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, 2000 or
--------------
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
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Commission file number 0-26200
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Boston Capital Tax Credit Fund IV L.P.
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(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
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------------------------
(Address of Principal executive offices) (Zip
Code)
Fund's telephone number, including area code: (617)624-8900
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Securities registered pursuant to Section 12(b) of the Act:
Name of
each exchange
Title of each class on which
registered
-------------------
-------------------
None
None
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--------------------------
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
Form 8-K dated June 30, 1999
Form 8-K dated June 30, 1999
Form 8-K dated July 27, 1999
Form 8-K dated July 27, 1999
Form 8-K dated November 30, 1999
Form 8-K dated December 28, 1999
Form 8-K dated December 29, 1999
Form 8-K dated January 26, 2000
Form 8-K dated February 3, 2000
Form 8-K dated February 9, 2000
Form 8-K dated February 10, 2000
Form 8-K dated February 16, 2000
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31,
2000
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, 2000, 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, Series 35, Series 36, Series 37
and Series 38 for 57,660,659 BAC's representing capital
contributions of $576,307,500.
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, 2000 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, 16 Operating Partnerships on behalf of
Series 27, 26 Operating Partnerships on behalf of Series 28, 22
Operating Partnerships on behalf of Series 29, 20 Operating
Partnerships on behalf of Series 30, 26 Operating Partnerships on
behalf of Series 31, 16 Operating Partnerships on behalf of
Series 32, 10 Operating Partnerships on behalf of Series 33, 14
Operating Partnerships on behalf of Series 34, 10 Operating
Partnerships on behalf of Series 35, 11 Operating Partnerships on
behalf of Series 36, 5 Operating Partnerships on behalf of Series
37 and 3 Operating Partnerships on behalf of Series 38. 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
2
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.
(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 359
Operating
Partnerships in 19 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, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
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----------
Ashbury Sioux Falls,
Apartments SD 48 $ 1,238,570 4/94 6/94 100% $
806,117
Bennetts Bennetsville,
Pointe Apts. SC 32 1,342,365 3/94 8/94 100%
281,100
Bradley Bradley,
Manor AR 25 798,020 8/94 3/95 100%
182,044
Breeze Port Washington,
Cove Apts. WI 64 2,747,954 5/94 10/94 100%
2,601,494
Cascades Sterling,
Commons Apts. VA 320 14,640,539 6/94 10/95 99%
7,132,820
Clarksville Clarksville,
Estates MO 32 694,873 6/94 9/94 100%
142,639
Club
Goldenrod II Orlando,
Apartments FL 220 7,439,014 4/94 6/95 100%
3,681,417
College
Greene N. Chili,
Senior Apts NY 110 3,755,430 3/95 8/95 100%
1,918,496
Concordia St. Croix,
Manor I VI 22 1,464,680 8/94 7/95 100%
490,034
Coushatta
Seniors II Coushatta,
Apartments LA 24 711,147 5/94 3/94 100%
175,182
East Douglas Bloomington,
Apartments IL 51 2,188,486 7/94 12/95 100%
1,281,690
Edison Lane Edison,
Apartments GA 24 719,065 9/94 10/95 100%
204,561
Evergreen Macedon,
Hills Apts. NY 72 2,790,036 8/94 1/95 100%
693,966
4
Boston Capital Tax Credit Fund IV L.P. - Series
20
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Fairoaks Rincon,
Lane Apts. GA 44 $ 1,415,972 7/94 5/95 100% $
339,284
Floral Waggaman,
Acres II LA 32 1,032,814 5/94 8/94 100%
228,457
Forest Glen Vidalia,
Village GA 46 1,329,565 7/94 2/95 100%
378,777
Gardenview Pasedena,
Apartments TX 309 5,137,851 6/94 9/95 100%
2,261,021
Harrisonburg Harrisonburg,
Seniors Apts. LA 24 688,827 5/94 1/94 100%
176,621
Hillside Cynthiana,
Apartments KY 48 852,805 10/94 4/95 100%
643,850
Kristine Bakersfield,
Apartments CA 60 1,324,951 10/94 10/94 100%
311,675
Northfield Jackson,
Apts. MS 120 2,920,604 6/94 8/95 100%
3,273,126
Parkside Avondale,
Apartments AZ 54 684,336 12/94 1/94 100%
282,547
Riverview Franklinton,
Apartments LA 47 1,699,358 4/94 10/94 100%
370,000
Shady Lane Winnfield,
Senior Apts. LA 32 944,474 5/94 10/93 100%
197,200
5
Boston Capital Tax Credit Fund IV L.P. - Series
21
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Atlantic Atlantic City,
City Apts. NJ 153 $5,395,000 9/94 10/95 97%
$2,500,000
Black River Black River Falls,
Run WI 48 1,238,650 10/94 12/94 100%
350,531
Cattaraugus Cattaraugus,
Manor NY 24 1,093,864 8/94 4/95 100%
263,711
Creekside
at Tasker's Frederick,
Chance MD 120 4,902,780 10/94 9/95 100%
2,471,093
Forest Glen
at Sully Centreville,
Station VA 118 5,923,723 11/94 9/95 100%
2,649,450
Fort Winslow,
Halifax ME 24 1,151,003 9/94 1/95 100%
389,085
Havelock Havelock,
Manor Apts. NC 60 1,848,684 12/94 10/95 100%
347,557
Holly Buchanan,
Village GA 24 717,398 8/94 6/95 100%
205,400
Liveoak Union Springs,
Village AL 24 764,596 10/94 7/95 100%
176,953
Lookout Covington,
Ridge Apts. KY 30 652,959 12/94 12/94 100%
763,038
Pinedale Menomonie,
Apartments II WI 60 1,397,355 10/94 12/94 100%
869,798
Pumphouse Chippewa,
Crossing II
Apartments WI 48 1,274,869 10/94 12/94 100%
692,840
6
Boston Capital Tax Credit Fund IV L.P. - Series
21
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
The Woods Campton,
Apartments NH 20 $1,030,977 8/94 10/94 100%
$ 269,500
Tower View Tower City,
Apartments PA 25 1,128,646 11/94 5/95 96%
268,863
7
Boston Capital Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Albemarle Hertford,
Village Apts. NC 36 $1,453,327 1/95 9/94 100%
$ 321,628
Apple Edmond,
Village Apts. OK 160 3,895,196 11/94 3/96 100%
1,572,166
Bayou Riverview,
Crossing Apts. FL 290 8,747,499 11/94 1/96 100%
2,854,036
Bellwood Ford City,
Gardens PA 28 1,247,735 6/95 9/95 100%
308,152
Black River Black River Falls,
Run Apts. WI 48 1,238,650 3/95 12/94 100%
395,279
Clarendon Summerton,
Court Apts. SC 40 1,448,808 10/94 4/95 100%
340,737
Club II Orlando,
Goldenrod Apts.FL 220 7,439,014 3/95 6/95 100%
2,106,975
Cobblestone Fuquay,
Apartments NC 33 1,415,140 1/95 5/94 100%
326,054
Concordia St. Croix,
Manor II VI 20 1,493,059 1/95 11/95 100%
259,444
Concordia St. Croix,
Manor III VI 20 1,485,501 2/95 12/95 100%
264,007
Drakes
Branch Drakes Branch,
Elderly Apts. VA 32 1,266,059 1/95 6/95 100%
232,722
Elks Towers Litchfield,
Apartments IL 27 803,795 10/95 12/96 100%
698,042
Fonda Fonda,
Terrace Apts. NY 24 1,029,444 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, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Kimbark Longmont,
1200 Apts. CO 48 $1,987,557 9/95 12/95 100%
$ 321,843
Kingsway Swedsboro,
Apartments NJ 36 1,479,268 7/95 6/95 100%
46,290
Lake City Lake City,
Apartments PA 44 1,170,009 8/98 6/98 100%
240,900
Lake Street Girard,
Apartments PA 32 1,359,202 4/95 9/95 100%
342,369
Lost Tree Branson,
Apartments MO 88 1,598,596 4/95 6/95 100%
474,948
Maplewood Sacramento,
Apartments KY 12 434,920 8/95 9/95 100%
110,881
Marksville Marksville,
Square Apts. LA 32 961,913 1/95 1/96 100%
268,848
Neshoba Philadelphia,
County Apts. MS 25 848,634 7/95 8/95 100%
251,411
Philadelphia Philadelphia,
Square Apts. MS 16 543,126 7/95 8/95 100%
149,950
Quankey Halifax,
Hills Apts. NC 24 1,013,547 1/95 3/95 100%
200,496
Richmond Richmond,
Square Apts. MO 32 905,854 12/94 2/95 100%
818,770
Salem Wood Salemburg,
Apartments NC 24 961,890 1/95 12/94 100%
181,355
The Birches Old Orchard Beach,
ME 88 2,800,000 1/95 3/96 100%
1,514,512
Troy Villa Troy,
Apartments MO 64 1,982,262 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, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Twin City Festus,
Villa MO 40 $1,472,862 1/95 11/95 100%
$ 679,176
10
Boston Capital Tax Credit Fund IV L.P. - Series 23
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Apple Edmond,
Village Apts. OK 160 $3,895,196 11/94 3/96 100% $
1,572,166
Bayou Riverview,
Crossing Apts. FL 290 8,747,499 4/95 1/96 100%
4,281,054
Concordia St. Croix,
Manor II VI 20 1,493,059 1/95 11/95 100%
259,445
Concordia St. Croix,
Manor III VI 20 1,485,501 2/95 12/95 100%
264,007
Columbia Hempstead,
Commons Apts. NY 37 1,196,461 5/95 5/95 100%
1,501,605
Country Hill Cedar Rapids,
Apts.Phase II IA 92 2,069,386 8/95 6/96 100%
1,981,495
Great Pines Hurleyville,
Apts. NY 26 1,172,547 7/95 12/95 100%
-0-
Heatheridge Barling,
Estates ** AR 17 815,472 7/95 11/95 100%
748,240
Ithaca Ithaca,
Apts. I MI 28 665,898 11/95 7/95 100%
164,008
Kimbark Longmont,
1200 Apts. CO 48 1,987,557 9/95 12/95 100%
965,530
La Pensione Sacramento,
K Apts. CA 129 2,427,823 9/95 12/96 100%
2,650,580
Mathis Mathis,
Apartments TX 32 911,925 1/95 1/95 100%
219,045
Mid City Jersey City,
Apartments NJ 58 3,010,828 9/95 6/94 100%
113,679
Orange
Grove Orange Grove,
Seniors Apts. TX 24 668,396 5/95 2/95 100%
104,728
11
Boston Capital Tax Credit Fund IV L.P. - Series
23
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
---------- Philmont Philmont,
Terrace Apts. LA 32 $1,492,800 5/95 5/95 100% $
370,750
Riverview St. Louis,
Apartments MO 42 1,150,192 8/95 12/95 100%
1,160,308
South Hills Bellevue,
Apartments NE 72 1,869,072 6/95 2/96 100%
1,686,354
St. Peters St. Peters,
Villa MO 54 1,879,376 7/95 3/96 100%
1,495,685
The Birches Old Orchard Beach,
ME 88 2,800,000 1/95 3/96 100%
1,399,532
Twin City Festus,
Villa MO 40 1,472,862 2/95 11/95 100%
679,176
Village Kansas City,
Woods Est. KS 45 1,604,506 5/95 12/95 100%
1,704,928
Vinsett Van Buren,
Estates ** AR 10 ** 7/95 11/95 100%
**
Woodland Roland,
Hills OK 10 313,347 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, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
---------- Autumn Ridge Shenandoah
Apartments VA 34 $1,537,580 7/96 1/97 100% $
319,466
Brooks Blue Ridge,
Summit Apts. GA 36 1,115,926 12/95 11/96 100%
223,280
Brownsville Brownsville,
Apartments TN 36 1,201,363 9/95 9/95 100%
267,091
Century
East Bismark,
Apts. IV ND 24 630,027 8/95 8/95 100%
399,962
Century Bismark,
East V Apts. ND 24 630,027 11/95 9/95 100%
399,962
Centenary
Towers St. Louis
Apts. MO 100 2,667,500 5/97 12/97 100%
679,577
Cooper's Irving,
Crossing TX 93 3,598,396 6/96 12/95 100%
848,708
Edenfield Millen,
Apartments GA 48 1,289,013 1/96 12/96 100%
314,827
Elm Street Yonkers,
Apartments NY 35 2,004,062 1/96 1/96 100%
407,601
Heritage Coolidge,
Glen Apts. AZ 28 1,133,242 4/96 4/96 100%
373,388
Hillridge Los Lunas,
Apartments NM 38 1,212,720 8/96 6/96 100%
954,007
Lake Fargo,
Apartments I ND 24 610,275 8/95 7/95 100%
399,962
Lakeway Zwolle,
Apartments LA 32 870,761 11/95 4/96 100%
110,902
Laurelwood High Point,
Park Apts. NC 100 2,379,294 2/96 10/96 100%
2,120,403
Madison Park Boston,
IV Apts. MA 143 7,675,615 5/96 3/97 97%
1,155,884
13
Boston Capital Tax Credit Fund IV L.P. - Series
24
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
---------- New Hilltop Laurens,
Apartments SC 72 $1,707,140 11/95 11/95 100% $
450,039
North Columbia,
Hampton Pl. MO 36 833,077 11/95 3/96 100%
1,002,996
Northfield Jackson,
Housing, L.P. MS 5 192,872 12/96 9/96 100%
217,266
Pahrump Pahrump,
Valley Apts. NV 32 1,395,394 7/96 7/96 100%
335,225
Park Meadow Gaylord,
Apartments MI 80 1,886,180 9/95 4/97 100%
1,753,158
Shadowcreek Overton,
Apartments NV 24 1,226,891 6/96 9/96 100%
361,320
Stanton Stanton,
Village Apts. TN 40 1,211,348 9/95 9/95 100%
279,730
Woodlands Elko,
Apartments NV 24 1,135,432 11/95 9/95 100%
269,867
Wyandotte Los Angeles,
Apartments CA 73 3,358,488 4/96 2/97 100%
952,329
14
Boston Capital Tax Credit Fund IV L.P. - Series
25
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
---------- Dogwood Athens,
Park Apts. GA 127 $2,607,943 12/95 10/96 100%
$3,538,760
Dunlap West Point,
Acres MS 50 1,157,786 9/96 4/96 100%
229,797
Century Bismark,
East II Apts. ND 24 548,149 8/96 6/96 100%
371,183
Clarke Pokamoke City,
Manor Apts. MD 30 1,222,114 2/96 4/96 100%
440,107
Hannah Ethel,
Heights Apts. MS 28 813,620 6/96 12/96 100%
321,584
Heartland
Green Horse Cave,
Cave KY 24 847,336 5/96 11/96 100%
267,177
Hurricane Hurricane,
Hills UT 49 1,284,165 9/96 4/97 100%
2,222,394
Laurelwood High Point,
Park Apts. NC 100 2,379,294 2/96 10/96 100%
946,539
Lenox Manhattan,
Ave. Apts. NY 18 546,821 10/96 9/97 100%
903,792
Madison Boston,
Park IV MA 143 7,675,615 5/96 3/97 97%
2,054,904
Main New Rochelle,
Everett Apts. NY 11 624,475 6/96 1/97 100%
782,852
Maple New Haven,
Hill CT 32 1,088,998 2/97 2/98 100%
199,951
Mary Ryder St. Louis,
Home MO 48 237,562 1/97 6/96 100%
1,591,573
Osborne White Plains,
Apts. NY 7 431,278 6/96 12/96 100%
522,325
15
Boston Capital Tax Credit Fund IV L.P. - Series
25
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Rose Connellsville,
Square PA 11 $ 397,186 10/96 2/97 100%
$ 229,168
Rosewood Bladenboro,
Estates, II NC 16 679,594 9/96 12/96 100%
124,304
Sandstone Great Falls,
Village MT 48 1,210,236 11/95 8/96 100%
1,295,623
Shannon Shannon,
Rentals MS 48 1,265,294 4/96 1/97 100%
324,990
Smith Roxbury,
House MA 132 2,154,448 4/96 3/97 100%
1,008,690
Sutton Indianopolis,
Place IN 360 6,160,000 11/96 10/97 100%
647,751
Washington Dayton,
Arms OH 93 1,974,106 2/96 2/95 100%
203,859
Wyandotte Los Angeles,
Apts. CA 73 3,358,488 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, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Academy West Point,
Apts. VA 32 $1,165,589 4/97 3/98 100%
$ 263,722
Bradley
Estates Meriden,
Phase I CT 74 2,438,931 2/97 12/97 100%
671,336
Bradley
Estates Meriden,
Phase II CT 42 1,416,746 2/97 12/97 100%
486,861
Brookhaven Shrevport,
Apts. LA 35 958,345 2/97 1/97 100%
573,912
Butler Leesville,
Estates LA 10 173,388 8/96 10/96 100%
77,627
Calgory Bismark,
Apts. I ND 24 634,005 2/96 12/95 100%
414,507
Calgory Bismark,
Apts. II ND 24 634,520 2/96 12/95 100%
414,507
Calgory Bismark,
Apts. III ND 24 633,438 2/96 12/95 100%
414,507
Cameron Cameron,
Apts. LA 40 833,424 8/96 10/96 100%
475,965
Country Fargo,
Edge Apts. ND 48 1,087,556 7/97 12/97 100%
1,128,587
Devonshire London,
II Apts. OH 28 778,919 1/97 12/96 100%
182,070
Devonshire W. Jefferson,
West Apts. OH 19 540,175 1/97 1/97 100%
126,983
East Park Dilworth,
II Apts. MN 24 573,690 8/96 8/96 100%
525,631
Edgewood Milledgeville,
Park Apts. GA 61 1,500,000 5/96 1/97 100%
1,477,023
17
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Edgewood
Estates Edgewood,
Apts. TX 22 $ 618,174 6/97 11/96 100%
$ 173,436
Escher Trenton,
Street SRO NJ 104 2,459,028 4/97 5/98 100%
3,734,928
Grandview Fargo,
Apartments ND 36 1,170,026 8/96 8/96 100%
1,069,522
Grayson Independence,
Manor VA 32 1,070,064 3/98 11/98 100%
649,595
Hallman Rochester
Court Apts. NY 77 6,684,674 1/99 U/C N/A
283,873
Hanover Ashland,
Apts. VA 40 1,282,181 11/97 4/98 100%
290,538
Hanover
Towers Meriden,
Apts. CT 100 4,960,114 2/97 11/97 100%
1,065,649
Hazeltine Los Angeles,
Apts. CA 35 1,427,113 6/96 1/97 100%
951,693
Holly
Heights Bowling Green,
Apts. KY 30 1,331,737 5/97 8/97 100%
362,738
Lake Fargo,
Apts. IV ND 24 642,070 2/96 12/95 100%
414,507
Lake Fargo,
Apts. V ND 24 615,303 2/96 12/95 100%
414,507
Lauderdale
County Meriden,
Properties MS 48 1,148,081 12/98 5/99 100%
288,705
Liberty
Village Liberty,
Apts. NY 32 1,740,147 1/97 5/97 100%
437,448
18
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Little Little Valley,
Valley Est. NY 24 $1,150,834 1/97 4/97 100%
$ 284,257
Maxton Maxton,
Green Apts. NC 32 970,140 9/96 12/96 100%
263,281
Madison Miami Beach,
Apartments FL 17 1,016,983 3/96 6/97 100%
881,664
Mason Mason,
Manor Apts. TN 24 930,570 2/96 1/96 100%
229,775
Mosby Littleton,
Forest Apts. NC 24 741,447 10/96 10/96 100%
496,753
New Hope
Bailey De Ridder,
Apts. LA 40 791,628 8/96 9/96 100%
455,212
Nordhoff North Hills,
Apts. CA 38 1,984,175 9/96 7/97 100%
1,756,175
Park Ridge Jackson,
Apartments TN 136 5,000,000 11/98 12/99 85%*
835,861
Powell
Valley Jonesville,
Village VA 34 770,212 3/98 12/98 100%
1,409,016
Southwind Jennings,
Apts. A LDHA LA 36 770,882 8/96 12/96 100%
428,742
T.R. Bobb New Iberia,
Apts. LA 30 738,492 8/96 12/96 100%
428,742
Timmons-
ville Timmonsville,
Green Apts. SC 32 1,071,730 10/96 2/97 100%
292,587
Tremont
Station Tremont,
Apartments PA 24 1,049,375 5/96 11/96 100%
349,889
19
Boston Capital Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Village
Estates Victoria,
Apts. VA 32 $1,158,951 4/97 10/98 100% $
250,517
Village
Green Gloucester,
Apts. VA 32 1,151,868 4/97 11/97 100%
229,902
Warrensburg Warrensburg,
Heights MO 28 1,117,122 12/96 11/96 100%
-0-
Westside Salem,
Apts. AR 29 1,043,637 8/96 10/96 100%
265,020
The Willows Smithville,
Apts. TX 32 814,335 5/96 5/96 100%
209,768
* Property was in lease-up phase as of March 31, 2000.
U/C=Property was under construction as of March 31, 2000.
20
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
AHAB Rental
Units Springfield,
Phase II MO 17 $ 494,868 6/97 11/97 100%
$ 578,458
Angelou
Court New York,
Apts. NY 23 821,644 10/97 8/99 100%
1,515,042
Canisteo Canisteo,
Manor NY 24 892,095 4/98 4/98
100% 609,322
The Casa San Juan
Rosa PR 97 990,690 9/97 4/98 100%
1,232,936
Forest Glen
at Sulluy
Station
Phase II Centreville,
Atps. VA 119 6,701,698 8/96 6/97 87%*
1,339,550
Harrison
Heights Harrisonville,
Apts. MO 48 1,343,267 1/98 12/96 100%
245,516
Harbor
Towers Meriden,
Apts. CT 202 12,356,007 2/97 11/97 100%
2,895,280
Holly
Heights Storm Lake,
Apts. IA 32 497,054 4/97 8/98 100%
614,058
Lake Apts. Fargo,
II ND 24 610,341 1/97 12/95 100%
396,024
Magnolia
Place Gautier,
Apts. MS 40 886,071 11/97 1/98 100%
800,027
Northrock Topeka,
Apts. KS 76 1,244,499 5/99 U/C 29%*
457,773
Park Crest Sherwood,
Apts. AR 216 9,200,000 11/99 6/99 100%
115,311
21
Boston Capital Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Pear
Village Leitchfile,
Apts. KY 16 $ 612,730 8/96 2/97 100%
$ 488,822
Randolph Silver Spring,
Village MD 130 5,918,594 9/96 8/97 100%
2,240,075
Summer
Hill Sr. Wayne,
Apts. NJ 164 9,436,650 11/96 4/98 100%
1,800,000
Sunday Bowling Green,
Sun Apts. KY 30 923,588 10/96 12/96 100%
714,938
* Property was in lease-up phase as of March 31, 2000.
U/C=Property was under construction as of March 31, 2000.
22
Boston Capital Tax Credit Fund IV L.P. - Series
28
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
1374
Boston New York,
Road L.P. NY 15 $ 545,638 2/97 6/97 100% $
522,065
Ashberry
Manor Bardstown,
Apts. KY 24 643,828 2/97 3/97 100%
561,330
Bienville Ringold,
III Apts. LA 32 962,445 2/97 2/97 100%
349,186
Blanchard Blanchard,
Apts. LA 32 915,706 7/97 7/97 100%
307,218
Chandler
Village Chandler,
Apts OK 32 910,283 4/97 7/97 100%
255,639
Cottonwood Cottonwood,
Apts. LA 24 737,514 7/97 7/97 100%
243,258
Cottonwood Holly Grove,
Apts. AR 24 935,934 2/97 4/97 100%
254,856
Evangeline Lake Arthur,
Apts. LA 32 973,887 11/97 1/98 100%
366,284
Fairway Marlette,
Apts. II MI 48 1,066,155 12/96 3/97 100%
255,353
Falcon Rosenburg,
Pointe Apts. TX 102 2,845,082 4/98 10/99 100%
1,477,559
Jackson
Place Jackson,
Apts. LA 40 976,169 7/97 10/97 100%
983,615
Mapelwood Winnfield
Apts. LA 40 910,659 3/98 8/98 100%
922,119
Milton
Village Milton,
Apts. NY 32 1,167,648 2/97 6/97 100%
1,192,184
Neighborhood
Restorations West Philadelphia,
VII PA 72 2,448,660 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, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Park
Plaza West Memphis,
I & II AR 128 $3,033,719 12/97 11/96 100%
$ 553,954
Park
Village Athens,
Apts. TN 80 1,375,000 10/98 6/99 100%
1,992,486
Pin Oak Bowie,
Village MD 110 9,171,341 11/97 1/96 100%
3,804,585
Southern
Villa Russellville
Apts. KY 32 1,341,590 11/97 4/98 100%
318,500
Randolph Silver Spring,
Village MD 130 5,918,594 12/97 8/97 100%
909,471
Sand Lane
Manor Henderson,
Apts. KY 24 685,635 8/97 4/98 100%
556,478
Senior
Suites of Chicago,
Chicago IL 84 4,120,869 12/97 12/98 100%
3,176,031
Sumner Hartford,
House CT 79 1,145,070 1/98 7/98 100%
2,009,266
Terraceview
Townhomes Litchfield
Apts. MN 22 795,377 7/97 10/97 100%
726,402
Tilghman Dunn,
Square NC 20 809,340 11/97 10/97 100%
307,605
Wellston
Village Wellston,
Apts. OK 14 375,820 4/97 8/97 100%
107,258
Yale
Village Yale,
Apts. OK 8 109,181 2/98 7/98 100%
69,341
24
Boston Capital Tax Credit Fund IV L.P. - Series
29
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
The
Arbor Jackson,
Park Apts. MS 160 $5,690,000 12/96 6/98 100%
$2,809,826
The Richmond,
Arbors VA 85 2,944,098 7/97 11/98 100%
1,869,683
Barrington
Cove Barrington,
Apts. RI 60 2,087,747 4/97 5/97 100%
3,449,887
Bent
Tree Jacksboro,
Apts. TX 24 610,501 12/97 1/98 100%
161,552
Colonial Poplarville,
Apts. MS 16 395,540 10/97 7/97 100%
86,039
Dogwood Appomattox,
Apts. VA 48 1,375,763 10/98 5/99 100%
630,780
Emerald
Trace Ruston,
Apts. LA 48 982,709 8/98 4/99 100%
981,089
Edgewood Baker,
Apts. LA 72 2,000,000 3/97 9/98 100%
1,856,539
Glenbrook Saint Jo,
Apts. TX 24 517,778 12/97 3/97 100%
145,871
Harbor Benton
Pointe Harbor,
Apts. MI 84 1,565,000 1/99 10/99 98%*
2,940,373
The
Lincoln San Diego,
Hotel CA 41 798,545 2/97 7/97 100%
676,576
Lombard
Heights Springfield,
Apts. MO 24 796,667 10/98 7/98 100%
302,808
25
Boston Capital Tax Credit Fund IV L.P. - Series 29
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Lutkin
Bayou Drew,
Apts. MS 36 $ 829,254 11/97 6/97 100%
$ 192,283
Nacogdoches
Plaza Nacodgoches,
Apts. TX 70 1,539,843 4/97 3/98 100%
2,793,695
Newcastle Collins,
Apts. MS 36 688,961 9/97 6/98 100%
194,259
Park
Crest Sherwood,
Apts. AZ 216 9,200,000 2/98 6/99 100%
3,199,520
Palmetto
Place Benton,
Apts. LA 40 844,130 10/98 4/99 100%
1,153,878
Pecan
Hill Bryson,
Apts. TX 16 389,037 8/97 1/98 100%
108,455
Regency Poplarville,
Apts. MS 16 459,341 10/97 7/97 100%
102,419
Rhome Rhome,
Apts. TX 24 521,954 12/97 2/97 100%
160,551
Westfield Welsh,
Apts. LA 40 878,958 11/97 8/98 100%
918,605
Willow
Point Jackson,
Apts. III MS 120 4,290,000 12/96 2/98 100%
2,035,596
* Property was in lease-up phase as of March 31, 2000.
26
Boston Capital Tax Credit Fund IV L.P. - Series 30
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Byam
Village Waterbury,
Apts. CT 46 $1,423,170 2/97 2/98 100%
$ 426,008
Country
Estates Farmville,
Apts. VA 24 894,398 3/98 7/99 100%
223,562
Emerald
Trace II Ruston, 24 447,964 7/98 12/98 100%
717,594
Apts. LA
Farewell
Mills Lisbon,
Apts. ME 27 793,045 8/97 3/98 100%
662,864
Hillside
Terrace Poughkeepsie
Apts. NY 64 1,931,755 1/99 U/C N/A
379,628
Lakewood Clarksville,
Apts. VA 52 1,553,839 3/98 U/C 90%*
383,646
Lone
Oak Graham,
Apts. TX 64 1,543,560 8/97 9/98 100%
400,619
Mesa
Grande Carlsbad,
Apts. NM 72 1,791,923 2/98 12/98 100%
1,879,208
Millwood
Park Douglasville,
Apts. GA 172 8,360,000 12/98 11/99 71%*
631,257
New
River Radford,
Gardens VA 48 1,475,570 10/98 5/99 100%
630,948
Nocona
Terrace Nocona,
Apts. TX 36 849,597 8/97 12/98 100%
198,442
Northgate Bryant,
Apts. AR 20 613,592 4/99 11/99 100%
661,192
27
Boston Capital Tax Credit Fund IV L.P. - Series 30
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Park Trace Jackson,
Apts. TN 84 $1,832,853 11/97 3/99 100%
$3,017,973
Pine
Forest Dahlgren,
Apts. VA 40 1,880,395 3/98 2/99 100%
477,551
Riverbend Swanzey,
Apts. NH 24 684,661 7/97 2/98 100%
1,313,371
Royal
Crest Bowie,
Apts. TX 48 1,144,782 8/97 10/98 100%
323,336
Broadway
Place Hobbs,
Apts. NM 32 785,000 2/98 12/98 100%
1,576,281
Trinity Life Pueblo,
Gardens CO 44 810,542 4/99 12/99 68%*
1,443,604
Western
Trails Council Bluffs,
Apts. IA 30 938,637 7/98 6/99 100%
898,827
Whistle
Stop Gentry,
Apts. AR 27 701,357 9/97 5/98 100%
580,687
* Property was in lease-up phase as of March 31, 2000.
U/C=Property was under construction as of March 31, 2000.
28
Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Bent
Tree San Angelou,
Apts. TX 112 $ 2,800,000 12/97 7/99 100%
$3,094,971
Brittney
Square Bowling Green,
Apts. KY 20 646,111 7/98 7/98 100%
629,917
Canton
Manor Canton,
Apts. MS 32 818,546 11/97 7/98 100%
176,349
Canton
Village Canton,
Apts. MS 42 1,138,918 11/97 7/98 100%
236,312
Double
Springs
Manor II Bowling Green,
Apts. KY 25 411,900 9/98 3/99 100%
975,577
Eagles
Ridge Decatur,
Terrace TX 89 1,855,817 12/97 5/98 100%
388,797
Elmwood Ellisville,
Apts. MS 32 672,193 12/97 6/98 100%
238,610
Giles Amelia,
Apts. VA 16 723,946 3/98 2/99 100%
174,906
Henderson
Terrace Bridgeport,
Apts. TX 24 531,326 11/97 9/98 100%
103,341
Hurricane Hurricane,
Hills UT 28 800,000 9/97 8/98 100%
1,977,175
Madison
Height Canton
Apts. MS 80 2,254,907 11/97 7/98 100%
511,300
29
Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Lakeview City of Little Elm,
Court TX 24 $ 453,402 11/97 1/99 100%
$ 65,576
Mesquite Jacksboro,
Trails TX 35 696,028 11/97 11/98 100%
166,404
Munjoy
South
Townhouse Portland,
Apts. ME 140 3,828,288 9/97 10/98 95%*
706,503
Nottoway Blackstone,
Manor VA 28 870,118 3/98 4/99 100%
213,144
Parktowne Cleveland
Apts. TN 84 1,785,786 11/97 6/98 100%
3,363,097
Park
Ridge McKee,
Apts. KY 22 894,368 10/97 5/98 100%
338,464
Pilot Pilot Point,
Point Apts. VA 40 781,667 11/97 2/99 100%
112,664
Plantation Sugar Hill,
Ridge GA 218 12,790,000 5/98 5/99 84%*
1,647,217
Riverbend Bedford,
Apts. ME 28 785,487 10/97 7/98 100%
1,569,137
Roth Mechanicsburg,
Village PA 61 2,291,524 10/97 9/98 100%
2,664,992
Royal
Estates Canton,
Apts. MS 32 842,583 11/97 7/98 100%
183,641
Silver
Creek Flat Rock
Apts. MI 112 3,400,000 3/98 8/99 100%
4,235,275
Springs
Manor Rawls Spring,
Apts. MS 32 832,170 12/97 6/98 100%
320,121
30
Boston Capital Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Summerdale
Commons Atlanta,
Phase II GA 108 $5,841,800 12/98 4/99 100%
$ -0-
Windsor
Park Jackson,
Apts. MS 279 7,500,000 11/97 3/99 100%
2,346,847
* Property was in lease-up phase as of March 31, 2000.
31
Boston Capital Tax Credit Fund IV L.P. - Series 32
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Carriage
Pointe Old Bridge,
Apts. NJ 18 $7,992,895 1/98 1/97 100%
$3,051,011
Chardonnay Oklahoma City,
Apts. OK 14 84,781 1/98 1/97 100%
393,700
Cogic
Village Benton Harbor,
Apts. MI 136 2,456,395 4/98 7/99 100%
6,669,762
Courtside Cottonwood,
Apts. AZ 44 920,726 6/98 7/98 100%
1,667,188
Clear
Creek N. Manchester,
Apts. IN 64 1,744,318 7/98 9/99 66%*
1,551,824
Columbia Dallas,
Luxar TX 125 2,717,133 8/98 12/99 89%*
3,157,685
Colony Park Pearl,
Apts. MS 192 8,000,000 6/98 12/99 86%*
2,441,381
Gilette Sayreville,
Manor NJ 100 ** 1/98 1992 100%
**
Hallman Rochester,
Court Apts. NY 77 6,684,674 1/99 U/C N/A
232,259
Martinsville Dallas,
Apts. TX 125 222,840 8/98 U/C N/A
300,026
Parkside Shelbyville,
Plaza Apts KY 39 -0- 7/99 U/C N/A
783,270
Park
Ridge Jackson,
Apts. TN 136 5,000,000 11/98 12/99 85%*
1,637,102
Park
Village Athens,
Apts. TN 80 1,375,000 10/98 6/99 100%
1,503,103
Pearlwood Pearl,
Apts. MS 40 927,124 2/98 5/98 100%
745,648
32
Boston Capital Tax Credit Fund IV L.P. - Series 32
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Pecan Natchitoches,
Manor Apts. LA 40 $ 456,243 7/98 10/98 100%
$1,501,914
Pineridge Franklinton,
Apts. LA 40 490,193 7/98 1/99 100%
1,497,889
Sterling Independence,
Creek Apts. MO 48 333,820 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, 2000.
** 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, 2000.
33
Boston Capital Tax Credit Fund IV L.P. - Series 33
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Bradford
Park Southhaven,
Apts. MS 208 $9,790,000 10/98 12/99 88%*
$ 270,740
Bradford
Square Jefferson City,
North Apts. TN 50 1,066,247 10/98 9/99 36%*
1,193,368
Carriage
Pointe Old Bridge,
Apts. NJ 18 7,992,895 3/98 1/97 100%
3,051,011
Columbia Dallas,
Luxar TX 125 2,717,133 8/98 12/99 89%*
3,157,685
Foxridge Durham,
Apts. NC 92 2,785,903 3/98 7/99 100%
3,103,038
Gilette Sayreville,
Manor NJ 100 ** 1/98 1992 100%
**
Harbor Benton Harbor,
Pointe Apts. MI 84 1,565,000 1/99 10/99 98%*
1,060,134
Merchant Dallas,
Court Apts. GA 192 5,044,603 10/98 12/99 66%*
1,937,781
Northrock Topeka,
Apts. KS 76 1,244,499 5/99 U/C 29%*
850,150
Stearns- Millinocket,
Assisted Apts. ME 20 -0- 12/99 U/C N/A
-0-
Stonewall
Retirement Stonewall,
Village LA 40 579,543 7/98 1/99 100%
1,495,966
Woodhaven S. Brunswick,
Apts. NJ 80 ** 1/98 1995 100%
**
* Property was in lease-up phase as of March 31, 2000.
** 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 31,2000.
34
Boston Capital Tax Credit Fund IV L.P. - Series
34
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Abby Ridge Elizabethtown
Apts. KY 24 $ -0- 2/00 1/00 12%*
$ 158,508
Allsion Mt. Washington,
Apts. KY 24 949,885 11/98 1/99 100%
841,513
Belmont
Affordable
Housing Two Philadelphia,
Apts. PA 20 541,844 1/99 12/99 100%
1,820,797
Boerne
Creekside Boerne,
Apts. TX 71 1,037,159 11/98 U/C N/A
1,745,073
Bradford Southaven,
Park Apts. MS 208 9,790,000 3/99 12/99 88%*
2,564,238
Hillside
Club Bear Creek Township,
Apts. MI 55 1,750,912 10/98 12/99 100%
1,705,192
Howard Florida City
Park Apts FL 16 329,144 4/99 12/99 100%
532,771
Kerrville
Meadows Kerrville,
Apts. TX 72 1,612,000 11/98 4/00 57%*
1,764,968
Merchant
Court Dallas,
Apts. GA 192 5,044,603 10/98 12/99 66%*
3,775,018
Millwood
Park Douglasville,
Apts. GA 172 8,360,000 12/98 11/99 72%*
1,215,874
Northwood Leitchfield,
Homes Apts KY 24 827,675 4/99 6/99 100%
1,173,855
Romeo
Village Montour Falls,
Apts. NY 24 1,023,444 10/98 4/99 100%
682,928
35
Boston Capital Tax Credit Fund IV L.P. - Series 34
PROPERTY PROFILE AS OF MARCH 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Summer Jackson
Park Apts. MS 216 $10,550,000 10/99 U/C 21%* $
523,045
Washington Houston
Courtyards TX 74 122,252 8/99 U/C N/A
1,112,701
* Property was in lease-up phase as of March 31, 2000.
U/C=Property was under construction as of March 31, 2000.
