Repairs and maintenance 173,762 137,206
Operating expenses 353,479 303,702
Other expenses 28,715 13,875
---------------- ----------------
2,147,280 1,853,182
---------------- ----------------
NET INCOME (LOSS) $ 180,659 $ 253,679
================ ================
Net income (loss) allocated to Boston
Capital Tax Credit Fund IV L.P. $ 56,660 $ 187,290
================ ================
Net income (loss) allocated to other
partners $ 123,999 $ 66,389
================ ================
</TABLE>
F-146
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1998 for operating limited
partnerships in which Series 20 through Series 34 had an interest as of
December 31, 1998 are as follows (Series 35 invested in operating limited
partnerships subsequent to December 31, 1998):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 34 --------------
--
<S> <C>
Revenue
Rent $ -
Interest and other -
----------------
---------------
Expenses
Interest -
Depreciation and amortization -
Taxes and insurance -
Repairs and maintenance -
Operating expenses 219
Other expenses -
---------------
219
---------------
NET INCOME (LOSS) $ (219)
================
Net income (loss) allocated to Boston
Capital Tax Credit Fund IV L.P. $ (218)
================
Net income (loss) allocated to other
partners $ (1)
================
</TABLE>
F-147
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1997 for operating limited
partnerships in which Series 20 through Series 31 had an interest as of
December 31, 1997 are as follows (Series 32 through 35 invested in
operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Total ---------------
-
<S> <C>
Revenue
Rent $ 57,194,219
Interest and other 3,058,826
---------------
60,253,045
---------------
Expenses
Interest 24,052,106
Depreciation and amortization 19,725,469
Taxes and insurance 7,899,564
Repairs and maintenance 8,120,403
Operating expenses 16,906,496
Other expenses 1,194,061
---------------
77,898,099
---------------
NET LOSS $
(17,645,054)
================ Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $
(12,220,735)
===============
=
Net loss allocated to other partners $
(5,424,319)
================ </TABLE>
F-148
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1997 for
operating limited partnerships in which Series 20 through
Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 through 35 invested in
operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 20 Series 21
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 10,216,602 $ 5,008,470
Interest and other 513,527 234,328
---------------- ----------------
10,730,129 5,242,798
---------------- ----------------
Expenses
Interest 4,294,969 2,624,300
Depreciation and amortization 3,927,354 1,235,333
Taxes and insurance 1,284,403 585,724
Repairs and maintenance 1,453,633 858,062
Operating expenses 2,915,869 1,548,188
Other expenses 186,300 310,103
---------------- ----------------
14,062,528 7,161,710
---------------- ----------------
NET LOSS $ (3,332,399) $
(1,918,912)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (2,516,153) $
(1,854,423)
================ ================
Net loss allocated to other partners $ (816,246) $ (64,489)
================ ================
</TABLE>
F-149
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1997 for
operating limited partnerships in which Series 20 through
Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 through 35 invested in
operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 22 Series 23
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 7,587,995 $ 6,989,608
Interest and other 589,406 297,411
---------------- ----------------
8,177,401 7,287,019
---------------- ----------------
Expenses
Interest 2,907,135 2,973,157
Depreciation and amortization 3,118,036 2,676,417
Taxes and insurance 1,213,517 1,166,749
Repairs and maintenance 1,124,171 903,855
Operating expenses 2,398,019 1,952,694
Other expenses 6,763 249,098
---------------- ----------------
10,767,641 9,921,970
---------------- ----------------
NET LOSS $ (2,590,240) $
(2,634,951)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (1,372,762) $
(1,705,493)
================ ================
Net loss allocated to other partners $ (1,217,478) $ (929,458)
================ ================
</TABLE>
F-150
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1997 for
operating limited partnerships in which Series 20 through
Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 through 35 invested in
operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 24 Series 25
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 6,571,071 $ 8,857,720
Interest and other 378,879 365,881
---------------- ----------------
6,949,950 9,223,601
---------------- ----------------
Expenses
Interest 3,056,376 3,351,373
Depreciation and amortization 2,432,228 2,582,193
Taxes and insurance 896,197 1,125,562
Repairs and maintenance 746,014 1,501,994
Operating expenses 1,783,985 2,462,469
Other expenses 112,874 139,081
---------------- ----------------
9,027,674 11,162,672
---------------- ----------------
NET LOSS $ (2,077,724) $
(1,939,071)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (1,342,281) $
(1,550,724)
================ ================
Net loss allocated to other partners $ (735,443) $ (388,347)
================ ================
</TABLE>
F-151
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1997 for
operating limited partnerships in which Series 20 through
Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 through 35 invested in
operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 26 Series 27
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 5,634,879 $
2,195,422
Interest and other 345,222 108,253
---------------- ----------------
5,980,101 2,303,675
---------------- ----------------
Expenses
Interest 2,030,739 1,137,355
Depreciation and amortization 1,830,957 620,143
Taxes and insurance 700,788 284,979
Repairs and maintenance 742,244 231,086
Operating expenses 1,565,560 660,042
Other expenses 87,076 13,000
---------------- ----------------
6,957,364 2,946,605
---------------- ----------------
NET LOSS $ (977,263) $
(642,930)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (869,148) $
(484,224)
================ ================
Net loss allocated to other partners $ (108,115) $
(158,706)
================ ================
</TABLE>
F-152
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1997 for
operating limited partnerships in which Series 20 through
Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 through 35 invested in
operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 28 Series 29
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 2,591,372 $ 734,639
Interest and other 161,601 45,417
---------------- ----------------
2,752,973 780,056
---------------- ----------------
Expenses
Interest 1,281,632 198,576
Depreciation and amortization 946,915 260,571
Taxes and insurance 353,427 156,417
Repairs and maintenance 323,560 118,644
Operating expenses 919,329 472,421
Other expenses 79,063 6,785
---------------- ----------------
3,903,926 1,213,414
---------------- ----------------
NET LOSS $ (1,150,953) $
(433,358)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (221,339) $
(361,674)
================ ================
Net loss allocated to other partners $ (929,614) $ (71,684)
================ ================
</TABLE>
F-153
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1997 for
operating limited partnerships in which Series 20 through
Series 31 had an interest as of December 31, 1997 are as
follows (Series 32 through 35 invested in
operating limited partnerships subsequent to December 31, 1997):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 30 Series 31
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 439,276 $ 367,165
Interest and other 10,182 8,719
---------------- ----------------
449,458 375,884
---------------- ----------------
Expenses
Interest 84,594 111,900
Depreciation and amortization 52,604 42,718
Taxes and insurance 70,204 61,597
Repairs and maintenance 56,525 60,615
Operating expenses 85,544 142,376
Other expenses 3,700 218
---------------- ----------------
353,171 419,424
---------------- ----------------
NET INCOME (LOSS) $ 96,287 $ (43,540)
================ ================
Net income (loss) allocated to Boston
Capital Tax Credit Fund IV L.P. $ 100,573 $ (43,087)
================ ================
Net loss allocated to other partners $ (4,286) $ (453)
================ ================
</TABLE>
F-154
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1996 for operating limited
partnerships in which Series 20 through Series 28 had an interest as of
December 31, 1996 are as follows (Series 29 through 35 invested in
operating limited partnerships subsequent to December 31, 1996):
<TABLE>
Total ---------------
-
<S> <C>
Revenue
Rent $ 35,005,141
Interest and other 2,380,543
---------------
37,385,684
---------------
Expenses
Interest 16,056,409
Depreciation and amortization 14,299,586
Taxes and insurance 4,789,327
Repairs and maintenance 4,776,708
Operating expenses 11,554,893
Other expenses 974,178
---------------
52,451,101
---------------
NET LOSS $
(15,065,417)
================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $
(10,314,488)
===============
=
Net loss allocated to other partners $
(4,750,929)
================ </TABLE>
F-155
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1996 for
operating limited partnerships in which Series 20 through
Series 28 had an interest as of December 31, 1996 are as
follows (Series 29 through 35 invested in
operating limited partnerships subsequent to December 31, 1996):
<TABLE>
Series 20 Series 21
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 9,859,006 $ 4,214,782
Interest and other 586,488 304,410
---------------- ----------------
10,445,494 4,519,192
---------------- ----------------
Expenses
Interest 4,284,612 2,400,963
Depreciation and amortization 4,227,579 1,267,834
Taxes and insurance 1,219,186 591,815
Repairs and maintenance 1,297,342 680,068
Operating expenses 2,793,939 1,776,847
Other expenses 451,468 -
---------------- ----------------
14,274,126 6,717,527
---------------- ----------------
NET LOSS $ (3,828,632) $
(2,198,335)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (2,941,378) $
(2,134,073)
================ ================
Net loss allocated to other partners $ (887,254) $ (64,262)
================ ================
</TABLE>
F-156
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1996 for
operating limited partnerships in which Series 20 through
Series 28 had an interest as of December 31, 1996 are as
follows (Series 29 through 35 invested in
operating limited partnerships subsequent to December 31, 1996):
<TABLE>
Series 22 Series 23
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 6,464,794 $ 5,168,811
Interest and other 534,232 405,676
---------------- ----------------
6,999,026 5,574,487
---------------- ----------------
Expenses
Interest 2,865,472 2,738,838
Depreciation and amortization 3,343,336 2,593,057
Taxes and insurance 1,021,291 680,064
Repairs and maintenance 850,511 614,980
Operating expenses 2,363,559 1,681,751
Other expenses 11,073 363,266
---------------- ----------------
10,455,242 8,671,956
---------------- ----------------
NET LOSS $ (3,456,216) $
(3,097,469)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (1,821,704) $
(1,847,436)
================ ================
Net loss allocated to other partners $ (1,634,512) $
(1,250,033)
================ ================
</TABLE>
F-157
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1996 for
operating limited partnerships in which Series 20 through
Series 28 had an interest as of December 31, 1996 are as
follows (Series 29 through 35 invested in
operating limited partnerships subsequent to December 31, 1996):
<TABLE>
Series 24 Series 25
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 3,419,844 $ 4,962,944
Interest and other 204,838 275,267
---------------- ----------------
3,624,682 5,238,211
---------------- ----------------
Expenses
Interest 1,662,180 1,611,135
Depreciation and amortization 1,413,240 1,065,770
Taxes and insurance 547,667 588,231
Repairs and maintenance 341,401 890,211
Operating expenses 1,128,112 1,493,588
Other expenses 84,027 45,402
---------------- ----------------
5,176,627 5,694,337
---------------- ----------------
NET LOSS $ (1,551,945) $ (456,126)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (757,464) $ (431,640)
================ ================
Net loss allocated to other partners $ (794,481) $ (24,486)
================ ================
</TABLE>
F-158
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1996 for
operating limited partnerships in which Series 20 through
Series 28 had an interest as of December 31, 1996 are as
follows (Series 29 through 35 invested in
operating limited partnerships subsequent to December 31, 1996):
<TABLE>
Series 26 Series 27
---------------- ----------------
<S> <C> <C>
Revenue
Rent $ 870,342 $ 1,740
Interest and other 46,206 2,191
---------------- ----------------
916,548 3,931
---------------- ----------------
Expenses
Interest 467,926 1,340
Depreciation and amortization 371,136 9,411
Taxes and insurance 131,809 87
Repairs and maintenance 95,627 494
Operating expenses 297,216 1,444
Other expenses 18,679 263
---------------- ----------------
1,382,393 13,039
---------------- ----------------
NET LOSS $ (465,845) $
(9,108)
================ ================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $ (370,210) $
(9,016)
================ ================
Net loss allocated to other partners $ (95,635) $ (92)
================ ================
</TABLE>
F-159
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1996 for operating limited
partnerships in which Series 20 through Series 28 had an interest as of
December 31, 1996 are as follows (Series 29 through 35 invested in
operating limited partnerships subsequent to December 31, 1996):
<TABLE>
Series 28 -------------
---
<S> <C>
Revenue
Rent $ 42,878
Interest and other 21,235
---------------
64,113
---------------
Expenses
Interest 23,943
Depreciation and amortization 8,223
Taxes and insurance 9,177
Repairs and maintenance 6,074
Operating expenses 18,437
Other expenses -
---------------
65,854
---------------
NET LOSS $
(1,741)
================
Net loss allocated to Boston Capital
Tax Credit Fund IV L.P. $
(1,567)
================ Net loss allocated to other partners
$ (174)
================ </TABLE>
F-160
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - NOTES RECEIVABLE
Notes receivable at March 31, 1999 and 1998 consist of advance installments
of $14,174,473 and $24,395,853, respectively, of capital contributions to
operating limited partnerships. Series 20 through Series 35 notes are
comprised of noninterest bearing and interest bearing notes with rates
ranging from prime plus 1% to 4.5%. Prime was 7.75% and 8.5% as of March
31, 1999 and 1998, respectively. These notes will be applied against
future payments of capital contributions or paid upon demand. The carrying
value of the notes receivable at March 31, 1999 and 1998 approximates fair
value. The notes at March 31, 1999 and 1998 by series are as follows:
<TABLE>
1999 1998
----------------
- ---------------<S> <C> <C>
Series 20 $ - $ -
Series 21 641,542 641,542
Series 22 462,686 1,796,240
Series 23 456,751 2,186,398
Series 24 551,210 779,231
Series 25 551,221 754,841
Series 26 653,909 1,173,727
Series 27 270,649 653,377
Series 28 1,477,458 240,575
Series 29 835,878 1,428,362
Series 30 1,415,196 1,422,259
Series 31 2,221,022 7,309,603
Series 32 1,995,249 6,009,698
Series 33 46,280 -
Series 34 1,678,562 -
Series 35 916,860 -
----------------
---------------$
14,174,473 $
24,395,853
================
================
</TABLE>
F-161
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE E - OTHER ASSETS
Other assets include $9,342,923 and $2,780,023 of cash held by an escrow
agent at March 31, 1999 and 1998, respectively. The cash held for Series 20
through 35 at March 31, 1999 and Series 20 through 32 at March 31, 1998
represents capital contributions to be released to the operating limited
partnerships when certain criteria have been met. The escrows held at March
31, 1999 and 1998 by series are as follows:
<TABLE>
1999 1998
---------------- ----------------
<S> <C> <C>
Series 20 $ - $ 67,702
Series 21 - -
Series 22 - -
Series 23 - -
Series 24 - -
Series 25 20,001 320,000
Series 26 1,681,922 774,587
Series 27 248,760 1,067,226
Series 28 197,726 120,000
Series 29 - -
Series 30 581,031 100,000
Series 31 - 330,508
Series 32 853,375 -
Series 33 1,063,972 -
Series 34 4,574,591 -
Series 35 121,545 -
---------------- ----------------
$ 9,342,923 $
2,780,023
================ ================
</TABLE>
F-162
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1999 are reconciled as follows:
<TABLE>
Total ---------------
-
<S> <C>
Net income (loss) for financial
reporting purposes $ (17,477,354)
Operating limited partnership rents
received in advance (38,262)
Partnership fund management fee 2,150,673
Other 741,568
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (3,213,254)
Tax exempt interest income (2,577,788)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 703,845
---------------Income
(loss) for tax return purposes,
December 31, 1998 $ (19,710,572)
================ </TABLE>
F-163
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1999 are reconciled as follows:
<TABLE>
Series 20 Series
21 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (2,811,432) $
(1,653,386)
Operating limited partnership rents
received in advance 11,950
17,634
Partnership fund management fee 379,248
225,840
Other 21,774
(205,637)
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (248,112)
(367,202)
Tax exempt interest income (2,700)
(43,033)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes (4,107)
3,261
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1998 $ (2,653,379) $
(2,022,523)
================
================ </TABLE>
F-164
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1999 are reconciled as follows:
<TABLE>
Series 22 Series
23 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (1,658,012) $
(1,860,174)
Operating limited partnership rents
received in advance 3,283
(4,859)
Partnership fund management fee 254,589
238,288
Other 26,399
77,765
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (272,802)
(551,702)
Tax exempt interest income (16,398)
(23,336)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 10,564
21,400
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1998 $ (1,652,377) $
(2,102,618)
================
================ </TABLE>
F-165
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1999 are reconciled as follows:
<TABLE>
Series 24 Series
25 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (1,723,705) $
(1,926,105)
Operating limited partnership rents
received in advance (3,017)
- -
Partnership fund management fee 233,148
204,357
Other 122,847
(12,755)
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (148,304)
(132,014)
Tax exempt interest income (42,796)
(61,008)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 46,349
30,846
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1998 $ (1,515,478) $
(1,896,679)
================
================ </TABLE>
F-166
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1999 are reconciled as follows:
<TABLE>
Series 26 Series
27 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (1,719,368) $
(1,716,151)
Operating limited partnership rents
received in advance (26,490)
(1,908)
Partnership fund management fee 295,393
261,339
Other 345,276
528,278
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (482,953)
(238,824)
Tax exempt interest income (110,522)
(118,818)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 17,696
71,053
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1998 $ (1,680,968) $
(1,215,031)
================
================ </TABLE>
F-167
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1999 are reconciled as follows:
<TABLE>
Series 28 Series
29 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (724,209) $
(1,414,244)
Operating limited partnership rents
received in advance (33,707)
703
Partnership fund management fee 350
6,511
Other 164,899
59,614
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (279,209)
(135,791)
Tax exempt interest income (527,704)
(443,287)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 193,701
131,774
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1998 $ (1,205,879) $
(1,794,720)
================
================ </TABLE>
F-168
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1999 are reconciled as follows:
<TABLE>
Series 30 Series
31 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (304,871) $
(462,813)
Operating limited partnership rents
received in advance -
(1,851)
Partnership fund management fee 6,196
1,390
Other 102,562
91,289
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (131,869)
(178,324)
Tax exempt interest income (417,599)
(425,878)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 79,175
269,469
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1998 $ (666,406) $
(706,718)
================
================ </TABLE>
F-169
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1999 are reconciled as follows:
<TABLE>
Series 32 Series
33 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ 269,836 $
194,098
Operating limited partnership rents
received in advance -
- -
Partnership fund management fee 103
6,443
Other (353,188)
(227,773)
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (46,148)
- -
Tax exempt interest income (265,800)
(68,910)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes (56,688)
(51,419)
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1998 $ (451,885) $
(147,561)
================
================ </TABLE>
F-170
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1999 are reconciled as follows:
<TABLE>
Series 34 Series
35 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ 39,949 $
(6,767)
Operating limited partnership rents
received in advance - -
Partnership fund management fee 32,669
4,809
Other 218 -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets - -
Tax exempt interest income (9,999) -
Difference due to fiscal year for book
purposes and calendar year for tax
purposes (61,187)
1,958
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1998 $ 1,650 $ -
================
================ </TABLE>
F-171
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1998 are reconciled as follows:
<TABLE>
Total ---------------
-
<S> <C>
Net income (loss) for financial
reporting purposes $ (13,468,421)
Operating limited partnership rents
received in advance 48,110
Partnership fund management fee 1,325,271
Other 1,236,507
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (2,611,106)
Tax exempt interest income (1,854,039)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 67,719
---------------Income
(loss) for tax return purposes,
December 31, 1997 $ (15,255,959)
================ </TABLE>
F-172
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1998 are reconciled as follows:
<TABLE>
Series 20 Series
21 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (2,844,245) $
(2,098,068)
Operating limited partnership rents
received in advance -
(3,151)
Partnership fund management fee 379,063
225,840
Other 72,501
1,014,954
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (311,288)
(411,960)
Tax exempt interest income (19,367)
(12,384)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes (47,715)
(11,084)
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1997 $ (2,771,051) $
(1,295,853)
================
================ </TABLE>
F-173
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1998 are reconciled as follows:
<TABLE>
Series 22 Series
23 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (1,654,264) $
(1,927,661)
Operating limited partnership rents
received in advance 10,951
(2,744)
Partnership fund management fee 247,569
239,652
Other 39,464
23,056
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (287,977)
(651,071)
Tax exempt interest income (33,274)
(60,868)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 14,578
27,730
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1997 $ (1,662,953) $
(2,351,906)
================
================ </TABLE>
F-174
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1998 are reconciled as follows:
<TABLE>
Series 24 Series
25 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (1,575,358) $
(1,793,365)
Operating limited partnership rents
received in advance (7,142)
32,795
Partnership fund management fee 233,147
- -
Other (26,967)
(153,387)
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (148,745)
(158,227)
Tax exempt interest income (9,514)
(101,730)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes (37,664)
(22,144)
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1997 $ (1,572,243) $
(2,196,058)
================
================ </TABLE>
F-175
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1998 are reconciled as follows:
<TABLE>
Series 26 Series
27 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (1,016,127) $
(787,105)
Operating limited partnership rents
received in advance 9,336
7,246
Partnership fund management fee -
- -
Other 215,102
269,349
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (381,484)
(251,394)
Tax exempt interest income (484,778)
(177,395)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 106,602
156,016
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1997 $ (1,551,349) $
(783,283)
================
================ </TABLE>
F-176
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1998 are reconciled as follows:
<TABLE>
Series 28 Series
29 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ 264,071 $
(276,745)
Operating limited partnership rents
received in advance 819
- -
Partnership fund management fee -
- -
Other (189,476)
131,994
Excess of tax depreciation over book
depreciation on operating limited
partnership assets 36,048
(27,920)
Tax exempt interest income (600,678)
(207,158)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 426
(17,957)
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1997 $ (488,790) $
(397,786)
================
================ </TABLE>
F-177
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1998 are reconciled as follows:
<TABLE>
Series 30 Series
31 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ 331,331 $
(69,689)
Operating limited partnership rents
received in advance -
- -
Partnership fund management fee -
- -
Other (148,896)
(11,187)
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (3,900)
(13,188)
Tax exempt interest income (136,059)
(10,834)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes (85,451)
(36,814)
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1997 $ (42,975) $
(141,712)
================
================ </TABLE>
F-178
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1998 are reconciled as follows:
<TABLE>
Series 32 -------------
---
<S> <C>
Net income (loss) for financial
reporting purposes $ (21,196)
Operating limited partnership rents
received in advance -
Partnership fund management fee -
Other -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets -
Tax exempt interest income -
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 21,196
---------------Income
(loss) for tax return purposes,
December 31, 1997 $ -
================ </TABLE>
F-179
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1997 are reconciled as follows:
<TABLE>
Total ---------------
-
<S> <C>
Net income (loss) for financial
reporting purposes $ (11,568,501)
Operating limited partnership rents
received in advance 35,809
Partnership fund management fee 831,331
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (1,887,714)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 2,152,116
---------------Income
(loss) for tax return purposes,
December 31, 1996 $ (10,436,959)
================ </TABLE>
F-180
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1997 are reconciled as follows:
<TABLE>
Series 20 Series
21 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (3,320,223) $
(2,361,437)
Operating limited partnership rents
received in advance 9,269
6,512
Partnership fund management fee 382,458
225,840
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (424,809)
(403,920)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 783,658
1,246,724
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1996 $ (2,569,647) $
(1,286,281)
================
================ </TABLE>
F-181
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1997 are reconciled as follows:
<TABLE>
Series 22 Series
23 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (2,058,842) $
(1,996,916)
Operating limited partnership rents
received in advance 6,036
7,697
Partnership fund management fee 223,033
- -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (227,380)
(494,688)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 260,159
167,424
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1996 $ (1,796,994) $
(2,316,483)
================
================ </TABLE>
F-182
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1997 are reconciled as follows:
<TABLE>
Series 24 Series
25 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (928,613) $
(760,670)
Operating limited partnership rents
received in advance 6,147
148
Partnership fund management fee -
- -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (169,224)
(60,563)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 32,301
367,347
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1996 $ (1,059,389) $
(453,738)
================
================ </TABLE>
F-183
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1997 are reconciled as follows:
<TABLE>
Series 26 Series
27 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ (209,997) $
(24,327)
Operating limited partnership rents
received in advance -
- -
Partnership fund management fee -
- -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (105,948)
- -
Difference due to fiscal year for book
purposes and calendar year for tax
purposes (444,660)
(153,539)
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1996 $ (760,605) $
(177,866)
================
================ </TABLE>
F-184
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
For income tax purposes, the fund reports using a December 31 year end. The
fund's net income (loss) for financial reporting and tax return purposes for
the year ended March 31, 1997 are reconciled as follows:
<TABLE>
Series 28 Series
29 ---------------- ---------
-------
<S> <C> <C>
Net income (loss) for financial