36
Boston Capital Tax Credit Fund IV L.P. - Series 35
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Ashton
Cove Kingsland,
Apts. GA 72 $1,240,000 1/00 U/C N/A
$1,651,680
Autumn Dickson,
Park Apts. TN 104 5,000,000 4/99 12/99 37%*
1,463,162
Brazoswood Clute,
Apts. TX 72 2,000,000 7/99 U/C N/A
2,550,000
Country
Walk Mulvane,
Apts. KS 68 2,055,000 12/98 11/99 91%*
1,752,266
Cypress
Pointe
Retirement Casa Grande,
Apts. AZ 104 2,465,604 4/99 3/00 19%*
2,351,528
Garden
Gates New Caney,
Apts. II TX 32 457,425 3/99 U/C 0%*
803,438
Hillside
Terrace Poughkeepsie,
Apts. NY 64 1,931,755 4/99 U/C N/A
2,783,938
Riverwalk
Apt. Homes, Sheboygan,
Phase II WI 20 427,347 12/98 7/99 100%
1,354,092
Washington Houston,
Courtyards TX 74 122,252 8/99 U/C N/A
465,598
Wedgewood Evans,
Park Apts. GA 180 5,475,000 12/99 U/C N/A
1,909,822
* Property was in lease-up phase as of March 31, 2000.
U/C=Property was under construction as of March 31, 2000.
37
Boston Capital Tax Credit Fund IV L.P. - Series 36
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Annadale Fresno,
Apts. CA 222 $ -0- 1/00 6/90 100%
$ 548,563
Ashton Jackson,
Ridge MI 144 -0- 2/00 U/C N/A
886,166
Farmington Aloha,
Meadows Apts OR 69 3,959,303 8/99 11/99 100%
530,154
Nowata Nowata,
Village OK 28 1,165,630 8/99 2/00 82%*
216,226
Paris Paris,
Place Apts. KY 32 -0- 12/99 U/C N/A
-0-
Riverview Cystal City,
Bend Apts. MO 94 3,400,000 11/99 3/00 94%*
725,768
Senior Suites
Of Chicago
Washington Chicago,
Heights IL 85 -0- 12/99 U/C N/A
1,682,317
Valleyview Branson
Estates West,
Apts. MO 32 -0- 11/99 U/C N/A
784,073
Wedgewood Evans,
Park Apts. GA 180 5,475,000 12/99 U/C N/A
1,909,822
Willowbrook Lafayette,
Apts. LA 40 747,433 6/99 9/99 100%
1,081,580
Wingfield Kinder,
Apts. LA 40 910,438 6/99 7/99 100%
1,398,944
* Property was in lease-up phase as of March 31, 2000.
U/C=Property was under construction as of March 31, 2000.
38
Boston Capital Tax Credit Fund IV L.P. - Series 37
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Ashton Blackman
Ridge Township, 144 $ -0- 02/00 U/C N/A
$ 3,584,904
Baldwin Pontiac,
Villas Apts. MI 65 5,600,000 10/99 U/C N/A
-0-
Summer Jackson,
Park Apts. MS 216 10,550,000 10/99 U/C 21%*
1,731,120
Senior
Suites of
Washington Chicago,
Heights IL 85 -0- 12/99 U/C N/A
-0-
Stearns
Assisted Millinocket,
Apts. ME 20 -0- 12/99 U/C N/A
-0-
* Property was in lease-up phase as of March 31, 2000.
U/C=Property was under construction as of March 31, 2000.
39
Boston Capital Tax Credit Fund IV L.P. - Series 38
PROPERTY PROFILE AS OF MARCH 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Cushing
Place Cushing,
Apts. OK 24 $ -0- 3/00 U/C N/A
$ 282,593
Hammond
Place Hammond,
Apts. LA 40 -0- 3/00 U/C N/A
1,279,756
Willowbrook
II Lafayette,
Apts. LA 40 -0- 3/00 U/C N/A
976,349
U/C=Property was under construction as of March 31, 2000.
40
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
41
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, 2000, the Fund has 31,893 BAC holders
for an
aggregate of 57,660,659 BACs, at a subscription price
of $10 per
BAC, received and accepted.
The BACs were issued in series. Series 20 consists of
2,394
investors holding 3,866,700 BACs, Series 21 consists of
1,205
investors holding 1,892,700 BACs, Series 22 consists of
1,682
investors holding 2,564,400 BACs, Series 23 consists of
2,151
investors holding 3,336,727 BACs, Series 24 consists of
1,335
investors holding 2,169,878 BACs, Series 25 consists of
1,819
investors holding 3,026,109 BACs, Series 26 consists of
2,423
investors holding 3,995,900 BACs, Series 27 consists of
1,394
investors holding 2,460,700 BACs, Series 28 consists of
2,127
investors holding 4,000,738 BACs, Series 29 consists of
2,323
investors holding 3,991,800 BACs, Series 30 consists of
1,370
investors holding 2,651,000 BACs, Series 31 consists of
2,142
investors holding 4,417,857 BACs, Series 32 consists of
2,382
investors holding 4,754,198 BACs, Series 33 consists of
1,282
investors holding 2,636,533 BACs, Series 34 consists of
1,766
investors holding 3,529,319 BACs, Series 35 consists of
1,686
investors holding 3,300,463 BACs, Series 36 consists of
1,282
investors holding 2,106,837 BACs, Series 37 consists of
1,147
investors holding 2,512,000 BACs, and Series 38
consists of 240
investors holding 446,300 BACs at March 31, 2000.
(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,
2000.
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.
42
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.
During the year ended March 31, 1999, the Fund made a
return of
equity distribution to the Series 27 Limited Partners
in the amount
of $275,000. During the year ended March 31, 2000 the
Fund made a
return of equity distribution to the Series 29 Limited
Partners in
the amount of $238,040. The distributions were the
result of
certain Operating Partnerships not achieving their
projected tax
credits.
43
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 2000 1999 1998 1997
1996
---------- ---- ---- ---- ----
----
Interest
& Other
Income $ 3,089,965 $ 4,604,150 $ 4,007,240 $ 2,498,953
$ 1,027,956
Share of Loss
of Operating
Partnerships (22,255,032) (16,178,884) (12,821,176) (10,783,903)
(5,472,852)
Operating
Expenses (7,491,481) (5,902,620) (4,654,485) (3,283,551)
(1,839,647)
----------- ----------- ----------- ----------
----------
Net Income
(Loss) $(26,656,548)$(17,477,354)$(13,468,421)$(11,568,501)
$(6,284,543)
=========== =========== =========== ==========
==========
Net Income
(Loss)
per BAC $ (.46)$ (.36)$ (.36)$ (.50)
$ (.41)
=========== =========== =========== ==========
==========
Balance Sheet 2000 1999 1998 1997
1996
------------- ---- ---- ---- ----
----
Total Assets $478,148,369 $456,501,585 $386,072,953 $259,200,587
$180,061,938
=========== =========== =========== ===========
===========
Total
Liabilities $ 62,060,171 $ 79,434,074 $ 79,763,815 $ 36,568,416
$ 35,541,287
=========== =========== =========== ===========
===========
Partners'
Capital $416,088,198 $377,067,511 $306,309,138 $222,632,171
$144,520,651
=========== =========== =========== ===========
===========
Other Data
----------
Tax Credits per BAC
for the Investors
Tax Year, the Twelve
Months Ended
December 31, 1999,
1998, 1997, 1996,
and 1995* .78 $ .71 $ .61 $ .52
$ .35
=========== ========== =========== ===========
==========
* 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.
44
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 $5 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,
1999 and 2000 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, thereby maximizing 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 $576,307,500
representing
57,660,659 BACs from investors admitted as BAC Holders in Series
20 through 38
of the Fund. As of March 31, 2000 the Fund is continuing to
offer BACs in
Series 38.
(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.
45
During the fiscal year ended March 31, 2000, none of Series
20 net offering proceeds were used to pay installments of its
capital contributions to the Operating Partnerships. As of March
31, 2000 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 outstanding
contributions payable to one operating partnership in the amount
of $388,026 as of March 31, 2000. Of the amount outstanding,
$222,120 has been advanced to the Operating Partnership. The
advance will be converted to capital and the remaining
contributions of $165,906 will be released when the Operating
Partnership has achieved the conditions set forth in its
partnership agreement.
(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, 2000, none of Series
21 net offering proceeds were used to pay installments of its
capital contributions to the Operating Partnerships. As of March
31, 2000 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 outstanding
contributions payable to 3 operating partnerships in the amount
of $683,688 as of March 31, 2000. Of the amount outstanding,
$641,540 has been loaned to the Operating Partnerships. The
loans will be converted to capital and the remaining
contributions of $42,148 will be released when the Operating
Partnerships have achieved the conditions set forth in their
partnership agreements.
(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, 2000, the Fund used
$18,190 of Series 22 net offering proceeds to pay installments of
its capital contributions to 2 Operating Partnerships. As of
March 31, 2000 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 25 of
the Operating Partnerships. Series 22 has outstanding
contributions payable to 4 operating partnerships in the amount
of $538,769 as of March 31, 2000. Of the amount outstanding,
$450,981 has been loaned to the Operating Partnerships. The
loans will be converted to capital and the remaining
contributions of $87,788 will be released when the Operating
Partnerships have achieved the conditions set forth in their
partnership agreements.
46
(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, 2000, the Fund used
$304,148
of Series 23 net offering proceeds to pay installments of its
capital contributions to 3 Operating Partnerships. As of March
31, 2000 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 19 of
the Operating Partnerships. Series 23 has outstanding
contributions payable of $458,631 as of March 31, 2000 to 4
operating partnerships, all of which has been advanced or loaned
to the Operating Partnerships. The advances and loans will be
converted to capital when the Operating Partnerships have
achieved the conditions set forth in their partnership
agreements.
(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, 2000, the Fund used
$16,242
of Series 24 net offering proceeds to pay an installment of its
capital contributions to 1 Operating Partnership. As of March
31, 2000 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 capital contributions to 17 of
the Operating Partnerships. Series 24 has outstanding
contributions payable to 7 operating partnerships in the amount
of $1,259,345 as of March 31, 2000.
Of the amount outstanding, $1,059,896 has been advanced or loaned
to the Operating Partnerships. The advances and loans will be
converted to capital and the remaining contributions of $199,449
will be released when the Operating Partnerships have achieved
the conditions set forth in their partnership agreements.
(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, 2000, the Fund used
$158,340
of Series 25 net offering proceeds to pay installments of its
capital contributions to 3 Operating Partnerships. As of March
31, 2000 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 10 of
the Operating Partnerships. Series 25 has outstanding
contributions payable
47
to 12 Operating Partnerships in the amount of $2,516,436 as of
March 31, 2000. Of the amount outstanding, $1,671,965 has been
advanced or loaned to some of the Operating Partnerships. In
addition, $20,000 has been funded into and escrow account on
behalf of one of the Operating Partnerships. The advances and
loans will be converted to capital and the remaining
contributions of $824,471, as well as the escrowed funds, will be
released when Operating Partnerships have achieved the conditions
set forth in their partnership agreements.
(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, 2000, the Fund used
$1,785,708
of Series 26 net offering proceeds to pay initial and additional
installments of its capital contributions to 18 Operating
Partnerships. As of March 31, 2000 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 $29,390,860
and the Fund had completed payment of all installments of its
capital contributions to 26 of the Operating Partnerships.
Series 26 has outstanding contributions payable to 19 Operating
Partnerships in the amount of $2,709,059 as of March 31, 2000.
Of the amount outstanding, $2,053,953 has been advanced or loaned
to some of the Operating Partnerships. In addition, $359,649 has
been funded into escrow accounts on behalf of other Operating
Partnerships. The advances and loans will be converted to
capital and the remaining contributions of $295,457, as well as
the escrowed funds, will be released when the Operating
Partnerships have achieved the conditions set forth in their
partnership agreements.
(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, 2000, the Fund used
$818,359
of Series 27 net offering proceeds to pay initial and additional
installments of its capital contributions to 6 Operating
Partnerships. As
of March 31, 2000 proceeds from the offer and sale of BACs in
Series 27 had
been used to invest in 16 Operating Partnerships in an aggregate
amount of
$17,881,544 and the Fund had completed payment of all
installments of its
capital contributions to 8 of the Operating Partnerships. Series
27 has outstanding contributions payable to 8 operating
partnerships in the amount of $1,063,367 as of March 31, 2000.
Of the amount outstanding, $543,500 has been advanced to the
Operating Partnerships. The advances will be converted to
capital and the remaining contributions of $519,867 will be
released when the Operating Partnerships have achieved the
conditions set forth in their partnership agreements.
48
(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.
During the fiscal year ended March 31, 2000, the Fund used
$1,195,033
of Series 28 net offering proceeds to pay installments of its
capital contributions to 15 Operating Partnerships. As of March
31, 2000 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 $29,211,996 and the Fund had completed
payment of all installments of its capital contributions to 19 of
the Operating Partnerships. Series 28 has outstanding
contributions payable to 7 operating partnerships in the amount
of $2,484,505 as of March 31, 2000.
Of the amount outstanding, $1,477,759 has been loaned to one of
the Operating Partnerships. The loan will be converted to
capital and the remaining contributions of $1,006,746 will be
released when the Operating Partnerships have achieved the
conditions set forth in their partnership agreements.
(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, 2000, the Fund used
$3,670,379
of Series 29 net offering proceeds to pay installments of its
capital contributions to 15 Operating Partnerships. As of March
31, 2000 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 $29,137,877 and the Fund had completed
payment of all installments of its capital contributions to 11 of
the Operating Partnerships. Series 29 has outstanding
contributions payable to 11 operating partnerships in the amount
of $2,060,981 as of March 31, 2000. Of the amount outstanding,
$835,878 has been loaned to two of the Operating Partnerships.
The loans will be converted to capital and the remaining
contributions of $1,225,103 will be released when the Operating
Partnerships have achieved the conditions set forth in their
partnership agreements.
(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, 2000, the Fund used
$5,294,251
of Series 30 net offering proceeds to pay installments of its
capital contributions to 16 Operating Partnerships. As of March
31, 2000 proceeds from the offer and sale of BACs in Series 30
had been used to invest in 20 Operating Partnerships in an
aggregate amount of $19,457,338, and the Fund had completed
payment of all installments of its capital contributions to 2 of
the Operating Partnerships. Series 30 has outstanding
contributions payable to 18 operating partnerships in the amount
of $2,502,751 as of March 31, 2000. Of the amount outstanding,
$341,749 has been advanced or loaned to one of the Operating
Partnerships. In addition, $343,443 has been funded into escrow
49
accounts on behalf of other Operating Partnerships. The advances
and loans will be converted to capital and the remaining
contributions of $1,817,559, as well as the escrowed funds will
be released when Operating Partnerships have achieved the
conditions set forth in their partnership agreements.
(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, 2000, the Fund used
$2,756,542
of Series 31 net offering proceeds to pay installments of its
capital contributions to 18 Operating Partnerships. As of March
31, 2000 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 $32,097,437 and the Fund had completed
payment of all installments of its capital contributions to 3 of
the Operating Partnerships. Series 31 has outstanding
contributions payable to 23 Operating Partnerships in the amount
of $4,973,344 as of March 31, 2000. Of the amount outstanding,
$2,481,971 has been advanced or loaned to some of the Operating
Partnerships. In addition, $25,000 has been funded into an
escrow account on behalf of one of the Operating Partnerships.
The advances and loans will be converted to capital and the
remaining contributions of $2,466,373, as well as the escrowed
funds, will be released when the Operating Partnerships have
achieved the conditions set forth in their partnership
agreements.
(Series 32). The Fund commenced offering BACs in Series 32
on January
19, 1998. 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, 2000, the Fund used
$6,540,687
of Series 32 net offering proceeds to pay installments of its
capital contributions to 13 Operating Partnerships. As of March
31, 2000 proceeds from the offer and sale of BACs in Series 32
had been used to invest in 16 Operating Partnerships in an
aggregate amount of $33,695,350 and the Fund had completed
payment of all installments of its capital contributions to 5 of
the Operating Partnerships. Series 32 has outstanding
contributions payable to 11 Operating Partnerships in the amount
of $4,476,034 as of March 31, 2000. Of the amount outstanding,
$144,825 has been loaned to two of the Operating Partnerships.
In addition, $1,674,155 has been funded into escrow accounts on
behalf of other Operating Partnerships. The loans will be
converted to capital and the remaining contributions of
$2,657,054, as well as the escrowed funds, will be released when
Operating Partnerships have achieved the conditions set forth in
their partnership agreements.
During the fiscal year ended March 31, 1999, the Fund had
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
50
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, 2000, the Fund used
$2,889,468
of Series 33 net offering proceeds to pay installments of its
capital contributions to 7 Operating Partnerships. As of March
31, 2000 proceeds from the offer and sale of BACs in Series 33
had been used to invest in 10 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 outstanding
contributions payable to 11 Operating Partnerships in the amount
of $3,272,919 as of March 31, 2000. Of the amount outstanding,
$40,825 has been loaned to one of the Operating Partnerships. In
addition, $1,295 has been funded into an escrow account on behalf
of another Operating Partnership. The loan will be converted to
capital and the remaining contributions of $3,230,799, as well as
the escrowed funds, will be released when the Operating
Partnerships have achieved the conditions set forth in their
partnership agreements.
(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, 2000, the Fund used
$6,742,893
of Series 34 net offering proceeds to pay installments of its
capital contributions to 12 Operating Partnerships. As of March
31, 2000 proceeds from the offer and sale of BACs in Series 34
had been used to invest in 14 Operating Partnerships in an
aggregate amount of $25,640,408 and the Fund had not completed
payment of all installments of its capital contributions to any
of the Operating Partnerships. Series 34 has outstanding
contributions payable the Operating Partnerships in the amount of
$5,964,656 as of March 31, 2000. Of the amount outstanding,
$2,166,696 has been loaned to some of the Operating Partnerships.
In addition, $430,013 has been funded into escrow accounts on
behalf of other Operating Partnerships. The loans will be
converted to capital and the remaining contributions of
$3,367,947, as well as the escrowed funds, will be released when
the Operating Partnerships have achieved the conditions set forth
in their partnership agreements.
51
(Series 35). The Fund commenced offering BACs in Series 35
on February
22, 1999. The Fund received and accepted $33,002,000
representing 3,300,463 BACs from investors admitted as BAC
Holders in Series 35. Offer and sales of BACs in Series 35 were
completed on June 28, 1999.
During the fiscal year ended March 31, 2000, the Fund used
$11,759,790
of Series 35 net offering proceeds to pay installments of its
capital contributions to 10 Operating Partnerships. As of March
31, 2000 proceeds from the offer and sale of BACs in Series 35
had been used to invest in 10 Operating Partnerships in an
aggregate amount of $22,661,750 and the Fund had completed
payment of all installments of its capital contributions one of
the Operating Partnerships. Series 35 has outstanding
contributions payable to 11 Operating Partnerships in the amount
of $5,528,412 as of March 31, 2000. Of the amount outstanding,
$650,000 has been loaned to one of the Operating Partnerships.
In addition, $433,116 has been funded into escrow accounts on
behalf of other Operating Partnerships. The loans will be
converted to capital and the remaining contributions of
$4,445,296, as well as the escrowed funds, will be released when
the Operating Partnerships have achieved the conditions set forth
in their partnership agreements.
(Series 36). The Fund commenced offering BACs in Series 36
on June 22, 1999. The Fund received and accepted $21,068,375
representing 2,106,837 BACs from investors admitted as BAC
Holders in Series 36. Offer and sales of BACs in Series 36 were
completed on September 28, 1999.
During the fiscal year ended March 31, 2000, the Fund used
$7,853,791
of Series 36 net offering proceeds to pay initial and additional
installments
of its capital contributions to 10 Operating Partnerships. As of
March 31,
2000 proceeds from the offer and sale of BACs in Series 36 had
been used to
invest in 11 Operating Partnerships in an aggregate amount of
$15,273,148, and
the Fund had completed payment of all installments of its capital
contributions to one of the Operating Partnerships. Series 36
has outstanding contributions payable to 9 Operating Partnerships
in the amount of $5,509,534 as of March 31, 2000. Of the amount
outstanding, $2,536,505 has been loaned or advanced to some of
the Operating Partnerships. In addition, $422,261 has been
funded into escrow accounts on behalf of other Operating
Partnerships. The loans and advances will be converted to
capital and the remaining contributions of $2,550,768, as well as
the escrowed funds, will be released when the Operating
Partnerships have achieved the conditions set forth in their
partnership agreements.
(Series 37). The Fund commenced offering BACs in Series 37
on October 29, 1999. The Fund received and accepted $25,125,000
representing 2,512,500 BACs from investors admitted as BAC
Holders in Series 37. Offer and sales of BACs in Series 37 were
completed on January 28, 2000.
During the fiscal year ended March 31, 2000, the Fund used
$6,695,081
of Series 37 net offering proceeds to pay initial and additional
installments
of its capital contributions to 3 Operating Partnerships. As of
March 31,
2000 proceeds from the offer and sale of BACs in Series 37 had
been used to
52
invest in 5 Operating Partnerships in an aggregate amount of
$13,237,736 and
the Fund had not completed payment of all installments of its
capital
contributions to any of the Operating Partnerships. Series 37
has outstanding contributions payable to 5 Operating Partnerships
in the amount of $6,239,395 as of March 31, 2000. Of the amount
outstanding, $970,385 has been loaned to one of the Operating
Partnerships. In addition, $291,682 has been funded into escrow
accounts on behalf of another Operating Partnership. The loan
will be converted to capital and the remaining contributions of
$4,977,328, as well as the escrowed funds, will be released when
the Operating Partnerships have achieved the conditions set forth
in their partnership agreements.
(Series 38). The Fund commenced offering BACs in Series 38
on February 1, 2000. The Fund received and accepted $4,463,000
representing 446,300 BACs from investors admitted as BAC Holders
in Series 38 as of March 31, 2000. The Fund is continuing to
offer BACs in Series 38.
During the fiscal year ended March 31, 2000, the Fund used
$2,538,698
of Series 38 net offering proceeds to pay initial and additional
installments
of its capital contributions to 3 Operating Partnerships. As of
March 31,
2000 proceeds from the offer and sale of BACs in Series 38 had
been used to
invest in 3 Operating Partnerships in an aggregate amount of
$3,442,898 and
the Fund had not completed payment of all installments of its
capital
contributions to any of the Operating Partnerships. The
remaining contributions of $904,200 will be released when the
Operating Partnerships have achieved the conditions set forth in
their partnership agreements.
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, 2000 and 1999 was $4,169,227 and $3,702,096,
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. As a result of the reduction, it is expected that
interest income reported by each series will begin to decrease
after the first full year of operations. Occasionally the Fund
will make interest-bearing loans to certain Operating
Partnerships against contributions due for release at a later
date.
53
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 operating partnerships. Since
interest was not earned on these loans in fiscal year 2000 there
was a significant decrease in the interest reported from fiscal
year 1999 to fiscal year 2000.
(Series 20). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 99.99% and 100%, respectively. The
series had a total of 24 Operating Partnerships at March 31,
2000. Out of the total, 23 were at 100% qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the
series, in total,
generated $2,013,533 and $2,626,847, respectively in passive
income tax losses that were passed through to the investors and
also provided $1.33 for both 1999 and 1998, in tax credits per
BAC to the investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 20 was $18,752,214 and $20,817,668, 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, 2000 and 1999, the net loss of
the series
was $2,401,326 and $2,811,432, respectively. The major
components of these
amounts are the Fund's share of losses from Operating
Partnerships and the
fund management fee. The decrease in loss for the current fiscal
year is primarily the result of a reduction in the net loss
reported by one of the Operating Partnerships in excess of
$200,000 from the prior year. It is anticipated that the net
loss for Series 20 will remain relatively consistent in future
years since the series has finished acquiring Operating
Partnerships and they are all fully operational.
The Operating General Partner, Investment Limited Partner
and the management company are working diligently to maintain a
strong occupancy at Breeze Cove Limited Partnership (Breeze Cove
Apartments). The average occupancy during the first quarter of
2000 remained stable at 95%. The Operating General Partner
continues to encourage the management company to reduce operating
expenses to establish a stable operating history so that a debt
restructuring will be possible in the future. In addition, the
Operating General Partner and Investment Limited Partner have
funded operating deficits as needed.
Parkside Housing Limited Partnership (Parkside Apartments)
operated with a net loss during 1999 primarily as a result of
capital improvements that were made during the year. None of the
capital expenditures were reimbursed from the replacement reserve
account but were instead funded through operations. In addition,
due to low occupancy in previous years, the Operating Partnership
has under-funded reserves and growing payables. However, as a
result of increased marketing efforts, physical occupancy for
1999 averaged 91.2%.
Realty & Mortgage Company, the management agent of East
Douglas Apartments Limited Partnership (East Douglas Apartments),
has been successful
54
in maintaining a high occupancy rate. The physical occupancy
averaged 97% for 1999 and 99% for the first quarter 2000. The
property's continued strong occupancy has enabled the new
management company to significantly reduce the high accounts
payable balance. Currently, the partnership is seeking approval
for the reimbursement from the replacement reserve account for
capital expense items that were originally funded from
operations.
Virginia Avenue Affordable Limited Partnership (Kristine
Apartments) has improved operations under the direction of its
new management company. Occupancy has increased, rental
collections have improved, and turnover has decreased. The
management company plans to increase rental rates gradually over
the next two months which, coupled with stabilized occupancy,
should allow the property to operate at breakeven.
(Series 21). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 99.5% and 93.9%, respectively. The
series had a
total of 14 properties at March 31, 2000. Out of the total, 12
were at 100%
qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the
series, in total,
generated $1,628,287 and $2,002,299, respectively, in passive
income tax losses that were passed through to the investors and
also provided $1.20 and $1.19, respectively, in tax credits per
BAC to the investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 21 was $6,653,822 and $7,984,415, 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, 2000 and 1999, the net loss of
the series
was $1,393,343 and $1,653,386, 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 relatively consistent in future years as the series has
finished acquiring Operating Partnerships and most were in full
operations as of December 31, 1999.
Atlantic City Housing Urban Renewal Associates L.P. reported
a net loss net of depreciation, which is a non-cash item, for the
year ended December 31, 1999 of approximately $185,000. The
property's operations were impacted by high costs for security
and maintenance, while the Section 8 Rental Assistance Contract
had only seen small incremental increases over the past few
years. The Operating General Partner funded most of the
deficits, though outstanding payables remained high. The
Operating General Partner is committed to seeing through the
problems by continuing to fund deficits as needed, by hiring a
third party management company and by reducing expenses,
especially security outlays. The new management company was
contracted on June 1, 2000 and has kept the site staff in place.
A local company should be in a good position to add value by
providing better site supervision, better vendor relations and
discounted bulk purchasing of services and supplies. In
addition, most of the expense reduction is projected to come from
the security line item. It is
55
anticipated that the new management company will reduce security
hours by a combination of better management of the actual
security schedule and the investment in security equipment such
as monitors and cameras. 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. Atlantic City Housing Urban Renewal
Associates LP will
continue to show deficits for the foreseeable future. Occupancy
should remain stable at or about 98% as the subject property has
a project based Section 8 HAP contract, which protects it from
much of the market rate competition. Applicants come from an
ample Housing Authority waiting list. However, the investment
will remain viable only so long as the Operating General Partner
is willing and able to continue to fund operating deficits.
(Series 22). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 100%. The series had total of 29
properties at March 31, 2000, all of which were at 100% qualified
occupancy.
For the tax years ended December 31, 1999 and 1998, the
series, in total,
generated $1,526,421 and $1,635,853, respectively, in passive
income tax losses that were passed through to the investors and
also provided $1.26 and $1.25, respectively, in tax credit per
BAC to the investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 22 was $13,754,315 and $14,961,440, 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.
For the years ended March 31, 2000 and 1999, the net loss of
the series
was $1,495,871 and $1,658,012, 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 they are fully operational.
(Series 23). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 100%. The series had a total of 22
properties at March 31, 2000, all of which were at 100% qualified
occupancy.
For the tax years ended December 31, 1999 and 1998, the
series, in total, generated $1,936,324 and $2,081,592,
respectively, in passive income tax losses that were passed
through to investors and also provided $1.31 for both 1999 and
1998 in tax credits per BAC to the investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships for Series 23 was $20,257,128 and $21,681,096,
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, 2000 and 1999 the net loss of
the series
56
was $1,684,657 and $1,860,174, 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 they are fully operational.
(Series 24). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 99.9% and 99.8%, respectively. The
series had a
total of 24 properties at March 31, 2000. Out of the total, 23
were at 100% qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the
series, in total, generated $1,598,140 and $1,500,322,
respectively, in passive income tax losses that were passed
through to investors and also provided $1.28 and $1.27,
respectively, in tax credits per BAC to the investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 24 was $12,542,793 and $13,973,053, 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, 2000 and 1999 the net loss of
the Series was $1,620,752 and $1,723,705, 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 they are fully operational.
Los Lunas Apartments Limited (Hillridge Apartments) suffered
from decreased occupancy during 1999 and, as a result operated
below break-even. Due to negative cash flow, debt service
payments fell behind and the New Mexico Mortgage Finance
Authority issued a notice of default to the Operating General
Partner for non-payment of the debt service. Due to the mortgage
default, the Special Limited Partner removed the Operating
General Partner, however, the Operating General Partner was
allowed to remain in control of property management. During a
February 2000 meeting with the Investment Limited Partner and the
New Mexico Mortgage Finance Authority, the former Operating
General Partner was able to cure the mortgage default. However a
Stipulated Order was simultaneously filed with the court allowing
for the management agreement to be terminated if certain
conditions, including a prompt payment of the monthly mortgage
obligation were not met. As of March 31, 2000 mortgage payments
were current.
(Series 25). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 99.9% and 99.6%, respectively. The
series had a
total of 22 properties at March 31, 2000. Out of the total, 21
were at 100%
qualified occupancy.
For the tax year ended December 31, 1999 and 1998, the
series, in total, generated $2,021,883 and $1,877,709,
respectively in passive income tax losses that were passed
through to investors and also provided $1.23 and $1.25,
respectively, in tax credits per BAC to the investors.
57
As of March 31, 2000 and 1999, Investments in Operating
Partnerships for Series 25 was $18,948,606 and $20,921,953,
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, 2000 and 1999, the net loss of
the series was $2,186,989 and $1,926,105, 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 they are fully operational.
(Series 26). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 99.7% and 98.8%, respectively. The
series had a
total of 45 properties at March 31, 2000. Out of the total, 43
were at 100%
qualified occupancy and 1 was in initial lease-up. The series
also had 1 property that was under construction at March 31,
2000.
For the tax years ended December 31, 1999 and 1998, the
series, in total, generated $2,123,637 and $1,664,159,
respectively, in passive income tax losses that were passed
through to investors and also provided $1.13 and $1.00,
respectively, in tax credits per BAC to the investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 26 was $28,691,064 and $29,938,230, 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, 2000 and 1999 the net loss of
the series was $1,784,266 and $1,719,368, respectively. The
major components of these amounts are the Fund's share of losses
from Operating Partnerships, the fund management fee and interest
income. It is anticipated that the net loss will stabilize in
future years as the Operating Partnerships stabilize operations.
(Series 27). As of March 31, 2000 and 1999 the average
Qualified Occupancy for the series was 94.7% and 91.3%,
respectively. The series had a total of 16 properties at March
31, 2000. Out of the total, 14 were at 100% qualified occupancy
and 1 was in initial lease-up. The series also had 1 property
with multiple buildings some of which were under construction and
some of which were in lease-up at March 31, 2000.
For the tax years ended December 31, 1999 and 1998, the
series, in total, generated $1,463,587 and $1,202,881,
respectively, in passive income tax losses that were passed
through to investors and also provided $.98 and $.68,
respectively, in tax credits per BAC to the investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 27 was $16,392,639 and $16,996,406. The balance was
affected by
58
the acquisition of 2 additional Operating Partnerships and 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, 2000 and 1999 the net loss of
the series was $1,344,019 and $1,716,151, respectively. The
major components of these amounts are the Fund's share of losses
from Operating Partnerships, the fund management fee and interest
income. It is anticipated that the net loss will fluctuate in
future years until construction is completed on the Operating
Partnerships and they become fully leased-up and stabilize
operations.
Centrum-Fairfax II Limited Partnership (Forest Glen at
Sulley Station Phase II) experienced high payables and negative
cash flow as a result of low occupancy during 1999 and the first
four months of 2000. An affiliate of the Operating General
Partner funded over $300,000 to cover operating deficits in 1999.
The average occupancy increased from 63% in 1999 to 84% in the
first quarter of 2000. Centrum Management LLC, an affiliate of
the Operating General Partner, and the management agent have
instituted various marketing and sales initiatives to continue to
increase the occupancy. Additionally, recent staffing changes
were made to place a heavier focus on tax credit qualifying the
remaining unqualified units.
(Series 28). As of March 31, 2000 and 1999, the average
Qualified Occupancy for the series was 100% and 97.7%,
respectively. The series had a total of 26 properties at March
31, 2000, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the
series, in total, generated $2,357,802 and $1,193,820,
respectively, in passive income tax losses that were passed
through to investors and also provided $.88 and $.49,
respectively, in tax credits per BAC to the investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 28 was $29,621,967 and $32,194,655, respectively. The
decrease is a result 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, 2000 and 1999 the net loss of
the series was $2,249,853 and $724,209, respectively. The major
components of these amounts are the Fund's share of losses from
Operating Partnerships, the fund management fee and interest
income. It is anticipated that operations will begin to
stabilize in future years as the Operating Partnerships stabilize
operations.
(Series 29). As of March 31, 2000 and 1999, the average
Qualified Occupancy for the series was 99.9% and 92.1%,
respectively. The series had a total of 22 properties at March
31, 2000. Out of the total, 21 were at 100% qualified occupancy
and 1 was in initial lease-up.
59
For the tax years ended December 31, 1999 and 1998 the
series, in total, generated $2,615,461 and $1,776,772,
respectively in passive income tax losses that were passed
through to investors and also provided $.84 and $.49,
respectively, in tax credits per BAC to the investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 29 was $28,738,405 and $31,006,270, respectively. The
decrease is a result 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, 2000 and 1999, the net loss of
the series was $2,496,942 and $1,414,244, 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. It is anticipated
that the net loss will fluctuate in future years until
construction is completed on the Operating Partnerships, they
become fully leased-up, and stabilize operations.
(Series 30). As of March 31, 2000 and 1999 the average
Qualified Occupancy for the series was 96.3% and 83.2%,
respectively. The series had a total of 20 properties at March
31, 2000. Out of the total, 16 were at 100% qualified occupancy
and 2 were in initial lease-up. The series also had 1 property
that was 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, 2000.
For the tax years ended December 31, 1999 and 1998, the
series, in total, generated $1,682,856 and $562,671,
respectively, in passive income tax losses that were passed
through to investors and also provided $.75 and $.19,
respectively, in tax credits per BAC to the investors.
As of March 31, 2000 and 1998, Investments in Operating
Partnerships
for Series 30 was $20,143,589 and $18,385,611, respectively. The
increase is a result of the Fund acquiring 2 additional interests
in 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, 2000 and 1999 the net loss of
the series was $1,273,296 and $304,871, respectively. The major
components of these amounts are the Fund's share of loss from
Operating Partnerships, the Fund management fee, general and
administrative expenses and interest income. It is anticipated
that the net loss will continue to fluctuate in future years as
construction is completed on the Operating Partnerships, and they
become fully leased-up and stabilize operations.
60
(Series 31). As of March 31, 2000 and 1999, the average
Qualified Occupancy for the series was 99.2% and 88.3%,
respectively. The series had a total of 26 properties at March
31, 2000. Out of the total 24 were at 100% qualified occupancy
and 2 were in initial lease-up.
For the tax years ended December 31, 1999 and 1998, the
series, in total, generated $3,654,837 and $699,651,
respectively, in passive income tax losses to pass through to the
investors and also provided $.81 and $.28, respectively in tax
credits per BAC to the investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 31 was $32,353,530 and $35,524,458, respectively. The
decrease is a result 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, 2000 and 1999, the net loss of
the series was $3,131,563 and $462,813, respectively. The major
components of these amounts are the Fund's share of loss from
Operating Partnerships, the fund management fee, general and
administrative expenses and interest income. 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, 2000 and 1999, the average
Qualified Occupancy for the series was 93.8% and 85.7%,
respectively. The series had a total of 16 properties at March
31, 2000. Out of the total, 8 were at 100% qualified occupancy
and 4 were in initial lease-up. The series also had 4 properties
that were still under construction at March 31, 2000.
For the tax years ended December 31, 1999 and 1998, the
series, in total,
generated $1,499,589 and $447,366, respectively, in passive
income tax losses that were passed through to investors. The
series also provided tax credits to the investors of $.41 for
1999 and from $.16 to $.25 for 1998 depending on the investors'
date of admission.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 32 was $37,641,580 and $35,492,664, respectively. The
increase is a result of the Fund acquiring 2 additional interests
in 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.
61
For the years ended March 31, 2000 and 1999, the net income
(loss) of the series was $(1,487,782) and $269,836, respectively.
The major components of these amounts are the Fund's share of
loss from Operating Partnerships, the fund management fee,
general and administrative expenses and interest income. 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 33). As of March 31, 2000 and 1999 the average
Qualified Occupancy for the series was 78.4% and 85.0%,
respectively. The series had a total of 10 properties at March
31, 2000. Out of the total, 3 were at 100% qualified occupancy
and 5 were in initial lease-up. The series also had 1 property
that was 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, 2000.
For the tax years ended December 31, 1999 and 1998, the
series, in total, generated $654,613 and $66,964 in passive
income tax losses that were passed through to investors. The
series also provided tax credits per BAC to the investors of $.37
for 1999 and from $.16 to $.23 for 1998 depending on the
investors' date of admission.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 33 was $20,996,032 and $19,871,865, respectively. The
increase is a result of the Fund acquiring 2 additional interests
in 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, 2000 and for the period ended
March 31, 1999, the net income (loss) of the Series was
$(705,104) and $194,098, respectively. The major components of
these amounts are the Fund's share of loss from Operating
Partnerships, the fund management fee, general and administrative
expenses and interest income. 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 34). As of March 31, 2000 the average Qualified
Occupancy for the series was 76.3%. The series had a total of 14
properties at March 31, 2000. Out of the total, 6 were at 100%
qualified occupancy and 5 were in initial lease-up. The series
also had 2 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,
2000. Since all of the properties acquired as of March 31, 1999
were under construction, there is no comparative information to
report.