reporting purposes $ 91,590 $
934
Operating limited partnership rents
received in advance -
- -
Partnership fund management fee -
- -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (1,182)
- -
Difference due to fiscal year for book
purposes and calendar year for tax
purposes (106,364)
(934)
---------------- ------------
---Income (loss) for tax return purposes,
December 31, 1996 $ (15,956) $
- -
================
================ </TABLE>
F-185
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1999, the differences are as follows:
<TABLE>
Total ------------
----
<S> <C>
Investment in operating limited
partnerships - tax return December
31, 1998 $ 338,036,010
Operating limited partnerships
acquired during the three month
period ended March 31, 1999 14,622,459
Historic tax credits - cumulative 794,154
Less share of loss - three months
ended March 31, 1999 (2,792,711)
Other 1,970,092
---------------
Investment in operating limited
partnerships - as reported $ 352,630,004
================
</TABLE>
F-186
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1999, the differences are as follows:
<TABLE>
Series 20 Series
21 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1998 $ 20,354,048 $
9,632,102
Operating limited partnerships
acquired during the three month
period ended March 31, 1999 -
- -
Historic tax credits - cumulative 570,617
- -
Less share of loss - three months
ended March 31, 1999 (404,710)
(669,050)
Other 297,713
(978,637)
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 20,817,668 $
7,984,415
================
================ </TABLE>
F-187
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1999, the differences are as follows:
<TABLE>
Series 22 Series
23 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1998 $ 14,494,387 $
20,577,913
Operating limited partnerships
acquired during the three month
period ended March 31, 1999 -
- -
Historic tax credits - cumulative 223,537
- -
Less share of loss - three months
ended March 31, 1999 (255,971)
(182,761)
Other 499,487
1,285,944
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 14,961,440 $
21,681,096
================
================ </TABLE>
F-188
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1999, the differences are as follows:
<TABLE>
Series 24 Series
25 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1998 $ 13,522,698 $
20,904,484
Operating limited partnerships
acquired during the three month
period ended March 31, 1999 -
- -
Historic tax credits - cumulative -
- -
Less share of loss - three months
ended March 31, 1999 (95,695)
(335,542)
Other 546,050
353,011
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 13,973,053 $
20,921,953
================
================ </TABLE>
F-189
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1999, the differences are as follows:
<TABLE>
Series 26 Series
27 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1998 $ 29,044,070 $
17,261,881
Operating limited partnerships
acquired during the three month
period ended March 31, 1999 -
- -
Historic tax credits - cumulative -
- -
Less share of loss - three months
ended March 31, 1999 (123,194)
(205,532)
Other 1,017,354
(59,943)
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 29,938,230 $
16,996,406
================
================ </TABLE>
F-190
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1999, the differences are as follows:
<TABLE>
Series 28 Series
29 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1998 $ 31,885,875 $
27,346,558
Operating limited partnerships
acquired during the three month
period ended March 31, 1999 -
3,687,718
Historic tax credits - cumulative -
- -
Less share of loss - three months
ended March 31, 1999 (129,668)
(265,241)
Other 438,448
237,235
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 32,194,655 $
31,006,270
================
================ </TABLE>
F-191
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1999, the differences are as follows:
<TABLE>
Series 30 Series
31 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1998 $ 17,691,458 $
35,802,174
Operating limited partnerships
acquired during the three month
period ended March 31, 1999 497,206
- -
Historic tax credits - cumulative -
- -
Less share of loss - three months
ended March 31, 1999 -
(125,347)
Other 196,947
(152,369)
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 18,385,611 $
35,524,458
================
================ </TABLE>
F-192
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1999, the differences are as follows:
<TABLE>
Series 32 Series
33 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1998 $ 34,875,407 $
21,583,013
Operating limited partnerships
acquired during the three month
period ended March 31, 1999 617,257
- -
Historic tax credits - cumulative -
- -
Less share of loss - three months
ended March 31, 1999 -
- -
Other -
(1,711,148)
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 35,492,664 $
19,871,865
================
================ </TABLE>
F-193
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1999, the differences are as follows:
<TABLE>
Series 34 Series
35 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1998 $ 17,083,584 $
5,976,358
Operating limited partnerships
acquired during the three month
period ended March 31, 1999 5,163,658
4,656,620
Historic tax credits - cumulative -
- -
Less share of loss - three months
ended March 31, 1999 -
- -
Other -
- -
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 22,247,242 $
10,632,978
================
================ </TABLE>
F-194
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
acquisition of properties during the three month stub period and the
historic tax credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Total ------------
----
<S> <C>
Investment in operating limited
partnerships - tax return December
31, 1997 $ 237,583,213
Operating limited partnerships
acquired during the three month
period ended March 31, 1998 31,040,460
Historic tax credits - cumulative 794,154
Less share of loss - three months
ended March 31, 1998 (2,667,364)
Other (3,595,205)
---------------
Investment in operating limited
partnerships - as reported $ 263,155,258
================
</TABLE>
F-195
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
acquisition of properties during the three month stub period and the
historic tax credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 20 Series
21 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1997 $ 23,117,400 $
11,794,434
Operating limited partnerships
acquired during the three month
period ended March 31, 1998 -
- -
Historic tax credits - cumulative 570,617
- -
Less share of loss - three months
ended March 31, 1998 (404,710)
(669,050)
Other 24,021
(1,565,058)
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 23,307,328 $
9,560,326
================
================ </TABLE>
F-196
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
acquisition of properties during the three month stub period and the
historic tax credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 22 Series
23 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1997 $ 16,318,370 $
22,677,303
Operating limited partnerships
acquired during the three month
period ended March 31, 1998 -
- -
Historic tax credits - cumulative 223,537
- -
Less share of loss - three months
ended March 31, 1998 (255,971)
(182,761)
Other (181,224)
777,372
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 16,104,712 $
23,271,914
================
================ </TABLE>
F-197
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
acquisition of properties during the three month stub period and the
historic tax credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 24 Series
25 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1997 $ 15,052,954 $
22,823,375
Operating limited partnerships
acquired during the three month
period ended March 31, 1998 -
- -
Historic tax credits - cumulative -
- -
Less share of loss - three months
ended March 31, 1998 (95,695)
(335,542)
Other 464,867
193,529
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 15,422,126 $
22,681,362
================
================ </TABLE>
F-198
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
acquisition of properties during the three month stub period and the
historic tax credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 26 Series
27 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1997 $ 27,768,915 $
17,899,944
Operating limited partnerships
acquired during the three month
period ended March 31, 1998 2,378,497
300,304
Historic tax credits - cumulative -
- -
Less share of loss - three months
ended March 31, 1998 (123,194)
(205,532)
Other (295,024)
163,601
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 29,729,194 $
18,158,317
================
================ </TABLE>
F-199
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
acquisition of properties during the three month stub period and the
historic tax credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 28 Series
29 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1997 $ 20,398,700 $
19,212,918
Operating limited partnerships
acquired during the three month
period ended March 31, 1998 7,726,869
5,783,783
Historic tax credits - cumulative -
- -
Less share of loss - three months
ended March 31, 1998 (129,668)
(265,241)
Other 148,928
29,527
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 28,144,829 $
24,760,987
================
================ </TABLE>
F-200
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
acquisition of properties during the three month stub period and the
historic tax credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 30 Series
31 ---------------- ---------
-------
<S> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1997 $ 7,728,600 $
32,790,300
Operating limited partnerships
acquired during the three month
period ended March 31, 1998 5,775,438
503,893
Historic tax credits - cumulative -
- -
Less share of loss - three months
ended March 31, 1998 -
- -
Other 896,039
(4,251,783)
---------------- ------------
---Investment in operating limited
partnerships - as reported $ 14,400,077 $
29,042,410
================
================ </TABLE>
F-201
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investment in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
acquisition of properties during the three month stub period and the
historic tax credits taken for income tax purposes. At March 31, 1998, the
differences are as follows:
<TABLE>
Series 32 ----------
------
<S> <C>
Investment in operating limited
partnerships - tax return December
31, 1997 $ -
Operating limited partnerships
acquired during the three month
period ended March 31, 1998
8,571,676
Historic tax credits - cumulative
- -
Less share of loss - three months
ended March 31, 1998
- -
Other
- -
------------
---Investment in operating limited
partnerships - as reported $
8,571,676
================ </TABLE>
F-202
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE
At March 31, 1999, the amortized cost and fair value of investments
available- for-sale are as follows:
<TABLE>
Gross Gross
Amortized unrealized unrealized
cost gains losses Fair
value
------------- ------------- ------------- ---------
- ---<S> <C> <C> <C>
<C>
Tax exempt municipal bonds $ 44,625,046 $ 226,994 $ - $
44,852,040
Other 3,125,885 - -
3,125,885
------------- ------------- ------------- ---------
---$ 47,750,931 $ 226,994 $ - $
47,977,925
============= ============= =============
============= </TABLE>
The amortized cost and fair value of investments available-for-sale by
maturity as of March 31, 1999 is shown below:
<TABLE>
Amortized cost Fair value
---------------- ------------
- ---<S> <C> <C>
Due in one year or less $ 26,635,552 $
26,601,014
Due in one year through five years 11,928,596
19,164,465
Due in five years through ten years 1,007,499
1,038,908
Due in ten years and after 1,179,284
1,173,538
---------------- ------------
---$ 40,750,931 $
47,977,925
================
================
</TABLE>
Proceeds from sales and maturities of investments during the year ended
March 31, 1999 were $21,528,050 resulting in a realized loss
of $246,811 included in interest income.
In selecting investments to purchase and sell, the general
partner and its advisors stringently monitor the ratings of
the investments and safety of principal. The tax-exempt coupon
rates for the investments held during the year ranged from
3.55% to 9.6%.
F-203
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE (Continued)
At March 31, 1998, the amortized cost and fair value of investments
available-for-sale are as follows:
<TABLE>
Gross Gross
Amortized unrealized unrealized
cost gains losses Fair
value
------------- ------------- ------------- ---------
- ----
<S> <C> <C> <C> <C>
Tax exempt municipal bonds $ 65,778,960 $ 231,226 $ - $
66,010,186
Other 4,125,775 - -
4,125,775
------------- ------------- ------------- ---------
- ----
$ 69,904,735 $ 231,226 $ - $
70,135,961
============= ============= =============
=============
</TABLE>
The amortized cost and fair value of investments available-for-sale by
maturity as of March 31, 1998 is shown below:
<TABLE>
Amortized cost Fair value
---------------- ------------
- ---<S> <C> <C>
Due in one year or less $ 42,334,227 $
42,220,229
Due in one year through five years 26,170,508
26,467,929
Due in five years through ten years 500,000
510,588
Due in ten years and after 900,000
937,215
---------------- ------------
---$ 69,904,735 $
70,135,961
================
================
</TABLE>
Proceeds from sales and maturities of investments during the year ended
March 31, 1998 were $12,151,077 resulting in a realized
loss of $96,231 included in interest income.
In selecting investments to purchase and sell, the general
partner and its advisors stringently monitor the ratings of
the investments and safety of principal. The tax-exempt coupon
rates for the investments held during the year ranged from 3.2%
to 14%.
F-204
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE H - CASH EQUIVALENTS
On March 31, 1999 and 1998, the fund purchased $8,849,762
and $1,750,000 of U.S. Government Securities under
agreements for resale on April 1, 1999 and 1998,
respectively. Interest is earned at rates ranging from 2.7%
to 3.3% per annum.
Cash equivalents of $5,240,928 and $2,382,429 as of March 31,
1999 and 1998, respectively, include tax exempt sweep
accounts and money market accounts with interest rates
ranging from 2.6% to 3.7% per annum.
NOTE I - CONCENTRATION OF CREDIT RISK
The fund maintains its cash balances at a number of banks.
The deposits are insured by the Federal Deposit Insurance
Corporation (FDIC) up to $100,000 at each bank. The
balances in and between banks fluctuates daily. The amount of
deposits, as well as the institutions that they are deposited
in, are continually monitored by the general partner. As of
March 31, 1999, the uninsured portion of the cash balances on
deposit was $98,328.
NOTE J - LINE OF CREDIT
The Partnership has a line of credit with a bank in
the amount of $5,000,000, of which $200,000 and
$5,000,000 was outstanding as of March 31, 1999 and 1998,
respectively. The line bears interest at the prime rate
(7.75% at March 31, 1999) plus .25%. Interest is payable
monthly. The line is guaranteed by Boston Capital Partners,
Inc. (BCP) and various affiliates and expires on August 21,
1999.