62
For the tax years ended December 31, 1999 and 1998, the
series, in total, generated $(659,548) and $190,488, respectively
in passive income tax (losses) income that were passed through to
investors. The series also provided tax credits per BAC to the
investors of $.11 for the tax year ended December 31, 1999. The
Series did not provide any tax credits per BAC to the investors
for the tax year ended December 31, 1998.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 34 was $27,688,578 and $22,247,242, respectively. The
increase is a result of the Fund acquiring 5 additional interests
in 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, 2000 and for the period ended
March 31, 1999, the net income (loss) of the Series was
$(699,182) and $39,949. The major components of these amounts
are the Fund's share of loss from Operating Partnerships, the
fund management fee, general and administrative expenses and
interest income. 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 35). As of March 31, 2000 the average Qualified
Occupancy for the series was 49.3%. The series had a total of 10
properties at March 31, 2000. Out of the total, 1 was at 100%
qualified occupancy and 3 were in initial lease-up. The series
also had 5 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,
2000. Since all of the properties acquired as of March 31, 1999
were under construction, there is no comparative information to
report.
For the tax year ended December 31, 1999 the series, in
total, generated $277,443 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 credits per
BAC by month of admission.
March $.046
April $.041
May $.036
June $.032
The series had not admitted any investors as of December 31,
1998, therefore, it does not have comparative information to
report.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 35 was $22,595,066 and $10,632,978, respectively. The
increase is a result of the Fund acquiring 5 additional interests
in Operating Partnerships. Investments in Operating Partnerships
was also be affected by
63
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, 2000 and for the period ended
March 31, 1999 the net loss of the series was $261,604 and
$6,767. The major components of these amounts are the Fund's
share of loss from Operating Partnerships, the fund management
fee, general and administrative expenses and interest income. 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.
(Series 36). As of March 31, 2000 the average Qualified
Occupancy for the series was 96.0%. The series had a total of 11
properties at March 31, 2000. Out of the total, 4 were at 100%
qualified occupancy and 2 were in initial lease-up. The series
also had 5 properties that were still under construction at March
31, 2000.
For the tax year ended December 31, 1999 the series, in
total, generated $148,261 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 credits per
BAC by month of admission.
July $.018
August $.015
September $.012
The series had not admitted any investors as of December 31,
1998, therefore, it does not have comparative information to
report.
As of March 31, 2000, Investments in Operating Partnerships
for Series 36 was $15,225,618. The amount is a result of the
Fund acquiring 11 interests in Operating Partnerships.
Investments in Operating Partnerships was 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, 2000, the net loss of the
series was $304,789. The major component of the amount is the
Fund's share of loss from Operating Partnerships, the fund
management fee, general and administrative expenses and interest
income. 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 Series 36 did not commence operations until after
March 31, 1999,
it does not have any comparative information to report.
(Series 37). As of March 31, 2000 the average Qualified
Occupancy for the series was 20.8%. The series had a total of 5
properties at March 31, 2000, 4
64
of which were still under construction. The series also had 1
property with multiple buildings, some of which were under
construction and some of which were in lease-up at March 31,
2000.
For the tax year ended December 31, 1999 the series, in
total, generated $9,549 in passive income tax losses that were
passed through to investors, but did not generate any tax credits
to pass through to the investors. The series had not admitted
any investors as of December 31, 1998, therefore, it does not
have comparative information to report.
As of March 31, 2000, Investments in Operating Partnerships
for Series 37 was $13,325,744. The amount is a result of the
Fund acquiring
5 interests in Operating Partnerships. Investments in Operating
Partnerships, was 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, 2000 the net loss of the
series was
$53,516. The major components of this amount are interest income
and organization expenses. 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 Series 37 did not commence operations until after
March 31, 1999,
it does not have any comparative information to report.
(Series 38). As of March 31, 2000 the series had a total of
3 properties all of which were still under construction.
The series had not admitted any investors as of December 31,
1999, therefore, it had no passive income tax losses or tax
credits to pass through to the investors for the tax year ended
December 31, 1999 or 1998.
As of March 31, 2000, Investments in Operating Partnerships
for Series 38 was $3,451,918. The amount is a result of the Fund
acquiring
3 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, 2000 the net loss of the
series was
$81,694. The major component of this amount is organization
expenses. 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 Series 38 did not commence operations until after
March 31, 1999,
it does not have any comparative information to report.
65
Recent Accounting Statements Not Yet Adopted
--------------------------------------------
In December 1999, the Financial Accounting Standards Board
(FASB) issued SFAS No. 136, "Transfers of Assets to a Not-For-
Profit Organization or Charitable Trust that Raises of Holds
Contributions for Others," and in June 1999, the FASB issued SFAS
No. 137, "Accounting for Derivative Instruments and Hedgers
Activities-Deferral of the Effective Date of SFAS No. 133".
SFAS No. 136 is generally effective for periods beginning
after December 15, 1999 and SAFS 137 is effective upon issuance
in June 1999.
The Fund does not have any derivative or hedging activities
and is not a not-for-profit organization. Consequently, these
pronouncements are not expected to have any effect on the Fund's
financial statements.
Year 2000 Compliance
--------------------
Boston Capital and its management did not experience any
computer-related problems as a result of the century date change
known as the "Year 2000" or "Y2K"and therefore, there was 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.
66
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 70, 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 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 is also a past member of the
Board of Directors of the National Leased Housing Association and
has served as 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 Street Inn and the 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
primarily 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 former 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
67
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 premiere committee comprised of major corporate CEOs to
advise the President in matters 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 55, is Executive Vice President of
Boston Capital Corporation, 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), He currently serves as a member of the National
Adjudicatory Council of the NASD. He 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 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 on the Board of Directors of Kelmoore
Investment Company and Kansas City Technologies, Inc. He is a
leader in the community and serves on the Business Leaders
Council of the Boston Symphony, Board of Directors of 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 39, is Chief Financial Officer of
Boston Capital Partners, Inc., and serves as Chairman of the
firm's Operating Committee. Mr. Nickas is responsible for all
the financial, accounting and operational functions of Boston
Capital and has spent the past thirteen years in the real estate
syndication and investment business. His prior responsibilities
at Boston Capital included management of finance and accounting
for the 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.
68
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
None.
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 2000 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, 2000 was $4,169,227.
2. The Fund has reimbursed an affiliate of the General
Partner a total
of $351,112 for amounts charged to operations during the year
ended March 31,
2000. 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 $454,975 for amounts charged to syndication during the year
ended March
31, 2000. 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 2000 fiscal year, the Fund accrued or paid $6,512,616
of
acquisition fees and expenses to the General Partner or its
affiliates.
5. Dealer Manager fees of $1,449,083 were accrued or paid
to Boston
Capital Services, Inc. during the 2000 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, 2000, 57,660,659 BACs had been issued.
No person
is known to own beneficially in excess of 5% of the
outstanding
BACs in any of the series.
69
(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.
(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, 2000.
(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.
70
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, 2000 and 1999
Statements of Operations for the years or periods ended
March 31, 2000, 1999, and 1998
Statements of Changes in Partners' Capital for the years
or periods ended March 31, 2000, 1999, and 1998
Statements of Cash Flows for the years or periods ended
March 31, 2000, 1999, and 1998
Notes to Financial Statements, March 31, 2000, 1999, and
1998
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.
71
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).
72
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).
73
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).
74
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.)
75
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.)
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.)
76
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.)
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.)
be. Agreement of Limited Partnership of Silver Creek/MHT
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on June 30, 1999.)
bf. Agreement of Limited Partnership of Meridian Housing
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on June 30, 1999.)
bg. Agreement of Limited Partnership of Southaven Partners
I, L.P.
(incorporated by reference from registrants current
report on form
8-j as filed with the Securities and Exchange on July
27, 1999.)
bh. Agreement of Limited Partnership of Athens Partners,
L.P.
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on July
27, 1999.)
bi. Agreement of Limited Partnership of Pearl Partners,
L.P.
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on November
30, 1999.)
bj. Agreement of Limited Partnership of Harbor Pointe/MHT
Limited
Dividend Housing Association Limited Partnership
(incorporated by
reference from registrants current report on form 8-k
as filed
with the Securities and Exchange Commission on December
28,
1999.)
bk. Agreement of Limited Partnership of Level Creek
Partners, L.P.
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on December
29, 1999.)
77
bm. Agreement of Limited Partnership of Lake City Limited
Partnership
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on February
3, 2000.)
bn. Agreement of Limited Partnership of Pine Ridge
Apartments
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on February 9, 2000.)
bo. Agreement of Limited Partnership of Pecan Manor
Apartments
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on February 10, 2000.)
bp. Agreement of Limited Partnership of Pyramid Four
Limited
Partnership (incorporated by reference from registrants
current
report on form 8-k as filed with the Securities and
Exchange
Commission on February 16, 2000.)
bq. Agreement of Limited Partnership of Lombard Partners,
L.P.
(incorporated by reference from registrants current
report on form
8-k as filed with the Securities and Exchange
Commission on January
26, 2000.)
(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.
78
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.
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.
79
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.
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.
80
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.
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.
81
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.
Report on Form 8-K dated June 30, 1999 concerning the
Partnership's investment in Silver Creek/MHT Limited Partnership
filed with the commission on June 30, 1999.
Report on Form 8-K dated June 30, 1999 concerning the
Partnership's investment in Meridian Housing Limited Partnership
filed with the commission on June 30, 1999.
Report on Form 8-K dated July 27, 1999 concerning the
Partnership's investment in Southaven Partners I, L.P. filed with
the commission on July 27, 1999.
Report on Form 8-K dated July 27, 1999 concerning the
Partnership's investment in Athens Partners, L.P. filed with the
commission on July 27, 1999.
Report on Form 8-K dated November 30, 1999 concerning
the
Partnership's investment in Pearl Partners, L.P. filed with the
commission on November 30, 1999.
Report on Form 8-K dated December 28, 1999 concerning
the
Partnership's investment in Harbor Pointe MHT Limited Dividend
Housing Association Limited Partnership filed with the commission
on December 28, 1999.
Report on Form 8-K dated December 29, 1999 concerning
the
Partnership's investment in Level Creek Partners, L.P. filed with
the commission on December 29, 1999.
Report on Form 8-K dated January 26, 2000 concerning
the
Partnership's investment in Lombard Partners, L.P. filed with the
commission on January 26, 2000.
82
Report on Form 8-K dated February 3, 2000 concerning the
Partnership's investment in Lake City Limited Partnership filed
with the commission on February 3, 2000.
Report on Form 8-K dated February 9, 2000 concerning the
Partnership's investment in Pineridge Apartments Partnership
filed with the commission on February 9, 2000.
Report on Form 8-K dated February 10, 2000 concerning
the
Partnership's investment in Pecan Manor Apartments Partnership
filed with the commission on February 10, 2000.
Report on Form 8-K dated February 16, 2000 concerning
the
Partnership's investment in Pyramid Four Limited Partnership
filed with the commission on February 16, 2000.
(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
83
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 17, 2000 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 17, 2000 /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
84
<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS REPORT
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
Series 20 through Series 38
March 31, 2000 and 1999
<PAGE>
Boston Capital Tax Credit Fund IV L.P. -
Series 20 through Series 38
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT F-3
FINANCIAL STATEMENTS
BALANCE SHEETS F-6
STATEMENTS OF OPERATIONS F-26
STATEMENTS OF CHANGES IN PARTNERS CAPITAL F-46
STATEMENTS OF CASH FLOWS F-66
NOTES TO FINANCIAL STATEMENTS F-106
SCHEDULE III - REAL ESTATE AND ACCUMULATED
DEPRECIATION F-214
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, 2000 and 1999, and the related statements of
operations, changes in partners capital and cash flows for the years ended
March 31, 2000, 1999 and 1998 and Boston Capital Tax Credit Fund IV L.P. -
Series 20 through 38 as of March 31, 2000 and Series 20 through 35 as of March
31, 1999 and the related statements of operations, partners' capital and cash
flows for the years ended March 31, 2000, 1999 and 1998 for Series 20 through
29, for the years ended March 31, 2000 and 1999 and the period June 23, 1997
(date of inception) through March 31, 1998 for Series 30, for the years ended
March 31, 2000 and 1999 and the period September 11, 1997 (date of inception)
through March 31, 1998 for Series 31, for the years ended March 31, 2000 and
1999 and the period January 19, 1998 (date of inception) through March 31, 1998
for Series 32, for the year ended March 31, 2000 and the period June 22, 1998
(date of inception) through March 31, 1999 for Series 33, for the year ended
March 31, 2000 and the period September 22, 1998 (date of inception) through
March 31, 1999 for Series 34, for the year ended March 31, 2000 and the period
February 22, 1999 (date of inception) through March 31, 1999 for Series 35, for
the period July 1, 1999 (date of inception) through March 31, 2000 for Series
36, for the period October 4, 1999 (date of inception) through March 31, 2000
for Series 37, and for the period February 22, 2000 (date of inception) through
March 31, 2000 for Series 38. 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, 24% and 21% of the
assets as of March 31, 2000 and 1999, respectively, and 27%, 28% and 22% of the
partnership loss for the years ended March 31, 2000, 1999 and 1998,
respectively; of the assets for Series 20 as of March 31, 2000 and 1999, 23% and
26%, respectively; of the partnership loss for Series 20 for the years ended
March 31, 2000, 1999 and 1998, 30%, 25% and 11%, respectively; of the assets for
Series 21 as of March 31, 2000 and 1999, 26% and 25%, respectively; of the
partnership loss for Series 21 for the years ended March 31, 2000, 1999 and
1998, 18%, 15% and 10%, respectively; of the assets for Series 22 as of March
31, 2000 and 1999, 12% and 12%, respectively; of the partnership loss for Series
22 for the years ended March 31, 2000, 1999 and 1998, 9%, 8% and 8%,
respectively; of the assets for Series 23 as of March 31, 2000 and 1999, 41% and
F-3
<PAGE>
40%, respectively; of the partnership loss for Series 23 for the years ended
March 31, 2000, 1999 and 1998, 36%, 38% and 28%, respectively; of the assets for
Series 24 as of March 31, 2000 and 1999, 30% and 32%, respectively; of the
partnership loss for Series 24 for the years ended March 31, 2000, 1999 and
1998, 38%, 35% and 31%, respectively; of the assets for Series 25 as of March
31, 2000 and 1999, 34% and 39%, respectively; of the partnership loss for Series
25 for the years ended March 31, 2000, 1999 and 1998, 41%, 41% and 37%,
respectively; of the assets for Series 26 as of March 31, 2000 and 1999, 25% and
33%, respectively; of the partnership loss for Series 26 for the years ended
March 31, 2000, 1999 and 1998, 32%, 34% and 28%, respectively; of the assets for
Series 27 as of March 31, 2000 and 1999, 13% and 14%, respectively; of the
partnership loss for Series 27 for the years ended March 31, 2000, 1999 and
1998, 21%, 9% and 10%, respectively; of the assets for Series 28 as of March 31,
2000 and 1999, 34% and 34%, respectively; of the partnership loss for Series 28
for the years ended March 31, 2000, 1999 and 1998, 41%, 45% and 12%,
respectively; of the assets for Series 29 as of March 31, 2000 and 1999, 26% and
11%, respectively; of the partnership loss for Series 29 for the years ended
March 31, 2000, 1999 and 1998, 11%, 16% and 31%, respectively; of the assets for
Series 30 as of March 31, 2000 and 1999, 30% and 28%, respectively; of the
partnership loss for Series 30 for the years ended March 31, 2000 and 1999 and
for the period June 23, 1997 (date of inception) through March 31, 1998, 41%,
21% and 10%, respectively; of the assets for Series 31 as of March 31, 2000 and
1999, 35% and 32%, respectively; of the partnership loss for Series 31 for the
years ended March 31, 2000 and 1999 and for the period September 11, 1997 (date
of inception) through March 31, 1998, 17%, 22% and 9%, respectively; of the
assets for Series 32 as of March 31, 2000 and 1999, 16% and 4%, respectively; of
the partnership loss for Series 32 for the years ended March 31, 2000 and 1999
and for the period January 19, 1998 (date of inception) through March 31, 1998,
14%, 7% and 0%, respectively; of the assets for Series 33 as of March 31, 2000
and 1999, 25% and 13%, respectively; of the partnership loss for Series 33 for
the year ended March 31, 2000 and for the period June 22, 1998 (date of
inception) through March 31, 1999, 43% and 38%, respectively; of the assets for
Series 34 as of March 31, 2000 and 1999, 11% and 5%, respectively; of the
partnership loss for Series 34 for the year ended March 31, 2000 and for the
period September 22, 1998 (date of inception) through March 31, 1999, 16% and
1%, respectively; of the assets for Series 35 as of March 31, 2000 and 1999, 24%
and 0%, respectively; of the partnership loss for Series 35 for the year ended
March 31, 2000 and for the period February 22, 1999 (date of inception) through
March 31, 1999, 24% and 0%, respectively; of the assets for Series 36 as of
March 31, 2000, 19%; of the partnership loss for Series 36 for the period July
1, 1999 (date of inception) through March 31, 2000, 25%; of the assets for
Series 37 as of March 31, 2000, 8%; of the partnership loss for Series 37 for
the period October 4, 1999 (date of inception) through March 31, 2000, 34%; of
the assets for Series 38 as of March 31, 2000, 0%; and of the partnership loss
for Series 38 for the period February 22, 2000 (date of inception) through March
31, 2000, 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.
F-4
<PAGE>
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.
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, 2000 and 1999 and the results of its operations and its
cash flows for the years ended March 31, 2000, 1999 and 1998 and Boston Capital
Tax Credit Fund IV L.P. Series 20 through 38 as of March 31, 2000 and Series 20
through 35 as of March 31, 1999 and the results of their operations and their
cash flows for the years ended March 31, 2000, 1999 and 1998 for Series 20
through 29, for the years ended March 31, 2000 and 1999 and the period June 23,
1997 (date of inception) through March 31, 1998 for Series 30, for the years
ended March 31, 2000 and 1999 and the period September 11, 1997 (date of
inception) through March 31, 1998 for Series 31, for the years ended March 31,
2000 and 1999 and the period January 19, 1998 (date of inception) through March
31, 1998 for Series 32, for the year ended March 31, 2000 and the period June
22, 1998 (date of inception) through March 31, 1999 for Series 33, for the year
ended March 31, 2000 and the period September 22, 1998 (date of inception)
through March 31, 1999 for Series 34, for the year ended March 31, 2000 and the
period February 22, 1999 (date of inception) through March 31, 1999 for Series
35, for the period July 1, 1999 (date of inception) through March 31, 2000 for
Series 36, for the period October 4, 1999 (date of inception) through March 31,
2000 for Series 37, and for the period February 22, 2000 (date of inception)
through March 31, 2000 for Series 38, 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 38 as of March 31,
2000. 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 7, 2000
F-5
To the Partners
Bennetts Pointe Limited Partnership
I have audited the accompanying balance sheets of Bennetts Pointe Limited
Partnership as of December 31, 1999 and 1998, 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 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, 1999 and 1998, 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, I have also issued my report
dated March 10,2000 on my consideration of Bennetts Pointe Limited Partnership's
internal control over financial reporting and on our tests of its compliance
with certain provisions of laws and regulations.
To the Partners
Breeze Cove Limited Partnership
Madison, Wisconsin
We have audited the balance sheets of Breeze Cove Limited Partnership as of
December 31, 1999 and 1998, and the related statements of loss, 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. Art 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 Breeze Cove Limited Partnership
as of December 31, 1999 and 1998, 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.
To The Partners
College Greene Rental Associates, L.P.
We have audited the accompanying balance sheet of College Greene Rental
Associates, L.P. (a Limited Partnership) as of December 31, 1999 and 1998, and
the related statements operations, changes in 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. 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 College Greene Rental Associates,
L.P. as of December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
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) IHDA Development No.
HFI/HTF-354 as of December 31, 1999 and 1998, 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, Government Auditing Standards issued by the Comptroller General of
the United States and the Illinois Housing Development Authority's Financial
Reporting and Audit Guidelines for Mortgagors of Multifamily Housing
Developments. 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 n 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, 1999 and 1998, 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 conducted for the purpose of forming an opinion on the basic
financial statements of taken as a whole. The accompanying supplementary
information is presented for purposes of additional analysis and is riot a
required part of the basic financial statements of EAST DOUGLAS APARTMENTS
LIMITED 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.
In accordance with Government Auditing Standards, the Illinois Housing
Development Authority's Financial Reporting and Audit Guidelines for Mortgagors
of Multifamily Housing Developments and the Consolidated Audit Guide for Audits
of HEID programs issued by the U.S. Department of Housing and Urban Development,
we have also issued a report dated January 21, 2000, on our consideration of
EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP'S internal control structure
compliance with specific requirements applicable to major IHDA-assisted programs
and specific requirements applicable to affirmative fair housing, and specific
requirements applicable to major IHDA-assisted program transactions.
To the Partners
FLORAL ACRES APARTMENTS II
We have audited the accompanying balance sheets of FLORAL ACRES APARTMENTS II,
RHS PROJECT NO. 22-026721172913 as of December 31, 1999 and 1998 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 II as
of December 31, 1999 and 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.
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 17 through 25, 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 17, 2000 on our consideration of FLORAL ACRES APARTMENTS II's
internal control and a report dated February 17, 2000 on its compliance with
laws and regulations applicable to the financial statements.
Shady Lane Seniors Apartments,
A Louisiana Partnership in Commendam
Mansfield, Louisiana
We have audited the accompanying balance sheets of Shady Lane Seniors
Apartments, A Louisiana Partnership in Commendam (the Partnership) as of
December 3 I. 1999 and 1998, 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 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 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 Shady Lane Seniors Apartments,
A Louisiana Partnership in Commendam as of December 31, 1999 and 1998. 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 our report
dated March 3, 2000, on our consideration of Shady Lane Seniors Apartments, A
Louisiana Partnership in Commendam's internal control over financial reporting
and our tests of its compliance with certain provisions of laws, regulations.
contracts and grants. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be read in conjunction
with this report in considering the results of our audits.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying schedules listed in the
table of contents are presented for the purpose of additional analysis and are
not a required part of the financial statements of Shady Lane Seniors
Apartments, A Louisiana Partnership in Commendam. 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.
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 31,1999 and 1998, 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, 1999 and 1998, 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.
To the Partners of
Better Homes for Havelock Limited Partnership
(A North Carolina Limited Partnership)
We have audited the accompanying balance sheets of Better Homes for Havelock
Limited Partnership (a North Carolina Limited Partnership) as of December 31,
1999 and 1998, 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 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 Better Homes for Havelock
Limited Partnership as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
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 audits at 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.
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, 1999 and 1998, 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, 1999 and 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.
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.
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, 1999 and 1998,
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 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 Liveoak Village Limited
Partnership as of December 31, 1999 and 1998, 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 our report
dated January 31, 2000, 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.
To the Partners
Lookout Ridge Limited Partnership
We nave audited the accompanying balance sheet of Lookout Ridge Limited
Partnership as of December 31, 1999, 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, 1999, 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.
To the Partners
Pinedale II Limited Partnership
We have audited the accompanying balance sheets of Pinedale II Limited
Partnership as of December 31, 1999 and 1998, 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, 1999 and 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.
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.
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, 1999 and 1998, 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, 1999 and 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.
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
auditin2 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.
To the Partners of
Kimbark 1200 Associates, Limited Partnership
Longmont, Colorado
We have audited the accompanying balance sheet of Kimbark 1200 Associates,
Limited Partnership, FHA Project No. 101-98011, as of December 31,1999, 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 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 Kimbark 1200 Associates,
Limited Partnership FHA Project No. 101-98011, as of December 31, 1999, and the
results of its operations and the changes in its partners' equity 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 23, 1999 on our consideration of Kimbark 1200 Associates, Limited
Partnership, internal controls and reports dated February 23, 1999 on its
compliance with specific requirements applicable to major HUD programs, and Fair
Housing and Non-Discrimination.
To the Partners Lost Tree Limited partnership
I have audited the accompanying balance sheets of Lost Tree Limited partnership
as of December 31, 1999 and 1998, 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, 1999 and 1998, 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.
To the Partners of
Roxbury Veterans Housing Limited Partnership
We have audited the accompanying balance sheet of Roxbury Veterans Housing
Limited Partnership (a Massachusetts Limited Partnership) as of December 31,
1999, 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 Roxbury Veterans Housing
Limited Partnership as of December 31, 1999, and the results of its operations,
changes in partners1 equity, and cash flows for the year 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 accompanying schedule of operating expenses is
presented for purposes of additional analysis and is not as 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.
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), RHS Project No. 28-
050640808922 as of December 31, 1999 and 1998, 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 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 general 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 Sheets (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 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.
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,
1999 and 1998 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, 1999 and 1998, 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.
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, 1999 and 1998 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, 1999 and 1998, 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.
Partners
Ithaca I Limited Partnership
Ithaca, Michigan
We have audited the accompanying balance sheet of Ithaca I Limited Partnership
Rural Housing Service Project No. 26-029-383119117 as of December 31, 1999 and
1998, and the related statements of income, partners' equity and cash flows for
the years ended December 31, 1999 and 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 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, Rural Housing Service 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, 1999 and 1998, 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 11, 2000 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 Rural Housing Service 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.
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, 1999 and 1998 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, 1999 and 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.
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 16, 2000 on our consideration of MATHIS APARTMENTS, LTD.'s
internal control and a report dated February 16, 2000 on its compliance with
laws and regulations applicable to the financial statements.
To The Partners
Sacramento SPO 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, 1999 and 1998 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, 1999 and 1998, and the results of their
operations and cash flows for the years then ended in conformity with generally
accepted accounting principles.
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, 1999 and 1998, 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, 1999 and 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.
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.
To the partners:
Village Woods Estates, L.P.
We have audited the accompanying balance sheets of Village Woods Estates, L.P.
as of December 31, 1999 and 1998, and the related statements of income, changes
in 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. 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, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting
principles.
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, 1999 and 1998 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 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 Autumn Ridge Associates as of
December 31, 1999 and 1998, 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 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.
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,
RES Project No.: 48-038-621467876, as of December 31, 1999 and 1998, 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, RES
Project No.: 48-038-621467876, as of December 31, 1999 and 1998, 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 February 1, 2000 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.
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, 1999, 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, 1999, 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, and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated January 25, 2000 on our
consideration of Centenary Housing Limited Partnership's internal control and
reports dated January 25, 2000 on its compliance with specific requirements
applicable to major HUD programs and specific requirements applicable to Fair
Housing and Non-Discrimination.
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, 1999 and 1998, 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, 1999 and 1998, 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 25, 2000, on our consideration of the Partnership's internal
control over financial reporting and on 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 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.5
Department of Agriculture; Rural Housing Service, for the year ended December
31, 1999, 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, 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.
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. Such additional information has been subjected to
the auditing procedures applied in the audits of the financial statements for
the years ended December 31, 1999 and 1998, and in our opinion, is fairly stated
in all material respects in relation to the financial statements taken as a
whole.
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, 1999 and 1998, 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 audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require than we plan arid 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 Elm Street Associates, L.P., as
of December 31, 1999 and 1998, and the results of its operations, changes in
partners' capital and cash flows for the years then ended in conformity with
generally accepted principles.
To the Partners of
Jeremy Associates Limited Partnership:
I
We have audited the accompanying balance sheets of JEREMY ASSOCIATES LIMITED
PARTNERSHIP (a Colorado limited partnership) as of December 31, 1999 and 1998,
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 auditing standards generally accepted
in 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 Jeremy Associates Limited
Partnership as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended in conformity with accounting
principles generally accepted in the United States.
To the Partners
Los Lunas Apartments Limited Partnership
dba Hillridge Apartments
Los Lunas, New Mexico
We have audited the accompanying balance sheets of Los Lunas Apartments Limited
Partnership dba Hillridge Apartments as of December 31, 1999 and 1998, and the
related statements of operations, partners' equity and cash flows for the years
then ended. All information included in these financial statements is the
representation of the management of Los Lunas Apartments Limited Partnership dba
Hillridge Apartments. 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 dba Hillridge Apartments as of December 31, 1999 and 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.
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 the 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.
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,
1999 and 1998, 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
our 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, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Partners
Shadowcreek Apartments
Elko, Nevada
We have audited the accompanying balance sheets of ShadowCreek Apartments
(Project). Rural Development Case No.33-002-0880283493, as of December 31, 1999
and 1998 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 December31,
1999 and ~998 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 11 through 13) 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.
In accordance with GovernmentAuditing Standards, we have issued a report dated
January 25, 2000, on our consideration of the Project's internal control
structure and a report dated January 25, 2000 on its compliance with laws and
regulations.
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, 1999 and 1998, 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, 1999 and 1998, 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 23, 2000 on my consideration of Pahrump Valley Investors' internal
control structure and a report dated March 23, 2000 on its compliance with laws
and regulations.
To the Partners
Stanton Associates, Limited
P.O BOX 551
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, 1999 and 1998, 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, 1999 and 1998, 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 February 3, 2000 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.
Partners
Woodlands Apartments
Elko, Nevada
We have audited the accompanying balance sheets of Woodlands Apartments
(Project), Rural Development Case No. 33~OO4-O88O31457O, as of December 31, 1999
and 1998 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 December31,
1999 and 1998 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 11 through 13) 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.
In accordance with Government Auditing Standards, we have issued a report dated
January 25, 2000, on our consideration of the Project's internal control
structure and a report dated January 25, 2000, on its compliance with laws and
regu1ations.
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, 1999 and 1998 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, 1999 and 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.
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 16, 2000 on our consideration of ZWOLLE PARTNERSHIP's internal
control and a report dated February 16, 2000 on its compliance with laws and
regulations applicable to the financial statements.
The Partners
Ethel Housing, L.P.
Ethel, Mississippi
We have audited the accompanying balance sheets of Ethel Housing, L.P., RD Case
No. 28-004060823417, as of December 31, 1999 and 1998, 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 Ethel Housing, L.P. as of
December 31, 1999 and 1998, 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 1, 2000, on our consideration of Ethel Housing,
L.P.'s internal control, and reports dated February 1, 2000, 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 12 through 19
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 pages 15 through 18, on which we
express no opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.
To the partners
Hurricane Hills I LC
I have audited the accompanying balance sheets of Hurricane Hills LC as of
December 31, 1999, 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 Hurricane Hills I LC as of
December 31, 1999, 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.
To: The Partners
Main Everett Housing Limited Partnership
We have audited the accompanying balance sheets of Main Everett Housing Limited
Partnership as of December 31, 1999 and 1998, 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.
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 Limited
Partnership as of December 31, 1999 and 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.
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
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, 1999 and 1998, 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 3l,
1999 and 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.
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.
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, 1999, and
the related statements of profit and loss, changes in partners' capital and cash
flows for the year ended December 31, 1999. These financial statements are
the responsibility of the Project's management. Our responsibility As 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 statement3 referred to above present fairly, in
all material respects, the financial position of HUD Project #O46-NIO93 as of
December 31, 1999 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 15, 2000 on our consideration of Washington Arms Apartments'
internal controls and a report dated February 15, 2000 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 HUD Project #046-N1093. Such
information has been subjected to the auditing procedures applied in the audit
of the financial statement and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a whole.
To: The Partners
Osborne Housing Limited Partnership
We have audited the accompanying balance sheets of Osborne Housing Limited
Partnership as of December 31, 1999 and 1998, 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.
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 Limited
Partnership as of December 31, 1999 and 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.
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.
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, 1999 and 1998 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 Sandstone Village Limited
Partnership as of December 31, 1999 and 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.
Our audits were made for the purposes 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.
The Partners
Shannon Housing, L.P.
We have audited the accompanying balance sheets of Shannon Housing, L.P., RD
Case No. 28-0410640835658, as of December 31, 1999 and 1998, 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 Shannon Housing, L.P. as of
December 31, 1999 and 1998, 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 9, 2000, on our consideration of Shannon Housing,
L.P. 's internal control, and reports dated February 9, 2000, 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 12 through 19
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 pages 15 through 18, on which
we express no opinion, is fairly stated in all material respects in relation to
the financial statements taken as a whole.
To the Partners of
Sutton Place Apartments
(A Limited Partnership)
Cincinnati, Ohio
We have audited the accompanying balance sheet of HUD Project #o73-55035, 073-
55037, 073-55038, 073-55061 and 073-55062 of Sutton Place Apartments (a limited
partnership) as of December 31, 1999, 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 HUB Programs (the "Guide")
issued by the U. S. Department of Rousing 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, 073-55062, as of December 31, 1999 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 15, 2000 on our consideration of Sutton Place Apartments'
internal control and a report dated February 15, 2000 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 #073-55035, 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.
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. 28-013-0640834734, as of December 31, 1999 and 1998, 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 West Point Housing, L.P. as of
December 31, 1999 and 1998, 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 10, 2000, on our consideration of West Point
Housing, L.P.'s internal control, and reports dated February 10, 2000, 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 13 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 pages 16 through 19, on
which we express no opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
To The Partners
200 East Avenue Associates, L.P.
We have audited the accompanying balance sheet of 200 East Avenue Associates L.P
(a limited partnership) as of December 31, 1999 and the related statements of
operations and partners' capital (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 200 East Avenue Associates,
L.P. as of December 31, 1999, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
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, 1999 and 1998, 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 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 A.V.A. Limited Partnership as
of December 31, 1999 and 1998, 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 our report
dated January 31, 2000, 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.
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, 1999 and 1998 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 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 Beckwood Manor One Limited
Partnership as of December 31, 1999 and 1998, 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 2, 2000 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.
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, 1999 and
1998 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, 1999 and 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.
Our audits were made primarily for the purpose of forming an opinion on the
basic financial statements for the years ended December 31, 1999 and 1998 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.
To the Partners
Decro Nordhoff, L.P.
We have audited the accompanying balance sheets of Decro Nordhoff, L.P. as of
December 31, 1999 and 1998, 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, 1999 and 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.
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.
To the Partners
G.V. A. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheets of G. V. A. Limited Partnership
(a Virginia limited partnership) as of December 31, 1999 and 1998, 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 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 G. V. A. Limited Partnership as
of December 31, 1999 and 1998, 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 our report
dated January 31, 2000, 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.
To the Partners
Grayson Manor Limited Partnership
I have audited the accompanying balance sheets of Grayson Manor Limited
Partnership as of December 31,1999 and 1998, and the related statements of
operations, partners' equity and cash flows for the periods 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 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 Grayson Manor Limited Partnership
as of December 31, 1999 and 1998, and the results of its operations, changes in
partners equity, and its cash flows for the periods then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also issued my report
dated March 10, 2000 on my consideration of Grayson Manor Limited Partnership's
internal control over financial reporting and on my tests of its compliance with
certain provisions of laws and regulations.
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 31,1999 and 1998, 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 M.B. Apartments Associates,
Ltd. (A Limited Partnership) as of December 31, 1999 and 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.
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 the 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.
The Partners
Meridian Housing, L.P.
We have audited the accompanying balance sheet of Meridian Housing; L.P., RD
Case No. 28-0380640893892, as of December 31, 1999, 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 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 Meridian Housing, L.P. as of
December 31, 1999, 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 and the Audit Program issued by
the United States Department of Agriculture, Rural Development, we have also
issued a report dated February 9, 2000, on our consideration of Meridian
Housing, L.P.'s internal control, and reports dated February 9, 2000, on its
compliance with specific requirements applicable to major RD programs and
nonmajor RD program 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 12 through 19
are presented for purposes of additional analysis and are not a required part of
the financial statements of Meridian Housing, L.P. Such information, except for
the current budget and proposed budget columns on pages 15 through 18, on which
we express no opinion, is fairly stated in all material respects in relation to
the financial statements taken as a whole.
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, 1999 and 1998, 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, 1999 and 1998, 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, 2000, on our consideration of New Devonshire II Limited
Partnership's internal control and a report dated January 27, 2000, 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.
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 #41-049-311449844, as of
December 31. 1999 and 1998, and the related statements of income, changes in
partners' deficit, and cash flows for the years then ended. The 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 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, 1999 and 1998, 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. 2000, on our consideration of New Devonshire West Limited
Partnership's internal control and a report dated January 27. 2000. On its
compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the financial
statements 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.
To the Partners
Powell Valley Limited Partnership
I have audited the accompanying balance sheets of Powell Valley Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
operations, partners' equity and cash flows for the periods 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 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 Powell Valley Limited Partnership
as of December 31, 1999 and 1998, and the results of its operations, changes in
partners equity, and its cash flows for the periods then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also issued my report
dated March 10, 2000 on my consideration of Powell Valley Limited Partnership's
internal control over financial reporting and on my tests of its compliance with
certain provisions of laws and regulations.
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, 1999 and 1998 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, 1999 and
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.
Our audits were made primarily for the purpose of forming an opinion on the
basic financial statements for the years ended December 31, 1999 and 1998 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.
To the Partners
V.V.A. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheets of V. V. A. Limited Partnership
(a Virginia limited partnership) as of December 31, 1999 and 1998, 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 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 V. V. A. Limited Partnership as
of December 31, 1999 and 1998, 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 our report
dated January 31, 2000, 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.
To the Partners
W.P.V.A. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheets of W.P.V.A. Limited Partnership
(a Virginia limited partnership) as of December 31, 1999 and 1998, 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 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 W.P.V.A. Limited Partnership as
of December 31, 1999 and 1998, 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 our report
dated January 31, 2000, 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.
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, 1999 and 1998, 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 partnership1s 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, 1999 and 1998, and the results of its operations, changes in
partners1 equity (deficit) and cash flows for the years then ended in conformity
with generally accepted accounting principles.
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, 1999, and the related statements of
operations, partners' capita) 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, 1999, and the results of it operations and its 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 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.
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, 1999 and 1998, 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, 1999 and 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.
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.
To the Partners
BIENVILLE II APARTMENTS
We have audited the accompanying balance sheets of BIENVILLE II APARTMENTS, RHS
PROJECT NO.: 22-007-721280566 as of December 31, 1999 and 1998 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 II APARTMENTS as of
December 31, 1999 and 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.
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 21, 2000 on our consideration of BIENVILLE II APARTMENTS's
internal control and a report dated February 21, 2000 on its compliance with
laws and regulations applicable to the financial statements.
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, 1999 and 1998 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, 1999 and 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.
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 9, 2000 on our consideration of BLANCHARD II APARTMENTS's
internal control and a report dated February 9, 2000 on its compliance with laws
and regulations applicable to the financial statements.
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, 1999 and 1998 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, 1999 and 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.
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 18 through 26, 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 report dated February
21, 2000 on our consideration of PARTNERSHIP's internal control and a report
dated February 21, 2000 on its compliance with laws and regulations applicable
to the financial statements.
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 Housing Service Project No. 26-
074-0383047638 as of December 31, 1999 and 1998, 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, Rural Housing Service 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, 1999 and 1998, 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 11, 2000 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 11 through 17 is presented for purposes of complying with the
requirements of Rural Housing Service 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.
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,
1999, and the related statement of operations, Changes in partners' capital and
cash flows for the year then ended. This financial statement is the
responsibility of the partnership's management. Our responsibility is to express
an opinion on this financial statement based on our audit. The financial
statement of NEIGHBORHOOD RESTORATIONS LIMITED PARTNERSHIP VII as of December
31, 1998, was audited by another accounting firm whose report dated January 15,
1999, expressed an unqualified opinion on that statement.
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 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.
We believe our audit provides a reasonable basis for our opinion.
In our opinion, the financial statement referred to above presents fairly, in
all material respects) the financial position of NEIGHBORHOOD RESTORATIONS
LIMITED PARTNERSHIP VII as of December 31, 1999, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
To the Partners
R.V.K.Y. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheets of R.V.K.Y. Limited Partnership
(a Kentucky limited partnership) as of December 31, 1999 and 1998, 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 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 R.V.K.Y. Limited Partnership as
of December 31, 1999 and 1998, 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 our report
dated January 31, 2000, 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.
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 31,
1999 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, 1999 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 schedule of other operating expenses
on page 11 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 a whole.
As described in Note 8 to the financial statements, the Partnership changed its
method of accounting for organization and start-up costs in accordance with
Statement of Position 98-5, "Reporting on the Costs of Start-Up Activities."
To The Partners
Sumner House Limited Partnership
We have audited the accompanying balance sheets of Sumner House Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
operations and 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 Sumner House Limited
Partnership as of December 31, 1999 and 1998, and the results of its operations
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 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 audits of the basic financial statements
and, is fairly stated in all natural respects in relation to the basic financial
statements taken as a whole.
To the Partners
Terraceview Limited Partnership
We have audited the accompanying balance sheet of Terraceview Limited
Partnership as of December 31, 1999, 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 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 the 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 Terraceveiw Limited Partnership
as of December 31, 1999 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 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 our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
To the Partners
Bryson Apartments, LTD.
We have audited the accompanying balance sheet of Bryson Apartments, Ltd. (a
limited partnership), RD Project No.: 50-019-752658906-01-8 as of December 31,
1999 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 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. RD
Project No.: 50-019-752658906-01-8 as of December 31, 1999, 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 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 February 23, 2000 on our consideration of Bryson Apartments, Ltd.'s
internal control and a report dated February 23, 2000 on its compliance with
laws and regulations applicable to the financial statement.
The Partners
Collins Housing, L.P.
Collins, Mississippi
We have audited the accompanying balance sheets of Collins Housing L.P., RD Case
No.28-0160640864674, as of December 31, 1999 and 1998, 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 standard
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 Collins Housing, L.P. as of
December 31, 1999 and 1998, 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 9, 2000, on our consideration of Collins Housing,
L.P.'s internal control, and reports dated February 9, 2000, 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 12 through 19
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 pages 15 through 18, on which
we express no opinion, is fairly stated in all material respects in relation to
the financial statements taken as a whole.
To the Partners
Glenbrook Apartments, Ltd.
We have audited the accompanying balance sheet of Glenbrook Apartments, Ltd. (a
limited partnership), RD Project No.: 50-069-0752627351-01-4 as of December 31,
1999 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 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 Glenbrook Apartments, Ltd., RD
Project No.: 50-069-0752627351-01-4 as of December 31, 1999, 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 1-18 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 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 27, 2000 on our consideration of Glenbrook Apartments, Ltd.'s
internal control and a report dated February 27, 2000 on its compliance with
laws and regulations applicable to the financial statement.
To the partners
Harbor Pointe/MHT Limited Dividend Housing
Association Limited Partnership
We have audited the accompanying balance sheet of Harbor Pointe/MHT Limited
Dividend Housing Association Limited Partnership (a Michigan limited
partnership) as of December 31, 1999, and the related statements of income,
partners' equity 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
cur 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 Harbor Pointe/MHT Limited
Dividend Housing Association Limited Partners as of December 31, 1999 and the
results of its operations and its cash flows for the year then ended, in
Conformity with generally accepted accounting principles.
To the Partners
Jacksboro Apartments, LTD.
We have audited the accompanying balance sheet of Jacksboro Apartments, Ltd. (a
limited partnership), RD Project No.: 50-0190752657457-01-6 as of December 31,
1999 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 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 Jacksboro Apartments, Ltd. as
of December 31, 1999, 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 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 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 21, 2000 on our consideration of Jacksboro Apartments, Ltd.'s
internal control and a report dated February 21, 2000 on its compliance with
laws and regulations applicable to the financial statement.
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 sheets of Lincoln Hotel Partnership, a
California Limited Partnership, as of December 31, 1999 and 1998 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 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, 1999 and 1998, and the
results of operations and cash flows for the years then ended in conformity with
generally accepted accounting principles.
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. 28-83-40863241 as of
December 31, 1999 and 1998, 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 respects, the financial position of Lutkin Bayou Apartments, 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 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 1980-8) and the Multiple Family Housing Project
Budget (RHS FORM RD 1980-7). 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.
To The Partners
Northway Drive, Ltd.
Bryan, Texas
We have audited the accompanying balance sheets of Northway Drive, Ltd. - (A
Texas Limited Partnership) as of December 31, 1999 and 1998, and the related
statements of income, partners' equity and cash flows for the years ended
December 31, 1999 and 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 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 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 audits provide 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, 1999 and 1998, in conformity with
Generally Accepted Accounting Principles.
To the Partners
Rhome Apartments, Ltd.
We have audited the accompanying balance sheet of Rhome Apartments, Ltd. (a
limited partnership), RD Project No: 51-049-0752627348-02-2 as of December 31,
1999 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 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 Rhome Apartments, Ltd., RD
Project No.: 51-049-0752627348 as of December 31, 1999, 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 1-18 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 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 29, 2000 on our consideration of Rhome Apartments, Ltd.'s
internal control and a report dated February 29, 2000 on its compliance with
laws and regulations applicable to the financial statement.
To the Partners
Bellwood Four Limited Partnership
We have audited the accompanying balance sheets of Bellwood Four Limited
Partnership, (the Partnership) as of December 31, 1999 and 1998 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 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 Bellwood Four Limited
Partnership as of December 31, 1999 and 1998, 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 1, 2000 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.
To the Partners
Bowie Apartments, Ltd.
We have audited the accompanying balance sheets of Bowie Apartments, Ltd. (a
limited partnership), RD Project No. 50-069- 0752627345-01-7, as of December 31,
1999 and 1998, and the related statements of operations1 partners' equity and
cash flows for the years ended December 31, 1999 and 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 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 Bowie Apartments, Ltd., RD
Project No. 50~069~0752627345-0l-7, as of December 31, 1999 and 1998, and the
results of its operations, the changes in partners' equity and cash flows for
the years ended December 31, 1999 and 1998 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 1-
21 and 1-22 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 February 11, 2000 on our consideration of Bowie Apartments, Ltd. internal
control and a report dated February 11, 2000 on its compliance with laws and
regulations applicable to the financial statement.
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, 1999 and 1998, 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 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, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepting accounting
principles.
In accordance with Government Auditing Standards, we have also issued our report
dated January 31, 2000, 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.
To the Partners
Graham Apartments, Ltd.
We have audited the accompanying balance sheets of Graham Apartments, Ltd. (a
limited partnership), RD Project No. 51-52-752663159-01-1, as of December 31,
1999 and 1998, 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 Graham Apartments, Ltd., RD
Project No. 51-52-752663159-01-1, as of December 31, 1999 and 1998, 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.
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 1-20
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 February 16, 2000 on our consideration of Graham Apartments, Ltd.'s
internal control and a report dated February 16, 2000 on its compliance with
laws and regulations applicable to the financial statements.
To The Partners
Hillside Terrace Associates, L.P.
We have audited the accompanying balance sheet of Hillside Terrace Associates,
L.P. (a limited partnership) as of December 31, 1999 and the related statements
of operations and partners capital (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 Hillside Terrace Associates,
L.P. as of December 31, 1999, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
To the Partners
K.G.V.A. Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheets of K.G.V.A. Limited Partnership
(a Virginia limited partnership) as of December 31, 1999 and 1998, and the
related statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership1s 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 W G. V. A. Limited Partnership
as of December 31, 1999 and 1998, 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 our report
dated January 31, 2000, 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.
To the Partners
Mesa Grande Apartments, Limited Partnership
Irvine, California
I have audited the accompanying balance sheet of Mesa Grande Apartments, Limited
Partnership as of December 31, 1999, 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. 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 Grande Apartments, Limited
Partnership at December 31, 1999, and the results of its operations and cash
flows for the year then ended in conformity with generally accepted accounting
principles.
To the Partners
Nocona Apartments, Ltd.
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,
1999 and 1998, 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 Nocona Apartments, Ltd. RD
Project No.: 50-069-0752685663-02-2 as of December 31, 1999 and 1998, 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.
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 1-20
and 1-21 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 February 15, 2000 on our consideration of Nocona Apartments, Ltd.'s
internal control and a report dated February 15, 2000 on its compliance with
laws and regulations applicable to the financial statement.
To the Partners
Sunrise Homes Apartments, Limited Partnership
Irvine, California
I have audited the accompanying balance sheet of Sunrise Homes Apartments,
Limited Partnership (A Development Stage Enterprise) as of December 31, 1999,
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. 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 at December 31, 1999, and the results of its operations and cash
flows for the year then ended in conformity with generally accepted accounting
principles.
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, 1999 and 1998, and the related statements of income (loss),
partners' capital, and cash flows for the years ended December 31, 1999 and
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 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, 1999 and 1998, and the
results of its operations and its cash flows for the years ended December31,
1999 and 1998 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 8, 2000, on our consideration of the Partnership's internal
control and a report dated February 8, 2000, 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 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 II 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
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, 1999 and 1998, and the related statements of income (loss),
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 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, 1999 and 1998, 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 17, 2000, on our consideration of the Partnership's internal
control and a report dated February 17, 2000, 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 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 II 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.
The Partners
Canton Housing Three, L.P.
Jackson, Mississippi
We have audited the accompanying balance sheets of Canton Housing Three, L.P., a
Mississippi limited partnership, FmHA Project No.28-045-0640886063 04-2, as of
December 31, 1999 and 1998, and the related statements of income (loss),
partners' capital, and cash flows for the years ended December 31, 1999 and
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
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, 1999 and 1998, and
the results of its operations and its cash flows for the years ended December
31, 1999 and 1998 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 8, 2000, on our consideration of the Partnership's internal
control and a report dated February 8, 2000, 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 JV 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.
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, 1999 and 1998, and the related statements of income (loss),
partners' capital, and cash flows for the years ended December 31, 1999 and
1998. These financial statements are the responsibility of the Partnership' 5
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., FmHA
Project No. 28-045-0640886064-02-0, as of December 31, 1999 and 1998, and the
results of its operations and its cash flows for the years ended December 31,
1999 and 1998 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 8, 2000, on our consideration of the Partnership's internal
control and a report dated February 8, 2000, 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.
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, 1999 and 1998, 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. 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, 1999 and 1998 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.
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.
To the Partners
Ellisville Housing, L.P.
West Point, Mississippi
We have the accompanying balance sheets of Ellisville Housing LP (a Mississippi
limited partnership), RHS Project No. 28-034-O64086466/as of December 31, 1999
and 1998, 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 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, 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 p art 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.
To the Partners
Hattiesburg Housing, LP
Jackson, Mississippi
We have audited the accompanying balance sheet of Hattiesburg Housing, LP (a
Mississippi limited partnership), RHS Project No. 28-018-640864668 as of
December 31, 1999 and 1998, 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 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 assess mg 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 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.
To the Partners of
Henderson Terrace, L. P.
Bridgeport, Texas
I have audited the accompanying balance sheets of Henderson Terrace, L. P. as of
December31, 1999 and 1998, and the related statements of operations, partners'
capital and cash flows for the years then ended. These financial statements are
the responsibility of the partnership1s 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, 1999 and 1998 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.
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 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.
To the partners
Hurricane Hills II LC
I have audited the accompanying balance sheets of Hurricane Hills II LC as of
December 31, 1999, 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.
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 December31, 1999 and 1998, 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. 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, 1999 and 1998 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.
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.
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, 1999 and 1998, 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. 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, 1999 and 1998 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.
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.
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, 1999 and 1998 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 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 materials respects, the financial position of N.M.V.A. Limited Partnership
as of December 31, 1999 and 1998, 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 our report
dated January 31, 2000, 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.
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, 1999 and 1998, 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. 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, 1999 and 1998 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.
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.
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, 1999
and 1998, and the related statements of profit and loss, 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 Sencit Hampden Associates, L.P.
as of December 31, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting
principles.
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, 1999, and the related statements of income,
partners' equity 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 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 Silver Creek/MHT Limited
Dividend Housing Association Limited Partnership as of December 31, 1999, 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 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 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
Courtside Housing Associates, A
Washington Limited Partnership
Bellevue, Washington
We have audited the accompanying balance sheets of Courtside Housing Associates,
A Washington Limited Partnership, as of December 31, 1999 and 1998, 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 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 Courtside Housing Associates, A
Washington Limited Partnership, as of December 31, 1999 and 1998, 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 conducted for the purpose of forming an opinion on the financial
statements taken as a whole. The additional information shown on page 10 is
presented for the purpose of additional analysis and is not a required part of
the financial statements. Such additional information has been subjected to the
auditing procedures applied in the audits 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.
To the Partners
Indiana Development Limited Partnership
Novi, Michigan
We have audited the accompanying balance sheets of Indiana Development Limited
Partnership as of December 31, 1999 and 1998 and the related statements of
operation partner capital and cash flows for the years then ended. These
financial statements are the responsibility of Indiana Development Limited
Partnership's management. Our responsibility is to express an opinion on the
financial statement based upon our audit.
We conducted our audits 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 disclosure 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 Indiana Development Limited
Partnership as of December 31, 1999 and 1998 and the results of its operations
and its cash flow 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
and 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 whole.
To the Partners of
Martinsville-I, Ltd.
I have audited the accompanying balance sheet of Martinsville-I, Ltd. (a
Kentucky limited partnership) as of December 31, 1999 and the related statements
of changes in partners' capital and cash flows for the four months and twenty
days then ended. The 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 amount and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Partnership's general partner and contracted management agent, 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 in all material
respects the financial position of Martinsville-I, Ltd. at December 31, 1999,
and its changes in partners' capital and cash flows for the four months and
twenty days then ended in conformity with generally accepted accounting
principles.
To the Partners
Pyramid Four Limited Partnership
We have audited the accompanying balance sheet of Pyramid Four Limited
Partnership, (the Partnership), as of December 31, 1999. This financial
statement is the responsibility of the Partnership'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 it 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 Pyramid Four Limited Partnership as
of December 31, 1999, in conformity with generally accepted accounting
principles.
To the Partners
Bradford Group Partners of Jefferson County, L.P.
893 Forgety Road
Jefferson City, Tennessee
We have audited the accompanying balance sheet of Bradford Group Partners of
Jefferson County, L.P. (a limited partnership) as of December 31, 1999, and the
related statements of income (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 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 our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Bradford Group Partners of
Jefferson County, L.P. as of December 31, 1999, 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 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.
To the Partners
Belmont Affordable Housing II, L.P.
Springfield, Pennsylvania
We have audited the accompanying balance sheet of BELMONT AFFORDABLE HOUSING II,
L.P. (a Pennsylvania Limited Partnership) as of December 31, 1999, and the
related statements of operations and other comprehensive loss, 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 presents fairly, in
all material respects, the financial position of BELMONT AFFORDABLE HOUSING II,
L.P. as of December 31, 1999, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
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, 1999, 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, 1999, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
Partners
RHP 96-1 Limited Partnership
Novi, Michigan
We have audited the accompanying balance sheets of RHP 96-1 Limited Partnership
as of December 31, 1999 and 1998 and the related statements of operations,
partner capital and cash flows for the years then ended. These financial
statements are the responsibility of RHP 96-l Limited Partnership's management.
Our responsibility is to express an opinion on the financial statement
based upon our audit
We conducted our audits 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, 1999 and 1998 and the results of its operations and its cash
flow 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
and 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 whole.
Partners
Cypress Point Housing Limited Partnership
Bellevue, Washington
We have audited the accompanying balance sheet of Cypress Point Housing Limited
Partnership, as of December 31, 1999 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 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 Cypress Point Housing Limited
Partnership, as of December 31, 1999, 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.
To the Partners
New Caney Housing II, Ltd.
We have audited the accompanying balance sheet of New Caney Housing II, Ltd.(a
development stage company) as of December 31, 1999, and the related statements
of operations, partners' equity (deficit), and cash flow for the year ended
December 31, 1999. 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 accompanying financial statements referred to above present
fairly, in all material respects, the financial position of New Caney Housing
II, Ltd. as of December 31, 1999, and the results of its operation and its cash
flows for the year ending December 31, 1999, in conformity with generally
accepted accounting principles.
To the Partners
Aloha Housing Limited Partnership
Oregon Housing and
Community Services Department
Salem, Oregon
We have audited the accompanying Balance Sheet of Aloha Housing Limited
Partnership (a limited partnership), as of December 31, 1999 and the related
statements of operations, changes in partners capital, and cash flows for the
four months 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 with Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform our 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 Aloha Housing Limited
Partnership, as of December 31, 1999 and the results of its operations and its
cash flows for the four months 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 accompanying schedule of supplementary
information required by the Oregon Housing and Community Services Department 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 our 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.
To The Partners
Riverview Bend Limited Partnership
Crystal City, Missouri
We have audited the accompanying balance sheet of Riverview Bend Limited
Partnership (Riverview Bend Apartments, Project No. 085-35329-PM-L8) as of
December 31, 1999, and the related statements of profit and loss, partners'
equity and cash flows for the period beginning November 10, 1999 and ended
December 31, 1999. 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 Riverview Bend Limited
Partnership as of December 31, 1999, and the results of its operations and its
cash flows for the period beginning November 10, 1999 and ended December 31,
1999 in conformity with generally accepted 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 14 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 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, and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.5. Department of Housing and
Urban Development, we have also issued a report dated February 12, 2000 on our
consideration of Riverview Bend Limited Partnership's internal control and
reports dated February 12, 2000 on its compliance with specific requirements
applicable to non-major HUD programs and specific requirements applicable to
Fair Housing and Non-Discrimination.
Partners
Senior Suites Chicago Washington Heights
Limited Partnership
Chicago, Illinois
We have audited the accompanying balance sheet of Senior Suites Chicago
Washington Heights Limited Partnership (A Development Stage Company) as of
December 31, 1999 the end of the initial accounting period of the Partnership.
This financial statement is the responsibility of the Partnership'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 Senior Suites Chicago Washington
Heights Limited Partnership (A Development Stage Company) as of December 31,
1999 in conformity with generally accepted accounting principles.
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
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
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
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
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
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
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
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
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
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
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
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
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: 50-0690752685663-02-2 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
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
March 31, 2000 and 1999
<TABLE>
Total
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 387,774,608
$ 352,630,004
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 15,484,389
14,152,267
Investments available-for-sale (notes A and G) 33,246,886
47,977,925
Notes receivable (note D) 14,280,633
14,174,473
Deferred acquisition costs (notes A and C) 13,304,610
5,644,971
Organization costs, net of accumulated
amortization (note A) -
623,193
Other assets (note E) 14,057,243
21,298,752
----------------
----------------
$ 478,148,369
$ 456,501,585
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 427,847
$ 98,803
Line of credit (Note J) 976,349
200,000
Syndication costs payable -
312,955
Accounts payable - affiliates (note B) 7,121,923
5,280,848
Capital contributions payable (note C) 53,534,052
73,541,468
----------------
----------------
62,060,171
79,434,074
----------------
----------------
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,
57,660,659 and 49,998,759, respectively, at
March 31, 2000 and 1999 are issued and
outstanding to the assignees -
-
Assignees
Units of beneficial interest of the limited
partnership interest of the
assignor limited partner, 57,660,659,
respectively, and 49,998,759, respectively,
at March 31, 2000 and 1999 issued and
outstanding 416,025,620
377,341,887
General Partner (767,937)
(501,370)
Accumulated other comprehensive income 830,515
226,994
----------------
----------------
438,343,230
377,067,511
----------------
----------------
$ 500,403,401
$ 456,501,585
================
================
</TABLE>
Series 36, 37 and 38 were not formed until after March 31, 1999,
therefore no comparative information has been included.
(continued)
F-6
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 20
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 18,752,214
$ 20,817,668
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 312,723
223,286
Investments available-for-sale (notes A and G) -
-
Notes receivable (note D) -
-
Deferred acquisition costs (notes A and C) 94,663
98,235
Organization costs, net of accumulated
amortization (note A) -
10,607
Other assets (note E) 694,211
726,093
----------------
----------------
$ 19,853,811
$ 21,875,889
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 1,711,212
1,331,964
Capital contributions payable (note C) 388,026
388,026
----------------
----------------
2,099,238
1,719,990
----------------
----------------
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, 2000 and 1999
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, 2000 and
1999 issued and outstanding 17,907,592
20,284,905
General partner (153,019)
(129,006)
Accumulated other comprehensive income -
-
----------------
----------------
17,754,573
20,155,899
----------------
----------------
$ 19,853,811
$ 21,875,889
================
================
</TABLE>
(continued)
F-7
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 21
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 6,653,822
$ 7,984,415
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 272,223
204,141
Investments available-for-sale (notes A and G) 587,397
777,925
Notes receivable (note D) 641,542
641,542
Deferred acquisition costs (notes A and C) 51,777
53,731
Organization costs, net of accumulated
amortization (note A) -
-
Other assets (note E) 343,017
268,066
----------------
----------------
$ 8,549,778
$ 9,929,820
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 649,510
623,670
Capital contributions payable (note C) 683,688
709,193
----------------
----------------
1,333,198
1,332,863
----------------
----------------
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, 2000
and 1999 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, 2000 and 1999 issued
and outstanding 7,288,087
8,667,497
General partner (89,971)
(76,038)
Accumulated other comprehensive income 18,464
5,498
----------------
----------------
7,216,580
8,596,957
----------------
----------------
$ 8,649,778
$ 9,929,820
================
================
</TABLE>
(continued)
F-8
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 22
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 13,754,315
$ 14,961,440
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 271,654
319,333
Investments available-for-sale (notes A and G) 311,407
272,533
Notes receivable (note D) 450,981
462,686
Deferred acquisition costs (notes A and C) 162,704
168,844
Organization costs, net of accumulated
amortization (note A) -
9,694
Other assets (note E) 163,633
165,466
----------------
----------------
$ 15,114,694
$ 16,359,996
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 1,046,145
791,555
Capital contributions payable (note C) 538,769
550,641
----------------
----------------
1,584,914
1,342,196
----------------
----------------
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, 2000
and 1999 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, 2000 and 1999
issued and outstanding 13,603,885
15,084,797
General partner (83,881)
(68,922)
Accumulated other comprehensive income 9,776
1,925
----------------
----------------
13,529,780
15,017,800
----------------
----------------
$ 15,114,694
$ 16,359,996
================
================
</TABLE>
(continued)
F-9
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 23
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 20,257,128
$ 21,681,096
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 339,179
610,758
Investments available-for-sale (notes A and G) -
-
Notes receivable (note D) 306,751
456,751
Deferred acquisition costs (notes A and C) 165,523
171,769
Organization costs, net of accumulated
amortization (note A) -
16,933
Other assets (note E) 378,455
393,309
----------------
----------------
$ 21,447,036
$ 23,330,616
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 528,418
413,155
Capital contributions payable (note C) 458,631
772,817
----------------
----------------
987,049
1,185,972
----------------
----------------
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, 2000
and 1999 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, 2000 and 1999 issued
and outstanding 20,540,234
22,208,044
General Partner (80,247)
(63,400)
Accumulated other comprehensive income -
-
----------------
----------------
20,459,987
22,144,644
----------------
----------------
$ 21,447,036
$ 23,330,616
================
================
</TABLE>
(continued)
F-10
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 24
-----------------------------------
2000 1999
---------------- ----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $
12,542,793 $ 13,973,053
OTHER ASSETS
Cash and cash equivalents (notes A, H and I)
294,853 304,564
Investments available-for-sale (notes A and G)
264,336 188,039
Notes receivable (note D)
534,342 551,210
Deferred acquisition costs (notes A and C)
270,421 280,602
Organization costs, net of accumulated amortization (note A)
- 19,470
Other assets (note E)
677,968 674,603
---------------- ----------------
$
14,584,713 $ 15,991,541
================ ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $
- $ -
Line of credit (note J)
- -
Syndication costs payable
- -
Accounts payable - affiliates (note B)
779,611 546,259
Capital contributions payable (note C)
1,259,345 1,285,736
---------------- ----------------
2,038,956 1,831,995
---------------- ----------------
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, 2000 and
1999 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, 2000 and 1999 issued
and outstanding
12,597,389 14,201,933
General partner
(59,924) (43,716)
Accumulated other comprehensive income
8,292 1,329
---------------- ----------------
12,545,757 14,159,546
---------------- ----------------
$
14,584,713 $ 15,991,541
================ ================
</TABLE>
(continued)
F-11
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 25
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 18,948,606
$ 20,921,953
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 526,832
660,000
Investments available-for-sale (notes A and G) 605,151
529,693
Notes receivable (note D) 523,193
551,221
Deferred acquisition costs (notes A and C) 271,579
281,804
Organization costs, net of accumulated
amortization (note A) -
18,354
Other assets (note E) 1,323,125
1,322,390
----------------
----------------
$ 22,198,486
$ 24,285,415
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 545,352
272,676
Capital contributions payable (note C) 2,516,436
2,704,223
----------------
----------------
3,061,788
2,976,899
----------------
----------------
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, 2000 and 1999
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, 2000 and 1999 issued and outstanding 19,183,968
21,349,087
General partner (66,267)
(44,397)
Accumulated other comprehensive income 18,997
3,826
----------------
----------------
19,136,698
21,308,516
----------------
----------------
$ 22,198,486
$ 24,285,415
================
================
</TABLE>
(continued)
F-12
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 26
-----------------------------------
2000
1999
---------------
---------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 28,691,064
$ 29,938,230
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 201,802
1,190,003
Investments available-for-sale (notes A and G) 224,505
721,150
Notes receivable (note D) 586,335
653,909
Deferred acquisition costs (notes A and C) 460,089
475,012
Organization costs, net of accumulated
amortization (note A) -
42,595
Other assets (note E) 2,512,111
3,856,657
----------------
----------------
$ 32,675,906
$ 36,877,556
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 90
$ 90
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 691,428
266,608
Capital contributions payable (note C) 2,709,059
5,548,536
----------------
----------------
3,400,577
5,815,234
----------------
----------------
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, 2000 and 1999, 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,
2000 and 1999 issued and outstanding 29,315,855
31,085,523
General partner (47,570)
(29,727)
Accumulated other comprehensive income 7,044
6,526
----------------
----------------
29,275,329
31,062,322
----------------
----------------
$ 32,675,906
$ 36,877,556
================
================
</TABLE>
(continued)
F-13
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 27
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 16,392,639
$ 16,996,406
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 250,061
1,328,141
Investments available-for-sale (notes A and G) 567,355
140,982
Notes receivable (note D) 99,549
270,649
Deferred acquisition costs (notes A and C) 396,089
402,321
Organization costs, net of accumulated
amortization (note A) -
38,806
Other assets (note E) 893,060
1,017,819
----------------
----------------
$ 18,598,753
$ 20,195,124
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 744,494
430,737
Capital contributions payable (note C) 1,063,367
1,645,618
----------------
----------------
1,807,861
2,076,355
----------------
----------------
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, 2000 and 1999 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,
2000 and 1999 issued and outstanding 16,811,783
18,142,362
General partner (38,716)
(25,276)
Accumulated other comprehensive income 17,825
1,683
----------------
----------------
16,790,892
18,118,769
----------------
----------------
$ 18,598,753
$ 20,195,124
================
================
</TABLE>
(continued)
F-14
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 28
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 29,671,967
$ 32,194,655
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 1,096,622
569,820
Investments available-for-sale (notes A and G) 2,018,028
4,164,571
Notes receivable (note D) 1,477,458
1,477,458
Deferred acquisition costs (notes A and C) 87,462
70,092
Organization costs, net of accumulated
amortization (note A) -
55,896
Other assets (note E) 3,018
205,606
----------------
----------------
$ 34,304,555
$ 38,738,098
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 104
256,148
Capital contributions payable (note C) 2,484,505
4,440,923
----------------
----------------
2,484,609
4,697,071
----------------
----------------
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,
2000 and 1999 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, 2000 and 1999 issued
and outstanding 31,782,620
34,013,990
General Partner (26,184)
(3,685)
Accumulated other comprehensive income 63,510
30,722
----------------
----------------
31,819,946
34,041,027
----------------
----------------
$ 34,304,555
$ 38,738,098
================
================
</TABLE>
(continued)
F-15
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 29
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 28,738,405
$ 31,006,270
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 387,679
1,066,404
Investments available-for-sale (notes A and G) 1,706,936
5,250,347
Notes receivable (note D) 835,878
835,878
Deferred acquisition costs (notes A and C) 86,047
13,596
Organization costs, net of accumulated
amortization (note A) -
49,448
Other assets (note E) 17,796
26,001
----------------
----------------
$ 31,772,741
$ 38,247,944
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 36
6,511
Capital contributions payable (note C) 2,060,981
5,800,186
----------------
----------------
2,061,017
5,806,697
----------------
----------------
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,
2000 and 1999 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, 2000 and 1999, issued
and outstanding 29,719,635
32,431,904
General Partner (41,869)
(16,900)
Accumulated other comprehensive income 33,958
26,243
----------------
----------------
29,711,724
32,441,247
----------------
----------------
$ 31,772,741
$ 38,247,944
================
================
</TABLE>
(continued)
F-16
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 30
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 20,143,589
$ 18,385,611
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 403,328
1,339,143
Investments available-for-sale (notes A and G) 2,229,119
5,366,697
Notes receivable (note D) 85,438
1,415,196
Deferred acquisition costs (notes A and C) 561,263
510,332
Organization costs, net of accumulated
amortization (note A) -
48,501
Other assets (note E) 609,524
888,146
----------------
----------------
$ 24,032,261
$ 27,953,626
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 7,524
6,196
Capital contributions payable (note C) 2,502,751
5,188,387
----------------
----------------
2,510,275
5,194,583
----------------
----------------
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,
2000 and 1999, 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, 2000 and 1999, issued
and outstanding 21,471,225
22,733,909
General Partner (12,469)
264
Accumulated other comprehensive income 63,230
24,870
----------------
----------------
21,521,986
22,759,043
----------------
----------------
$ 24,032,261
$ 27,953,626
================
================
</TABLE>
(continued)
F-17
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 31
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 32,353,530
$ 35,524,458
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 1,449,979
1,294,456
Investments available-for-sale (notes A and G) 2,576,842
5,366,127
Notes receivable (note D) 2,361,971
2,221,022
Deferred acquisition costs (notes A and C) -
-
Organization costs, net of accumulated
amortization (note A) -
51,385
Other assets (note E) 593,010
974,611
----------------
----------------
$ 39,335,332
$ 45,432,059
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 2,975
$ 1,660
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 26,655
1,390
Capital contributions payable (note C) 4,973,344
8,010,788
----------------
----------------
5,002,974
8,013,838
----------------
----------------
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, 2000
and 1999, 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, 2000 and 1999, issued and
outstanding 34,298,592
37,405,408
General Partner (36,641)
(5,325)
Accumulated other comprehensive income 70,407
18,138
----------------
----------------
34,332,358
37,418,221
----------------
----------------
$ 39,335,332
$ 45,432,059
================
================
</TABLE>
(continued)
F-18
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 32
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 37,641,580
$ 35,492,664
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 240,584
1,625,906
Investments available-for-sale (notes A and G) 2,832,134
9,246,829
Notes receivable (note D) 914,126
1,995,249
Deferred acquisition costs (notes A and C) 793,104
723,349
Organization costs, net of accumulated
amortization (note A) -
50,418
Other assets (note E) 1,680,500
1,970,512
----------------
----------------
$ 44,102,028
$ 51,104,927
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 148,654
103
Capital contributions payable (note C) 4,476,034
10,155,068
----------------
----------------
4,624,688
10,155,171
----------------
----------------
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 at March 31, 2000 and 1999
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 at
March 31, 2000 and 1999 issued and
outstanding 39,409,396
40,911,216
General partner (12,392)
2,486
Accumulated other comprehensive income 80,336
36,054
----------------
----------------
39,477,340
40,949,756
----------------
----------------
$ 44,102,028
$ 51,104,927
================
================
</TABLE>
(continued)
F-19
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 33
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 20,996,032
$ 19,871,865
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 597,735
685,857
Investments available-for-sale (notes A and G) 3,156,657
5,892,859
Notes receivable (note D) 40,825
46,280
Deferred acquisition costs (notes A and C) 705,560
668,353
Organization costs, net of accumulated
amortization (note A) -
83,770
Other assets (note E) 4,378
1,078,560
----------------
----------------
$ 25,501,187
$ 28,327,544
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 71,735
6,443
Capital contributions payable (note C) 3,272,919
5,507,151
----------------
----------------
3,344,654
5,513,594
----------------
----------------
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, 2000 and 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, 2000 and 1999, issued and
outstanding 22,072,254
22,776,691
General partner (5,110)
1,941
Accumulated other comprehensive income 89,389
35,318
----------------
----------------
22,156,533
22,813,950
----------------
----------------
$ 25,501,187
$ 28,327,544
================
================
</TABLE>
(continued)
F-20
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 34
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 27,688,578
$ 22,247,242
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 672,010
2,482,579
Investments available-for-sale (notes A and G) 3,361,452
9,666,568
Notes receivable (note D) 1,390,612
1,678,562
Deferred acquisition costs (notes A and C) 1,117,212
904,527
Organization costs, net of accumulated
amortization (note A) -
110,441
Other assets (note E) 1,222,417
5,146,310
----------------
----------------
$ 35,452,281
$ 42,236,229
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ 493
Line of credit (note J) -
-
Syndication costs payable -
-
Accounts payable - affiliates (note B) 10,656
32,894
Capital contributions payable (note C) 5,964,656
12,032,400
----------------
----------------
5,975,312
12,065,787
----------------
----------------
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, 2000 and
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, 2000 and 1999 issued and outstanding 29,388,210
30,136,760
General Partner (6,593)
399
Accumulated other comprehensive income 95,352
33,283
----------------
----------------
29,476,969
30,170,442
----------------
----------------
$ 35,452,281
$ 42,236,229
================
================
</TABLE>
(continued)
F-21
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 35
-----------------------------------
2000
1999
----------------
----------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C) $ 22,595,066
$ 10,632,978
OTHER ASSETS
Cash and cash equivalents (notes A, H and I) 701,756
247,876
Investments available-for-sale (notes A and G) 6,015,592
393,605
Notes receivable (note D) 650,000
916,860
Deferred acquisition costs (notes A and C) 3,210,646
822,404
Organization costs, net of accumulated
amortization (note A) -
16,875
Other assets (note E) 447,482
2,584,603
----------------
----------------
$ 33,620,542
$ 15,615,201
================
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 1,943
$ 96,560
Line of credit (note J) -
200,000
Syndication costs payable -
312,955
Accounts payable - affiliates (note B) 78,795
294,539
Capital contributions payable (note C) 5,528,412
8,801,775
----------------
----------------
5,609,150
9,705,829
----------------
----------------
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, 3,300,463
and 704,200 at March 31, 2000 and 1999,
respectively, are issued and outstanding
to the assignees -
-
Assignees
Units of beneficial interest of the limited
partnership interest of the
assignor limited partner, 3,300,463 and
704,200 at March 31, 2000 and 1999, respectively,
issued and outstanding 27,937,304
5,907,861
General Partner (2,684)
(68)
Accumulated other comprehensive income 76,772
1,579
----------------
----------------
28,011,392
5,909,372
----------------
----------------
$ 33,620,542
$ 15,615,201
================
================
</TABLE>
(continued)
F-22
<PAGE>
<TABLE>
Series 36
----------------
2000
----------------
<S>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C)
$ 15,225,618
OTHER ASSETS
Cash and cash equivalents (notes A, H and I)
328,095
Investments available-for-sale (notes A and G)
2,430,792
Notes receivable (note D)
1,635,636
Deferred acquisition costs (notes A and C)
2,132,600
Organization costs, net of accumulated
amortization (note A)
-
Other assets (note E)
1,407,708
----------------
$ 23,160,449
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses
$ -
Line of credit (note J)
-
Syndication costs payable
-
Accounts payable - affiliates (note B)
30,944
Capital contributions payable (note C)
5,509,534
----------------
5,540,478
----------------
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
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, 2,106,837
at March 31, 2000, are issued and outstanding
to the assignees
-
Assignees
Units of beneficial interest of the limited
partnership interest of the
assignor limited partner, 2,106,837 at
March 31, 2000, issued and outstanding
17,569,744
General Partner
(3,048)
Accumulated other comprehensive income
53,275
----------------
17,619,971
----------------
$ 23,160,449
================
</TABLE>
Series 36, 37 and 38 were not formed until after March 31, 1999,
therefore no comparative information has been included.
(continued)
F-23
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 37
----------------
2000
----------------
<S>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C)
$ 13,325,744
OTHER ASSETS
Cash and cash equivalents (notes A, H and I)
5,952,947
Investments available-for-sale (notes A and G)
4,359,183
Notes receivable (note D)
1,745,996
Deferred acquisition costs (notes A and C)
2,313,395
Organization costs, net of accumulated
amortization (note A)
-
Other assets (note E)
317,829
----------------
$ 28,015,094
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses
$ 350
Line of credit (note J)
-
Syndication costs payable
-
Accounts payable - affiliates (note B)
29,802
Capital contributions payable (note C)
6,239,395
----------------
6,269,547
----------------
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, 2,512,500 at
March 31, 2000, are issued and outstanding
to the assignees
-
Assignees
Units of beneficial interest of the limited
partnership interest of the
assignor limited partner, 2,512,500 at
March 31, 2000, issued and outstanding
21,622,194
General Partner
(535)
Accumulated other comprehensive income
123,888
----------------
21,745,547
----------------
$ 28,015,094
================
</TABLE>
Series 36, 37 and 38 were not formed until after March 31, 1999,
therefore no comparative information has been included.