F-205
<TABLE>
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund
IV L.P. - Series 20
Schedule III - Real Estate and
Accumulated Depreciation
March 31,
1999
Subsequent
Initial capitalized
Gross amount at which
cost to company costs**
carried at close of period
--------------- -----------
- --------------------------
Buildings
Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve-
and im- Depre- struct uired ciation
Description brances Land provements ments
Land provements Total ciation Date Date Life
- -----------------------------------------------------------------
- -------------------------------------------------------------
2730 Lafferty
Street 5,182,927 435,550 3,717,895 4,177,921
435,550 7,895,816 8,331,366 1,459,908 09/95 06/94 5-27.5
Ashbury
Apts. 1,267,345 148,007 2,158,237 34,935
148,007 2,193,172 2,341,179 393,035 06/94 04/94 5-27.5
Bennets Pt. 1,346,250 71,749 1,557,622 16,440
71,749 1,574,062 1,645,811 296,158 08/94 03/94 5-27.5
Bradley
Elderly 800,217 4,000 986,204 0
4,000 986,204 990,204 149,698 03/95 08/94 5-27.5
Breeze Cove 2,781,163 128,751 5,333,835 20,015
128,751 5,353,850 5,482,601 1,028,234 10/94 05/94 5-27.5
Cascades
Commons 14,749,265 5,131,293 2,743,532 23,580,751
3,375,809 26,324,283 29,700,092 3,302,209 10/95 06/94
5-27.5
Clarksville
Estates 417,085 28,550 838,235 850
28,550 839,085 867,635 220,514 09/94 06/94 5-27.5
College
Green 3,767,582 225,000 6,813,536 1,079
225,000 6,814,615 7,039,615 988,319 08/95 03/95 5-27.5
F-
206
Boston Capital Tax Credit Fund IV L.P. -
Series 20
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings
Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land
provements Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Concordia
Housing, I 1,468,539 0 1,997,510 0 0 1,997,510
1,997,510 188,978 07/95 08/94 10-40
Coushatta
Sr., II 730,682 25,700 904,920 2,640 25,700 907,560
933,260 103,307 03/94 05/94 5-27.5
Cynthiana
Properties 877,617 32,117 1,016,135 678,695 32,117 1,694,830
1,726,947 316,367 04/95 10/94 5-27.5
East Douglas
Apts. 2,215,888 23,913 2,593,259 1,426,620 23,913 4,019,879
4,043,792 480,683 12/95 07/94 5-27.5
Edison Lane 720,804 6,900 951,249 0 6,900 951,249
958,149 128,682 10/95 09/94 5-27.5
Evergreen
Hills 2,805,560 157,537 4,337,312 562,872 157,537 4,900,184
5,057,721 979,468 01/95 08/94 5-27.5
Fair Oaks
Lane 1,416,124 123,600 1,767,207 0 125,000 1,767,207
1,892,207 265,085 05/95 07/94 5-27.5
Floral
Acres II 1,035,735 148,672 1,187,134 0 148,672 1,187,134
1,335,806 129,842 08/94 05/94 5-27.5
Forest Glen
Village 1,332,974 84,800 1,663,592 0 109,800 1,663,592
1,773,392 277,667 02/95 07/94 5-27.5
F-207
Boston Capital Tax Credit Fund IV L.P. - Series 20
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements Total
ciation Date Date Life
- ------------------------------------------------------------------------------------------------
- -----------------------------
Franklinton
Elderly 1,705,528 64,300 2,074,319 3,595 64,300 2,077,914 2,142,214
221,452 10/94 04/94 5-50
Goldenrod,
Ltd. 7,518,199 800,000 13,425,210 2,021 770,000 13,427,231 14,197,231
1,985,291 06/95 04/94 5-27.5
Harrisonburg
Senior 691,445 10,160 877,026 0 10,160 877,026 887,186
113,152 01/94 05/94 7-40
Northfield
Apts. 2,948,003 192,208 4,326,388 2,064,378 193,208 6,390,766 6,583,974
907,559 05/95 06/94 5-27.5
Parkside
Housing 693,659 80,000 943,917 25,563 80,000 969,480 1,049,480
160,641 01/94 12/94 5.27.5
Shady Lane
Sr. Apts 948,104 60,000 1,157,181 0 60,000 1,157,181 1,217,181
150,233 10/93 05/94 5.27.5
Virginia
Avenue 1,341,905 121,238 3,510,339 5,299 121,238 3,515,638 3,636,876
592,335 10/94 10/94 5-27.5
---------- --------- ---------- ---------- --------- ---------- -----------
- ---------
58,762,600 8,104,045 66,881,794 32,603,674 6,345,961 99,485,468 105,831,429
14,838,817
========== ========= ========== ========== ========= ========== ===========
==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this
schedule is as of December 31,
1998. Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1998. The column has been omitted for
presentation purposes.
F-208
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 20
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 47,152,331
Other............................................. 0
----------
$ 47,152,331
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
0
-----------
Balance at close of period - 03/31/95...........................$ 47,152,331
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 6,999,847
Improvements, etc................................. 50,521,023
Other............................................. 0
----------
$ 57,520,870
Deductions during period:
Cost of real estate sold..........................$ 0
Other.............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$104,673,201
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 718,412
Other............................................. 0
----------
$ 718,412
Deductions during period:
Cost of real estate sold..........................$ 0
Other.............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/97............................$105,391,613
F-209
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 20
Balance at close of period - 03/31/97............................$105,391,613
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 286,982
Other............................................. 0
-----------
$ 286,982
Deductions during period:
Cost of real estate sold..........................$ 0
Other.............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$105,678,595
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 152,834
Other............................................. 0
----------
$ 152,834
Deductions during period:
Cost of real estate sold..........................$ 0
Other.............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/99............................$105,831,429
===========
F-210
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 20
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94.........................$ 0
Current year additions*...............................$ 509,226
---------
Balance at close of period - 03/31/95.............................$ 509,226
Current year additions*...............................$2,750,192
---------
Balance at close of period - 03/31/96.............................$ 3,259,418
Current year additions*...............................$3,936,515
---------
Balance at close of period - 03/31/97.............................$ 7,195,933
Current year additions*................................$3,837,060
---------
Balance at close of period - 03/31/98.............................$11,032,993
Current year additions*................................$3,805,824
---------
Balance at close of period - 03/31/99.............................$14,838,817
==========
* Total includes current year expense and amounts capitalized to building
basis.
F-211
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 21
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Atlantic
City 5,495,000 100,000 8,334,766 928,946 100,000 9,263,712
9,363,712 925,388 10/95 09/94 5-27.5
Black
River Run 1,250,942 15,000 2,171,360 0 15,000 2,171,360
2,186,360 256,509 12/94 10/94 5-27.5
Campton
Housing 1,036,107 74,511 1,256,245 35,329 74,511 1,291,574
1,366,085 150,048 10/94 08/94 5-40
Cattaragus
Manor 1,096,615 56,630 1,238,241 53,729 56,630 1,291,970
1,348,600 133,978 04/95 08/94 5-27.5
Centrum
Fairfax 5,978,422 1,160,250 7,247,614 (193,671) 1,160,250 7,053,943
8,214,193 573,001 09/95 11/94 5-30
Centrum
Frederick 4,946,506 1,380,000 6,922,259 0 1,080,000 6,922,259
8,002,259 592,625 09/95 10/94 5-27.5
Fort Halifax 1,161,961 120,000 1,324,762 248,411 121,200 1,573,173
1,694,373 265,377 01/95 09/94 5-27.5
Havelock
Manor 1,854,976 120,000 2,194,078 3,419 120,000 2,197,497
2,317,497 253,364 10/95 12/94 5-27.5
F-212
Boston Capital Tax Credit Fund IV L.P. -
Series 21
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Holly
Village 716,536 15,270 962,236 3,360 15,270 965,596
980,866 146,910 06/95 08/94 5-27.5
Live Oak
Village 767,211 63,210 899,606 24,746 63,210 924,352
987,562 88,521 07/95 10/94 6-40
Lookout Ridge 664,785 62,000 1,639,096 0 62,000 1,639,096
1,701,096 238,412 12/94 12/94 27.5
Pinedale II 1,415,959 27,906 2,876,158 0 12,906 2,876,158
2,889,064 334,814 12/94 10/94 5-27.5
Pumphouse
Crossing II 1,288,940 10,000 2,431,087 0 10,000 2,431,087
2,441,087 298,333 12/94 10/94 5-27.5
Tower View 1,132,550 46,629 1,571,026 (1,951) 46,629 1,569,075
1,615,704 163,123 05/95 11/94 5-27.5
---------- --------- ----------- ------- --------- ----------
- ---------- ---------
28,806,510 3,251,406 41,068,534 1,102,318 2,937,606 42,170,852
45,108,458 4,420,403
========== ========= ========== ========= ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1998.
*Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-213
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 21
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 14,011,014
Improvements, etc................................. 0
Other............................................. 0
----------
$ 14,011,014
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 14,011,014
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 31,821,601
Improvements, etc................................ 693,221
Other............................................ 0
-----------
$ 32,514,822
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 46,525,836
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 102,815
Other............................................ 0
-----------
$ 102,815
Deductions during period:
Cost of real estate sold.........................$ (1,512,675)
Other............................................ (193,671)
-----------
$ (1,706,346)
-----------
Balance at close of period - 03/31/97............................$ 44,922,305
F-214
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 21
Balance at close of period - 03/31/97............................$ 44,922,305
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 108,749
Other............................................ 0
-----------
$ 108,749
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 45,031,054
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 77,404
Other............................................ 0
-----------
$ 77,404
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 45,108,458
===========
F-215
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 21
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94................. .......$ 0
Current year expense..................................$ 117,569
---------
Balance at close of period - 03/31/95.............................$ 117,569
Current year expense..................................$ 790,213
----------
Balance at close of period - 03/31/96.............................$ 907,782
Current year expense..................................$1,104,203
-----------
Balance at close of period - 03/31/97.............................$ 2,011,985
Current year expense................................ $1,204,163
----------
Balance at close of period - 03/31/98.............................$ 3,216,148
Current year expense................................ $1,204,255
----------
Balance at close of period - 03/31/99.............................$ 4,420,403
==========
* Total includes current year expense and amounts capitalized to building
basis.
F-216
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund L.P. - Series 22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Albamarle
Village 1,459,669 91,280 1,720,443 18,690 91,280 1,739,133
1,830,413 321,306 09/94 09/94 5-27.5
Bayou
Crossing 8,339,117 867,209 16,061,472 50,464 857,500 16,111,936
16,969,436 1,401,831 01/96 11/94 12-39
Bellwood
Gardens 1,251,162 64,715 1,505,852 22,488 64,715 1,528,340
1,593,055 141,526 07/95 09/95 5-27.5
Birch Ridge 2,817,500 178,000 0 5,651,337 178,000 5,651,337
5,829,337 439,732 03/96 01/95 5-40
Black River
Run 1,250,942 15,000 2,171,360 0 15,000 2,171,360
2,186,360 256,509 12/94 04/95 5-27.5
Clarendon
Court 1,452,521 41,930 1,799,906 1,329 41,930 1,801,235
1,843,165 278,762 04/95 10/94 7-27.5
Cobblestone
Village 1,418,983 79,567 1,679,627 4,656 79,567 1,684,283
1,763,850 310,872 05/94 01/95 5-27.5
F-217
Boston Capital Tax Credit Fund IV L.P. -
Series 22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Condordia
Housing II 1,496,625 169,820 1,854,563 0 169,820 1,854,563
2,024,383 179,519 11/95 01/95 10-40
Concordia
Housing III 1,490,053 0 0 1,894,169 172,090 1,894,169
2,066,259 168,656 12/95 02/95 10-40
Crystal City/
Festus 1,506,500 120,732 3,137,651 48,438 120,732 3,186,089
3,306,821 425,143 11/95 01/95 5-27.5
Drakes
Branch 1,269,479 75,473 1,511,490 4,656 75,473 1,516,146
1,591,619 224,813 06/95 01/95 5-27.5
Edmond
Properties 3,930,633 160,000 0 7,037,006 160,000 7,037,006
7,197,006 723,737 03/96 11/94 5-27.5
Elks
Tower 805,361 10,000 1,344,357 294,430 10,000 1,638,787
1,648,787 147,054 12/96 10/95 27.5
Fonda LP 1,034,037 25,000 1,310,014 21,128 25,000 1,331,142
1,356,142 232,780 10/94 12/94 5-27.5
Goldenrod
Ltd. 7,518,199 770,000 13,323,746 103,485 770,000 13,427,231
14,197,231 1,985,291 06/95 03/95 7-27.5
Kimbark 1200
Associates 1,994,993 495,120 3,102,192 72,433 495,120 3,174,625
3,669,745 258,286 12/95 09/95 40
F-218
Boston Capital Tax Credit Fund L.P. - Series
22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Lake Street
Apts. 1,362,510 20,000 1,846,543 13,644 20,000 1,860,187
1,880,187 180,056 09/95 04/95 5-27.5
Lake City 1,172,646 111,455 1,404,420 0 111,455 1,404,420
1,515,875 49,377 08/98 06/98 5-27.5
Lost Tree 1,621,224 85,000 4,510,201 5,346 85,000 4,515,547
4,600,547 504,444 06/95 04/95 5-27.5
Marksville
Square 965,120 66,000 250,449 982,764 66,000 1,233,213
1,299,213 97,274 01/96 01/95 5-40
Philadelphia
Housing I 544,309 13,750 757,989 7,520 13,750 765,509
779,259 54,458 08/95 07/95 5-27.5
Philadelphia
Housing II 850,484 25,000 1,219,579 10,151 25,000 1,229,730
1,254,730 87,348 08/95 07/95 5-27.5
Quankey
Hills 1,017,140 51,368 1,189,397 10,373 51,368 1,199,770
1,251,138 185,718 03/95 01/95 5-27.5
Richmond
Hardin 927,143 55,000 2,143,538 13,777 55,232 2,157,315
2,212,547 357,244 02/95 12/94 5-27.5
Roxbury
Veterans 715,700 0 0 1,286,073 27,956 1,286,073
1,314,029 93,732 05/97 12/96 5-27.5
F-219
Boston Capital Tax Credit Fund L.P. - Series
22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial Capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Sacramento
Properties 436,306 18,000 575,442 0 18,000 575,442
593,442 76,739 09/95 08/95 5-27.5
Salem LP 968,235 33,093 1,132,389 4,656 33,093 1,137,045
1,170,138 186,938 12/94 01/95 5-27.5
Swedesboro
Housing 1,484,399 168,295 1,814,291 (24,245) 168,295 1,790,046
1,958,341 175,099 06/95 07/95 5-27.5
Troy Villa 2,028,035 231,605 4,084,841 1,105 231,605 4,085,946
4,317,551 665,203 06/95 12/94 5-27.5
---------- --------- ---------- ---------- --------- ----------
- ---------- ---------
53,129,025 4,042,412 71,451,752 17,535,873 4,232,981 88,987,625
93,220,606 10,209,447
========== ========= ========== ========== ========== ==========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-220
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 22
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/94..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 2,699,758
Improvements, etc................................. 0
Other............................................. 0
----------
$ 2,699,758
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 2,699,758
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 75,121,060
Improvements, etc................................. 15,793
Other............................................. 0
----------
$ 75,136,853
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 77,836,611
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 16,438,316
Other............................................. 0
----------
$ 16,438,316
Deductions during period:
Cost of real estate sold..........................$(3,852,006)
Other............................................. 0
----------
$ (3,852,006)
-----------
Balance at close of period - 03/31/97............................$ 90,422,921
F-221
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 22
Balance at close of period - 03/31/97............................$ 90,422,921
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 1,217,148
Other............................................. 0
----------
$ 1,217,148
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 91,640,069
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 1,515,875
Improvements, etc................................. 64,662
Other............................................. 0
----------
$ 1,580,537
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 93,220,606
===========
F-222
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 22
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/94........................$ 0
Current year additions*..............................$ 16,389
---------
Balance at close of period - 03/31/95............................$ 16,389
Current year additions*..............................$1,685,278
---------
Balance at close of period - 03/31/96............................$ 1,701 667
Current year additions*..............................$2,638,228
---------
Balance at close of period - 03/31/97............................$ 4,339,895
Current year additions*..............................$2,931,844
---------
Balance at close of period - 03/31/98............................$ 7,271,739
Current year additions*.............................. $2,937,708
---------
Balance at close of period - 03/31/99............................$ 10,209,447
==========
* Total includes current year expense and amounts capitalized to building
basis.