(continued)
F-24
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
<TABLE>
Series 38
----------------
2000
----------------
<S>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A
and C)
$ 3,451,918
OTHER ASSETS
Cash and cash equivalents (notes A, H and I)
1,184,327
Investments available-for-sale (notes A and G)
-
Notes receivable (note D)
-
Deferred acquisition costs (notes A and C)
424,476
Organization costs, net of accumulated
amortization (note A)
-
Other assets (note E)
768,001
----------------
$ 5,828,722
================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses
$ 422,489
Line of credit (note J)
976,349
Syndication costs payable
-
Accounts payable - affiliates (note B)
20,848
Capital contributions payable (note C)
904,200
----------------
2,323,886
----------------
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, 446,300 at
March 31, 2000, are issued and outstanding to
the assignees
-
Assignees
Units of beneficial interest of the limited
partnership interest of the
assignor limited partner, 446,300 at
March 31, 2000, issued and outstanding
3,505,653
General Partner
(817)
Accumulated other comprehensive income
-
----------------
3,504,836
----------------
$ 5,828,722
================
</TABLE>
See notes to financial statements
F-25
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
<TABLE>
Total
-----------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 3,072,265 $ 4,604,150 $
4,007,240
Miscellaneous 17,700 -
-
---------------- ----------------
----------------
3,089,965 4,604,150
4,007,240
---------------- ----------------
----------------
Share of losses from operating
limited partnerships (note A) (22,255,032) (16,178,884)
(12,821,176)*
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 4,169,227 3,702,096
2,454,590
Amortization (note A) 505,485 200,643
163,770
General and administrative
expenses (note B) 1,316,628 1,444,688
1,528,261
Professional fees 658,192 555,193
507,864
Organization expense 218,756 -
-
---------------- ----------------
----------------
6,868,288 5,902,620
4,654,485
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 623,193 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (26,656,548) $ (17,477,354) $
(13,468,421)
================ ================
================
Net loss allocated to general partner $ (266,567) $ (174,775) $
(134,685)
================ ================
================
Net loss allocated to assignees $ (26,389,981) $ (17,302,579) $
(13,333,736)
================ ================
================
Net loss per BAC $ (0.47) $ (0.36) $
(0.36)
================ ================
================
</TABLE>
Series 33, 34 and 35 were not formed until after March 31, 1998,
therefore no comparative information has been included. Series 36, 37
and 38 were not formed until after March 31, 1999, therefore no comparative
information has been included.
(continued)
F-26
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 20
-----------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 9,979 $ 8,005
$ 52,699
Miscellaneous 8,850 -
-
---------------- ----------------
----------------
18,829 8,005
52,699
---------------- ----------------
----------------
Share of losses from operating limited
partnerships (note A) (2,039,505) (2,359,812)
(2,516,153)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 292,963 358,566
270,336
Amortization (note A) 3,572 23,284
23,285
General and administrative
expenses (note B) 35,244 34,973
56,682
Professional fees 38,264 42,802
30,488
Organization expense
- -
-
---------------- ----------------
----------------
370,043 459,625
380,791
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 10,607 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (2,401,326) $ (2,811,432)
$ (2,844,245)
================ ================
================
Net loss allocated to general partner $ (24,013) $ (28,114)
$ (28,442)
================ ================
================
Net loss allocated to assignees $ (2,377,313) $ (2,783,318)
$ (2,815,803)
================ ================
================
Net loss per BAC $ (0.61) $ (0.72)
$ (0.73)
================ ================
================
</TABLE>
(continued)
F-27
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 21
--------------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 55,157 $ 63,167 $
53,299
Miscellaneous - -
-
---------------- ----------------
----------------
55,157 63,167
53,299
---------------- ----------------
----------------
Share of losses from operating
limited partnership
(note A) (1,224,831) (1,440,087)
(1,854,423)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 157,432 201,340
215,217
Amortization (note A) 1,954 12,523
18,957
General and administrative
expenses (note B) 36,616 40,896
40,040
Professional fees 27,667
22,730
Organization expense - 21,707
-
---------------- ----------------
----------------
223,669 276,466
296,944
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle - -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (1,393,343) $ (1,653,386) $
(2,098,068)
================ ================
================
Net loss allocated to general partner $ (13,933) $ (16,534) $
(20,981)
================ ================
================
Net loss allocated to assignees $ (1,379,410) $ (1,636,852) $
(2,077,087)
================ ================
================
Net loss per BAC $ (0.73) $ (0.86) $
(1.10)
================ ================
================
</TABLE>
(continued)
F-28
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 22
------------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 23,002 $ 28,945 $
35,289
Miscellaneous 3,900 -
-
---------------- ----------------
----------------
26,902 28,945
35,289
---------------- ----------------
----------------
Share of losses from operating
limited partnerships
(note A) (1,211,051) (1,371,100)
(1,372,762)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 227,588 241,151
225,636
Amortization (note A) 6,140 12,538
12,538
General and administrative
expenses (note B) 32,553 32,283
44,605
Professional fees 35,747 29,885
34,012
Organization expense - -
-
---------------- ----------------
----------------
302,028 315,857
316,791
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 9,694 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (1,495,871) $ (1,658,012) $
(1,654,264)
================ ================
================
Net loss allocated to general partner $ (14,959) $ (16,580) $
(16,543)
================ ================
================
Net loss allocated to assignees $ (1,480,912) $ (1,641,432) $
(1,637,721)
================ ================
================
Net loss per BAC $ (0.58) $ (0.64) $
(0.64)
================ ================
================
</TABLE>
(continued)
F-29
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 23
-----------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 10,693 $ 17,417
$ 78,002
4,800 -
-
---------------- ----------------
----------------
15,493 17,417
78,002
---------------- ----------------
----------------
Share of losses from operating limited
partnerships (note A) (1,416,388) (1,587,640)
(1,705,493)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 197,530 214,325
188,213
Amortization (note A) 6,246 13,072
13,072
General and administrative
expenses (note B) 31,781 33,071
62,957
Professional fees 31,272 29,483
35,928
Organization expense - -
-
---------------- ----------------
----------------
266,829 289,951
300,170
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 16,933 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (1,684,657) $ (1,860,174)
$ (1,927,661)
================ ================
================
Net loss allocated to general partner $ (16,847) $ (18,602)
$ (19,277)
================ ================
================
Net loss allocated to assignees $ (1,667,810) $ (1,841,572)
$ (1,908,384)
================ ================
================
Net loss per BAC $ (0.50) $ (0.55)
$ (0.57)
================ ================
================
</TABLE>
(continued)
F-30
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 24
-------------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 19,012 $ 31,706 $
50,741
Miscellaneous 150 -
-
---------------- ----------------
----------------
19,162 31,706
50,741
---------------- ----------------
----------------
Share of losses from operating
limited partnerships
(note A) (1,388,143) (1,475,502)
(1,342,281)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 160,446 203,448
208,597
Amortization (note A) 10,204 12,980
12,979
General and administrative
expenses (note B) 30,062 28,523
33,088
Professional fees 31,589 34,958
29,154
Organization expense - -
-
---------------- ----------------
----------------
232,301 279,909
283,818
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 19,470 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (1,620,752) $ (1,723,705) $
(1,575,358)
================ ================
================
Net loss allocated to general partner $ (16,208) $ (17,237) $
(15,754)
================ ================
================
Net loss allocated to assignees $ (1,604,544) $ (1,706,468) $
(1,559,604)
================ ================
================
Net loss per BAC $ (0.74) $ (0.79) $
(0.72)
================ ================
================
</TABLE>
(continued)
F-31
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 25
------------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 50,146 $ 89,058
$ 134,963
Miscellaneous - -
-
---------------- ----------------
----------------
50,146 89,058
134963
---------------- ----------------
----------------
Share of losses from operating limited
partnerships (note A) (1,926,540) (1,653,302)
(1,550,724)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 203,746 266,576
248,382
Amortization (note A) 15,218 10,488
10,488
General and administrative
expenses (note B) 39,833 45,111
82,717
Professional fees 33,444 39,686
36,017
Organization expense - -
-
---------------- ----------------
----------------
292,241 361,861
377,604
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 18,354 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (2,186,989) $ (1,926,105)
$ (1,793,365)
================ ================
================
Net loss allocated to general partner $ (21,870) $ (19,261)
$ (17,934)
================ ================
================
Net loss allocated to assignees $ (2,165,119) $ (1,906,844)
$ (1,775,431)
================ ================
================
Net loss per BAC $ (0.72) $ (0.63)
$ (0.59)
================ ================
================
</TABLE>
(continued)
F-32
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 26
------------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 55,149 $ 284,747
$ 534,030
Miscellaneous - -
-
---------------- ----------------
----------------
55,149 284,747
534030
---------------- ----------------
----------------
Share of losses from operating limited
partnerships (note A) (1,312,467) (1,448,218)
(869,148)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 365,001 359,834
346,887
Amortization (note A) 17,362 18,931
18,931
General and administrative
expenses (note B) 48,905 135,748
225,083
Professional fees 53,085 41,384
90,108
Organization expense - -
-
---------------- ----------------
----------------
484,353 555,897
681,009
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 42,595 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (1,784,266) $ (1,719,368)
$ (1,016,127)
================ ================
================
Net loss allocated to general partner $ (17,843) $ (17,194)
$ (10,161)
================ ================
================
Net loss allocated to assignees $ (1,766,423) $ (1,702,174)
$ (1,005,966)
================ ================
================
Net loss per BAC $ (0.44) $ (0.43)
$ (0.25)
================ ================
================
</TABLE>
(continued)
F-33
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 27
------------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 33,758 $ 103,948
$ 323,118
Miscellaneous - -
-
---------------- ----------------
----------------
33,758 103,948
323,118
---------------- ----------------
----------------
Share of losses from operating limited
partnerships
(note A) (971,679) (1,421,601)
(689,756)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 289,658 288,306
275,320
Amortization (note A) 14,946 15,522
15,522
General and administrative
expenses (note B) 33,120 58,117
99,622
Professional fees 29,568 36,553
30,003
Organization expense - -
-
---------------- ----------------
----------------
367,292 398,498
420,467
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 38,806 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (1,344,019) $ (1,716,151)
$ (787,105)
================ ================
================
Net loss allocated to general partner $ (13,440) $ (17,162)
$ (7,871)
================ ================
================
Net loss allocated to assignees $ (1,330,579) $ (1,698,989)
$ (779,234)
================ ================
================
Net loss per BAC $ (0.54) $ (0.69)
$ (0.32)
================ ================
================
</TABLE>
(continued)
F-34
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 28
------------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 237,326 $ 683,347
$ 1,280,997
Miscellaneous - -
-
---------------- ----------------
----------------
237,326 683,347
1,280,997
---------------- ----------------
----------------
Share of losses from operating limited
partnerships (note A) (1,993,839) (793,965)
(351,007)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 287,734 322,689
155,994
Amortization (note A) 3,300 20,326
20,326
General and administrative
expenses (note B) 98,160 205,933
393,649
Professional fees 48,250 64,643
95,950
Organization expense - -
-
---------------- ----------------
----------------
437,444 613,591
665,919
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 55,896 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (2,249,853) $ (724,209)
$ 264,071
================ ================
================
Net loss allocated to general
partner $ (22,499) $ (7,242)
$ 2,641
================ ================
================
Net loss allocated to assignees $ (2,227,354) $ (716,967)
$ 261,430
================ ================
================
Net loss per BAC $ (0.56) $ (0.18)
$ 0.07
================ ================
================
</TABLE>
(continued)
F-35
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 29
------------------------------------------------------
Year ended March Year ended March
Year ended March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 194,496 $ 560,635
$ 800,608
Miscellaneous - -
-
---------------- ----------------
----------------
194,496 560,635
800,608
---------------- ----------------
----------------
Share of losses from operating limited
partnerships (note A) (2,192,069) (1,418,793)
(626,915)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 308,972 306,704
192,348
Amortization (note A) 3,206 15,215
8,633
General and administrative
expenses (note B) 93,091 167,904
202,191
Professional fees 44,652 66,263
47,266
Organization expense - -
-
---------------- ----------------
----------------
449,921 556,086
450,438
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 49,448 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (2,496,942) $ (1,414,244)
$ (276,745)
================ ================
================
Net loss allocated to general
partner $ (24,969) $ (14,142)
$ (2,767)
================ ================
================
Net loss allocated to assignees $ (2,471,973) $ (1,400,102)
$ (273,978)
================ ================
================
Net loss per BAC $ (0.62) $ (0.35)
$ (0.08)
================ ================
================
</TABLE>
(continued)
F-36
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 30
------------------------------------------------------
Period
June 23,
1997 (date of
inception)
Year ended March Year ended March
through March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 204,382 $ 476,758
$ 459,716
Miscellaneous - -
-
---------------- ----------------
----------------
204,382 476,758
459,716
---------------- ----------------
----------------
Share of income (losses) from operating
limited partnerships (note A) (1,074,429) (432,433)
100,573
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 201,815 159,294
55,733
Amortization (note A) 21,139 13,857
5,613
General and administrative
expenses (note B) 89,532 130,320
144,751
Professional fees 42,262 45,725
22,861
Organization expense - -
-
---------------- ----------------
----------------
354,748 349,196
228,958
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 48,501 -
-
---------------- ----------------
----------------
NET INCOME (LOSS) (note
A) (1,273,296) $ (304,871)
$ 331,331
================ ================
================
Net income (loss) allocated to general
partner (12,733) $ (3,049)
$ 3,313
================ ================
================
Net income (loss) allocated to assignees (1,260,563) $ (301,822)
$ 328,018
================ ================
================
Net income (loss) per BAC (0.48) $ (0.11)
$ 0.15
================ ================
================
</TABLE>
(continued)
F-37
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 31
------------------------------------------------------
Period
September 11,
1997 (date of
inception)
Year ended March Year ended March
through March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 248,452 $ 1,115,174
$ 200,996
Miscellaneous - -
-
---------------- ----------------
----------------
248,452 1,115,174
200,996
---------------- ----------------
----------------
Share of losses from operating limited
partnerships (note A) (2,795,630) (1,020,163)
(43,087)
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 391,201 334,849
69,951
Amortization (note A) - 13,702
3,426
General and administrative
expenses (note B) 91,626 141,047
121,735
Professional fees 50,173 68,226
32,486
Organization expense - -
-
---------------- ----------------
----------------
533,000 557,824
227,598
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 51,385 -
-
---------------- ----------------
----------------
NET LOSS (note A) $ (3,131,563) $ (462,813)
$ (69,689)
================ ================
================
Net loss allocated to general partner $ (31,316) $ (4,628)
$ (697)
================ ================
================
Net loss allocated to assignees $ (3,100,247) $ (458,185)
$ (68,992)
================ ================
================
Net loss per BAC $ (0.70) $ (0.10)
$ (0.02)
================ ================
================
</TABLE>
(continued)
F-38
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 32
-------------
------------------------------------------
Period
January 19,
1998 (date of
inception)
Year ended March Year ended March
through March
31, 2000 31, 1999
31, 1998
---------------- ----------------
----------------
<S> <C> <C>
<C>
Income
Interest income $ 342,051 $ 727,112
$ 2,782
Miscellaneous - -
-
---------------- ----------------
----------------
342,051 727,112
2,782
---------------- ----------------
----------------
Share of income (losses) from operating
limited partnerships (note A) (1,245,350) 56,660
-
---------------- ----------------
----------------
Expenses
Fund management fee (note B) 323,495 264,361
1,976
Amortization (note A) 29,738 8,897
-
General and administrative
expenses (note B) 133,165 231,009
21,141
Professional fees 47,667 9,669
861
Organization expense - -
-
---------------- ----------------
----------------
534,065 513,936
23,978
---------------- ----------------
----------------
Cumulative effect of a change in
accounting principle 50,418 -
-
---------------- ----------------
----------------
NET INCOME (LOSS) (note A) (1,487,782) $ 269,836
$ (21,196)
================ ================
================
Net income (loss) allocated to general
partner $ (14,878) $ 2,698
$ (212)
================ ================
================
Net income (loss) allocated to assignees $ (1,472,904) $ 267,138
$ (20,984)
================ ================
================
Net income (loss) per BAC $ (0.31) $ 0.06
$ (0.04)
================ ================
================
</TABLE>
(continued)
F-39
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 33
-----------------------------------
Period
June 22, 1998
(date of
inception)
Year ended March
through March
31, 2000
31, 1999
----------------
----------------
<S> <C>
<C>
Income
Interest income $ 312,853
$ 256,081
Miscellaneous -
-
----------------
----------------
312,853
256,081
----------------
----------------
Share of income (losses) from operating limited
partnerships (note A) (595,041)
187,290
----------------
----------------
Expenses
Fund management fee (note B) 169,331
107,826
Amortization (note A) 26,578
9,308
General and administrative
expenses (note B) 107,612
111,018
Professional fees 35,625
21,121
Organization expense -
-
----------------
----------------
339,146
249,273
----------------
----------------
Cumulative effect of a change in
accounting principle 83,770
-
----------------
----------------
NET INCOME (LOSS) (note A) $ (705,104)
$ 194,098
================
================
Net income (loss) allocated to general partner $ (7,051)
$ 1,941
================
================
Net income (loss) allocated to assignees $ (698,053)
$ 192,157
================
================
Net income (loss) per BAC $ (0.26)
$ 0.09
================
================
</TABLE>
Series 33, 34 and 35 were not formed until after March 31, 1998,
therefore no comparative information has been included. Series 36, 37
and 38 were not formed until after March 31, 1999, therefore no
comparative information has been included.
(continued)
F-40
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 34
-------------------------------------
Period
September 22,
1998
(date of
inception)
Year ended March
through March
31, 2000
31, 1999
----------------
----------------
<S> <C>
<C>
Income
Interest income $ 385,293
$ 156,247
Miscellaneous -
-
----------------
----------------
385,293
156,247
----------------
----------------
Share of losses from operating limited
partnerships (note A) (468,712)
(218)
----------------
----------------
Expenses
Fund management fee (note B) 281,564
68,018
Amortization (note A) 41,853
-
General and administrative
expenses (note B) 133,832
44,974
Professional fees 48,073
3,088
Organization expense -
-
----------------
----------------
505,322
116,080
----------------
----------------
Cumulative effect of a change in
accounting principle 110,441
-
----------------
----------------
NET INCOME (LOSS) (note
A) $ (699,182)
$ 39,949
================
================
Net income (loss) allocated to general partner $ (6,992)
$ 399
================
================
Net income (loss) allocated assignees $ (692,190)
$ 39,550
================
================
Net income (loss) per BAC $ (0.20)
$ 0.02
================
================
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
Series 36, 37 and 38 were not formed until after March 31, 1999,
therefore no comparative information has been included.
(continued)
F-41
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 35
-----------------------------------
Period
February 22,
1999
(date of
inception)
Year ended March
through March
31, 2000
31, 1999
----------------
----------------
<S> <C>
<C>
Income
Interest income $ 567,711
$ 1,803
Miscellaneous -
-
----------------
----------------
567,711
1,803
----------------
----------------
Share of losses from operating limited
partnerships (note A) (194,048)
-
----------------
----------------
Expenses
Fund management fee (note B) 195,257
4,809
Amortization (note A) 225,179
-
General and administrative
expenses (note B) 158,694
3,761
Professional fees 39,262
-
Organization expense -
-
----------------
----------------
618,392
8,570
----------------
----------------
Cumulative effect of a change in
accounting principle 16,875
-
----------------
----------------
NET LOSS (note A) $ (261,604)
$ (6,767)
================
================
Net loss allocated to general partner $ (2,616)
$ (68)
================
================
Net loss allocated to assignees $ (258,988)
$ (6,699)
================
================
Net loss per BAC $ (0.09)
$ (0.02)
================
================
</TABLE>
Series 33, 34 and 35 were not formed until after March 31, 1998,
therefore no comparative
information has been included. Series 36, 37 and 38 were not formed until
after March 31, 1999,
therefore no comparative information has been included.
F-42
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 36
----------------
Period
July 1, 1999
(date of
inception)
through March
31, 2000
----------------
<S>
<C>
Income
Interest income
$ 175,394
Miscellaneous
-
----------------
175,394
----------------
Share of losses from operating limited
partnerships (note A)
(160,352)
----------------
Expenses
Fund management fee (note B)
83,620
Amortization (note A)
78,850
General and administrative
expenses (note
72,423
Professional fees
14,970
Organization expense
69,968
----------------
319,831
----------------
Cumulative effect of a change in
accounting principle
-
----------------
NET INCOME (LOSS) (note A)
$ (304,789)
================
Net loss allocated to general partner
$ (3,048)
================
Net loss allocated to assignees
$ (301,741)
================
Net loss per BAC
$ (0.18)
================
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
Series 36, 37 and 38 were not formed until after March 31, 1999,
therefore no comparative information has been included.
(continued)
F-42
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 37
----------------
Period
October 4, 1999
(date of
inception)
through March
31, 2000
----------------
<S>
<C>
Income
Interest income
$ 145,974
Miscellaneous
-
----------------
145,974
----------------
Share of losses from operating limited
partnerships (note A)
(44,958)
----------------
Expenses
Fund management fee (note B)
26,698
Amortization (note A)
-
General and administrative
expenses (note B)
49,399
Professional fees
6,622
Organization expense
71,813
----------------
154,532
----------------
Cumulative effect of a change in
accounting principle
-
----------------
NET LOSS (note A) $
(53,516)
================
Net loss allocated to general partner $
(535)
================
Net loss allocated to assignees
$ (52,981)
================
Net loss per BAC
$ (0.03)
================
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been included.
Series 36, 37 and 38 were not formed until after March 31, 1999,
therefore no comparative information has been included.
(continued)
F-44
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 38
----------------
Period
February 22,
2000
(date of
inception)
through March
31, 2000
----------------
<S>
<C>
Income
Interest income
$ 1,437
Miscellaneous
-
----------------
1,437
----------------
Share of losses from operating limited
partnerships (note A)
-
----------------
Expenses
Fund management fee (note B)
5,176
Amortization (note A)
-
General and administrative
expenses (note B)
980
Professional fees
-
Organization expense
76,975
----------------
83,131
----------------
Cumulative effect of a change in
accounting principle
-
----------------
NET LOSS (note A)
$ (81,694)
================
Net loss allocated to general partner
$ (817)
================
Net loss allocated to assignees
$ (80,877)
================
Net loss per BAC
$ (0.26)
================
</TABLE>
Series 33, 34 and 35 were not formed until after March 31, 1998,
therefore no comparative information has been included. Series 36, 37
and 38 were not formed until after March 31, 1999, therefore no
comparative information has been included.
See notes to financial statements
F-45
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS
CAPITAL
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Total Assignees partner
income income Total
----------------------------------------- --------------- --------------
--------------- --------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions 76,619,000 -
- 76,619,000
Selling commissions and registration
costs (11,307,246) -
- (11,307,246)
Distributions (238,040) -
- (238,040)
Comprehensive income (loss)
Net income (loss) (26,389,981) (266,567)
- $ (26,389,981) (26,389,981)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
603,521 603,521 603,521
--------------- --------------
-------------- --------------- --------------
Total comprehensive income (loss)
$ (24,048,027)
===============
Partners' capital (deficit), March 31,
2000 $ 416,025,620 $ (767,937) $
830,515 $ 416,088,198
=============== ===============
=============== ===============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31,
1998, therefore no comparative information has been
included. Series 36, 37 and 38 were not formed until
after March 31, 1999, therefore no comparative
information has been included.
(continued)
F-46
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS'
CAPITAL - CONTINUED
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Series 20 Assignees partner
income income Total
--------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions - -
- -
Selling commissions and registration
costs - -
- -
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (2,377,313) (24,013)
- $ (2,401,326) (2,401,326)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
- - -
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (2,401,326)
===============
Partners' capital (deficit), March 31,
2000 $ 17,907,592 $ (153,019) $
- $ 17,754,573
=============== ===============
=============== ===============
</TABLE>
(continued)
F-47
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS'
CAPITAL - CONTINUED
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Series 21 Assignees partner
income income Total
----------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions - -
- -
Selling commissions and registration costs - -
- -
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (1,379,410) (13,933)
- $ (1,393,343) (1,393,343)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
12,966 12,966 12,966
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (1,380,377)
===============
Partners' capital (deficit), March 31,
2000 $ 7,288,087 $ (89,971) $
18,464 $ 7,216,580
=============== ===============
=============== ===============
</TABLE>
(continued)
F-48
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
- CONTINUED
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Series 22 Assignees partner
income income Total
------------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions - -
- -
Selling commissions and registration costs - -
- -
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (1,480,912) (14,959)
- $ (1,495,871) (1,495,871)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
7,851 7,851 7,851
--------------- --------------
-------------- --------------- --------------
Total comprehensive income (loss)
$ (1,488,020)
===============
Partners' capital (deficit), March 31, 2000 $ 13,603,885 $ (83,881) $
9,776 $ 13,529,780
=============== ===============
=============== ==============
</TABLE>
(continued)
F-49
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS'
CAPITAL - CONTINUED
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Series 23 Assignees partner
income income Total
--------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions - -
- -
Selling commissions and registration
costs - -
- -
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (1,667,810) (16,847)
- $ (1,684,657) (1,684,657)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
- - -
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (1,684,657)
===============
Partners' capital (deficit), March 31,
2000 $ 20,540,234 $ (80,247) $
- $ 20,459,987
=============== ===============
=============== ===============
</TABLE>
(continued)
F-50
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS'
CAPITAL - CONTINUED
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Series 24 Assignees partner
income income Total
-------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions - -
- -
Selling commissions and registration
costs - -
- -
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (1,604,544) (16,208)
- $ (1,620,752) (1,620,752)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
6,963 6,963 6,963
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (1,613,789)
===============
Partners' capital (deficit), March 31,
2000 $ 12,597,389 $ (59,924) $
8,292 $ 12,545,757
=============== ===============
=============== ===============
</TABLE>
(continued)
F-51
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
- CONTINUED
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Series 25 Assignees partner
income income Total
-------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions - -
- -
Selling commissions and registration
costs - -
- -
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (2,165,119) (21,870)
- $ (2,186,989) (2,186,989)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
15,171 15,171 15,171
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (2,171,818)
===============
Partners' capital (deficit), March 31,
2000 $ 19,183,968 $ (66,267) $
18,997 $ 19,136,698
=============== ===============
=============== ===============
</TABLE>
(continued)
F-52
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
- CONTINUED
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Series 26 Assignees partner
income income Total
-------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions - -
- -
Selling commissions and registration
costs (3,245) -
- (3,245)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (1,766,423) (17,843)
- $ (1,784,266) (1,784,266)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
518 518 518
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (1,783,748)
===============
Partners' capital (deficit), March 31,
2000 $ 29,315,855 $ (47,570) $
7,044 $ 29,275,329
=============== ===============
=============== ===============
</TABLE>
(continued)
F-53
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
- CONTINUED
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Series 27 Assignees partner
income income Total
-------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions - -
- -
Selling commissions and registration
costs - -
- -
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (1,330,579) (13,440)
- $ (1,344,019) (1,344,019)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
16,142 16,142 16,142
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (1,327,877)
===============
Partners' capital (deficit), March 31,
2000 $ 16,811,783 $ (38,716) $
17,825 $ 16,790,892
=============== ===============
=============== ===============
</TABLE>
(continued)
F-54
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
- CONTINUED
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Series 28 Assignees partner
income income Total
-------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions - -
- -
Selling commissions and registration
costs (4,016) -
- (4,016)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (2,227,354) (22,499)
- $ (2,249,853) (2,249,853)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
32,788 32,788 32,788
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (2,217,065)
===============
Partners' capital (deficit), March 31,
2000 $ 31,782,620 $ (26,184) $
63,510 $ 31,819,946
=============== ===============
=============== ===============
</TABLE>
(continued)
F-55
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
- CONTINUED
Years ended March 31, 2000, 1999
and 1998
Accumulated
other
General
comprehensive Comprehensive
Series 29 Assignees partner
income income Total
----------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
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
Capital contributions - -
- -
Selling commissions and registration
costs (2,256) -
- (2,256)
Distributions (238,040) -
- (238,040)
Comprehensive income (loss)
Net income (loss) (2,471,973) (24,969)
- $ (2,496,942) (2,496,942)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
7,715 7,715 7,715
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (2,489,227)
===============
Partners' capital (deficit), March 31,
2000 $ 29,719,635 $ (41,869) $
33,958 $ 29,711,724
=============== ===============
=============== ===============
</TABLE>
(continued)
F-56
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
- CONTINUED
Years ended March 31, 2000, 1999 and
1998
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
Capital contributions - -
- -
Selling commissions and registration
costs (2,121) -
- (2,121)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (1,260,563) (12,733)
- $ (1,273,296) (1,273,296)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
38,360 38,360 38,360
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (1,234,936)
===============
Partners' capital (deficit), March 31,
2000 $ 21,471,225 $ (12,469) $
63,230 $ 21,521,986
=============== ===============
=============== ===============
</TABLE>
(continued)
F-57
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS'
CAPITAL - CONTINUED
Years ended March 31, 2000, 1999
and 1998
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
Capital contributions - -
- -
Selling commissions and registration
costs (6,569) -
- (6,569)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (3,100,247) (31,316)
- $ (3,131,563) (3,131,563)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
52,269 52,269 52,269
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (3,079,294)
===============
Partners' capital (deficit), March 31,
2000 $ 34,298,592 $ (36,641) $
70,407 $ 34,332,358
=============== ===============
=============== ===============
</TABLE>
(continued)
F-58
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS'
CAPITAL - CONTINUED
Years ended March 31, 2000, 1999
and 1998
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
Capital contributions - -
- -
Selling commissions and registration
costs (28,916) -
- (28,916)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (1,472,904) (14,878)
- $ (1,487,782) (1,487,782)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
44,282 44,282 44,282
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (1,443,500)
===============
Partners' capital (deficit), March 31,
2000 $ 39,409,396 $ (12,392) $
80,336 $ 39,477,340
=============== ===============
=============== ===============
</TABLE>
(continued)
F-59
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS'
CAPITAL - CONTINUED
Years ended March 31, 2000 and
1999
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
Capital contributions - -
- -
Selling commissions and registration
costs (6,384) -
- (6,384)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (698,053) (7,051)
- $ (705,104) (705,104)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
54,071 54,071 54,071
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (651,033)
===============
Partners' capital (deficit), March 31,
2000 $ 22,072,254 $ (5,110) $
89,389 $ 22,156,533
=============== ===============
=============== ===============
</TABLE> (continued)
F-60
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS'
CAPITAL - CONTINUED
Years ended March 31, 2000 and
1999
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
Capital contributions - -
- -
Selling commissions and registration
costs (56,360) -
- (56,360)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (692,190) (6,992)
- $ (699,182) (699,182)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
62,069 62,069 62,069
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (637,113)
===============
Partners' capital (deficit), March 31,
2000 $ 29,388,210 $ (6,593) $
95,352 $ 29,476,969
=============== ===============
=============== ===============
</TABLE>
(continued)
F-61
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
- CONTINUED
Years ended March 31, 2000 and
1999
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
Capital contributions 25,962,625 -
- 25,962,625
Selling commissions and registration
costs (3,674,194) -
- (3,674,194)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (258,988) (2,616)
- $ (261,604) (261,604)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
75,193 75,193 75,193
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (186,411)
===============
Partners' capital (deficit), March 31,
2000 $ 27,937,304 $ (2,684) $
76,772 $ 28,011,392
=============== ==============
============== ===============
</TABLE>
(continued)
F-62
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
- CONTINUED
Period July 1, 1999 (date of inception)
through March 31, 2000
Accumulated
other
General
comprehensive Comprehensive
Series 36 Assignees partner
income income Total
-------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
Partners' capital (deficit), March 31,
1999 $ - $ - $
- $ -
Capital contributions 21,068,375 -
- 21,068,375
Selling commissions and registration
costs (3,196,890) -
- (3,196,890)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (301,741) (3,048)
- $ (304,789) (304,789)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
53,275 53,275 53,275
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (251,514)
===============
Partners' capital (deficit), March 31,
2000 $ 17,569,744 $ (3,048) $
53,275 $ 17,619,971
=============== ==============
============== ===============
</TABLE>
(continued)
F-63
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS'
CAPITAL - CONTINUED
Period October 4, 1999 (date of inception)
through March 31, 2000
Accumulated
other
General
comprehensive Comprehensive
Series 37 Assignees partner
income income Total
-------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
Partners' capital (deficit), March 31,
1999 $ - $ - $
- $ -
Capital contributions 25,125,000 -
- 25,125,000
Selling commissions and registration
costs (3,449,825) -
- (3,449,825)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (52,981) (535)
- $ (53,516) (53,516)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
123,888 123,888 123,888
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ 70,372
===============
Partners' capital (deficit), March 31,
2000 $ 21,622,194 $ (535) $
123,888 $ 21,745,547
=============== ==============
============== ===============
</TABLE>
(continued)
F-64
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
- CONTINUED
Period February 22, 2000 (date of inception)
through March 31, 2000
Accumulated
other
General
comprehensive Comprehensive
Series 38 Assignees partner
income income Total
--------------------------------------- --------------- --------------
-------------- -------------- --------------
<S> <C> <C>
<C> <C> <C>
Partners' capital (deficit), March 31,
1999 $ - $ - $
- $ -
Capital contributions 4,463,000 -
- 4,463,000
Selling commissions and registration
costs (876,470) -
- (876,470)
Distributions - -
- -
Comprehensive income (loss)
Net income (loss) (80,877) (817)
- $ (81,694) (81,694)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale - -
- - -
--------------- --------------
-------------- -------------- --------------
Total comprehensive income (loss)
$ (81,694)
=================
Partners' capital (deficit), March 31,
2000 $ 3,505,653 $ (817) $
- $ 3,504,836
=============== ==============
============== ==============
</TABLE>
See notes to financial
statements
F-65
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS
Total
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
<S> <C>
<C> <C>
--------------- --------------- ---------------
Cash flows from operating activities
Net income (loss) $
(26,656,548) $ (17,477,354) $ (13,468,421)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
22,255,032 16,178,884 12,821,176
Distributions received from operating limited partnerships
122,781 74,152 56,484
Cumulative effect of a change in accounting principle
623,193 - -
Amortization
505,485 200,643 163,770
Organization costs
- (220,394) (232,245)
Changes in assets and liabilities
Prepaid expenses
- - 6,458
Other assets
2,738,419 (469,521) 1,615,579
Accounts payable and accrued expenses
329,044 (387,489) 479,609
Accounts payable - affiliates
1,841,077 1,866,990 1,877,816
--------------- -------------- --------------
Net cash provided by (used in) operating activities
1,758,483 (234,089) 3,320,226
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(8,703,362) (11,333,915) (12,648,551)
Capital contributions paid to operating limited partnerships
(61,037,600) (67,552,049) (55,573,742)
Deposits for purchases of operating limited partnerships
(10,720) - (11,903,719)
(Advances to) repayments from operating limited partnerships
(11,091,302) (16,827,418) (12,100,134)
Purchase of investments (net of proceeds from sale of investments)
15,334,560 22,153,804 (23,392,784)
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(65,508,424) (73,559,578) (115,618,930)
--------------- -------------- --------------
Cash flows from financing activities
Capital contributions received
75,851,000 103,746,000 112,693,500
Selling commissions and registration costs paid
(11,307,246) (14,918,086) (16,003,410)
Distributions paid
(238,040) (275,000) -
Proceeds from (repayment of) line of credit
776,349 (4,800,000) 5,000,000
--------------- -------------- --------------
Net cash provided by (used in) financing activities
65,082,063 83,752,914 101,690,090
--------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
1,332,122 9,959,247 (10,608,614)
Cash and cash equivalents, beginning
14,152,267 4,193,020 14,801,634
--------------- -------------- --------------
Cash and cash equivalents, ending $
15,484,389 $ 14,152,267 $ 4,193,020
=============== ============== ==============
</TABLE>
(continued)
F-66
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Total
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 $
59,623,468 $ 97,716,105 $ 83,394,434
=============== ============== ==============
The fund has decreased its investment and decreased its capital
contribution obligation in operating limited partnerships for low
- income tax credits not generated $
2,353,194 $ 1,070,100 $ 653,582
=============== ============== ==============
The fund has recorded capital contributions (syndication proceeds)
being held and subsequently released by the escrow agent $
768,000 $ - $ -
=============== ============== ==============
The fund has applied notes receivable and advances to its capital
contribution obligation in operating limited partnerships $
16,095,331 $ 24,841,626 $ 5,302,786
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 investments and recorded a receivable for
tax credits not generated by the operating limited partnerships $
256,072 $ 448,332 $ 313,388
=============== ============== ==============
The fund has increased selling commissions and registration costs for
amounts payable $
- $ 312,955 $ -
=============== ============== ==============
</TABLE>
Series 33, 34 and 35 were not formed until after March 31, 1998,
therefore no comparative information has been included. Series
36, 37 and 38 were not formed until after March 31, 1999, therefore
no comparative information has been included.