F-223
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
23
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Barlee
Properties 829,696 64,000 1,641,754 0 64,000 1,641,754
1,705,754 196,749 11/95 07/94 5-30
Bayou
Crossing 8,339,117 857,500 16,061,472 50,464 857,500 16,111,936
16,969,436 1,401,831 01/96 02/95 12-39
Birch
Ridge 2,800,000 178,000 0 5,651,337 178,000 5,651,337
5,829,337 439,732 03/96 01/95 5-40
Broderick
Housing 2,086,658 275,037 4,540,011 8,932 275,037 4,548,943
4,823,980 352,632 06/96 08/95 7-27.5
Colonna
Redevelopment 1,259,077 374,310 3,470,813 19,650 374,310 3,490,463
3,864,773 352,497 05/94 05/95 7-40
Concordia II
Housing 1,496,625 169,820 1,854,563 0 169,820 1,854,563
2,024,383 179,519 11/95 01/95 10-40
Concordia III
Housing 1,490,053 0 0 1,894,169 172,090 1,894,169
2,066,259 168,656 12/95 02/95 7-27.5
Crystal
City Festus 1,506,500 120,732 3,137,651 48,438 120,732 3,186,089
3,306,821 425,143 11/95 02/95 5-40
F-224
Boston Capital Tax Credit Fund IV L.P. -
Series 23
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Edmond
Properties 3,930,633 160,000 0 7,037,006 160,000 7,037,006
7,197,006 723,737 03/96 11/94 5-40
Halls
Ferry Apts. 1,245,046 5,064 2,984,978 196,269 5,064 3,181,247
3,186,311 267,573 12/95 08/95 5-40
Hurleyville 1,177,666 143,182 1,549,696 (7,201) 143,182 1,542,495
1,685,677 124,877 12/95 07/95 5-15
Ithaca I Apts. 673,332 37,945 808,775 2,504 37,945 811,279
849,224 81,416 07/95 11/95 7-27.5
Kimbark 1200 1,994,993 495,120 3,102,192 72,433 495,120 3,174,625
3,669,745 258,286 12/95 09/95 5-40
Mathis Apts. 915,179 25,819 1,176,999 0 25,819 1,176,999
1,202,818 117,005 01/95 01/95 5-40
Mid City
Associates 3,059,100 15,058 6,616,466 0 15,058 6,616,466
6,631,524 1,072,365 06/94 09/95 5-27.5
Orange Grove 670,887 43,180 824,814 0 43,180 824,814
867,994 83,289 02/95 01/95 5-40
Philmont 1,495,903 40,000 1,885,476 4,781 40,000 1,890,257
1,930,257 283,832 05/95 05/95 5-40
Sacramento Sro
Properties 2,428,810 0 0 5,343,800 133,000 5,343,800
5,476,800 298,017 12/96 09/95 7-39
F-225
Boston Capital Tax Credit IV Fund L.P. -
Series 23
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings
Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land
provements Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
South Hills 1,880,356 131,000 1,261,754 2,630,952 131,000
3,892,706 4,023,706 320,998 02/96 06/95 5-40
St. Peters
Villa 1,921,279 425,974 0 3,483,709 425,974
3,483,709 3,909,683 445,156 03/96 07/95 5-27.5
Village
Woods 1,622,841 51,080 3,637,023 562,768 51,080
4,199,791 4,250,871 337,949 12/95 05/95 5-40
Woodland
Properties 319,061 30,000 593,884 0 30,000
593,884 623,884 74,575 06/95 07/95 7-30
---------- --------- ---------- ---------- ---------
- ---------- ---------- ---------
43,142,812 3,642,821 55,148,321 27,000,011 3,947,911
82,148,332 86,096,243 8,005,834
========== ========= ========== ========== =========
========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1998. Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-226
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 23
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 58,791,142
Improvements, etc................................. 0
Other............................................. 0
----------
$ 58,791,142
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 58,791,142
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 25,651,522
Improvements, etc................................. 0
Other............................................. 0
----------
$ 25,651,522
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. (21,382)
----------
$ (21,382)
-----------
Balance at close of period - 03/31/97............................$ 84,421,282
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 874,764
Improvements, etc................................. 0
Other............................................. 0
----------
$ 874,764
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 85,296,046
F-227
Notes to Schedule III (continued)
Boston Capital Tax Credit Fund IV L.P. - Series 23
Reconciliation of Land, Building & Improvements current year changes
Balance at close of period - 03/31/98............................$ 85,296,046
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 800,197
Improvements, etc................................. 0
Other............................................. 0
----------
$ 800,197
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 86,096,243
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 693,729
---------
Balance at close of period - 3/31/96..............................$ 693,729
Current year additions*...............................$2,288,171
---------
Balance at close of period - 3/31/97..............................$ 2,981,900
Current year additions*...............................$2,505,105
---------
Balance at close of period - 3/31/98..............................$ 5,487,005
Current year additions*...............................$2,518,829
---------
Balance at close of period - 3/31/99..............................$ 8,005,834
==========
*_Total includes current year expense and amounts capitalized to building
basis.
F-228
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 24
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ------------------------------------------
Autumn Ridge 1,541,091 125,347 0 1,751,805 125,347 1,751,805
1,877,152 136,023 01/97 07/96 5-27.5
Brooks
Summit Apts. 1,118,621 44,000 0 1,458,225 44,000 1,458,225
1,502,225 140,979 11/96 12/95 7-27.5
Brownsville
Associates 1,204,345 58,945 1,476,197 (267,769) 58,945 1,208,428
1,267,373 119,977 09/95 09/95 5-40
Centenary
Housing 2,737,500 57,760 3,697,046 4,753 57,760 3,701,799
3,759,559 210,328 12/97 05/97 5-27.5
Century
East IV Apts. 630,000 90,000 984,989 3,622 90,000 988,611
1,078,611 102,327 08/95 08/95 5-40
Century
East V Apts. 630,000 90,000 982,504 5,363 90,000 987,867
1,077,867 100,108 09/95 11/95 5-40
Commerce
Parkway 1,920,208 242,000 1,579,251 2,679,076 242,000 4,258,327
4,500,327 441,185 04/97 09/95 5-27.5
Coolidge
Pinal II 1,136,675 40,000 1,363,991 1,212 40,000 1,365,203
1,405,203 103,922 04/96 04/96 5-27.5
F-229
Boston Capital Tax Credit Fund IV L.P. - Series 24
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Edenfield
Elderly 1,300,004 10,280 1,709,535 0 10,280 1,709,535
1,719,815 210,299 12/96 01/96 28
Elm Street 2,095,034 183,547 3,715,562 (6) 183,547 3,715,556
3,899,103 267,417 01/96 01/96 5-27.5
Jeremy
Associates 3,629,820 522,890 6,954,516 157,265 522,890 7,111,781
7,634,671 573,304 12/95 06/96 5-40
Lake I Apts. 615,000 85,000 1,012,730 2,278 85,000 1,015,008
1,100,008 107,481 07/95 08/95 5-40
Laurelwood
Park 2,399,173 230,000 5,379,607 2,869 230,000 5,382,476
5,612,476 490,372 10/96 02/96 5-27.5
Los Lunas 1,216,635 150,000 2,280,094 2,180 150,000 2,282,274
2,432,274 231,745 06/96 08/96 5-27.5
New
Hilltop 1,717,672 54,366 2,145,934 2,063 52,591 2,147,997
2,200,588 282,973 11/95 11/95 5-40
New Madison
Park IV 7,726,691 541,624 11,606,586 127,052 541,624 11,733,638
12,275,262 1,192,627 03/97 05/96 5-27.5
North Hampton
Place 856,243 207,550 2,230,062 2,200 0 2,232,262
2,232,262 287,305 03/96 11/95 5-27.5
Northfield
Housing 194,950 70,000 446,355 3,513 70,000 449,868
519,868 51,522 09/96 12/96 5-27.5
F-230
Boston Capital Tax Credit Fund IV L.P. -
Series 24
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Overton
Associates 1,229,909 130,000 1,529,213 6,125 130,000 1,535,338
1,665,338 87,257 09/96 06/96 5-40
Pahrump
Valley 1,398,848 63,000 1,757,158 0 63,000 1,757,158
1,820,158 183,968 07/96 07/96 7-27.5
Stanton
Associates 1,214,189 85,971 1,535,425 (282,577) 85,971 1,252,848
1,338,819 118,140 09/95 09/95 5-40
SG Wyandotte 3,394,679 950,000 0 6,324,710 950,000 6,324,710
7,274,710 461,692 02/97 04/96 5-27.5
Woodland
Associates 1,138,161 108,900 1,437,608 62,695 108,900 1,500,303
1,609,203 120,632 09/95 11/95 5-50
Zwolle Apts. 874,216 10,000 930,782 188,315 10,000 1,119,097
1,129,097 114,792 04/96 11/95 5-40
---------- --------- ---------- ---------- --------- ----------
- ---------- ---------
41,919,664 4,151,180 54,755,145 12,234,969 3,941,855 66,990,114
70,931,969 6,136,375
========== ========= ========== ========== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1998.
*Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-231
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund L.P. - Series 24
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 15,269,744
Improvements, etc................................. 0
Other............................................. 0
----------
$ 15,269,744
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 15,269,744
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 44,018,168
Improvements, etc................................. 1,703,291
Other............................................. 0
----------
$ 45,721,459
Deductions during period:
Cost of real estate sold..........................$(4,136,393)
Other............................................. (550,346)
----------
$ (4,686,739)
----------
Balance at close of period - 03/31/97............................$ 56,304,464
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 3,754,806
Improvements, etc................................. 10,437,670
Other............................................. 0
----------
$ 14,192,476
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 70,496,940
F-232
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund L.P. - Series 24
Reconciliation of Land, Building & Improvements current year changes
Balance at close of period - 03/31/98............................$ 70,496,940
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 435,029
Other............................................. 0
----------
$ 435,029
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 70,931,969
==========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95........................$ 0
Current year additions*.............................$ 176,661
---------
Balance at close of period - 03/31/96............................$ 176,661
Current year additions*.............................$1,093,319
---------
Balance at close of period - 03/31/97............................$ 1,269,980
Current year additions*.............................$2,321,086
---------
Balance at close of period - 03/31/98............................$ 3,591,066
Current year additions*.............................$2,545,309
---------
Balance at close of period - 03/31/99............................$ 6,136,375
===========
*_Total includes current year expense and amounts capitalized to building
basis.
F-233
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
25
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
352 Lenox
Associates 499,999 6,250 167,568 1,616,323 6,250 1,783,891
1,790,141 100,699 9/97 10/96 5-27.5
Century
East II 550,000 70,000 888,314 5,634 70,000 893,948
963,948 66,340 6/96 8/96 5-27.5
Dogwood
Park 2,629,079 235,000 0 6,461,836 241,948 6,461,836
6,703,784 591,391 10/96 12/95 5-27.5
Dublin
Housing II 681,103 15,000 0 816,370 15,000 816,370
831,370 69,992 12/96 09/96 5-27.5
Ethel
Housing 815,638 18,600 1,058,460 95,307 18,600 1,153,767
1,172,367 69,924 12/96 06/96 5-27.5
Horse Cave 849,814 75,000 1,053,944 0 75,000 1,053,944
1,128,944 64,990 11/96 5/96 5-27.5
Hurricane
Hills LC 1,305,076 150,000 416,357 3,243,403 248,816 3,659,760
3,908,576 154,751 4/97 9/96 5-27.5
Laurelwood
Park 2,399,173 230,000 5,379,607 2,869 230,000 5,382,476
5,612,476 490,372 10/96 2/96 5-27.5
F-234
Boston Capital Tax Credit Fund IV L.P. - Series
25
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Main Everett 630,562 95,786 1,378,380 0 95,786 1,378,380
1,474,166 105,917 6/96 6/96 5-27.5
Maple Hill 1,108,207 182,000 1,560,386 0 182,000 1,560,386
1,742,386 63,288 2/98 2/97 5-27.5
Mokapoke LP 1,225,034 60,000 1,907,937 0 60,000 1,907,937
1,967,937 143,476 4/96 2/96 5-27.5
MRH LP 283,486 105,726 3,610,331 108,737 105,726 3,719,068
3,824,794 305,864 6/96 1/97 5-27.5
New Madison
Park IV 7,726,691 541,624 11,606,586 127,052 541,624 11,733,638
12,275,262 1,192,627 3/97 5/96 5-27.5
Ohio
Investors 2,069,066 31,650 2,354,099 24,360 31,650 2,378,459
2,410,109 319,137 9/95 2/96 5-27.5
Osborne
Housing 435,455 50,667 1,099,730 50,563 50,667 1,150,293
1,200,960 75,301 12/96 6/96 27.5
Rose Square 390,180 106,942 615,913 (19,583) 106,942 596,330
703,272 31,451 2/97 10/96 5-27.5
Sandstone
Village 1,233,872 96,047 0 2,588,296 96,047 2,588,296
2,684,343 237,310 8/96 11/95 5-27.5
Shannon
Housing 1,268,874 34,800 1,466,352 147,219 34,800 1,613,571
1,648,371 104,795 1/97 4/96 40.7
Smith House 2,248,198 107,284 5,108,688 67,274 107,284 5,175,962
5,283,246 552,483 3/97 4/96 5-27.5
F-235
Boston Capital Tax Credit Fund IV L.P. - Series
25
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
SG Wyandotte 3,394,679 950,000 1,254,765 5,069,945 950,000 6,324,710
7,274,710 461,692 2/97 4/96 5-27.5
Sutton Place 6,220,000 352,500 7,055,577 764,556 352,500 7,820,133
8,172,633 831,311 10/97 11/96 5-27.5
West Point
Housing 1,165,949 75,000 1,188,623 454,640 75,000 1,643,263
1,718,263 89,969 4/96 9/96 40.7
---------- --------- ---------- ---------- --------- ----------
- ---------- ---------
39,130,135 3,589,876 49,171,617 21,624,801 3,695,640 70,796,418
74,492,058 6,123,080
========== ========= ========== ========== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-236
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 25
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/95..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 331,047
Improvements, etc................................. 0
Other............................................. 0
----------
$ 331,047
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 331,047
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 43,624,585
Improvements, etc................................. 9,149,104
Other............................................. 0
----------
$ 52,773,689
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 53,104,736
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 5,458,443
Improvements, etc................................. 15,277,130
Other............................................. 0
----------
$ 20,735,573
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 73,840,309
F-237
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 25
Reconciliation of Land, Building & Improvements current year changes
Balance at close of period - 03/31/98............................$ 73,840,309
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 651,749
Other............................................. 0
----------
$ 651,749
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 74,492,058
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/95.........................$ 0
Current year additions*...............................$ 20,636
---------
Balance at close of period - 3/31/96..............................$ 20,636
Current year additions*...............................$1,056,849
---------
Balance at close of period - 3/31/97..............................$ 1,077,485
Current year additions*...............................$2,388,275
---------
Balance at close of period - 3/31/98..............................$ 3,465,760
Current year additions*...............................$2,657,320
---------
Balance at close of period - 3/31/99..............................$ 6,123,080
==========
*_Total includes current year expense and amounts capitalized to building
basis.
F-238
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
AVA LP 1,285,628 82,757 914,666 604,352 82,757 1,519,018
1,601,775 59,494 04/98 11/97 5-27.5
Beauregard
Apts. 809,746 70,000 1,640,768 0 70,000 1,640,768
1,710,768 106,737 09/96 08/96 7-40
Beckwood
Manor One 1,046,873 20,000 1,335,215 0 20,000 1,335,215
1,355,215 134,801 10/96 08/96 5-27.5
Bradley
Phase I 2,664,391 290,000 3,476,912 0 290,000 3,476,912
3,766,912 143,223 12/97 02/97 20-40
Bradley
Phase II 1,546,956 190,000 2,405,548 0 190,000 2,405,548
2,595,548 98,930 12/97 02/97 20-40
Brookhaven
Apts. 977,346 52,272 1,800,921 0 52,272 1,800,921
1,853,193 96,677 01/97 02/97 7-40
Butler
Ats. 175,415 2,908 314,128 0 2,908 314,128
317,036 17,389 10/96 08/96 40
F-239
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Calgory
Apts. I 635,000 100,000 985,781 0 100,000 985,781
1,085,781 86,903 12/95 02/96 5-27.5
Calgory
Apts. II 635,000 100,000 988,294 0 100,000 988,294
1,088,294 86,663 12/95 02/96 5-27.5
Calgory
Apts. III 635,000 100,000 983,301 0 100,000 983,301
1,083,301 86,770 12/95 02/96 5-27.5
Cameron
Housing 851,948 74,000 1,736,306 0 74,000 1,736,306
1,810,306 97,767 10/96 08/96 40
Country
Edge 1,100,000 140,000 2,258,924 206 140,000 2,259,130
2,399,130 70,741 12/97 07/97 5-27.5
Decro
Nordoff 1,988,824 555,000 3,240,184 14,338 555,000 3,254,522
3,809,522 145,383 07/97 09/96 5-27.5
East
Park II 580,000 35,000 1,120,448 0 35,000 1,120,448
1,155,448 80,646 08/96 08/96 5-27.5
F-240
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Edgewood
Estates 621,607 27,000 759,092 13,710 27,000 772,802
799,802 41,441 11/96 06/97 7-40
Edgewood
Park 1,500,000 125,000 2,943,474 1,753 125,000 2,945,227
3,070,227 213,887 01/97 05/96 5-27.5
Escher St. 2,089,791 100,000 356,532 6,147,108 100,000 6,503,640
6,603,640 174,652 05/98 04/97 5-27.5
Grandview
Apts. 1,180,879 180,000 2,198,865 1,532 180,000 2,200,397
2,380,397 147,402 08/96 08/96 5-27.5
Grayson
Manor 1,076,616 80,000 1,733,403 0 80,000 1,733,403
1,813,403 10,867 11/98 03/98 5-27.5
GVA LP 1,154,575 54,946 1,445,428 0 54,946 1,445,428
1,500,374 72,798 11/97 04/97 5-27.5
Hanover
Towers 5,067,320 580,000 7,092,714 0 580,000 7,092,714
7,672,714 288,571 11/97 02/97 5-27.5
Holly
Hills 1,357,699 60,000 1,685,727 0 60,000 1,685,727
1,745,727 69,315 08/97 05/97 5-27.5
Jackson
Bond 5,000,000 536,323 952,071 0 536,323 952,071
1,488,394 0 U/C 11/98 N/A
F-241
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Lake IV
Apts. 647,000 85,000 1,016,090 916 85,000 1,017,006
1,102,006 89,123 12/95 02/96 5-27.5
Lake V
Apts. 620,000 85,000 1,018,755 507 85,000 1,019,262
1,104,262 89,631 12/95 2/96 5-27.5
Liberty
Village 1,742,609 43,085 2,165,569 3,202 44,000 2,168,771
2,212,771 140,737 05/97 01/97 5-27.5
Little Valley
Estates 1,153,534 44,000 1,453,331 3,254 44,000 1,456,585
1,500,585 70,574 04/97 01/97 5-27.5
Mason
LP 932,851 14,000 1,195,375 2,807 14,000 1,198,182
1,212,182 147,129 01/96 02/96 5-27.5
Maxton
Green 973,210 30,500 1,264,803 0 30,500 1,264,803
1,295,303 129,721 12/96 09/96 5-27.5
MB Apts. 1,058,388 350,000 2,321,961 0 350,000 2,321,961
2,671,961 137,738 06/97 03/96 5-27.5
Meridian
Housing 1,180,629 72,000 1,137,270 0 72,000 1,137,270
1,209,270 1,230 U/C 12/98 7-40
Mosby Forest 762,585 31,275 1,342,190 4,656 31,275 1,346,846
1,378,121 125,639 10/96 10/96 5-27.5
F-242
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
New Devonshire
II 783,986 76,211 904,064 32,858 76,211 936,922
1,013,133 83,423 12/96 01/97 5-27.5
New Devonshire
West 543,370 31,000 628,776 26,165 31,000 654,941
685,941 55,907 01/97 01/97 5-27.5
Powell
Valley 672,970 78,947 2,310,346 0 78,947 2,310,346
2,389,293 4,530 12/98 03/98 5-27.5
SG Hazeltine 1,440,000 464,955 2,934,870 242,508 464,955 3,177,378
3,642,333 225,684 01/97 06/96 5-27.5
Southwind
Apts. 787,672 32,000 1,607,903 0 32,000 1,607,903
1,639,903 88,597 12/96 08/96 40
TR Bobb
Apts. 747,998 75,000 1,530,233 0 75,000 1,530,233
1,605,233 96,417 01/96 08/96 40
Timmonsville
Green 1,074,368 41,000 1,427,096 12,085 41,000 1,439,181
1,480,181 138,670 02/97 10/96 5-27.5
Tremont
Station 1,056,250 35,803 1,633,750 2,305 35,803 1,636,055
1,671,858 96,930 11/96 05/96 5-27.5
F-243
Boston Capital Tax Credit Fund IV L.P. - Series 26
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements Total
ciation Date Date Life
- --------------------------------------------------------------------------------------------
- ---------------------------------
The
Willows 818,924 13,000 1,067,939 0 13,000 1,067,938 1,080,938
84,668 05/96 05/96 5-27.5
VVA LP 1,161,980 21,861 935,951 559,866 21,861 1,495,817 1,517,678
57,523 10/98 04/97 7-40
Warrensburg
Heights 1,120,624 23,370 1,397,872 7,936 23,370 1,405,808 1,429,178
152,934 11/96 12/96 5-27.5
WPVA LP 1,168,421 45,000 929,628 546,701 45,000 1,476,329 1,521,329
66,997 03/98 04/97 5-27.5
---------- -------- ---------- ------- --------- ---------- ---------- --
- -------
54,427,983 5,248,213 72,592,474 8,228,765 5,249,128 80,821,238 86,070,366
4,414,859
========== ========= ========== ========= ========= ========== ==========
=========
U/C Project under construction as of March 31, 1999.
Since the Operating Partnerships maintain a calendar year end, the information reported on
this schedule is as of December 31,
1998.
**There were no carrying costs as of December 31, 1998. The column has been omitted for
presentation purposes.
F-244
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 26
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/96..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 32,787,138
Improvements, etc................................. 0
Other............................................. 0
----------
$ 32,787,138
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 32,787,138
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 31,051,915
Improvements, etc................................. 7,109,210
Other............................................. 0
----------
$ 38,161,125
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 70,948,263
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 6,900,360
Improvements, etc................................. 8,221,743
Other............................................. 0
----------
$ 15,122,103
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 86,070,366
===========
F-245
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 26
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 361,387
---------
Balance at close of period - 3/31/97..............................$ 361,387
Current year additions*...............................$1,764,231
---------
Balance at close of period - 3/31/98..............................$ 2,125,618
Current year additions*...............................$2,289,241
---------
Balance at close of period - 3/31/99..............................$ 4,414,859
=========
*_Total includes current year expense and amounts capitalized to building
basis.