(continued)
F-67
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 20
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(2,401,326) $ (2,811,432) $ (2,844,245)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
2,039,505 2,359,812 2,516,153
Distributions received from operating limited partnerships
25,171 5,283 17,236
Cumulative effect of a change in accounting principle
10,607 - -
Amortization
3,572 23,284 23,285
Organization costs
- - -
Changes in assets and liabilities
Prepaid expenses
- - 4,410
Other assets
98,409 188,042 (96,053)
Accounts payable and accrued expenses
- - -
Accounts payable - affiliates
379,248 379,248 379,065
--------------- -------------- --------------
Net cash provided by (used in) operating activities
155,186 144,237 (149)
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
- - -
Capital contributions paid to operating limited partnerships
- (97,459) (553,877)
Deposits for purchases of operating limited partnerships
- - (81,330)
(Advances to) repayments from operating limited partnerships
(65,749) (395,447) -
Purchase of investments (net of proceeds from sale of investments)
- 373,276 404,930
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(65,749) (119,630) (230,277)
--------------- -------------- --------------
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
89,437 24,607 (230,426)
Cash and cash equivalents, beginning
223,286 198,679 429,105
--------------- -------------- --------------
Cash and cash equivalents, ending $
312,723 $ 223,286 $ 198,679
=============== ============== ==============
</TABLE>
(continued)
F-68
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 20
-------------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 $ -
=============== ============== ==============
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
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerhsips for unpaid capital contributions due to the
operating limited partnerships 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 operating limited partnerships $
778 $ 153,054 $ -
=============== ============== ==============
The fund has increased selling commissions and registration costs
for amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-69
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 21
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(1,393,343) $ (1,653,386) $ (2,098,068)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
1,224,831 1,440,087 1,854,423
Distributions received from operating limited partnerships
3,941 (6,582) 22,158
Cumulative effect of a change in accounting principle
-
Amortization
1,954 12,523 18,957
Organization costs
- - -
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
1,365 2,672 (1,644)
Accounts payable and accrued expenses
- - -
Accounts payable - affiliates
25,840 25,840 225,840
--------------- -------------- --------------
Net cash provided by (used in) operating activities
(135,412) (178,846) 21,666
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
- - -
Capital contributions paid to operating limited partnerships
- (30,147) (30,517)
Deposits for purchases of operating limited partnerships
- - -
(Advances to) repayments from operating limited partnerships
- - -
Purchase of investments (net of proceeds from sale of investments)
203,494 242,109 (314,236)
--------------- -------------- --------------
Net cash provided by (used in) investing activities
203,494 211,962 (344,753)
--------------- -------------- --------------
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
68,082 33,116 (323,087)
Cash and cash equivalents, beginning
204,141 171,025 494,112
--------------- -------------- --------------
Cash and cash equivalents, ending $
272,223 $ 204,141 $ 171,025
=============== ============== ==============
</TABLE>
(continued)
F-70
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 21
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 capital
contribution obligation in operating limited partnerships for
low-income tax credits not generated $
25,505 $ 120,786 $ 78,670
=============== ============== ==============
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 partnerships 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 operating limited partnerships $
76,316 $ 21,620 $ 1,752
=============== ============== ==============
The fund has increased selling commissions and registration costs
for amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-71
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 22
-------------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(1,495,871) $ (1,658,012) $ (1,654,264)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
1,211,051 1,371,100 1,372,762
Distributions received from operating limited partnerships
3,768 47,722 3,342
Cumulative effect of a change in accounting principle
9,694
Amortization
6,140 12,538 12,538
Organization costs
- - -
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
457 1,050 115,918
Accounts payable and accrued expenses
- - -
Accounts payable - affiliates
254,590 254,590 247,568
--------------- -------------- --------------
Net cash provided by (used in) operating activities
(10,171) 28,988 97,864
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
- (1,483) (35,327)
Capital contributions paid to operating limited partnerships
(18,190) (238,491) (1,261,110)
Deposits for purchases of operating limited partnerships
- - -
(Advances to) repayments from operating limited partnerships
11,705 317,065 413,033
Purchase of investments (net of proceeds from sale of investments)
(31,023) 113,994 236,153
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(37,508) 191,085 (647,251)
--------------- -------------- --------------
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
(47,679) 220,073 (549,387)
Cash and cash equivalents, beginning
319,333 99,260 648,647
--------------- -------------- --------------
Cash and cash equivalents, ending $
271,654 $ 319,333 $ 99,260
=============== ============== ==============
</TABLE>
(continued)
F-72
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 22
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 $ -
=============== ============== ==============
The fund has decreased its investment and decreased its capital
contribution obligation in operating limited partnerships for
low-income tax credits not generated $
- $ - $ 60,840
=============== ============== ==============
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 $
- $ 1,288,063 $ -
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the
operating limited partnerships 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 operating limited partnerships $
- $ - $ 35,303
=============== ============== ==============
The fund has increased selling commissions and registration costs
for amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-73
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 23
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(1,684,657) $ (1,860,174) $ (1,927,661)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
1,416,388 1,587,640 1,705,493
Distributions received from operating limited partnerships
333 3,178 360
Cumulative effect of a change in accounting principle
16,933 - -
Amortization
6,246 13,072 13,072
Organization costs
- - -
Changes in assets and liabilities
Prepaid expenses
- - 2,048
Other assets
12,062 83,862 239
Accounts payable and accrued expenses
- - -
Accounts payable - affiliates
115,264 115,264 237,676
--------------- -------------- --------------
Net cash provided by (used in) operating activities
(117,431) (57,158) 31,227
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
- (5,072) 1,550
Capital contributions paid to operating limited partnerships
(304,148) (370,254) (1,705,632)
Deposits for purchases of operating limited partnerships
- - (346,490)
(Advances to) repayments from operating limited partnerships
150,000 385,000 -
Purchase of investments (net of proceeds from sale of investments)
- 582,680 516,109
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(154,148) 592,354 (1,534,463)
--------------- -------------- --------------
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
(271,579) 535,196 (1,503,236)
Cash and cash equivalents, beginning
610,758 75,562 1,578,798
--------------- -------------- --------------
Cash and cash equivalents, ending $
339,179 $ 610,758 $ 75,562
=============== ============== ==============
</TABLE>
(continued)
F-74
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 23
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 capital contribution obligation in operating
limited partnerships for low-income tax credits not generated $
(7,247) $ - $ (723)
=============== ============== ==============
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 $
- $ 1,581,038 $ 100,000
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the
operating limited partnerships 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 operating limited partnerships $
- $ - $ 32,604
=============== ============== ==============
The fund has increased selling commissions and registration costs
for amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-75
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 24
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(1,620,752) $ (1,723,705) $ (1,575,358)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
1,388,143 1,475,502 1,342,281
Distributions received from operating limited partnerships
31,968 2,222 9,835
Cumulative effect of a change in accounting principle
19,470 - -
Amortization
10,204 12,980 12,979
Organization costs
- - -
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
304 100,464 3,730
Accounts payable and accrued expenses
- (27,000) 27,000
Accounts payable - affiliates
233,352 233,148 233,147
--------------- -------------- --------------
Net cash provided by (used in) operating activities
62,689 73,611 53,614
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(23) (3,912) (76,061)
Capital contributions paid to operating limited partnerships
(16,242) (306,593) (1,377,894)
Deposits for purchases of operating limited partnerships
- - (148,335)
(Advances to) repayments from operating limited partnerships
13,199 255,061 1,073,666
Purchase of investments (net of proceeds from sale of investments)
(69,334) 11,364 105,358
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(72,400) (44,080) (423,266)
--------------- -------------- --------------
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
(9,711) 29,531 (369,652)
Cash and cash equivalents, beginning
304,564 275,033 644,685
--------------- -------------- --------------
Cash and cash equivalents, ending $
294,853 $ 304,564 $ 275,033
=============== ============== ==============
</TABLE>
(continued)
F-76
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 24
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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
=============== ============== ==============
The fund has decreased its investment and decreased
its capital contribution obligation in operating
limited partnerships for low-income tax credits not generated $
10,149 $ - $ (28,458)
=============== ============== ==============
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 $
- $ 31,250 $ 699,270
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the
operating limited partnerships 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 operating limited partnerships $
- $ 12,582 $ 71,057
=============== ============== ==============
The fund has increased selling commissions and registration costs
for amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-77
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 25
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S>
<C> <C> <C>
Cash flows from operating activities
Net income (loss) $
(2,186,989) $ (1,926,105) $ (1,793,365)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
1,926,540 1,653,302 1,550,724
Distributions received from operating limited partnerships
12,390 144 3,468
Cumulative effect of a change in accounting principle
18,354 - -
Amortization
15,218 10,488 10,488
Organization costs
- - -
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
879 103,056 6,282
Accounts payable and accrued expenses
- - (983)
Accounts payable - affiliates
272,676 272,676 (16,554)
--------------- -------------- --------------
Net cash provided by (used in) operating activities
59,068 113,561 (239,940)
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(23) (2,477) (302,197)
Capital contributions paid to operating limited partnerships
(158,340) (298,607) (1,996,981)
Deposits for purchases of operating limited partnerships
- - 42,425
(Advances to) repayments from operating limited partnerships
26,414 203,620 (349,141)
Purchase of investments (net of proceeds from sale of investments)
(60,287) 469,924 2,064,018
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(192,236) 372,460 (541,876)
--------------- -------------- --------------
Cash flows from financing activities
Capital contributions received
- - -
Selling commissions and registration costs paid
- - (570)
Distributions paid
- - -
Proceeds from (repayment of) line of credit
- - -
--------------- -------------- --------------
Net cash provided by (used in) financing activities
- - (570)
--------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(133,168) 486,021 (782,386)
Cash and cash equivalents, beginning
660,000 173,979 956,365
--------------- -------------- --------------
Cash and cash equivalents, ending $
526,832 $ 660,000 $ 173,979
=============== ============== ==============
</TABLE>
(continued)
F-78
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 25
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 capital
contribution obligation in operating limited partnerships for
low-income tax credits not generated $
29,447 $ 47,737 $ 72,102
=============== ============== ==============
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 $
- $ 346,200 $ 971,989
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the
operating limited partnerships 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 operating limited partnerships $
- $ 58,226 $ 95,998
=============== ============== ==============
The fund has increased selling commissions and registration costs
for amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-79
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 26
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(1,784,266) $ (1,719,368) $ (1,016,127)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
1,312,467 1,448,218 869,148
Distributions received from operating limited partnerships
15,446 13,696 -
Cumulative effect of a change in accounting principle
42,595 - -
Amortization
17,362 18,931 18,931
Organization costs
- - -
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
210,030 36,282 20,397
Accounts payable and accrued expenses
- 8 82
Accounts payable - affiliates
424,820 249,284 7,694
--------------- -------------- --------------
Net cash provided by (used in) operating activities
238,454 47,051 (99,875)
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(2,439) (61,180) (310,027)
Capital contributions paid to operating limited partnerships
(1,785,708) (1,946,670) (5,715,139)
Deposits for purchases of operating limited partnerships
- - (433,223)
(Advances to) repayments from operating limited partnerships
67,574 (2,866,412) (102,840)
Purchase of investments (net of proceeds from sale of investments)
497,163 5,911,913 5,527,075
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(1,223,410) 1,037,651 (1,034,154)
--------------- -------------- --------------
Cash flows from financing activities
Capital contributions received
- - -
Selling commissions and registration costs paid
(3,245) - -
Distributions paid
- - -
Proceeds from (repayment of) line of credit
- - -
--------------- -------------- --------------
Net cash provided by (used in) financing activities
(3,245) - -
--------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(988,201) 1,084,702 (1,134,029)
Cash and cash equivalents, beginning
1,190,003 105,301 1,239,330
--------------- -------------- --------------
Cash and cash equivalents, ending $
201,802 $ 1,190,003 $ 105,301
=============== ============== ==============
</TABLE>
(continued)
F-80
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 26
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 $
17,593 $ 1,617,313 $ 8,201,085
=============== ============== ==============
The fund has decreased its investment and decreased its capital
contribution obligation in operating limited partnerships for low-
income tax credits not generated $
60,509 $ - $ 320,446
=============== ============== ==============
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 $
1,131,871 $ 3,453,918 $ -
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 operating limited partnerships $
2,643 $ 133,565 $ 76,674
=============== ============== ==============
The fund has increased selling commissions and registration costs for
amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-81
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 27
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(1,344,019) $ (1,716,151) $ (787,105)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
971,679 1,421,601 689,756
Distributions received from operating limited partnerships
3,580 4,649 -
Cumulative effect of a change in accounting principle
38,806 - -
Amortization
14,946 15,522 15,522
Organization costs
- - -
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
95 43,951 (11,075)
Accounts payable and accrued expenses
- - -
Accounts payable - affiliates
313,757 305,410 125,327
--------------- -------------- --------------
Net cash provided by (used in) operating activities
(1,156) 74,982 32,425
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(8,714) (34,189) (243,421)
Capital contributions paid to operating limited partnerships
(818,359) (1,198,896) (4,713,523)
Deposits for purchases of operating limited partnerships
(10,720) - (1,162,984)
(Advances to) repayments from operating limited partnerships
171,100 (16,832) (88,012)
Purchase of investments (net of proceeds from sale of investments)
(410,231) 2,519,784 4,252,996
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(1,076,924) 1,269,867 (1,954,944)
--------------- -------------- --------------
Cash flows from financing activities
Capital contributions received
- - -
Selling commissions and registration costs paid
- - 124
Distributions paid
- (275,000) -
Proceeds from (repayment of) line of credit
- - -
--------------- -------------- --------------
Net cash provided by (used in) financing activities
- (275,000) 124
--------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(1,078,080) 1,069,849 (1,922,395)
Cash and cash equivalents, beginning
1,328,141 258,292 2,180,687
--------------- -------------- --------------
Cash and cash equivalents, ending $
250,061 $ 1,328,141 $ 258,292
=============== ============== ==============
</TABLE>
(continued)
F-82
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 27
----
---------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
-
--------------- -------------- --------------
<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 $
725,675 $ 626,742 $ 4,836,443
=============== ============== ==============
The fund has decreased its investment and decreased its capital
contribution obligation in operating limited partnerships for low-
income tax credits not generated $
322,787 $ 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 $
166,780 $ 922,984 $ -
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 operating limited partnerships $
31,396 $ 69,285 $ -
=============== ============== ==============
The fund has increased selling commissions and registration costs for
amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-83
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 28
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(2,249,853) $ (724,209) $ 264,071
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
1,993,839 793,965 351,007
Distributions received from operating limited partnerships
12,595 3,840 85
Cumulative effect of a change in accounting principle
55,896 - -
Amortization
3,300 20,326 20,326
Organization costs
- - -
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
7,457 77,034 (13,201)
Accounts payable and accrued expenses
- - (5,700)
Accounts payable - affiliates
(256,044) 251,467 2,581
--------------- -------------- --------------
Net cash provided by (used in) operating activities
(432,810) 422,423 619,169
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(20,670) (139,560) (391,912)
Capital contributions paid to operating limited partnerships
(1,195,033) (4,170,336) (16,095,025)
Deposits for purchases of operating limited partnerships
- - -
(Advances to) repayments from operating limited partnerships
- (4,128,292) 3,123,082
Purchase of investments (net of proceeds from sale of investments)
2,179,331 8,108,839 8,642,281
--------------- -------------- --------------
Net cash provided by (used in) investing activities
963,628 (329,349) (4,721,574)
--------------- -------------- --------------
Cash flows from financing activities
Capital contributions received
- - -
Selling commissions and registration costs paid
(4,016) (6,889) (2,986)
Distributions paid
- - -
Proceeds from (repayment of) line of credit
- - -
--------------- -------------- --------------
Net cash provided by (used in) financing activities
(4,016) (6,889) (2,986)
--------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
526,802 86,185 (4,105,391)
Cash and cash equivalents, beginning
569,820 483,635 4,589,026
--------------- -------------- --------------
Cash and cash equivalents, ending $
1,096,622 $ 569,820 $ 483,635
=============== ============== ==============
</TABLE>
(continued)
F-84
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 28
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 $
20,750 $ 6,002,495 $ 21,987,016
=============== ============== ==============
The fund has decreased its investment and decreased its capital
contribution obligation in operating limited partnerships for low-
income tax credits not generated $
584,409 $ 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 $
197,726 $ 2,813,682 $ -
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 investments and recorded a receivable for
tax credits not generated by the operating limited partnerships $
2,595 $ - $ -
=============== ============== ==============
The fund has increased selling commissions and registration costs for
amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-85
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 29
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(2,496,942) $ (1,414,244) $ (276,745)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
2,192,069 1,418,793 626,915
Distributions received from operating limited partnerships
6,399 - -
Cumulative effect of a change in accounting principle
49,448 - -
Amortization
3,206 15,215 8,633
Organization costs
- - (36,446)
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
8,778 80,788 3,398,682
Accounts payable and accrued expenses
- - -
Accounts payable - affiliates
(6,475) (50,192) (75,838)
--------------- -------------- --------------
Net cash provided by (used in) operating activities
(243,517) 50,360 3,645,201
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(75,659) (146,869) (2,993,202)
Capital contributions paid to operating limited partnerships
(3,670,379) (7,473,413) (8,746,483)
Deposits for purchases of operating limited partnerships
- - (4,123,059)
(Advances to) repayments from operating limited partnerships
- 151,750 (1,428,362)
Purchase of investments (net of proceeds from sale of investments)
3,551,126 8,288,571 (13,512,675)
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(194,912) 820,039 (30,803,781)
--------------- -------------- --------------
Cash flows from financing activities
Capital contributions received
- - 29,783,000
Selling commissions and registration costs paid
(2,256) (109,726) (4,359,568)
Distributions paid
(234,040) - -
Proceeds from (repayment of) line of credit
- - -
--------------- -------------- --------------
Net cash provided by (used in) financing activities
(240,296) (109,726) 25,423,432
--------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(678,725) 760,673 (1,735,148)
Cash and cash equivalents, beginning
1,066,404 305,731 2,040,879
--------------- -------------- --------------
Cash and cash equivalents, ending $
387,679 $ 1,066,404 $ 305,731
=============== ============== ==============
</TABLE>
(continued)
F-86
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 29
-----------------------------------------------------
Year
ended March Year ended March Year ended March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 $
7,260 $ 6,908,381 $ 16,888,802
=============== ============== ==============
The fund has decreased its investment and decreased its capital
contribution obligation in operating limited partnerships for low-
income tax credits not generated $
76,085 $ 193,830 $ 36,696
=============== ============== ==============
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 $
- $ 2,771,170 $ 1,792,622
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 operating limited partnerships $
573 $ - $ -
=============== ============== ==============
The fund has increased selling commissions and registration costs for
amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-87
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 30
-----------------------------------------------------
Period
June 23, 1997
(date of
inception)
Year
ended March Year ended March through March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S>
<C> <C> <C>
Cash flows from operating activities
Net income (loss) $
(1,273,296) $ (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
1,074,429 432,433 (100,573)
Distributions received from operating limited partnerships
6,748 - -
Cumulative effect of a change in accounting principle
48,501 - -
Amortization
21,139 13,857 5,613
Organization costs
- - (67,971)
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
48,083 120,418 (171,223)
Accounts payable and accrued expenses
- - -
Accounts payable - affiliates
1,328 5,194 1,002
--------------- -------------- --------------
Net cash provided by (used in) operating activities
(73,068) 267,031 (1,821)
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(72,071) (162,985) (2,574,202)
Capital contributions paid to operating limited partnerships
(5,294,251) (4,549,243) (2,201,978)
Deposits for purchases of operating limited partnerships
- - (4,546,231)
(Advances to) repayments from operating limited partnerships
1,329,758 (835,055) (1,422,259)
Purchase of investments (net of proceeds from sale of investments)
3,175,938 5,527,523 (10,869,350)
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(860,626) (19,760) (21,614,020)
--------------- -------------- --------------
Cash flows from financing activities
Capital contributions received
- - 26,490,750
Selling commissions and registration costs paid
(2,121) (70,646) (3,712,391)
Distributions paid
- - -
Proceeds from (repayment of) line of credit
- - -
--------------- -------------- --------------
Net cash provided by (used in) financing activities
(2,121) (70,646) 22,778,359
--------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(935,815) 176,625 1,162,518
Cash and cash equivalents, beginning
1,339,143 1,162,518 -
--------------- -------------- --------------
Cash and cash equivalents, ending
403,328 $ 1,339,143 $ 1,162,518
=============== ============== ==============
</TABLE>
(continued)
F-88
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 30
-
-----------------------------------------------------
Period
June 23, 1997
(date of
inception)
Year
ended March Year ended March through March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 $
2,926,590 $ 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 $
80,385 $ 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 $
273,590 $ 3,686,890 $ 864,118
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 operating limited partnerships $
7,050 $ - $ -
=============== ============== ==============
The fund has increased selling commissions and registration costs for
amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-89
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 31
-----------------------------------------------------
Period September
11, 1997 (date
of inception)
Year
ended March Year ended March through March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(3,131,563) $ (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
2,795,630 1,020,163 43,087
Distributions received from operating limited partnerships
442 - -
Cumulative effect of a change in accounting principle
51,385 - -
Amortization
- 13,702 3,426
Organization costs
- - (68,513)
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
77,199 (203,125) (158,545)
Accounts payable and accrued expenses
1,315 (25,699) 27,359
Accounts payable - affiliates
25,265 (415,947) 417,337
--------------- -------------- --------------
Net cash provided by (used in) operating activities
(180,327) (73,719) 194,462
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(34,826) (183,186) (4,329,695)
Capital contributions paid to operating limited partnerships
(2,756,542) (9,130,091) (10,228,698)
Deposits for purchases of operating limited partnerships
- - (1,104,492)
(Advances to) repayments from operating limited partnerships
292,233 874,882 (7,309,603)
Purchase of investments (net of proceeds from sale of investments)
2,841,554 9,122,973 (14,470,962)
--------------- -------------- --------------
Net cash provided by (used in) investing activities
342,419 684,578 (37,443,450)
--------------- -------------- --------------
Cash flows from financing activities
Capital contributions received
- - 44,057,750
Selling commissions and registration costs paid
(6,569) (127,638) (5,997,527)
Distributions paid
- - -
Proceeds from (repayment of) line of credit
- - -
--------------- -------------- --------------
Net cash provided by (used in) financing activities
(6,569) (127,638) 38,060,223
--------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
155,523 483,221 811,235
Cash and cash equivalents, beginning
1,294,456 811,235 -
--------------- -------------- --------------
Cash and cash equivalents, ending $
1,449,979 $ 1,294,456 $ 811,235
=============== ============== ==============
</TABLE>
(continued)
F-90
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 31
-----------------------------------------------------
Period September
11, 1997 (date
of inception)
Year
ended March Year ended March through March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 $
209,118 $ 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 $
490,020 $ 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 partnerships 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 operating limited partnerships $
128,780 $ - $ -
=============== ============== ==============
The fund has increased selling commissions and registration costs for
amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-91
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 32
-----------------------------------------------------
Period
January 19, 1998
(date of
inception)
Year
ended March Year ended March through March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $
(1,487,782) $ 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
1,245,350 (56,660) -
Distributions received from operating limited partnerships
- - -
Cumulative effect of a change in accounting principle
50,418 - -
Amortization
29,738 8,897 -
Organization costs
- - (59,315)
Changes in assets and liabilities
Prepaid expenses
- - -
Other assets
275,715 1,451,661 (1,477,928)
Accounts payable and accrued expenses
- (431,851) 431,851
Accounts payable - affiliates
148,551 (92,868) 92,971
--------------- -------------- --------------
Net cash provided by (used in) operating activities
261,990 1,149,015 (1,033,617)
--------------- -------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(267,165) (3,620,417) (1,394,057)
Capital contributions paid to operating limited partnerships
(6,540,687) (16,991,915) (946,885)
Deposits for purchases of operating limited partnerships
- - -
(Advances to) repayments from operating limited partnerships
(1,269,521) (980,807) (6,009,698)
Purchase of investments (net of proceeds from sale of investments)
6,458,977 (3,236,294) (5,974,481)
--------------- -------------- --------------
Net cash provided by (used in) investing activities
(1,618,396) (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
(28,916) (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
(28,916) 25,233,554 15,431,508
--------------- -------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(1,385,322) 1,553,136 72,770
Cash and cash equivalents, beginning
1,625,906 72,770 -
--------------- -------------- --------------
Cash and cash equivalents, ending $
240,584 $ 1,625,906 $ 72,770
=============== ============== ==============
</TABLE>
(continued)
F-92
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 32
-----------------------------------------------------
Period
January 19, 1998
(date of
inception)
Year
ended March Year ended March through March
31, 2000 31, 1999 31, 1998
--------------- -------------- --------------
<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 $
3,618,161 $ 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 $
391,567 $ 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 $
2,364,941 $ 3,051,011 $ -
=============== ============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 operating limited partnerships $
- $ - $ -
=============== ============== ==============
The fund has increased selling commissions and registration costs for
amounts payable $
- $ - $ -
=============== ============== ==============
</TABLE>
(continued)
F-93
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 33
-----------------------------------
Period June 22,
1998 (date of
inception)
Year ended March through March
31, 2000 31, 1999
--------------- --------------
<S>
<C> <C>
Cash flows from operating activities
Net income (loss)
$ (705,104) $ 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
595,041 (187,290)
Distributions received from operating limited partnerships
- -
Cumulative effect of a change in accounting principle
83,770
Amortization
26,578 9,308
Organization costs
- (93,078)
Changes in assets and liabilities
Prepaid expenses
- -
Other assets
10,209 (14,587)
Accounts payable and accrued expenses
- -
Accounts payable - affiliates
65,293 6,443
-------------- --------------
Net cash provided by (used in) operating activities
75,787 (85,106)
-------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(63,785) (2,679,343)
Capital contributions paid to operating limited partnerships
(2,889,468) (12,028,598)
Deposits for purchases of operating limited partnerships
- -
(Advances to) repayments from operating limited partnerships
5,455 (1,248,089)
Purchase of investments (net of proceeds from sale of investments)
2,790,273 (5,857,541)
-------------- --------------
Net cash provided by (used in) investing activities
(157,525) (21,813,571)
-------------- --------------
Cash flows from financing activities
Capital contributions received
- 26,362,000
Selling commissions and registration costs paid
(6,384) (3,777,466)
Distributions paid
- -
Proceeds from (repayment of) line of credit
- -
-------------- --------------
Net cash provided by (used in) financing activities
(6,384) 22,584,534
-------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(88,122) 685,857
Cash and cash equivalents, beginning
685,857 -
-------------- --------------
Cash and cash equivalents, ending
$ 597,735 $ 685,857
============== ==============
</TABLE>
(continued)
F-94
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 33
-------------------------------------
Period June 22,
1998 (date of
inception)
Year ended March through March
31, 2000 31, 1999
-------------- --------------
<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
$ 1,917,700 $ 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
$ 198,492 $ -
============== ==============
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
$ 1,063,972 $ 137,836
============== ==============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 operating limited partnerships
$ - $ -
============== ==============
The fund has increased selling commissions and registration costs for
amounts payable
$ - $ -
============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no
comparative information has been included. Series
36, 37 and 38 were not formed until after March 31, 1999, therefore no
comparative information has been included.
</TABLE>
(continued)
F-95
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 34
-------------------------------------
Period September
22, 1998 (date
of inception)
Year ended March through March
31, 2000 31, 1999
-------------- --------------
<S>
<C> <C>
Cash flows from operating activities
Net income (loss)
$ (699,182) $ 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
468,712 218
Distributions received from operating limited partnerships
- -
Cumulative effect of a change in accounting principle
110,441 -
Amortization
41,853 -
Organization costs
- (110,441)
Changes in assets and liabilities
Prepaid expenses
- -
Other assets
67,651 (78,031)
Accounts payable and accrued expenses
(493) 493
Accounts payable - affiliates
(22,238) 32,894
-------------- --------------
Net cash provided by (used in) operating activities
(33,256) (114,918)
-------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(270,538) (3,470,838)
Capital contributions paid to operating limited partnerships
(6,742,893) (7,648,749)
Deposits for purchases of operating limited partnerships
- -
(Advances to) repayments from operating limited partnerships
(1,074,707) (6,746,841)
Purchase of investments (net of proceeds from sale of investments)
6,367,185 (9,633,285)
-------------- --------------
Net cash provided by (used in) investing activities
(1,720,953) (27,499,713)
-------------- --------------
Cash flows from financing activities
Capital contributions received
- 35,273,000
Selling commissions and registration costs paid
(56,360) (5,175,790)
Distributions paid
- -
Proceeds from (repayment of) line of credit
- -
-------------- --------------
Net cash provided by (used in) financing activities
(56,360) 30,097,210
-------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(1,810,569) 2,482,579
Cash and cash equivalents, beginning
2,482,579 -
-------------- --------------
Cash and cash equivalents, ending
$ 672,010 $ 2,482,579
============== ==============
</TABLE>
(continued)
F-96
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 34
-------------------------------------
Period September
22, 1998 (date
of inception)
Year ended March through March
31, 2000 31, 1999
-------------- --------------
<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
$ 5,943,259 $ 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
$ 43,270 $ -
=============== ===============
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
$ 5,224,840 $ -
=============== ===============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 operating limited partnerships
$ 5,941 $ -
=============== ===============
The fund has increased selling commissions and registration costs for
amounts payable
$ - $ -
=============== ===============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no
comparative information has been included. Series
36, 37 and 38 were not formed until after March 31, 1999, therefore no
comparative information has been included.
</TABLE>
(continued)
F-97
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 35
-------------------------------------
Period February
22, 1999 (date
of inception)
Year ended March through March
31, 2000 31, 1999
-------------- --------------
<S>
<C> <C>
Cash flows from operating activities
Net income (loss)
$ (261,604) $ (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
194,048 -
Distributions received from operating limited partnerships
- -
Cumulative effect of a change in accounting principle
16,875
Amortization
225,179 -
Organization costs
- (16,875)
Changes in assets and liabilities
Prepaid expenses
- -
Other assets
2,030,454 (2,463,058)
Accounts payable and accrued expenses
(94,617) 96,560
Accounts payable - affiliates
(215,744) 294,539
-------------- --------------
Net cash provided by (used in) operating activities
1,894,591 (2,095,601)
-------------- --------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(2,683,319) (822,404)
Capital contributions paid to operating limited partnerships
(11,759,790) (1,072,587)
Deposits for purchases of operating limited partnerships
- -
(Advances to) repayments from operating limited partnerships
(3,539,239) (1,797,021)
Purchase of investments (net of proceeds from sale of investments)
(5,546,794) (392,026)
-------------- --------------
Net cash provided by (used in) investing activities
(23,529,142) (4,084,038)
-------------- --------------
Cash flows from financing activities
Capital contributions received
25,962,625 7,042,000
Selling commissions and registration costs paid
(3,674,194) (814,485)
Distributions paid
- -
Proceeds from (repayment of) line of credit
(200,000) 200,000
-------------- --------------
Net cash provided by (used in) financing activities
22,088,431 6,427,515
-------------- --------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
453,880 247,876
Cash and cash equivalents, beginning
247,876 -
-------------- --------------
Cash and cash equivalents, ending
$ 701,756 $ 247,876
=============== ===============
</TABLE>
(continued)
F-98
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 35
-------------------------------------
Period February
22, 1999 (date
of inception)
Year ended March through March
31, 2000 31, 1999
-------------- --------------
<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
$ 12,028,772 $ 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
$ 47,816 $ -
=============== ===============
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
$ 3,494,529 $ 758,616
=============== ===============
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 operating limited partnerships
$ - $ -
=============== ===============
The fund has increased selling commissions and registration costs for
amounts payable
$ - $ 312,955
=============== ===============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no
comparative information has been included. Series
36, 37 and 38 were not formed until after March 31, 1999, therefore no
comparative information has been included.
</TABLE>
(continued)
F-99
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 36
----------------
Period July 1,
1999 (date of
inception)
through March
31, 2000
----------------
<S>
<C>
Cash flows from operating activities
Net income (loss)
$ (304,789)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
160,352
Distributions received from operating limited partnerships
-
Cumulative effect of a change in accounting principle
-
Amortization
78,850
Organization costs
-
Changes in assets and liabilities
Prepaid expenses
-
Other assets
(84,579)
Accounts payable and accrued expenses
-
Accounts payable - affiliates
30,944
----------------
Net cash provided by (used in) operating activities
(119,222)
----------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(2,324,273)
Capital contributions paid to operating limited partnerships
(7,853,791)
Deposits for purchases of operating limited partnerships
-
(Advances to) repayments from operating limited partnerships
(4,868,587)
Purchase of investments (net of proceeds from sale of investments)
(2,377,517)
----------------
Net cash provided by (used in) investing activities
(17,424,168)
----------------
Cash flows from financing activities
Capital contributions received
21,068,375
Selling commissions and registration costs paid
(3,196,890)
Distributions paid
-
Proceeds from (repayment of) line of credit
-
----------------
Net cash provided by (used in) financing activities
17,871,485
----------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
328,095
Cash and cash equivalents, beginning
-
----------------
Cash and cash equivalents, ending
$ 328,095
</TABLE>
================
(continued)
F-100
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 36
----------------
Period July 1,
1999 (date of
inception)
through March
31, 2000
----------------
<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
$ 15,385,970
================
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
$ 1,909,822
================
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 operating limited partnerships
$ -
================
The fund has increased selling commissions and registration costs for
amounts payable
$ -
================
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no
comparative information has been included. Series
36, 37 and 38 were not formed until after March 31, 1999, therefore no
comparative information has been included.
</TABLE>
(continued)
F-101
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 37
----------------
Period October
4, 1999 (date of
inception)
through March
31, 2000
----------------
<S>
<C>
Cash flows from operating activities
Net income (loss)
$ (53,516)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities
Share of (income) losses from operating limited partnerships
44,958
Distributions received from operating limited partnerships
-
Cumulative effect of a change in accounting principle
-
Amortization
-
Organization costs
-
Changes in assets and liabilities
Prepaid expenses
-
Other assets
(26,148)
Accounts payable and accrued expenses
350
Accounts payable - affiliates
29,802
----------------
Net cash provided by (used in) operating activities
(4,554)
----------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(2,446,361)
Capital contributions paid to operating limited partnerships
(6,695,081)
Deposits for purchases of operating limited partnerships
-
(Advances to) repayments from operating limited partnerships
(2,340,937)
Purchase of investments (net of proceeds from sale of investments)
(4,235,295)
----------------
Net cash provided by (used in) investing activities
(15,717,674)
----------------
Cash flows from financing activities
Capital contributions received
25,125,000
Selling commissions and registration costs paid
(3,449,825)
Distributions paid
-
Proceeds from (repayment of) line of credit
-
----------------
Net cash provided by (used in) financing activities
21,675,175
----------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
5,952,947
Cash and cash equivalents, beginning
-
----------------
Cash and cash equivalents, ending
$ 5,952,947
</TABLE>
================
(continued)
F-102
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 37
----------------
Period October
4, 1999 (date of
inception)
through March
31, 2000
----------------
<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
$ 13,370,702
================
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
$ 303,260
================
The fund has decreased its investments in operating limited
partnerships for unpaid capital contributions due to the operating
limited partnerships 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 operating limited partnerships
$ -
================
The fund has increased selling commissions and registration costs for
amounts payable
$ -
================
Series 33, 34 and 35 were not formed until after March 31, 1998,
therefore no comparative information has been included. Series
36, 37 and 38 were not formed until after March 31, 1999,
therefore no comparative information has been included.
</TABLE>
(continued)
F-103
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 38
----------------
Period February
22, 1999 (date
of inception)
through March
31, 2000
----------------
<S>
<C>
Cash flows from operating activities
Net income (loss)
$ (81,694)
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
-
Cumulative effect of a change in accounting principle
-
Amortization
-
Organization costs
-
Changes in assets and liabilities
Prepaid expenses
-
Other assets
(1)
Accounts payable and accrued expenses
422,489
Accounts payable - affiliates
20,848
----------------
Net cash provided by (used in) operating activities
361,642
----------------
Cash flows from investing activities
Acquisition costs paid for operating limited partnerships
(433,496)
Capital contributions paid to operating limited partnerships
(2,538,698)
Deposits for purchases of operating limited partnerships
-
(Advances to) repayments from operating limited partnerships
-
Purchase of investments (net of proceeds from sale of investments)
-
----------------
Net cash provided by (used in) investing activities
(2,972,194)
----------------
Cash flows from financing activities
Capital contributions received
3,695,000
Selling commissions and registration costs paid
(876,470)
Distributions paid
-
Proceeds from (repayment of) line of credit
976,349
----------------
Net cash provided by (used in) financing activities
3,794,879
----------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
1,184,327
Cash and cash equivalents, beginning
-
----------------
Cash and cash equivalents, ending
$ 1,184,327
</TABLE>
================
(continued)
F-104
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund IV
L.P.
STATEMENTS OF CASH FLOWS -
CONTINUED
Series 38
----------------
Period February
22, 1999 (date
of inception)
through March
31, 2000
----------------
<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
$ 3,451,918
================
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
$ 768,000
================
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 partnerships 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 operating limited partnerships
$ -
================
The fund has increased selling commissions and registration costs for
amounts payable
$ -
================
Series 33, 34 and 35 were not formed until after March 31, 1998,
therefore no comparative information has been included. Series
36, 37 and 38 were not formed until after March 31, 1999,
therefore no comparative information has been included.
See notes to financial
statements
F-105
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
March 31, 2000, 1999 and 1998
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-106
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
The BACs issued and outstanding in each series at March 31, 2000
and 1999 are as follows:
</TABLE>
<TABLE>
2000 1999
--------- ---------
<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 4,754,198
Series 33 2,636,533 2,636,533
Series 34 3,529,319 3,529,319
Series 35 3,300,463 704,200
Series 36 2,106,837 -
Series 37 2,512,500 -
Series 38 446,300 -
---------- ----------
57,660,659 49,998,759
========== ==========
</TABLE>
F-107
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
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 suspended and offset against future
individual operating limited partnership's income.
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 investments 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 costs as an increase in its
investments in operating limited partnerships. These costs are
amortized by the operating limited partnerships over 27.5 years
on the straight-line method. 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. As of January 1, 1999, the fund
records acquisition costs incurred after January 1, 1999 as
deferred acquisition costs. These costs are amortized on the
straight-line method over 27.5 years.
F-108
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Investment in Operating Limited Partnerships (Continued)
--------------------------------------------
During the years ended March 31, 2000 and 1999, the fund acquired
interests in operating limited partnerships as follows:
<TABLE>
2000 1999
--------- ---------
<S> <C> <C>
Series 20 - -
Series 21 - -
Series 22 - 1
Series 23 - -
Series 24 - -
Series 25 - -
Series 26 - 3
Series 27 2 1
Series 28 - 2
Series 29 - 5
Series 30 2 5
Series 31 - 4
Series 32 2 11
Series 33 2 8
Series 34 5 9
Series 35 5 5
Series 36 11 -
Series 37 5 -
Series 38 3 -
--------- ---------
37 54
========= =========
</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.
F-109
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Organization Costs
------------------
Initial organization and offering expenses common to all
Series, are allocated on a percentage of equity raised to each
Series.
In accordance with SOP 98-5, effective April 1, 1999,
organization costs are being expensed as incurred. Before this
date, organization costs were amortized on the straight-line
method over 60 months.
F-110
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Deferred Acquisition Costs
--------------------------
Deferred acquisition costs are amortized on the straight-line
method over 27.5 years.
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-111
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, 1999 and 1998
are as follows:
<TABLE>
2000 1999 1998
--------- --------- ---------
<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 3,995,900
Series 27 2,460,700 2,460,700 2,460,700
Series 28 4,000,738 4,000,738 4,000,738
Series 29 3,991,800 3,991,800 3,554,530
Series 30 2,651,000 2,651,000 2,248,616
Series 31 4,417,857 4,417,857 2,850,062
Series 32 4,754,198 4,205,796 577,668
Series 33 2,636,533 2,171,826 -
Series 34 3,529,319 2,257,862 -
Series 35 2,876,439 437,224 -
Series 36 1,723,720 - -
Series 37 1,602,663 - -
Series 38 308,300 - -
---------- ---------- ----------
55,805,681 47,447,217 36,544,728
========== ========== ==========
</TABLE>
F-112
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
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.
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
--------------------------------
In December 1999, the Financial Accounting Standards Board (FASB)
issued SFAS No. 136, "Transfers of Assets to a Not-For-Profit
Organization or Charitable Trust that Raises or Holds
Contributions for Others, and in June 1999, the FASB issued SFAS
No. 137, "Accounting For Derivative Instruments and Hedgers
Activities - Deferral of the Effective Date of SFAS No. 133."
SFAS No. 136 is generally effective for periods beginning after
December 15, 1999 and SFAS 137 is effective upon issuance in June
1999.
The fund does not have any derivative or hedging activities and
is not a not-for-profit organization. Consequently, these
pronouncements are not expected to have any effect on the fund's
financial statements.
F-113
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2000, 1999 and 1998, 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, 2000, 1999
and 1998, are as follows:
<TABLE>
2000 1999 1998
--------- --------- ---------
<S> <C> <C> <C>
Series 20 $ 292,963 $ 358,566 $ 270,336
Series 21 157,432 201,340 215,217
Series 22 227,588 241,151 225,636
Series 23 197,530 214,325 188,213
Series 24 160,446 203,448 208,597
Series 25 203,746 266,576 248,382
Series 26 365,001 359,834 346,887
Series 27 289,658 288,306 275,320
Series 28 287,734 322,689 155,994
Series 29 308,972 306,704 192,348
Series 30 201,815 159,294 55,733
Series 31 391,201 334,849 69,951
Series 32 323,495 264,361 1,976
Series 33 169,331 107,826 -
Series 34 281,564 68,018 -
Series 35 195,257 4,809 -
Series 36 83,620 - -
Series 37 26,698 - -
Series 38 5,176 - -
--------- --------- ---------
$4,169,227 $3,702,096 $2,454,590
========= ========= =========
</TABLE>
F-114
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, 1999
and 1998, dealer manager fees received by Boston Capital
Services, Inc. by series are as follows:
<TABLE>
2000 1999 1998
--------- --------- ---------
<S> <C> <C> <C>
Series 20 $ - $ - $ -
Series 21 - - -
Series 22 - - -
Series 23 - - -
Series 24 - - -
Series 25 - - -
Series 26 - - -
Series 27 - - -
Series 28 - - -
Series 29 - - 545,135
Series 30 - - 502,098
Series 31 - - 932,325
Series 32 - 753,600 222,335
Series 33 - 490,750 -
Series 34 - 676,630 -
Series 35 489,168 128,020 -
Series 36 399,530 - -
Series 37 475,690 - -
Series 38 84,695 - -
---------- ---------- ----------
$1,449,083 $2,049,000 $2,201,893
========== ========== ==========
</TABLE>
F-115
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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. During the years ended March
31, 2000, 1999 and 1998, acquisition fees incurred to Boston
Capital Holdings Limited Partnership by series are as follows:
<TABLE>
2000 1999 1998
--------- --------- ---------
<S> <C> <C> <C>
Series 20 $ - $ - $ -
Series 21 - - -
Series 22 - - -
Series 23 - - -
Series 24 - - -
Series 25 - - -
Series 26 - - -
Series 27 - - -
Series 28 - - -
Series 29 - - 2,531,555
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 2,206,824 598,570 -
Series 36 1,790,812 -
Series 37 2,135,625 -
Series 38 379,355 -
--------- --------- ---------
$6,512,616 $8,818,410 $9,578,948
========= ========= =========
</TABLE>
F-116
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
During the years ended March 31, 2000, 1999 and 1998, 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>
2000 1999 1998
--------- --------- ---------
<S> <C> <C> <C>
Series 20 $ 20,587 $ 14,427 $ 27,590
Series 21 13,018 8,389 17,368
Series 22 16,481 11,288 22,206
Series 23 18,993 14,218 33,765
Series 24 14,106 10,648 20,500
Series 25 16,951 13,406 24,231
Series 26 21,052 17,367 29,659
Series 27 16,582 13,582 23,836
Series 28 19,254 17,350 31,809
Series 29 19,316 20,470 32,467
Series 30 16,876 15,782 20,152
Series 31 15,770 17,659 23,078
Series 32 23,403 20,351 11,655
Series 33 16,793 26,436 -
Series 34 24,161 19,095 -
Series 35 28,829 3,147 -
Series 36 34,054 - -
Series 37 14,406 - -
Series 38 480 - -
--------- --------- ---------
$ 351,112 $ 243,615 $ 318,316
========= ========= =========
</TABLE>
Accounts payable - affiliates at March 31, 2000, 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-117
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
During the years ended March 31, 2000, 1999 and 1998, the fund
reimbursed affiliates of the general partner 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, 2000,
1999 and 1998. During the years ended March 31, 2000, 1999,
and 1998 the selling commission and registration costs
incurred to affiliates by series are as follows:
<TABLE>
2000 1999 1998
--------- --------- ---------
<S> <C> <C> <C>
Series 20 $ - $ - $ -
Series 21 - - -
Series 22 - - -
Series 23 - - -
Series 24 - - -
Series 25 - - -
Series 26 - - -
Series 27 - - -
Series 28 1,977 - -
Series 29 2,257 - 79,710
Series 30 1,301 - 92,926
Series 31 5,484 - 92,401
Series 32 23,830 103,222 65,029
Series 33 1,499 121,385 -
Series 34 29,133 146,254 -
Series 35 115,841 25,680 -
Series 36 79,753 - -
Series 37 140,617 - -
Series 38 53,283 - -
--------- --------- ---------
$ 454,975 $ 396,541 $ 330,066
========= ========= =========
</TABLE>
F-118
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2000 and 1999, the fund has limited partnership
interests in operating 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, 2000 and 1999 by
series are as follows:
<TABLE>
2000 1999
--------- ---------
<S> <C> <C>
Series 20 24 24
Series 21 14 14
Series 22 29 29
Series 23 22 22
Series 24 24 24
Series 25 22 22
Series 26 45 45
Series 27 16 14
Series 28 26 26
Series 29 22 22
Series 30 20 18
Series 31 26 26
Series 32 16 14
Series 33 10 8
Series 34 14 9
Series 35 10 5
Series 36 11 -
Series 37 5 -
Series 38 3 -
--------- ---------
359 322
========= =========
</TABLE>
During the year ended March 31, 1999, Series 28 disposed of their
interest in one operating limited partnership.
F-119
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 operating 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, 2000 and 1999,
contributions are payable to operating limited partnerships as
follows:
<TABLE>
2000 1999
--------- ----------
<S> <C> <C>
Series 20 $ 388,026 $ 388,026
Series 21 683,688 709,193
Series 22 538,769 550,641
Series 23 458,631 772,817
Series 24 1,259,345 1,285,736
Series 25 2,516,436 2,704,223
Series 26 2,709,059 5,548,536
Series 27 1,063,367 1,645,618
Series 28 2,484,505 4,440,923
Series 29 2,060,981 5,800,186
Series 30 2,502,751 5,188,387
Series 31 4,973,344 8,010,788
Series 32 4,476,034 10,155,068
Series 33 3,272,919 5,507,151
Series 34 5,964,656 12,032,400
Series 35 5,528,412 8,801,775
Series 36 5,509,534 -
Series 37 6,239,395 -
Series 38 904,200 -
---------- -----------
$53,534,052 $73,541,468
========== ===========
</TABLE>
F-120
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March
31, 2000 is summarized as follows (Series 38 invested in
operating limited partnerships subsequent to December 31, 1999):
<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 $409,470,753 $ 28,279,735 $ 12,558,612
Acquisition costs of
operating limited
partnerships 46,954,889 3,726,293 1,923,140
Cumulative distributions
from operating limited
partnerships (254,808) (47,778) (19,517)
Cumulative income
(losses) from operating
limited partnerships (68,396,226) (13,206,036) (7,808,413)
------------ ------------- -----------
Investment in operating
limited partnerships per
balance sheet 387,774,608 18,752,214 6,653,822
F-121
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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,
2000 which have not been
included in the
partnership's capital
account included in the
operating limited
partnerships' financial
statements as of
December 31, 1999 (see
note A). (65,557,824) (9,384) (783,110)
The fund has recorded
acquisition costs at
March 31, 2000 which
have not been recorded
in the net assets of the
operating limited
partnerships (see note
A). (8,947,793) (444,246) -
Cumulative losses from
operating limite d
partnerships for the
three months ended March
31, 2000 which the
operating limite d
partnerships have not
included in their
capital as of December
31, 1999 due to
different year ends (see
note A). 2,775,473 404,710 651,466
Equity in loss of
operating limite d
partnerships not
recognizable under the
equity method of
accounting (see note A). (142,723) (94,411) -
The fund has recorded
low income housing tax
credit adjusters not
recorded by operating
limited partnerships
(see note A). 3,433,956 249,627 313,636
Other (1,469,828) (23,748) 8,567
------------ ------------- -----------
Equity per operating
limited partnerships'
combined financial
statements $317,865,869 $ 18,834,762 $ 6,844,381
============ ============= ===========
</TABLE>
F-122
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31,
2000 is summarized as follows (Series 38 invested in operating limited
partnerships subsequent to December 31, 1999):
<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 $18,294,066 $23,797,395 $15,710,174
Acquisition costs of operating
limited partnerships 2,504,765 3,504,553 2,030,314
Cumulative distributions from
operating limited partnerships (54,832) (4,249) (44,950)
Cumulative income (losses)
from operating limited
partnerships (6,989,684) (7,040,571) (5,152,745)
----------- ----------- -----------
Investment in operating
limited partnerships per
balance sheet 13,754,315 20,257,128 12,542,793
F-123
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000
which have not been included
in the partnership's capital
account included in the
operating limited
partnerships' financial
statements as of December 31,
1999 (see note A). (800,467) (281,846) (490,055)
The fund has recorded
acquisition costs at March 31,
2000 which have not been
recorded in the net assets of
the operating limited
partnerships (see note A). (274,232) (643,785) (720,097)
Cumulative losses from
operating limited partnerships
for the three months ended
March 31, 2000 which the
operating limited partnerships
have not included in their
capital as of December 31,
1999 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). (34,187) - -
The fund has recorded low
income housing tax credit
adjusters not recorded by
operating limited partnerships
(see note A). 123,065 135,618 146,406
Other (116,111) 8,310 171,254
----------- ----------- -----------
Equity per operating limited
partnerships' combined
financial statements $12,911,611 $19,655,275 $11,745,996
=========== =========== ===========
</TABLE>
F-124
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 partnerships, net of
tax credit adjusters $22,036,365 $28,874,527 $17,025,291
Acquisition costs of operating
limited partnerships 2,803,677 3,968,917 2,467,629
Cumulative distributions from
operating limited partnerships (16,002) (29,142) (8,229)
Cumulative income (losses)
from operating limited
partnerships (5,875,434) (4,123,238) (3,092,052)
----------- ----------- -----------
Investment in operating
limited partnerships per
balance sheet 18,948,606 28,691,064 16,392,639
F-125
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000
which have not been included
in the partnership's capital
account included in the
operating limited
partnerships' financial
statements as of December 31,
1999 (see note A). (1,313,356) (851,639) (1,530,761)
The fund has recorded
acquisition costs at March 31,
2000 which have not been
recorded in the net assets of
the operating limited
partnerships (see note A). (689,409) (73,143) (534,689)
Cumulative losses from
operating limited partnerships
for the three months ended
March 31, 2000 which the
operating limited partnerships
have not included in their
capital as of December 31,
1999 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). (14,125) - -
The fund has recorded low
income housing tax credit
adjusters not recorded by
operating limited partnerships
(see note A). 46,911 366,311 298,341
Other (72,226) (53,317) 70,789
----------- ----------- -----------
Equity per operating limited
partnerships' combine d
financial statements $17,241,943 $28,202,470 $14,901,851
=========== =========== ===========
</TABLE>
F-126
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31,
2000 is summarized as follows (Series 38 invested in operating limited
partnerships subsequent to December 31, 1999):
<TABLE>
Series 28 Series 29 Series 30
----------- ----------- -----------
<S> <C> <C> <C>
Capital contributions paid and
to be paid to operating
limited partnerships, net of
tax credit adjusters $28,587,191 $28,830,695 $19,329,770
Acquisition costs of operating
limited partnerships 4,191,674 4,151,886 2,226,856
Cumulative distributions from
operating limited partnerships (16,520) (6,399) (6,748)
Cumulative income (losses)
from operating limited
partnerships (3,140,378) (4,237,777) (1,406,289)
----------- ----------- -----------
Investment in operating
limited partnerships per
balance sheet 29,621,967 28,738,405 20,143,589
F-127
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 28 Series 29 Series 30
----------- ----------- -----------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating
limited partnerships during
the year ended March 31, 2000
which have not been included
in the partnership's capital
account included in the
operating limited
partnerships' financial
statements as of December 31,
1999 (see note A). (3,638,052) (3,104,013) (2,087,913)
The fund has recorded
acquisition costs at March 31,
2000 which have not been
recorded in the net assets of
the operating limited
partnerships (see note A). (717,738) (806,107) (235,701)
Cumulative losses from
operating limited partnerships
for the three months ended
March 31, 2000 which the
operating limited partnerships
have not included in their
capital as of December 31,
1999 due to different year
ends (see note A). 129,668 265,241 -
Equity in loss of operating
limited partnerships not
recognizable under the equity
method of accounting (see note
A). - - -
The fund has recorded low
income housing tax credit
adjusters not recorded by
operating limited partnerships
(see note A). 350,469 198,472 48,134
Other (210,976) (68,577) (1,039)
----------- ----------- -----------
Equity per operating limited
partnerships' combined
financial statements $25,535,338 $25,223,421 $17,867,070
=========== =========== ===========
</TABLE>
F-128
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31,
2000 is summarized as follows (Series 38 invested in operating limited
partnerships subsequent to December 31, 1999):
<TABLE>
Series 31 Series 32 Series 33
----------- ----------- -----------
<S> <C> <C> <C>
Capital contributions paid and
to be paid to operating
limited partnerships, net of
tax credit adjusters $31,626,087 $34,539,147 $19,392,796
Acquisition costs of operating
limited partnerships 4,586,765 4,291,123 2,010,987
Cumulative distributions from
operating limited partnerships (442) - -
Cumulative income (losses)
from operating limited
partnerships (3,858,880) (1,188,690) (407,751)
----------- ----------- -----------
Investment in operating
limited partnerships per
balance sheet 32,353,530 37,641,580 20,996,032
F-129
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 31 Series 32 Series 33
----------- ----------- -----------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating
limited partnerships during
the year ended March 31, 2000
which have not been included
in the partnership's capital
account included in the
operating limited
partnerships' financial
statements as of December 31,
1999 (see note A). (5,087,725) (5,392,287) (4,648,004)
The fund has recorded
acquisition costs at March 31,
2000 which have not been
recorded in the net assets of
the operating limited
partnerships (see note A). (77,600) (2,607,151) (828,361)
Cumulative losses from
operating limited partnerships
for the three months ended
March 31, 2000 which the
operating limited partnerships
have not included in their
capital as of December 31,
1999 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 housing tax credit
adjusters not recorded by
operating limited partnerships
(see note A). 541,115 411,487 115,734
Other 26,375 (1,099,057) (6,394)
----------- ----------- -----------
Equity per operating limited
partnerships' combined
financial statements $27,881,042 $28,954,572 $15,629,007
=========== =========== ===========
</TABLE>
F-130
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31,
2000 is summarized as follows (Series 38 invested in operating limited
partnerships subsequent to December 31, 1999):
<TABLE>
Series 34 Series 35 Series 36
----------- ----------- -----------
<S> <C> <C> <C>
Capital contributions paid and
to be paid to operating
limited partnerships, net of
tax credit adjusters $25,591,198 $22,789,114 $15,385,970
Acquisition costs of operating
limited partnerships 2,566,310 - -
Cumulative distributions from
operating limited partnerships - - -
Cumulative income (losses)
from operating limited
partnerships (468,930) (194,048) (160,352)
----------- ----------- -----------
Investment in operating
limited partnerships per
balance sheet 27,688,578 22,595,066 15,225,618
F-131
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 34 Series 35 Series 36
----------- ----------- -----------
<S> <C> <C> <C>
The fund has recorded capital
contributions to the operating
limited partnerships during
the year ended March 31, 2000
which have not been included
in the partnership's capital
account included in the
operating limited
partnerships' financial
statements as of December 31,
1999 (see note A). (5,119,874) (8,636,215) (7,292,285)
The fund has recorded
acquisition costs at March 31,
2000 which have not been
recorded in the net assets of
the operating limited
partnerships (see note A). (295,534) - -
Cumulative losses from
operating limited partnerships
for the three months ended
March 31, 2000 which the
operating limited partnerships
have not included in their
capital as of December 31,
1999 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 housing tax credit
adjusters not recorded by
operating limited partnerships
(see note A). 40,824 47,806 -
Other (100,100) 161 (3,739)
----------- ----------- -----------
Equity per operating limited
partnerships' combined
financial statements $22,213,894 $14,006,818 $ 7,929,594
=========== =========== ===========
</TABLE>
F-132
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31,
2000 is summarized as follows (Series 38 invested in operating limited
partnerships subsequent to December 31, 1999):
<TABLE>
Series 37 Series 38
----------- ----------
<S> <C> <C>
Capital contributions paid and
to be paid to operating
limited partnerships, net of
tax credit adjusters $13,370,702 $3,451,918
Acquisition costs of operating
limited partnerships - -
Cumulative distributions from
operating limited partnerships - -
Cumulative income (losses)
from operating limited
partnerships (44,958) -
----------- ----------
Investment in operating
limited partnerships per
balance sheet 13,325,744 3,451,918
F-133
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 37 Series 38
----------- ----------
<S> <C> <C>
The fund has recorded capital
contributions to the operating
limited partnerships during
the year ended March 31, 2000
which have not been included
in the partnership's capital
account included in the
operating limited
partnerships' financial
statements as of December 31, (11,038,920) (3,451,918)
1999 (see note A).
The fund has recorded
acquisition costs at March 31,
2000 which have not been
recorded in the net assets of
the operating limited
partnerships (see note A). - -
Cumulative losses from
operating limited partnerships
for the three months ended
March 31, 2000 which the
operating limited partnerships
have not included in their
capital as of December 31,
1999 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 housing tax credit
adjusters not recorded by
operating limited partnerships
(see note A). - -
Other - -
----------- ----------
Equity per operating limited
partnerships' combined
financial statements $ 2,286,824 $ -
=========== ==========
</TABLE>
F-134
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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-135
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 housing 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-136
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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-137
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 housing 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-138
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 partnerships, 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 distributions 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-139
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 housing 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-140
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 Series 30
----------- ----------- -----------
<S> <C> <C> <C>
Capital contributions paid and
to be paid to operating
limited partnerships, net of
tax credit adjusters $29,153,445 $28,900,092 $16,490,615
Acquisition costs of operating
limited partnerships 4,191,674 4,151,886 2,226,856
Cumulative distributions from
operating limited partnerships (3,925) - -
Cumulative income (losses)
from operating limited
partnerships (1,146,539) (2,045,708) (331,860)
----------- ----------- -----------
Investment in operating
limited partnerships per
balance sheet 32,194,655 31,006,270 18,385,611
F-141
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 28 Series 29 Series 30
----------- ----------- -----------
<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). (5,688,933) (4,704,644) (3,568,757)
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) (627,476)
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 housing tax credit
adjusters not recorded by
operating limited partnerships
(see note A). 90,295 123,612 30,614
Other (253,719) (3,758,691) (499,235)
----------- ----------- -----------
Equity per operating limited
partnerships' combined
financial statements $25,754,198 $22,521,270 $13,720,757
=========== =========== ===========
</TABLE>
F-142
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 31 Series 32 Series 33
----------- ----------- -----------
<S> <C> <C> <C>
Capital contributions paid and
to be paid to operating
limited partnerships, net of
tax credit adjusters $32,074,828 $31,144,881 $17,673,588
Acquisition costs of operating
limited partnerships 4,512,880 4,291,123 2,010,987
Cumulative distributions from
operating limited partnerships - - -
Cumulative income (losses)
from ope rating limited
partnerships (1,063,250) 56,660 187,290
----------- ----------- -----------
Investment in operating
limited partnerships per
balance sheet 35,524,458 35,492,664 19,871,865
F-143
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 31 Series 32 Series 33
----------- ----------- -----------
<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). (9,006,406) (9,567,701) (5,993,518)
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). (729,949) (3,752,114) (1,232,584)
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 housing tax credit
adjusters not recorded by
operating limited partnerships
(see note A). 116,372 25,159 -
Other 74,426 (1,360,907) (1,335,977)
----------- ----------- -----------
Equity per operating limited
partnerships' combined
financial statements $26,104,248 $20,837,101 $11,309,786
=========== =========== ===========
</TABLE>
F-144
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 34 Series 35
---------- ----------
<S> <C> <C>
Capital contributions paid and
to be paid to operating
limited partnerships, net of
tax credit adjusters $19,681,150 $10,632,978
Acquisition costs of operating
limited partnerships 2,566,310 -
Cumulative distributions from
operating limited partnerships - -
Cumulative income (losses)
from operating limited
partnerships (218) -
----------- -----------
Investment in operating
limited partnerships per
balance sheet 22,247,242 10,632,978
F-145
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 34 Series 35
---------- ----------
<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). (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). (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 housing tax credit
adjusters not recorded by
operating limited partnerships
(see note A). - -
Other (7,236,583) -
----------- -----------
Equity per operating limited
partnerships' combined
financial statements $ 6,951,608 $ -
=========== ===========
</TABLE>
F-146
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 37 hold an interest as of
December 31, 1999 are as follows (Series 38 invested in operating
limited partnerships subsequent to December 31, 1999):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Total Series 20 Series 21
------------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $1,055,281,648 $80,973,594 $ 36,680,004
Construction in progress 53,929,640 - -
Land 72,612,309 6,345,961 2,937,606
Other assets 113,948,703 5,220,947 2,622,224
------------- ----------- -----------
$1,295,772,300 $92,540,502 $ 42,239,834
============= =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction
loans payable $ 715,440,821 $58,561,736 $ 28,520,504
Accounts payable and
accrued expenses 26,752,811 2,848,446 1,109,984
Other liabilities 123,258,395 5,905,349 4,101,179
------------ ----------- -----------
865,452,027 67,315,531 33,731,667
------------- ----------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 317,865,869 18,834,762 6,844,381
Other partners 112,454,404 6,390,209 1,663,786
------------- ----------- -----------
430,320,273 25,224,971 8,508,167
------------- ----------- -----------
$1,295,772,300 $92,540,502 $ 42,239,834
============ =========== ===========
F-147
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 37 hold an interest as of
December 31, 1999 are as follows (Series 38 invested in operating
limited partnerships subsequent to December 31, 1999):
COMBINED SUMMARIZED BALANCE SHEETS
</TABLE>
<TABLE>
Series 22 Series 23 Series 24
---------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $76,048,551 $71,718,216 $58,800,076
Construction in progress - - -
Land 4,232,981 3,947,911 3,941,855
Other assets 5,098,787 4,194,798 5,083,855
---------- ---------- ----------
$85,380,319 $79,860,925 $67,825,786
========== ========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction
loans payable $53,198,567 $43,129,703 $41,502,623
Accounts payable and accrued
expenses 2,844,035 2,841,323 1,387,369
Other liabilities 3,324,604 5,703,386 6,305,779
----------- ----------- -----------
59,367,206 51,674,412 49,195,771
----------- ----------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 12,911,611 19,655,275 11,745,996
Other partners 13,101,502 8,531,238 6,884,019
----------- ----------- -----------
26,013,113 28,186,513 18,630,015
----------- ----------- -----------
$85,380,319 $79,860,925 $67,825,786
=========== =========== ===========
</TABLE>
F-148
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 37 hold an interest as of
December 31, 1999 are as follows (Series 38 invested in operating
limited partnerships subsequent to December 31, 1999):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 25 Series 26 Series 27
---------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $62,293,921 $ 89,046,858 $ 73,290,167
Construction in progress - - -
Land 3,695,640 5,310,128 6,005,394
Other assets 7,236,859 7,441,321 8,773,330
---------- ----------- -----------
$73,226,420 $101,798,307 $ 88,068,891
========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction
loans payable $38,664,508 $ 60,789,819 $ 52,929,796
Accounts payable and accrued
expenses 2,577,449 3,409,244 792,749
Other liabilities 8,299,882 4,353,126 10,473,960
---------- ----------- -----------
49,541,839 68,552,189 64,196,505
---------- ----------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 17,241,943 28,202,470 14,901,851
Other partners 6,442,638 5,043,648 8,970,535
---------- ----------- -----------
23,684,581 33,246,118 23,872,386
---------- ----------- -----------
$73,226,420 $101,798,307 $ 88,068,891
========== =========== ===========
</TABLE>
F-149
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 37 hold an interest as of
December 31, 1999 are as follows (Series 38 invested in operating
limited partnerships subsequent to December 31, 1999):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 28 Series 29 Series 30
---------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $79,254,722 $ 69,197,008 $ 53,268,847
Construction in progress - - -
Land 5,513,936 2,841,856 2,451,876
Other assets 3,817,239 3,644,599 3,695,738
---------- ----------- -----------
$88,585,897 $ 75,683,463 $ 59,416,461
========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction
loans payable $44,921,144 $ 39,405,826 $ 30,456,640
Accounts payable and accrued
expenses 1,799,766 1,544,251 2,331,768
Other liabilities 5,802,099 8,168,131 4,380,629
---------- ----------- -----------
52,523,009 49,118,208 37,169,037
---------- ----------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 25,535,338 25,223,421 17,867,070
Other partners 10,527,550 1,341,834 4,380,354
---------- ----------- -----------
36,062,888 26,565,255 22,247,424
---------- ----------- -----------
$88,585,897 $ 75,683,463 $ 59,416,461
========== =========== ===========
</TABLE>
F-150
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 37 hold an interest as of
December 31, 1999 are as follows (Series 38 invested in operating
limited partnerships subsequent to December 31, 1999):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 31 Series 32 Series 33
---------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $84,101,074 $77,139,980 $55,096,043
Construction in progress - 1,487,310 13,817,255
Land 4,481,048 4,300,042 5,245,180
Other assets 6,096,612 5,280,606 2,387,275
---------- ----------- -----------
$94,678,734 $88,207,938 $76,545,753
========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction
loans payable $56,246,885 $39,406,142 $32,785,823
Accounts payable and accrued
expenses 1,379,579 506,614 352,870
Other liabilities 8,932,062 10,323,543 11,987,243
---------- ----------- -----------
66,558,526 50,236,299 45,125,936
---------- ----------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 27,881,042 28,954,572 15,629,007
Other partners 239,166 9,017,067 15,790,810
---------- ----------- -----------
28,120,208 37,971,639 31,419,817
---------- ----------- -----------
$94,678,734 $88,207,938 $76,545,753
========== =========== ===========
</TABLE>
F-151
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 37 hold an interest as of
December 31, 1999 are as follows (Series 38 invested in operating
limited partnerships subsequent to December 31, 1999):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 34 Series 35 Series 36
---------- ----------- -----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $49,536,993 $ 19,775,974 $ 11,635,202
Construction in progress 18,379,071 12,243,723 6,550,123
Land 5,277,839 3,002,969 2,113,800
Other assets 10,641,542 11,090,303 9,683,692
---------- ----------- -----------
$83,835,445 $ 46,112,969 $ 29,982,817
========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction
loans payable $41,938,918 $ 21,174,383 $ 15,657,804
Accounts payable and accrued
expenses 550,257 322,662 110,089
Other liabilities 13,106,073 6,936,771 3,088,650
---------- ----------- -----------
55,595,248 28,433,816 18,856,543
---------- ----------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 22,213,894 14,006,818 7,929,594
Other partners 6,026,303 3,672,335 3,196,680
---------- ----------- -----------
28,240,197 17,679,153 11,126,274
---------- ----------- -----------
$83,835,445 $ 46,112,969 $ 29,982,817
========== =========== ===========
</TABLE>
F-152
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 37 hold an interest as of
December 31, 1999 are as follows (Series 38 invested in operating
limited partnerships subsequent to December 31, 1999):
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Series 37
----------
<S> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $ 7,424,418
Construction in progress 1,452,158
Land 966,287
Other assets 11,938,976
----------
$21,781,839
==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction
loans payable $16,150,000
Accounts payable and accrued
expenses 44,356
Other liabilities 2,065,929
----------
18,260,285
----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 2,286,824
Other partners 1,234,730
----------
3,521,554
----------
$21,781,839
==========
F-153
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 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>
<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
Mortgages 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-154
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 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
Mortgages 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-155
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 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
Mortgages and construction
loans payable $ 39,130,135 $ 54,427,983 $ 42,201,748
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
============ =========== ===========
F-156
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 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>
<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
Mortgages and construction
loans payable $ 41,268,749 $ 36,945,362 $24,340,815
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-157
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 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 Series 33
------------ ----------- -----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $ 48,922,095 $ 24,614,377 $12,575,341
Construction in progress 24,100,817 10,619,463 8,160,735
Land 4,630,091 4,122,102 3,620,019
Other assets 7,979,049 21,181,888 16,534,555
------------ ----------- -----------
$ 85,632,052 $ 60,537,830 $40,890,650
============ =========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction
loans payable $ 50,051,086 $ 28,469,726 $19,054,846
Accounts payable and accrued
expenses 3,206,676 2,617,952 2,028,050
Other liabilities 6,004,460 1,149,169 1,040,046
------------ ----------- -----------
59,262,222 32,236,847 22,122,942
------------ ----------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund IV L.P. 26,104,248 20,837,101 11,309,786
Other partners 265,582 7,463,882 7,457,922
------------ ----------- -----------
26,369,830 28,300,983 18,767,708
------------ ----------- -----------
$ 85,632,052 $ 60,537,830 $40,890,650
============ =========== ==========
</TABLE>
F-158
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 20 through 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 34
----------
<S> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 1,815,504
Construction in progress 7,883,713
Land 2,661,922
Other assets 18,559,343
----------
$30,920,482
==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction loans payable $20,107,918
Accounts payable and accrued expenses 964,030
Other liabilities 1,901,050
----------
22,972,998
----------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund IV L.P. 6,951,608
Other partners 995,876
----------
7,947,484
----------
$30,920,482
==========
</TABLE>
F-159
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 1999 for
operating limited partnerships in which Series 20 through Series 37
had an interest as of December 31, 1999 are as follows (Series 38
invested in operating limited partnerships subsequent to December 31,
1999):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Total Series 20 Series 21
------------ ----------- ------------
<S> <C> <C> <C>
Revenue
Rent $ 92,462,064 $ 11,036,532 $ 5,058,350
Interest and other 6,567,408 889,909 204,327
------------ ----------- ------------
99,029,472 11,926,441 5,262,677
------------ ----------- ------------
Expenses
Interest 35,552,659 4,414,076 2,036,522
Depreciation and
amortization 33,998,218 3,896,152 1,258,928
Taxes and insurance 11,700,928 1,239,395 515,012
Repairs and maintenance 14,792,184 1,795,561 1,092,042
Operating expenses 28,394,301 2,889,434 1,520,264
Other expenses 3,834,693 493,780 114,113
------------ ----------- ------------
128,272,983 14,728,398 6,536,881
------------ ----------- ------------
NET INCOME (LOSS) $ (29,243,511) $ (2,801,957) $(1,274,204)
============ =========== ===========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. * $ (22,319,346) $ (2,055,507) $(1,224,831)
============ =========== ===========
Net income (loss) allocated
to other partners $ (6,924,165) $ (746,450) $ (49,373)
============ =========== ===========
</TABLE>
* Amounts include $16,002, $34,187, and $14,125 for Series 20, 22,
and 25, respectively, of loss not recognized under the equity
method of accounting as described in note A.
F-160
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 1999 for
operating limited partnerships in which Series 20 through Series 37
had an interest as of December 31, 1999 are as follows (Series 38
invested in operating limited partnerships subsequent to December 31,
1999):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 22 Series 23 Series 24
------------ ----------- ------------
<S> <C> <C> <C>
Revenue
Rent $ 8,313,452 $ 7,586,268 $ 7,584,912
Interest and other 755,586 424,092 318,309
------------ ----------- ------------
9,069,038 8,010,360 7,903,221
------------ ----------- ------------
Expenses
Interest 2,868,696 2,875,079 3,226,599
Depreciation and
amortization 3,137,644 2,712,061 2,612,636
Taxes and insurance 1,215,012 1,168,174 978,289
Repairs and maintenance 1,517,601 1,151,700 1,098,032
Operating expenses 2,445,092 2,278,142 1,940,826
Other expenses 335,514 253,952 144,508
------------ ----------- ------------
11,519,559 10,439,108 10,000,890
------------ ----------- ------------
NET INCOME (LOSS) $ (2,450,521) $ (2,428,748) $(2,097,669)
============ =========== ===========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (1,245,238) $ (1,416,388) $(1,388,143)
============ =========== ===========
Net income (loss) allocated
to other partners $ (1,205,283) $ (1,012,360) $ (709,526)
============ =========== ===========
</TABLE>
* Amounts include $16,002, $34,187, and $14,125 for Series 20, 22,
and 25, respectively, of loss not recognized under the equity
method of accounting as described in note A.
F-161
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 1999 for
operating limited partnerships in which Series 20 through Series 37
had an interest as of December 31, 1999 are as follows (Series 38
invested in operating limited partnerships subsequent to December 31,
1999):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 25 Series 26 Series 27
------------ ----------- -----------
<S> <C> <C> <C>
Revenue
Rent $ 9,736,198 $ 8,341,969 $ 7,086,762
Interest and other 315,557 509,196 340,820
------------ ----------- ------------
10,051,755 8,851,165 7,427,582
------------ ----------- ------------
Expenses
Interest 3,384,310 2,733,933 3,001,333
Depreciation and
amortization 2,870,243 2,801,233 2,276,762
Taxes and insurance 1,194,051 1,030,856 674,233
Repairs and maintenance 2,274,455 1,089,986 689,542
Operating expenses 2,668,435 2,314,796 1,970,430
Other expenses 124,847 233,901 229,094
------------ ----------- ------------
12,516,341 10,204,705 8,841,394
------------ ----------- ------------
NET INCOME (LOSS) $ (2,464,586) $ (1,353,540) $(1,413,812)
============ =========== ===========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (1,940,665) $ (1,312,467) $ (971,679)
============ =========== ===========
Net income (loss) allocated
to other partners $ (523,921) $ (41,073) $ (442,133)
============ =========== ===========
</TABLE>
* Amounts include $16,002, $34,187, and $14,125 for Series 20, 22,
and 25, respectively, of loss not recognized under the equity
method of accounting as described in note A.
F-162
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 1999 for
operating limited partnerships in which Series 20 through Series 37
had an interest as of December 31, 1999 are as follows (Series 38
invested in operating limited partnerships subsequent to December 31,
1999):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 28 Series 29 Series 30
------------ ----------- ------------
<S> <C> <C> <C>
Revenue
Rent $ 6,699,893 $ 5,223,402 $ 2,887,045
Interest and other 280,286 433,667 224,913
------------ ----------- ------------
6,980,179 5,657,069 3,111,958
------------ ----------- ------------
Expenses
Interest 2,401,222 2,060,423 923,727
Depreciation and
amortization 2,784,868 2,316,549 1,149,638
Taxes and insurance 766,362 773,369 476,841
Repairs and maintenance 948,232 664,040 487,539
Operating expenses 2,637,249 1,891,083 1,206,058
Other expenses 241,465 206,578 33,393
------------ ----------- ------------
9,779,398 7,912,042 4,277,196
------------ ----------- ------------
NET INCOME (LOSS) $ (2,799,219) $ (2,254,973) $(1,165,238)
============ =========== ===========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (1,993,839) $ (2,192,069) $(1,074,429)
============ =========== ===========
Net income (loss) allocated
to other partners $ (805,380) $ (62,904) $ (90,809)
============ =========== ===========
</TABLE>
* Amounts include $16,002, $34,187, and $14,125 for Series 20, 22,
and 25, respectively, of loss not recognized under the equity
method of accounting as described in note A.
F-163
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 1999 for
operating limited partnerships in which Series 20 through Series 37
had an interest as of December 31, 1999 are as follows (Series 38
invested in operating limited partnerships subsequent to December 31,
1999):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 31 Series 32 Series 33
------------ ----------- ------------
<S> <C> <C> <C>
Revenue
Rent $ 6,946,038 $ 2,662,319 $ 1,990,830
Interest and other 464,008 571,039 251,171
------------ ----------- ------------
7,410,046 3,233,358 2,242,001
------------ ----------- ------------
Expenses
Interest 2,603,084 1,266,081 857,991
Depreciation and
amortization 2,783,590 1,587,660 1,060,708
Taxes and insurance 1,015,437 342,166 204,486
Repairs and maintenance 1,101,595 426,564 252,913
Operating expenses 2,535,323 426,564 794,851
Other expenses 179,013 1,140,549 36,636
------------ ----------- ------------
10,218,042 5,189,584 3,207,585
------------ ----------- ------------
NET INCOME (LOSS) $ (2,807,996) $ (1,956,226) $ (965,584)
============ =========== ===========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (2,795,630) $ (1,245,350) $ (595,041)
============ =========== ===========
Net income (loss) allocated
to other partners $ (12,366) $ (710,876) $ (370,543)
============ =========== ===========
</TABLE>
* Amounts include $16,002, $34,187, and $14,125 for Series 20, 22,
and 25, respectively, of loss not recognized under the equity
method of accounting as described in note A.