F-246
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
27
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
AHAB Project
#1 494,868 2,850 1,253,094 2,383 2,850 1,255,477
1,258,327 51,869 11/97 06/97 5-27.5
Angelou
Court 926,657 0 0 0 0 0
0 0 U/C 10/97 N/A
Canisteo 892,863 46,553 1,567,499 0 46,553 1,567,499
1,614,052 44,852 04/98 04/98 5-27.5
Casa Rosa 1,031,000 0 2,487,701 794,912 0 3,282,613
3,282,613 0 04/98 09/97 N/A
Centrum
Fairfax II 6,770,597 1,054,099 0 7,444,901 1,054,099 7,444,901
8,499,000 302,089 06/97 08/96 5-27.5
Harbor LP 12,736,321 1,250,000 14,491,429 0 1,250,000 14,491,429
15,741,429 609,539 11/97 02/97 5-40
Harrisonville 1,372,881 102,637 3,021,382 0 102,637 3,021,382
3,124,019 240,538 12/96 01/98 5-27.5
Holly
Heights 497,613 31,914 0 1,780,662 31,914 1,780,662
1,812,576 18,690 08/98 04/97 5-27.5
Lake
Apts. II 615,000 80,000 930,841 2,846 80,000 933,687
1,013,687 53,507 12/95 01/97 5-27.5
F-247
Boston Capital Tax Credit Fund IV L.P. - Series
27
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Magnolia
Place 1,073,134 150,000 0 1,596,432 160,500 1,596,432
1,756,932 48,555 01/98 11/97 5-27.5
Pear Village 618,097 50,000 512,155 545,102 50,000 1,057,257
1,107,257 79,630 02/97 08/96 5-27.5
Randolph
Village 4,687,928 1,168,500 0 9,192,092 1,168,500 9,192,092
10,360,592 342,390 08/97 09/96 5-27.5
Sunday Sun 942,936 156,600 1,638,376 0 156,600 1,638,376
1,794,976 144,206 12/96 10/96 5-27.5
Wayne Housing 9,541,853 1,200,000 0 13,283,804 903,435 13,283,804
14,187,239 243,197 04/98 11/96 5-27.5
---------- --------- ---------- ---------- --------- ----------
- --------- ---------
42,201,748 5,293,153 25,902,477 34,643,134 5,007,088 60,545,611
65,552,699 2,179,062
========== ========= ========== ========== ========= ==========
========== =========
U/C Project under construction at 3/31/99.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-248
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 27
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/96..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 5,779,730
Improvements, etc................................. 0
Other............................................. 0
----------
$ 5,779,730
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 5,779,730
Additions during period:
Acquisitions through foreclosure..................$20,677,829
Other acquisitions................................ 13,433,505
Improvements, etc................................. 0
Other............................................. 0
----------
$ 34,111,334
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 43,634,709
Additions during period:
Acquisitions through foreclosure..................$ 4,738,071
Other acquisitions................................ 17,179,919
Improvements, etc................................. 0
Other............................................. 0
----------
$ 21,917,990
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 65,552,699
==========
F-249
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 27
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/96.........................$ 0
Current year additions*...............................$ 10,734
---------
Balance at close of period - 3/31/97..............................$ 10,734
Current year additions*...............................$ 594,951
---------
Balance at close of period - 3/31/98..............................$ 605,685
Current year additions*...............................$1,573,377
---------
Balance at close of period - 3/31/99..............................$ 2,179,062
=========
F-250
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
28
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
1374 Boston
Post Road 446,203 100,000 1,086,670 66,641 100,000 1,153,311
1,253,311 78,844 06/97 02/97 5-27.5
Ashberry Manor 645,895 100,500 1,192,737 0 100,500 1,192,737
1,293,237 57,747 03/97 02/97 5-27.5
Athens 827,090 327,639 2,978,391 0 327,639 2,978,391
3,306,030 0 U/C 10/98 NA
Bienville, L.P. 964,205 20,300 1,194,688 0 20,300 1,194,688
1,214,988 76,836 02/97 02/97 7-40
Blanchard Apts 916,014 20,000 807,233 322,949 46,728 1,130,182
1,176,910 27,689 07/97 07/97 7-70
Chandler Village 912,673 32,000 1,249,842 0 32,000 1,249,842
1,281,842 70,268 07/97 04/97 5-30
Cottonwood 739,211 20,000 0 964,795 20,000 964,795
984,795 27,525 07/97 07/97 5-27.5
Evangeline
Apartments 976,124 20,000 1,364,939 0 20,000 1,364,939
1,384,939 55,891 01/98 11/97 7-40
Evergreen III 489,729 6,000 1,250,781 0 6,000 1,250,781
1,256,781 92,395 04/97 02/97 5-27.5
Fairway II LP 1,076,426 48,000 1,277,751 1,616 48,000 1,279,367
1,327,367 75,250 03/97 12/96 7-40
F-251
Boston Capital Tax Credit Fund IV L.P. - Series
28
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Fort Bend 540,000 538,500 0 0 538,500 0
538,500 0 U/C 04/98 NA
Jackson Place 983,934 74,943 2,095,999 (57,061) 74,943 2,038,938
2,113,881 74,107 10/97 07/97 5-27.5
Maplewood 917,025 47,125 1,923,321 0 47,125 1,923,321
1,970,446 24,226 08/98 03/98 5-27.5
Milton Senior
L.P. 1,167,648 51,400 2,385,863 6,802 51,400 2,392,665
2,444,065 135,778 06/97 02/97 5-27.5
Neighborhood 2,542,075 42,825 6,368,910 0 42,825 6,368,910
6,411,735 222,831 02/98 02/98 5-27.5
Pin Oak
Elderly Assoc. 8,699,907 832,000 7,701,570 7,633,573 2,024,000 15,335,143
17,359,143 723,120 01/96 11/97 5-27.5
Randolph
Village 5,962,928 1,168,500 9,187,147 4,945 1,168,500 9,192,092
10,360,592 342,390 08/97 12/97 5-27.5
RVKY,LP 1,344,937 65,582 1,315,622 370,442 65,582 1,686,064
1,751,646 80,252 04/98 11/97 5-27.5
Sand Lane
Manor 694,312 104,000 0 1,217,985 104,000 1,217,985
1,321,985 21,627 04/98 08/97 5-27.5
Senior Suites
Chicago 4,141,826 14,922 0 7,240,851 14,922 7,240,851
7,255,773 12,049 12/98 12/97 5-27.5
F-252
Boston Capital Tax Credit Fund IV L.P. - Series
28
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Summer House 1,110,358 62,370 3,451,950 0 62,370 3,451,950
3,514,320 29,202 07/98 01/98 5-27.5
Terraceview
Apartments 802,031 16,900 1,612,988 24,900 16,900 1,637,888
1,654,788 105,347 10/97 07/97 5-27.5
Tilghman Square
LP 822,387 60,314 1,108,725 6,366 60,314 1,115,091
1,175,405 56,084 10/97 11/97 5-27.5
Wellston
Village 376,687 12,500 412,617 106,366 12,500 518,983
531,483 25,368 08/97 04/97 5-27.5
West Memphis
(Clubview) 3,059,678 481,388 7,259,784 53,621 481,388 7,313,405
7,794,793 681,581 11/96 12/97 5-27.5
Yale Place 109,446 12,500 238,542 0 12,500 238,542
251,042 11,335
---------- --------- ---------- ---------- ---------- ----------
- ---------- ---------
41,268,749 4,280,208 57,466,070 17,964,791 5,498,936 75,430,861
80,929,797 3,107,742
=========== ========= ========== ========== ========= ==========
========== =========
U/C - Project under construction as of March 31, 1999.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-253
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 28
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/96..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 647,230
Improvements, etc................................. 0
Other............................................. 0
----------
$ 647,230
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/97............................$ 647,230
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 45,106,975
Improvements, etc................................. 0
Other............................................. 0
----------
$ 45,106,975
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/98............................$ 45,754,205
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 15,992,073
Improvements, etc................................. 19,183,519
Other............................................. 0
----------
$ 35,175,592
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/99............................$ 80,929,797
==========
F-254
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 28
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/96.........................$ 0
Current year additions*...............................$
8,223
--------
- -
Balance at close of period -
03/31/97.............................$ 8,223
Current year
additions*...............................$1,264,549
--
- -------
Balance at close of period -
03/31/98.............................$ 1,272,772
Current year
additions*...............................$1,834,970
--------
- -
Balance at close of period -
03/31/99.............................$ 3,107,742
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-255
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
29
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Barrington
Cove 2,100,951 183,750 6,403,281 7,706 183,750 6,410,987
6,594,737 363,834 05/97 04/97 5-39
Bryson Apts 392,037 10,728 269,886 244,343 10,728 514,229
524,957 31,289 01/98 08/97 5-27.5
Collins.
Housing 692,637 22,500 370,580 495,817 22,500 866,397
888,897 22,934 06/98 09/97 5-27.5
Dogwood Rural
Assoc. 1,379,697 56,332 1,616,052 0 56,332 1,616,052
1,672,384 8,552 U/C 10/98 5-27.5
Edgewood
Apts. 1,830,328 283,199 3,951,368 0 283,199 3,951,368
4,234,567 32,679 09/98 03/98 5-27.5
Emerald
Trace 768,105 43,548 0 0 43,548 0
43,548 0 U/C 08/98 N/A
Forest Hill
Apts 2,966,000 191,250 0 5,514,968 221,250 5,514,968
5,736,218 23,787 11/98 07/97 N/A
Glenbrook Apts 522,374 4,606 674,111 9,656 4,606 683,767
688,373 62,814 03/97 12/97 5-27.5
F-256
Boston Capital Tax Credit Fund IV L.P. - Series 29
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Jacksboro Apts 615,208 31,893 268,583 495,522 31,893 764,105
795,998 42,093 01/98 12/97 5-27.5
Jackson
Partners 5,700,000 300,067 6,039,223 3,425,225 315,352 9,464,448
9,779,800 285,763 06/98 12/96 5-27.5
Kiehl
Partners 9,200,000 747,825 9,410,576 0 747,825 9,410,576
10,158,401 12,270 U/C 02/98 5-27.5
Lombard
Partners 800,000 25,000 1,470,259 0 25,000 1,470,259
1,495,259 36,619 07/98 10/98 5-27.5
Lutkin
Bayou Assoc 831,804 25,000 878,839 43,106 25,000 921,945
946,945 45,287 07/97 11/97 5-27.5
The Lincoln
Hotel 808,545 0 1,454,115 104,493 0 1,558,608
1,558,608 76,095 07/97 02/97 5-27.5
Northfield
Apts III 4,300,000 200,613 5,814,532 1,093,124 214,213 6,907,656
7,121,869 306,609 02/98 12/96 5-27.5
Northway
Drive 1,553,475 280,849 1,480 4,792,275 280,849 4,793,755
5,074,604 107,203 03/98 04/97 5-45
Ozark Assoc 460,655 13,750 511,269 24,577 13,750 535,846
549,596 26,768 07/97 10/97 5-27.5
F-257
Boston Capital Tax Credit Fund IV L.P. - Series
29
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Palmetto
Place 209,518 56,000 0 0 56,000 0
56,000 0 UC 10/98 N/A
Poplarville
Apts 396,563 12,000 406,502 18,959 12,000 425,461
437,461 20,333 07/97 10/97 5-27.5
Rhome Apts 526,587 8,313 675,804 4,772 8,313 680,576
688,889 53,975 07/97 12/97 5-27.5
Westfield Apts 890,878 49,748 1,773,153 0 49,748 1,773,153
1,822,901 43,418 08/98 11/97 N/A
---------- --------- ---------- ---------- --------- ---------- -
- --------- ---------
36,945,362 2,546,971 41,989,613 16,274,543 2,605,856 58,264,155
60,870,012 1,602,322
========== ========= ========== ========== ========= ==========
========== =========
U/C Project under construction at of March 31, 1999.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
</TABLE>
F-258
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 29
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/97..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 25,053,524
Improvements, etc................................. 0
Other............................................. 0
----------
$ 25,053,524
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- ----------
Balance at close of period -
03/31/98............................$ 25,053,524
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 19,483,060
Improvements, etc................................. 16,333,428
Other............................................. 0
----------
$ 35,816,488
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- ----------
Balance at close of period -
03/31/99............................$ 60,870,012
==========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/97.........................$ 0
Current year additions*.............................$ 271,480
---------
Balance at close of period -
3/31/98..............................$ 271,480
Current year additions*.............................$1,330,842
---------
Balance at close of period -
3/31/99..............................$ 1,602,322
=========
*Total includes current year expense and amounts capitalized to
building basis.
F-259
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
30
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Bellwood
Four 702,587 45,000 676,598 704,456 45,000 1,381,054
1,426,054 37,835 05/98 09/97 5-27.5
Bowie Apts 1,157,279 32,714 267,955 1,196,357 32,714 1,464,312
1,497,026 22,175 10/98 08/97 5-27.5
Byam. 1,564,585 185,000 2,261,674 61,275 185,000 2,322,949
2,507,949 94,439 02/98 02/98 5-27.5
C.V.V.A. LP 1,007,722 60,000 1,250,961 0 60,000 1,250,961
1,310,961 61,348 U/C 03/98 5-27.5
Emerald
Trace II 357,933 20,500 1,322,164 0 20,500 1,322,164
1,342,664 2,029 12/98 07/98 5-27.5
F.V.A. LP 538,782 36,000 668,440 0 36,000 668,440
704,440 21,149 U/C 03/98 5-27.5
Graham
Apts 1,556,465 45,563 366,387 1,475,204 45,563 1,841,591
1,887,154 46,626 09/98 03/98 5-27.5
JMC Limited
Liability 759,878 50,000 0 1,705,134 11,000 1,705,134
1,716,134 37,695 03/98 08/97 5-27.5
Jeffries
Assoc. 1,480,549 62,000 1,662,694 0 62,000 1,662,694
1,724,694 8,591 U/C 10/98 5-27.5
K.G.V.A. LP 1,349,893 112,000 1,697,834 0 112,000 1,697,834
1,809,834 83,377 U/C 03/98 5-27.5
F-260
Boston Capital Tax Credit Fund IV L.P. - Series
30
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Linden
Partners 292,215 0 0 0 0 0
0 0 U/C 07/98 N/A
Madison
Partners L.P. 1,322,015 314,510 788,736 3,808,828 325,603 4,597,564
4,923,167 26,211 03/99 11/97 5-27.5
Mesa
Grande 1,608,384 0 4,153,914 0 0 4,153,914
4,153,914 0 U/C 12/98 N/A
Millwood 8,360,000 892,181 0 0 892,181 0
892,181 0 U/C 12/98 N/A
Nocona
Apts 858,872 15,651 207,520 897,355 15,651 1,104,875
1,120,526 7,563 12/98 08/97 5-27.5
Sunrise Homes 801,564 0 2,679,914 0 0 2,679,914
2,679,914 0 12/98 02/98 N/A
West
Swanzey 622,092 94,900 2,010,096 48,292 94,900 2,058,388
2,153,288 64,112 02/98 07/97 5-27.5
---------- --------- ---------- --------- --------- ----------
- ---------- -------
24,340,815 1,966,019 20,014,887 9,896,901 1,938,112 29,911,788
31,849,900 513,150
========== ========= ========== ========= ========= ==========
========== =======
U/C - Project under construction as of March 31, 1999.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-261
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 30
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/97..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 7,362,304
Improvements, etc................................. 0
Other............................................. 0
----------
$ 7,362,304
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/98............................$ 7,362,304
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 14,618,602
Improvements, etc................................. 9,868,994
Other............................................. 0
----------
$ 24,487,596
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/99............................$ 31,849,900
===========
F-262
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 30
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/97.........................$ 0
Current year additions*.............................$ 49,478
---------
Balance at close of period -
03/31/98.............................$ 49,478
Current year additions*.............................$ 463,672
---------
Balance at close of period -
03/31/99.............................$ 513,150
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-263
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
31
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Brittany
Square 796,621 247,000 1,280,705 0 247,000 1,280,705
1,527,705 16,657 07/98 07/98 5-27.5
Canton
Housing I 2,261,400 99,900 2,245,160 447,442 99,900 2,692,602
2,792,502 95,639 07/98 11/97 5-27.5
Canton
Housing II 1,138,943 66,920 1,023,746 211,648 66,920 1,235,394
1,302,314 44,908 07/98 11/97 5-27.5
Canton
Housing III 842,584 38,205 799,913 163,528 38,205 963,441
1,001,646 34,325 07/98 11/97 5-27.5
Canton
Housing IV 818,567 40,500 784,923 149,985 40,500 934,908
975,408 34,212 07/98 11/97 5-27.5
Cleveland
Partners 1,800,000 244,500 1,941,969 3,447,951 265,000 5,389,920
5,654,920 113,131 06/98 11/97 5-27.5
Double
Springs 367,455 157,000 960,378 0 157,000 960,378
1,117,378 3,257 03/99 09/98 5-27.5
Eagle's Ridge
Terrace 1,869,433 63,200 508,815 1,806,609 63,200 2,315,425
2,378,625 46,001 05/98 12/97 5-27.5
F-264
Boston Capital Tax Credit Fund IV L.P. - Series
31
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Ellisville
L.P. 676,873 31,000 723,650 148,053 31,000 871,703
902,703 23,714 06/98 12/97 5-27.5
G.A.V.A. L.P 489,254 35,500 616,645 0 35,500 616,645
652,145 19,657 02/99 03/98 5-27.5
Hattiesburg
L.P. 834,213 15,000 979,143 160,679 15,000 1,139,822
1,154,822 29,953 06/98 12/97 5-27.5
Henderson
Terrace L.P. 184,581 22,000 221,549 385,512 22,000 607,061
629,061 9,461 09/98 11/97 5-27.5
Heritage
I L.P. 896,719 46,000 522,601 825,131 46,014 1,347,732
1,393,746 27,976 05/98 10/97 5-27.5
Hurricane
Hills L.P. 800,000 121,171 3,086,025 0 121,171 3,086,025
3,207,196 82,577 08/98 09/97 5-27.5
Lakeview
Little Elm 225,091 28,750 255,929 (13,502) 28,750 242,427
271,177 7,464 01/99 11/97 5-27.5
Level Creek 12,790,000 1,120,908 0 0 1,120,908 0
1,120,908 0 U/C 05/98 N/A
F-265
Boston Capital Tax Credit Fund IV L.P. -
Series 31
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Mesquite
Trails L.P. 145,957 10,860 240,143 708,554 10,860 948,697
959,557 11,749 11/98 11/97 5-27.5
Montfort
Housing 3,877,898 436,143 2,661,689 1,533,391 436,143 4,195,080
4,631,223 115,951 10/98 09/97 5-27.5
N.M.V.A. L.P. 580,879 44,114 679,817 0 44,114 679,817
723,931 21,520 U/C 03/98 5-27.5
Pilot
Point L.P. 327,757 65,570 339,377 0 65,570 339,377
404,947 9,898 02/99 11/97 5-27.5
Riverbend
Apts. 797,590 201,961 0 2,494,490 208,902 2,494,490
2,703,392 41,416 07/98 10/97 5-27.5
San Angelo
Bent Tree 494,256 294,023 0 0 294,023 0
294,023 0 U/C 12/97 N/A
Sencit
Hampden L.P. 2,343,375 307,860 0 5,047,103 307,860 5,047,103
5,354,963 54,479 09/98 10/97 7-40
Silver
Creek 1,823,139 175,000 0 0 175,000 0
175,000 0 U/C 03/97 N/A
F-266
Boston Capital Tax Credit Fund IV L.P. - Series
31
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Summerdale
Partners 5,068,501 420,540 1,386,000 0 420,540 1,386,000
1,806,540 40,066 04/99 12/98 5-27.5
Windsor Park
Partners 7,800,000 248,000 5,105,823 6,057,040 269,011 11,162,863
11,431,874 131,509 03/99 11/97 5-27.5
----------- --------- ---------- ---------- --------- ----------
- ---------- ---------
50,051,086 4,581,625 26,364,000 23,573,614 4,630,091 49,937,615
54,567,706 1,015,520
=========== ========= ========== ========== ========= ==========
========== =========
U/C - Project under construction as of March 31, 1999.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
</TABLE>
F-267
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 31
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/97..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 20,789,823
Improvements, etc................................. 0
Other............................................. 0
----------
$ 20, 789,823
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- ------------
Balance at close of period -
03/31/98............................$ 20, 789,823
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 10,155,803
Improvements, etc................................. 23,622,080
Other............................................. 0
----------
$ 33,777,883
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
Balance at close of period -
03/31/99............................$ 54,567,706
===========
F-268
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 31
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/97.........................$ 0
Current year additions*.............................$ 41,619
---------
Balance at close of period -
3/31/98..............................$ 41,619
Current year additions*.............................$ 973,901
---------
Balance at close of period -
3/31/99..............................$ 1,015,520
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-269
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 32
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Athens
Partners 827,090 327,639 2,978,391 0 327,639 2,978,391
3,306,030 0 U/C 10/98 N/A
Chardonnay L.P. 87,745 5,200 586,804 0 5,200 586,804
592,004 59,263 01/97 01/98 5-27.5
Cogic
Village 2,487,954 115,000 0 0 115,000 0
115,000 0 U/C 04/98 N/A
Courtside 1,151,907 146,529 2,820,490 0 146,529 2,820,490
2,967,019 40,188 07/98 06/98 7-40
FFLM
Assoc. 8,093,201 1,359,240 12,454,121 0 1,359,240 12,454,121
13,813,361 1,694,284 01/95 01/98 5-40
Jackson
Bond 5,000,000 536,323 952,071 0 536,323 952,071
1,488,394 0 U/C 07/98 N/A
Keist
Townhomes 138,369 622,558 0 0 622,558 0
622,558 0 U/C 11/98 N/A
F-270
Boston Capital Tax Credit Fund IV L.P. - Series
32
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Pecan
Manor 780,278 60,400 1,961,002 0 60,400 1,961,002
2,021,402 9,259 10/98 07/98 5-27.5
Pearl
Partners 8,000,000 599,461 2,248,687 0 599,461 2,248,687
2,848,148 0 U/C 06/98 N/A
Pearlwood
L.P. 1,434,000 162,032 2,099,724 0 162,032 2,099,724
2,261,756 52,699 05/98 02/98 5-27.5
Pine
Ridge 426,207 88,220 0 0 88,220 0
88,220 0 01/99 07/98 N/A
Pyramid
IV L.P. 42,975 99,500 368,780 0 99,500 368,780
468,280 0 U/C 05/98 N/A
---------- --------- ---------- -------- --------- ----------
- ---------- ---------
28,469,726 4,122,102 26,470,070 0 4,122,102 26,470,070
30,592,172 1,855,693
========== ========= ========== ======== ========= ==========
========== =========
U/C - Project under construction as of March 31, 1999.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-271
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 32
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/98..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 30,592,172
Improvements, etc................................. 0
Other............................................. 0
----------
$ 30,592,172
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/99............................$ 30,592,172
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/98.........................$ 0
Current year additions*.............................$1,855,693
---------
Balance at close of period -
03/31/99..............................$1,855,693
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-272
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 33
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Bradford
Group 234,374 101,388 0 0 101,388 0
101,388 0 U/C 10/98 N/A
FFLM
Assoc. 8,093,201 1,359,240 12,454,121 0 1,359,240 12,454,121
13,813,361 1,694,284 01/97 01/98 5-40
Forest
Park 593,385 175,500 0 0 175,500 0
175,500 0 U/C 07/98 N/A
Keist
Townhomes 138,369 622,558 0 0 622,558 0
622,558 0 U/C 08/98 N/A
NHC #5 205,517 387,045 0 0 387,045 0
387,045 0 U/C 03/98 N/A
Southaven 9,790,000 974,288 1,815,504 0 974,288 1,815,504
2,789,792 0 U/C 10/98 N/A
---------- --------- ---------- ------- --------- ---------- -
- --------- ---------
19,054,846 3,620,019 14,269,625 0 3,620,019 14,269,625
17,889,644 1,694,284
========== ========= ========== ======= ========= ==========
========== =========
U/C - Project under construction as of March 31, 1999
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-273
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 33
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/98..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 17,889,644
Improvements, etc................................. 0
Other............................................. 0
----------
$ 17,889,644 Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/99............................$ 17,889,644
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/98.........................$ 0
Current year additions*.............................$1,694,284
---------
Balance at close of period -
03/31/99..............................$1,694,284
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-274
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 34
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Allison Apts. 922,563 208,000 0 0 208,000 0
208,000 0 U/C 11/98 N/A
Boerne
Creekside 91,968 204,622 0 0 204,622 0
204,622 0 U/C 11/98 N/A
Kerville
Meadows 98,275 174,699 0 0 174,699 0
174,699 0 U/C 11/98 N/A
Millwood
Park 8,360,000 892,181 0 0 892,181 0
892,181 0 U/C 12/98 N/A
Montour
Falls
Village 18,000 65,556 0 0 65,556 0
65,556 0 U/C 10/98 N/A
RHP-96 827,112 142,576 0 0 142,576 0
142,576 0 U/C 10/98 N/A
F-275
Boston Capital Tax Credit Fund IV L.P. - Series
34
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Southaven
Partners I 9,790,000 974,288 1,185,504 0 974,288 1,815,504
2,789,792 0 U/C 10/98 N/A
---------- --------- ---------- -------- --------- ----------
- ---------- ---------
20,107,918 2,661,922 1,185,504 0 2,661,922 1,815,504
4,477,426 0
========== ========= ========== ======== ========= ==========
========== =========
U/C - Project under construction as of March 31, 1999.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
</TABLE>
F-276
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 34
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of
period-04/01/98..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 4,477,426
Improvements, etc................................. 0
Other............................................. 0
----------
$ 4,477,426
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
- -----------
Balance at close of period -
03/31/99............................$ 4,477,426
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/98.........................$ 0
Current year additions*.............................$ 0
---------
Balance at close of period -
03/31/99.............................$ 0
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-277
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000913778
<NAME> BOSTON CAPITAL TAX CREDIT FUND IV L.P.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<TOTAL-ASSETS> 456,501,585
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 456,501,585
<TOTAL-REVENUES> 4,604,150
<INCOME-TAX> 0
<INCOME-CONTINUING> (22,081,504)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (17,477,354)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