F-164
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 1999 for
operating limited partnerships in which Series 20 through Series 37
had an interest as of December 31, 1999 are as follows (Series 38
invested in operating limited partnerships subsequent to December 31,
1999):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 34 Series 35 Series 36
------------ ----------- ------------
<S> <C> <C> <C>
Revenue
Rent $ 768,393 $ 130,161 $ 409,540
Interest and other 162,030 216,721 173,274
------------ ----------- -----------
930,423 346,882 582,814
------------ ----------- -----------
Expenses
Interest 240,171 241,816 371,579
Depreciation and
amortization 517,182 112,696 119,668
Taxes and insurance 59,633 10,403 36,545
Repairs and maintenance 109,492 21,770 68,204
Operating expenses 478,182 193,908 151,852
Other expenses 56,912 5,266 5,172
------------ ----------- -----------
1,461,572 585,859 753,020
------------ ----------- -----------
NET INCOME (LOSS) $ (531,149) $ (238,977) $ (170,206)
============ =========== ===========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (468,712) $ (194,048) $ (160,352)
============ =========== ===========
Net income (loss) allocated
to other partners $ (62,437) $ (44,929) $ (9,854)
============ =========== ===========
</TABLE>
* Amounts include $16,002, $34,187, and $14,125 for Series 20, 22,
and 25, respectively, of loss not recognized under the equity
method of accounting as described in note A.
F-165
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 1999 for
operating limited partnerships in which Series 20 through Series 37
had an interest as of December 31, 1999 are as follows (Series 38
invested in operating limited partnerships subsequent to December 31,
1999):
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Series 37
---------
<S> <C>
Revenue
Rent $ -
Interest and other 32,503
---------
32,503
---------
Expenses
Interest 46,017
Depreciation and amortization -
Taxes and insurance 664
Repairs and maintenance 2,916
Operating expenses 51,812
Other expenses -
---------
101,409
---------
NET INCOME (LOSS) $ (68,906)
=========
Net income (loss) allocated to Boston Capital Tax
Credit Fund IV L.P. $ (44,958)
=========
Net income (loss) allocated to other partners $ (23,948)
=========
</TABLE>
* Amounts include $16,002, $34,187, and $14,125 for Series 20, 22,
and 25, respectively, of loss not recognized under the equity
method of accounting as described in note A.
F-166
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 Series 20 Series 21
----------- ----------- ----------
<S> <C> <C> <C>
Revenue
Rent $ 76,814,159 $10,647,750 $ 5,010,716
Interest and other 4,491,419 804,809 296,915
----------- ----------- ----------
81,305,578 11,452,559 5,307,631
----------- ----------- ----------
Expenses
Interest 30,231,530 4,329,314 2,395,051
Depreciation and
amortization 26,367,805 3,875,144 1,240,873
Taxes and insurance 9,871,028 1,361,964 595,101
Repairs and maintenance 11,635,709 1,709,574 1,054,009
Operating expenses 22,157,332 3,034,650 1,390,617
Other expenses 2,365,691 346,584 126,851
----------- ----------- ----------
102,629,095 14,657,230 6,802,502
----------- ----------- ----------
NET INCOME (LOSS) $ (21,323,517) $(3,204,671) $ (1,494,871)
============ =========== ===========
Net income (loss) allocated
to Boston Capital Tax
Credit Fund IV L.P. * $ (16,081,100) $(2,387,375) $ (1,440,087)
============ =========== ===========
Net income (loss) allocated
to other partners $ (5,242,417) $ (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-167
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 22 Series 23 Series 24
------------ ------------ -----------
<S> <C> <C> <C>
Revenue
Rent $ 8,164,974 $ 7,497,724 $ 7,347,412
Interest and other 565,556 308,206 455,788
------------ ------------ -----------
8,730,530 7,805,930 7,803,200
------------ ------------ -----------
Expenses
Interest 2,917,462 3,005,530 3,332,316
Depreciation and
amortization 3,076,945 2,622,410 2,683,977
Taxes and insurance 1,183,749 1,099,755 1,008,002
Repairs and maintenance 1,488,590 1,060,732 991,563
Operating expenses 2,108,590 2,212,349 1,912,610
Other expenses 556,094 256,134 205,111
------------ ------------ -----------
11,331,430 10,256,910 10,133,579
------------ ------------ -----------
NET INCOME (LOSS) $ (2,600,900) $ (2,450,980) $ (2,330,379)
============ ============ ===========
Net income (loss) allocated
to Boston Capital Tax
Credit Fund IV L.P. $ (1,371,100) $ (1,587,640) $ (1,475,502)
============ ============ ===========
Net income (loss) allocated
to other partners $ (1,229,800) $ (863,340) $ (854,877)
============ ============ ===========
</TABLE>
* Amount includes $27,563 for Series 20 of loss not recognized under
the equity method of accounting as described in note A.
F-168
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 25 Series 26 Series 27
--------- ---------- ---------
<S> <C> <C> <C>
Revenue
Rent $ 9,721,536 $ 7,075,158 $ 4,743,241
Interest and other 250,718 401,008 196,634
--------- ---------- ---------
9,972,254 7,476,166 4,939,875
--------- ---------- ---------
Expenses
Interest 3,430,672 2,477,101 2,487,837
Depreciation and
amortization 2,851,105 2,449,994 1,667,174
Taxes and insurance 1,233,639 929,715 527,245
Repairs and maintenance 1,891,746 901,254 511,970
Operating expenses 2,633,689 2,048,075 1,260,288
Other expenses 129,866 133,740 126,241
--------- ---------- ---------
12,170,717 8,939,879 6,580,755
--------- ---------- ---------
NET INCOME (LOSS) $ (2,198,463) $ (1,463,713) $ (1,640,880)
========= ========== =========
Net income (loss) allocated
to Boston Capital Tax
Credit Fund IV L.P. $ (1,653,302) $ (1,448,218) $ (1,421,601)
========= ========== =========
Net income (loss) allocated
to other partners $ (545,161) $ (15,495) $ (219,279)
========= ========== =========
</TABLE>
* Amount includes $27,563 for Series 20 of loss not recognized under
the equity method of accounting as described in note A.
F-169
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 Series 30
--------- ---------- ---------
<S> <C> <C> <C>
Revenue
Rent $ 5,027,374 $ 3,096,357 $1,321,918
Interest and other 390,029 104,401 51,979
--------- ---------- ---------
5,417,403 3,200,758 1,373,897
--------- ---------- ---------
Expenses
Interest 2,192,027 1,078,922 378,195
Depreciation and
amortization 1,887,134 1,352,864 464,869
Taxes and insurance 509,085 412,629 176,613
Repairs and maintenance 629,177 338,237 188,374
Operating expenses 1,689,440 1,308,383 486,297
Other expenses 47,297 221,288 103,328
--------- ---------- ---------
6,954,160 4,712,323 1,797,676
--------- ---------- ---------
NET INCOME (LOSS) $ (1,536,757) $ (1,511,565) $ (423,779)
========= ========== =========
Net income (loss) allocated
to Boston Capital Tax
Credit Fund IV L.P. $ (793,965) $ (1,418,793) $ (432,433)
========= ========== =========
Net income (loss) allocated
to other partners $ (742,792) $ (92,772) $ 8,654
========= ========== =========
</TABLE>
* Amount includes $27,563 for Series 20 of loss not recognized under
the equity method of accounting as described in note A.
F-170
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 31 Series 32 Series 33
--------- --------- ---------
<S> <C> <C> <C>
Revenue
Rent $3,167,459 $2,117,769 $1,874,771
Interest and other 223,116 210,170 232,090
--------- --------- ---------
3,390,575 2,327,939 2,106,861
--------- --------- ---------
Expenses
Interest 787,308 736,930 682,865
Depreciation and
amortization 981,526 672,347 541,443
Taxes and insurance 477,393 182,047 174,091
Repairs and maintenance 559,515 173,762 137,206
Operating expenses 1,414,944 353,479 303,702
Other expenses 70,567 28,715 13,875
--------- --------- ---------
4,291,253 2,147,280 1,853,182
--------- --------- ---------
NET INCOME (LOSS) $ (900,678) $ 180,659 $ 253,679
========= ========= =========
Net income (loss) allocated
to Boston Capital Tax
Credit Fund IV L.P. $ (894,816) $ 56,660 $ 187,290
========= ========= =========
Net income (loss) allocated
to other partners $ (5,862) $ 123,999 $ 66,389
========= ========= =========
</TABLE>
* Amount includes $27,563 for Series 20 of loss not recognized under
the equity method of accounting as described in note A.
F-171
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 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>
* Amount includes $27,563 for Series 20 of loss not recognized under
the equity method of accounting as described in note A.
F-172
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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
invested in operating limited partnerships subsequent to December 31,
1997):
<TABLE>
Total Series 20 Series 21
----------- ------------ ----------
<S> <C> <C> <C>
Revenue
Rent $ 57,194,219 $ 10,216,602 $ 5,008,470
Interest and other 3,058,826 513,527 234,328
----------- ------------ ----------
60,253,045 10,730,129 5,242,798
----------- ------------ ----------
Expenses
Interest 24,052,106 4,294,969 2,624,300
Depreciation and
amortization 19,725,469 3,927,354 1,235,333
Taxes and insurance 7,899,564 1,284,403 585,724
Repairs and maintenance 8,120,403 1,453,633 858,062
Operating expenses 16,906,496 2,915,869 1,548,188
Other expenses 1,194,061 186,300 310,103
----------- ------------ ----------
77,898,099 14,062,528 7,161,710
----------- ------------ ----------
NET INCOME (LOSS) $ (17,645,054) $ (3,332,399) $(1,918,912)
=========== ============ ==========
Net income (loss) allocated
to Boston Capital Tax
Credit Fund IV L.P. $ (12,220,735) $ (2,516,153) $(1,854,423)
=========== ============ ==========
Net income (loss) allocated
to other partners $ (5,424,319) $ (816,246) $ (64,489)
=========== ============ ==========
</TABLE>
F-173
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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
invested in operating limited partnerships subsequent to December 31,
1997):
<TABLE>
Series 22 Series 23 Series 24
---------- ---------- ----------
<S> <C> <C> <C>
Revenue
Rent $ 7,587,995 $ 6,989,608 $ 6,571,071
Interest and other 589,406 297,411 378,879
---------- ---------- ----------
8,177,401 7,287,019 6,949,950
---------- ---------- ----------
Expenses
Interest 2,907,135 2,973,157 3,056,376
Depreciation and
amortization 3,118,036 2,676,417 2,432,228
Taxes and insurance 1,213,517 1,166,749 896,197
Repairs and maintenance 1,124,171 903,855 746,014
Operating expenses 2,398,019 1,952,694 1,783,985
Other expenses 6,763 249,098 112,874
---------- ---------- ----------
10,767,641 9,921,970 9,027,674
---------- ---------- ----------
NET INCOME (LOSS) $ (2,590,240) $ (2,634,951) $ (2,077,724)
========== ========== ==========
Net income (loss) allocated
to Boston Capital Tax
Credit Fund IV L.P. $ (1,372,762) $ (1,705,493) $ (1,342,281)
========== ========== ==========
Net income (loss) allocated
to other partners $ (1,217,478) $ (929,458) $ (735,443)
========== ========== ==========
</TABLE>
F-174
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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
invested in operating limited partnerships subsequent to December 31,
1997):
<TABLE>
Series 25 Series 26 Series 27
---------- ---------- ----------
<S> <C> <C> <C>
Revenue
Rent $ 8,857,720 $ 5,634,879 $ 2,195,422
Interest and other 365,881 345,222 108,253
---------- ---------- ----------
9,223,601 5,980,101 2,303,675
---------- ---------- ----------
Expenses
Interest 3,351,373 2,030,739 1,137,355
Depreciation and
amortization 2,582,193 1,830,957 620,143
Taxes and insurance 1,125,562 700,788 284,979
Repairs and maintenance 1,501,994 742,244 231,086
Operating expenses 2,462,469 1,565,560 660,042
Other expenses 139,081 87,076 13,000
---------- ---------- ----------
11,162,672 6,957,364 2,946,605
---------- ---------- ----------
NET INCOME (LOSS) $(1,939,071) $ (977,263) $ (642,930)
========== ========== ==========
Net income (loss) allocated
to Boston Capital Tax
Credit Fund IV L.P. $(1,550,724) $ (869,148) $ (484,224)
========== ========== ==========
Net income (loss) allocated
to other partners $ (388,347) $ (108,115) $ (158,706)
========== ========== ==========
</TABLE>
F-175
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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
invested in operating limited partnerships subsequent to December 31,
1997):
<TABLE>
Series 28 Series 29 Series 30
---------- ---------- ----------
<S> <C> <C> <C>
Revenue
Rent $ 2,591,372 $ 734,639 $ 439,276
Interest and other 161,601 45,417 10,182
---------- ---------- ----------
2,752,973 780,056 449,458
---------- ---------- ----------
Expenses
Interest 1,281,632 198,576 84,594
Depreciation and
amortization 946,915 260,571 52,604
Taxes and insurance 353,427 156,417 70,204
Repairs and maintenance 323,560 118,644 56,525
Operating expenses 919,329 472,421 85,544
Other expenses 79,063 6,785 3,700
---------- ---------- ----------
3,903,926 1,213,414 353,171
---------- ---------- ----------
NET INCOME (LOSS) $(1,150,953) $ (433,358) $ 96,287
========== ========== ==========
Net income (loss) allocated
to Boston Capital Tax
Credit Fund IV L.P. $ (221,339) $ (361,674) $ 100,573
========== ========== ==========
Net income (loss) allocated
to other partners $ (929,614) $ (71,684) $ (4,286)
========== ========== ==========
</TABLE>
F-176
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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
invested in operating limited partnerships subsequent to December 31,
1997):
<TABLE>
Series 31
---------
<S> <C>
Revenue
Rent $ 367,165
Interest and other 8,719
---------
375,884
---------
Expenses
Interest 111,900
Depreciation and
amortization 42,718
Taxes and insurance 61,597
Repairs and maintenance 60,615
Operating expenses 142,376
Other expenses 218
---------
419,424
---------
NET INCOME (LOSS) $ (43,540)
=========
Net income (loss) allocated
to Boston Capital Tax
Credit Fund IV L.P. $ (43,087)
=========
Net income (loss) allocated
to other partners $ (453)
=========
</TABLE>
F-177
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - NOTES RECEIVABLE
Notes receivable at March 31, 2000 and 1999 consist of advance
installments of $14,280,633 and $14,174,473, respectively, of capital
contributions to operating limited partnerships. Series 20 through
Series 38 notes are comprised of noninterest bearing and interest
bearing notes with rates ranging from prime plus 1% to 4.5%. Prime
was 9% and 7.75% as of March 31, 2000 and 1999, 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, 2000 and 1999 approximates fair value. The notes at March
31, 2000 and 1999 by series are as follows:
<TABLE>
2000 1999
--------- ---------
<S> <C> <C>
Series 20 $ - $ -
Series 21 641,542 641,542
Series 22 450,981 462,686
Series 23 306,751 456,751
Series 24 534,342 551,210
Series 25 523,193 551,221
Series 26 586,335 653,909
Series 27 99,549 270,649
Series 28 1,477,458 1,477,458
Series 29 835,878 835,878
Series 30 85,438 1,415,196
Series 31 2,361,971 2,221,022
Series 32 914,126 1,995,249
Series 33 40,825 46,280
Series 34 1,390,612 1,678,562
Series 35 650,000 916,860
Series 36 1,635,636 -
Series 37 1,745,996 -
Series 38 - -
---------- ----------
$14,280,633 $14,174,473
========== ==========
</TABLE>
F-178
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE E - OTHER ASSETS
Other assets include $5,233,526 and $9,342,923 of cash held by an
escrow agent at March 31, 2000 and 1999, respectively. The cash held
for Series 20 through 38 at March 31, 2000 and for Series 20 through
35 at March 31, 1999 represents capital contributions to be released
to the operating limited partnerships when certain criteria have been
met. The escrows held at March 31, 2000 and 1999 by series are as
follows:
<TABLE>
2000 1999
--------- ---------
<S> <C> <C>
Series 20 $ - $ -
Series 21 - -
Series 22 - -
Series 23 - -
Series 24 - -
Series 25 20,001 20,001
Series 26 359,649 1,681,922
Series 27 248,760 248,760
Series 28 - 197,726
Series 29 - -
Series 30 343,443 581,031
Series 31 25,000 -
Series 32 1,674,155 853,375
Series 33 - 1,063,972
Series 34 430,013 4,574,591
Series 35 433,115 121,545
Series 36 1,407,708 -
Series 37 291,682 -
Series 38 - -
--------- ---------
$5,233,526 $9,342,923
========= =========
</TABLE>
F-179
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000 is reconciled as
follows:
<TABLE>
Total Series 20 Series 21
----------- ----------- -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (26,656,548) $ (2,401,326) $ (1,393,343)
Operating limited
partnership rents received
in advance 27,037 (3,795) (16,369)
Partnership fund management
fee 2,424,363 379,248 25,840
Other 1,443,452 49,759 131,913
Operating limited
partnership losses not
recognized for financial
reporting purposes under
equity method of
accounting (64,314) (16,002) -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (4,622,249) (157,254) (341,614)
Tax exempt interest income (1,708,772) (6,900) (37,589)
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes 790,480 122,393 (13,572)
----------- ----------- -----------
Income (loss) for tax return
purposes, December 31,
1999 $ (28,366,551) $ (2,033,877) $ (1,644,734)
=========== =========== ===========
</TABLE>
F-180
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000 is reconciled as
follows:
<TABLE>
Series 22 Series 23 Series 24
----------- ----------- -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (1,495,871) $ (1,684,657) $ (1,620,752)
Operating limited
partnership rents received
in advance 1,311 (1,141) (2,703)
Partnership fund management
fee 254,592 115,264 233,352
Other (6,385) 81,686 (75,253)
Operating limited
partnership losses not
recognized for financial
reporting purposes under
equity method of
accounting (34,187) - -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (258,075) (497,527) (126,209)
Tax exempt interest income (13,155) (1,814) (10,376)
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes 9,928 32,305 (12,343)
----------- ----------- -----------
Income (loss) for tax return
purposes, December 31,
1999 $ (1,541,842) $ (1,955,884) $ (1,614,284)
=========== =========== ===========
</TABLE>
F-181
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000 is reconciled as
follows:
<TABLE>
Series 25 Series 26 Series 27
----------- ----------- -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (2,186,989) $ (1,784,266) $ (1,344,019)
Operating limited
partnership rents received
in advance 4,803 - (953)
Partnership fund management
fee 272,676 424,820 313,757
Other 69,635 (118,704) 115,383
Operating limited
partnership losses not
recognized for financial
reporting purposes under
equity method of
accounting (14,125) - -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (134,413) (523,643) (593,772)
Tax exempt interest income (22,480) (57,510) (21,775)
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes (31,411) (85,788) 53,010
----------- ----------- -----------
Income (loss) for tax return
purposes, December 31,
1999 $ (2,042,304) $ (2,145,091) $ (1,478,369)
=========== =========== ===========
</TABLE>
F-182
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000 is reconciled as
follows:
<TABLE>
Series 28 Series 29 Series 30
----------- ----------- -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (2,249,853) $ (2,496,942) $ (1,273,296)
Operating limited
partnership rents received
in advance 32,943 2,824 -
Partnership fund management
fee - - 7,524
Other 219,978 381,257 (92,606)
Operating limited
partnership losses not
recognized for financial
reporting purposes under
equity method of
accounting - - -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (286,876) (428,061) (324,783)
Tax exempt interest income (170,506) (143,387) (167,722)
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes 72,693 42,433 88,084
----------- ----------- -----------
Income (loss) for tax return
purposes, December 31,
1999 $ (2,381,621) $ (2,641,876) $ (1,762,799)
=========== =========== ===========
</TABLE>
F-183
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000 is
reconciled as follows:
<TABLE>
Series 31 Series 32 Series 33
----------- ----------- -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (3,131,563) $ (1,487,782) $ (705,104)
Operating limited
partnership rents received
in advance - 7,146 -
Partnership fund management
fee 26,655 148,654 71,735
Other (87,350) 322,470 250,332
Operating limited
partnership losses not
recognized for financial
reporting purposes under
equity method of
accounting - - -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (432,184) (283,807) (36,733)
Tax exempt interest income (52,189) (327,944) (229,145)
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes (15,124) 106,528 (12,313)
----------- ----------- -----------
Income (loss) for tax return
purposes, December 31,
1999 $ (3,691,755) $ (1,514,735) $ (661,228)
=========== =========== ===========
</TABLE>
F-184
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000 is
reconciled as follows:
<TABLE>
Series 34 Series 35 Series 36
----------- ----------- -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (699,182) $ (261,604) $ (304,789)
Operating limited
partnership rents received
in advance - 10 2,961
Partnership fund management
fee 10,431 73,893 30,944
Other 81,415 21,360 66,035
Operating limited
partnership losses not
recognized for financial
reporting purposes under
equity method of
accounting - - -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (136,029) (23,774) (37,495)
Tax exempt interest income (164,970) (213,931) (51,142)
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes 120,887 94,744 143,729
----------- ----------- -----------
Income (loss) for tax return
purposes, December 31,
1999 $ (787,448) $ (309,302) $ (149,757)
=========== =========== ===========
</TABLE>
F-185
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000 is
reconciled as follows:
<TABLE>
Series 37 Series 38
--------- ---------
<S> <C> <C>
Net income (loss) for
financial reporting
purposes $ (53,516) $ (81,694)
Operating limited
partnership rents received
in advance - -
Partnership fund management
fee 29,802 5,176
Other 32,527 -
Operating limited
partnership losses not
recognized for financial
reporting purposes under
equity method of
accounting - -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets - -
Tax exempt interest income (16,237) -
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes (2,221) 76,518
--------- ---------
Income (loss) for tax return
purposes, December 31,
1999 $ (9,645) $ -
========= =========
</TABLE>
F-186
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
reconciled as follows:
<TABLE>
Total Series 20 Series 21
------------ ------------ ------------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (17,477,354) $ (2,811,432) $ (1,653,386)
Operating limited partnership
rents received in advance (38,262) 11,950 17,634
Partnership fund management
fee 2,150,673 379,248 225,840
Other 741,568 21,774 (205,637)
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (3,213,254) (248,112) (367,202)
Tax exempt interest income (2,577,788) (2,700) (43,033)
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes 703,845 (4,107) 3,261
------------ ------------ ------------
Income (loss) for tax return
purposes, December 31, 1998$ (19,710,572) $ (2,653,379) $ (2,022,523)
============ ============ ============
</TABLE>
F-187
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
reconciled as follows:
<TABLE>
Series 22 Series 23 Series 24
------------ ------------ -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (1,658,012) $ (1,860,174) $ (1,723,705)
Operating limited partnership
rents received in advance 3,283 (4,859) (3,017)
Partnership fund management
fee 254,589 238,288 233,148
Other 26,399 77,765 122,847
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (272,802) (551,702) (148,304)
Tax exempt interest income (16,398) (23,336) (42,796)
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes 10,564 21,400 46,349
------------ ------------ -----------
Income (loss) for tax return
purposes, December 31,
1998 $ (1,652,377) $ (2,102,618) $ (1,515,478)
============ ============ ===========
</TABLE>
F-188
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
reconciled as follows:
<TABLE>
Series 25 Series 26 Series 27
------------ ------------ -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (1,926,105) $ (1,719,368) $ (1,716,151)
Operating limited partnership
rents received in advance - (26,490) (1,908)
Partnership fund management
fee 204,357 295,393 261,339
Other (12,755) 345,276 528,278
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (132,014) (482,953) (238,824)
Tax exempt interest income (61,008) (110,522) (118,818)
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes 30,846 17,696 71,053
------------ ------------ -----------
Income (loss) for tax return
purposes, December 31,
1998 $ (1,896,679) $ (1,680,968) $ (1,215,031)
============ ============ ===========
</TABLE>
F-189
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
reconciled as follows:
<TABLE>
Series 28 Series 29 Series 30
------------ ------------ -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (724,209) $ (1,414,244) $ (304,871)
Operating limited partnership
rents received in advance (33,707) 703 -
Partnership fund management
fee 350 6,511 6,196
Other 164,899 59,614 102,562
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (279,209) (135,791) (131,869)
Tax exempt interest income (527,704) (443,287) (417,599)
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes 193,701 131,774 79,175
------------ ------------ -----------
Income (loss) for tax return
purposes, December 31,
1998 $ (1,205,879) $ (1,794,720) $ (666,406)
============ ============ ===========
</TABLE>
F-190
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
reconciled as follows:
<TABLE>
Series 31 Series 32 Series 33
------------ ------------ -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (462,813) $ 269,836 $ 194,098
Operating limited partnership
rents received in advance (1,851) - -
Partnership fund management
fee 1,390 103 6,443
Other 91,289 (353,188) (227,773)
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (178,324) (46,148) -
Tax exempt interest income (425,878) (265,800) (68,910)
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes 269,469 (56,688) (51,419)
------------ ------------ -----------
Income (loss) for tax return
purposes, December 31, 1998$ (706,718) $ (451,885) $ (147,561)
============ ============ ===========
</TABLE>
F-191
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
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-192
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
reconciled as follows:
<TABLE>
Total Series 20 Series 21
------------ ------------ -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (13,468,421) $ (2,844,245) $ (2,098,068)
Operating limited
partnership rents received
in advance 48,110 - (3,151)
Partnership fund management
fee 1,325,271 379,063 225,840
Other 1,236,507 72,501 1,014,954
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (2,611,106) (311,288) (411,960)
Tax exempt interest income (1,854,039) (19,367) (12,384)
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes 67,719 (47,715) (11,084)
------------ ------------ -----------
Income (loss) for tax return
purposes, December 31,
1997 $ (15,255,959) $ (2,771,051) $ (1,295,853)
============ ============ ===========
</TABLE>
F-193
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
reconciled as follows:
<TABLE>
Series 22 Series 23 Series 24
------------ ------------ -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (1,654,264) $ (1,927,661) $ (1,575,358)
Operating limited
partnership rents received
in advance 10,951 (2,744) (7,142)
Partnership fund management
fee 247,569 239,652 233,147
Other 39,464 23,056 (26,967)
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (287,977) (651,071) (148,745)
Tax exempt interest income (33,274) (60,868) (9,514)
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes 14,578 27,730 (37,664)
------------ ------------ -----------
Income (loss) for tax return
purposes, December 31,
1997 $ (1,662,953) $ (2,351,906) $ (1,572,243)
============ ============ ===========
</TABLE>
F-194
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
reconciled as follows:
<TABLE>
Series 25 Series 26 Series 27
------------ ------------ ----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ (1,793,365) $ (1,016,127) $ (787,105)
Operating limited
partnership rents received
in advance 32,795 9,336 7,246
Partnership fund management
fee - - -
Other (153,387) 215,102 269,349
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (158,227) (381,484) (251,394)
Tax exempt interest income (101,730) (484,778) (177,395)
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes (22,144) 106,602 156,016
------------ ------------ ----------
Income (loss) for tax return
purposes, December 31,
1997 $ (2,196,058) $ (1,551,349) $ (783,283)
============ ============ ===========
</TABLE>
F-195
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
reconciled as follows:
<TABLE>
Series 28 Series 29 Series 30
------------ ------------ -----------
<S> <C> <C> <C>
Net income (loss) for
financial reporting
purposes $ 264,071 $ (276,745) $ 331,331
Operating limited
partnership rents received
in advance 819 - -
Partnership fund management
fee - - -
Other (189,476) 131,994 (148,896)
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets 36,048 (27,920) (3,900)
Tax exempt interest income (600,678) (207,158) (136,059)
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes 426 (17,957) (85,451)
------------ ------------ -----------
Income (loss) for tax return
purposes, December 31,
1997 $ (488,790) $ (397,786) $ (42,975)
============ ============ ===========
</TABLE>
F-196
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 is
reconciled as follows:
<TABLE>
Series 31 Series 32
------------ ------------
<S> <C> <C>
Net income (loss) for
financial reporting
purposes $ (69,689)$ (21,196)
Operating limited
partnership rents received
in advance - -
Partnership fund management
fee - -
Other (11,187) -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (13,188) -
Tax exempt interest income (10,834) -
Difference due to fiscal
year for book purposes and
calendar year for tax
purposes (36,814) 21,196
------------ ------------
Income (loss) for tax return
purposes, December 31,
1997 $ (141,712)$ -
============ ============
</TABLE>
F-197
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, the
differences are as follows:
<TABLE>
Total Series 20 Series 21
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1999 $ 372,506,128 $ 1,811,139 $ 8,119,433
Operating limited
partnerships acquired
during the three month
period ended March 31,
2000 11,211,887 - -
Add back operating limited
partnership losses not
recognized for financial
reporting purposes under
the equity method 142,723 94,411
Historic tax credits -
cumulative 794,154 570,617 -
Less share of loss - three
months ended March 31,
2000 (2,793,057) (404,710) (669,050)
Other 5,912,773 180,757 (796,561)
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 387,774,608 $ 2,252,214 $ 6,653,822
============ ============ ===========
</TABLE>
F-198
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, the
differences are as follows:
<TABLE>
Series 22 Series 23 Series 24
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1999 $ 12,939,224 $ 18,739,134 $ 11,947,614
Operating limited
partnerships acquired
during the three month
period ended March 31,
2000 - - -
Add back operating limited
partnership losses not
recognized for financial
reporting purposes under
the equity method 34,187 - -
Historic tax credits -
cumulative 223,537 - -
Less share of loss - three
months ended March 31,
2000 (259,228) (179,850) (95,695)
Other 816,595 1,697,844 690,874
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 13,754,315 $ 20,257,128 $ 12,542,793
============ ============ ===========
</TABLE>
F-199
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, the
differences are as follows:
<TABLE>
Series 25 Series 26 Series 27
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1999 $ 18,838,571 $ 27,438,476 $ 16,174,263
Operating limited
partnerships acquired
during the three month
period ended March 31,
2000 - - -
Add back operating limited
partnership losses not
recognized for financial
reporting purposes under
the equity method 14,125 - -
Historic tax credits -
cumulative - - -
Less share of loss - three
months ended March 31,
2000 (335,542) (123,194) (205,532)
Other 431,452 1,375,782 423,908
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 18,948,606 $ 28,691,064 $ 16,392,639
============ ============ ===========
</TABLE>
F-200
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, the
differences are as follows:
<TABLE>
Series 28 Series 29 Series 30
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1999 $ 29,843,156 $ 28,777,249 $ 19,533,821
Operating limited
partnerships acquired
during the three month
period ended March 31,
2000 - - -
Add back operating limited
partnership losses not
recognized for financial
reporting purposes under
the equity method - - -
Historic tax credits -
cumulative - - -
Less share of loss - three
months ended March 31,
2000 (129,668) (265,241) -
Other (91,521) 226,397 609,768
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 29,621,967 $ 28,738,405 $ 20,143,589
============ ============ ===========
</TABLE>
F-201
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, the
differences are as follows:
<TABLE>
Series 31 Series 32 Series 33
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1999 $ 32,486,311 $ 37,521,935 $ 20,919,361
Operating limited
partnerships acquired
during the three month
period ended March 31,
2000 - - -
Add back operating limited
partnership losses not
recognized for financial
reporting purposes under
the equity method - - -
Historic tax credits -
cumulative - - -
Less share of loss - three
months ended March 31,
2000 (125,347) - -
Other (7,434) 119,645 76,671
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 32,353,530 $ 37,641,580 $ 20,996,032
============ ============ ===========
</TABLE>
F-202
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, the
differences are as follows:
<TABLE>
Series 34 Series 35 Series 36
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1999 $ 27,564,931 $ 22,627,292 $ 13,281,017
Operating limited
partnerships acquired
during the three month
period ended March 31,
2000 - - 1,977,864
Add back operating limited
partnership losses not
recognized for financial
reporting purposes under
the equity method - - -
Historic tax credits -
cumulative - - -
Less share of loss - three
months ended March 31,
2000 - - -
Other 123,647 (32,226) (33,263)
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 27,688,578 $ 22,595,066 $ 15,225,618
============ ============ ===========
</TABLE>
F-203
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, the
differences are as follows:
<TABLE>
Series 37 Series 38
------------ ------------
<S> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1999 $ 7,443,201 $ -
Operating limited
partnerships acquired
during the three month
period ended March 31,
2000 5,782,105 3,451,918
Add back operating limited
partnership losses not
recognized for financial
reporting purposes under
the equity method - -
Historic tax credits -
cumulative - -
Less share of loss - three
months ended March 31,
2000 - -
Other 100,438 -
------------ ------------
Investment in operating
limited partnerships -
as reported $ 13,325,744 $ 3,451,918
============ ============
</TABLE>
F-204
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 Series 20 Series 21
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1998 $ 338,036,010 $ 20,354,048 $ 9,632,102
Operating limited
partnerships acquired
during the three month
period ended March 31,
1999 14,622,459 - -
Historic tax credits -
cumulative 794,154 570,617 -
Less share of loss - three
months ended March 31,
1999 (2,792,711) (404,710) (669,050)
Other 1,970,092 297,713 (978,637)
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 352,630,004 $ 20,817,668 $ 7,984,415
============ ============ ===========
</TABLE>
F-205
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 Series 24
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1998 $ 14,494,387 $ 20,577,913 $ 13,522,698
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) (95,695)
Other 499,487 1,285,944 546,050
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 14,961,440 $ 21,681,096 $ 13,973,053
============ ============ ===========
</TABLE>
F-206
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 25 Series 26 Series 27
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1998 $ 20,904,484 $ 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 (335,542) (123,194) (205,532)
Other 353,011 1,017,354 (59,943)
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 20,921,953 $ 29,938,230 $ 16,996,406
============ ============ ===========
</TABLE>
F-207
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 Series 30
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1998 $ 31,885,875 $ 27,346,558 $ 17,691,458
Operating limited
partnerships acquired
during the three month
period ended March 31,
1999 - 3,687,718 497,206
Historic tax credits -
cumulative - - -
Less share of loss - three
months ended March 31,
1999 (129,668) (265,241) -
Other 438,448 237,235 196,947
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 32,194,655 $ 31,006,270 $ 18,385,611
============ ============ ===========
</TABLE>
F-208
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 31 Series 32 Series 33
------------ ------------ -----------
<S> <C> <C> <C>
Investment in operating
limited partnerships -
tax return December 31,
1998 $ 35,802,174 $ 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 (125,347) - -
Other (152,369) - (1,711,148)
------------ ------------ -----------
Investment in operating
limited partnerships -
as reported $ 35,524,458 $ 35,492,664 $ 19,871,865
============ ============ ===========
</TABLE>
F-209
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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-210
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE
At March 31, 2000, 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 $ 31,238,626 $ 842,137 $ (11,622) $ 32,069,141
Other 1,177,745 - - 1,177,745
------------ ------------ ------------ ------------
$ 32,416,371 $ 842,137 $ (11,622) $ 33,246,886
============ ============ ============ ============
</TABLE>
The amortized cost and fair value of investments available-for-sale by
maturity as of March 31, 2000 is shown below:
<TABLE>
Amortized
cost Fair value
----------- -----------
<S> <C> <C>
Due in one year or less $19,181,887 $19,621,597
Due in one year through five years 13,234,484 13,625,289
----------- -----------
$32,416,371 $33,246,886
=========== ===========
</TABLE>
Proceeds from sales and maturities of investments during the
year ended March 31, 2000 were $18,238,670, resulting in a
realized loss of $297,764 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 4%
to 9.5%.
F-211
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 $27,334,540, 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-212
<PAGE>
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE H - CASH EQUIVALENTS
On March 31, 2000 and 1999, the fund purchased $5,800,000 and
$8,849,762 of U.S. Government Securities under agreements for
resale on April 1, 2000 and 1999, respectively. Interest is
earned at rates ranging from 2.7% to 3.3% per annum.
Cash equivalents of $9,640,101 and $5,240,928 as of March 31,
2000 and 1999, respectively, include tax exempt sweep accounts,
certificates of deposit and money market accounts with interest
rates ranging from 2.6% to 5.05% 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 fluctuate 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, 2000, the
uninsured portion of the cash balances on deposit was $144,097.
NOTE J - LINE OF CREDIT
The Partnership has a line of credit with a bank in the amount of
$5,000,000, of which $976,349 and $200,000 was outstanding as of
March 31, 2000 and 1999, respectively. The line bears interest
at the prime rate (9% at March 31, 2000) plus .25%. Interest is
payable monthly. The line is guaranteed by Boston Capital
Partners, Inc. (BCP) and various affiliates and expires on
February 26, 2001.
NOTE K - CHANGE IN ACCOUNTING PRINCIPLE
Effective April 1, 1999, the partnership changed its method of
accounting for organization costs to conform to a recent
pronouncement issued by the American Institute of Certified
Public Accountants. As a result, the partnership now expenses
organization costs as incurred. Previously, these expenses were
capitalized and amortized over 60 months. The effect of the
change was to decrease loss before cumulative effect by $209,492
and increase net loss for 2000 by $413,701. The cumulative
effect of the change on prior years of $623,193 is a one-time
charge to income.
F-213
<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, 2000
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 5,137,851 435,550 3,717,895 4,177,921 435,550 7,895,816
8,331,366 1,885,146 09/95 06/94 5-27.5
Ashbury
Apts. 1,238,570 148,007 2,158,237 41,206 148,007 2,199,443
2,347,450 461,742 06/94 04/94 5-27.5
Bennets Pt. 1,342,365 71,749 1,557,622 16,440 71,749 1,574,062
1,645,811 357,386 08/94 03/94 5-27.5
Bradley
Elderly 798,020 4,000 986,204 449 4,000 986,653
990,653 186,969 03/95 08/94 5-27.5
Breeze Cove 2,747,954 128,751 5,333,835 20,015 128,751 5,353,850
5,482,601 1,241,085 10/94 05/94 5-27.5
Cascades
Commons 14,640,539 5,131,293 2,743,532 23,525,751 3,375,809 26,269,283
29,645,092 4,169,434 10/95 06/94 5-27.5
Clarksville
Estates 694,873 28,550 838,235 9,061 28,550 847,296
875,846 258,914 09/94 06/94 5-27.5
College
Green 3,755,430 225,000 6,813,536 5,545 225,000 6,819,081
7,044,081 1,261,402 08/95 03/95 5-27.5
F-214
Boston Capital Tax Credit Fund IV L.P. -
Series 20
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 1,464,680 0 1,997,510 0 0 1,997,510
1,997,510 248,655 07/95 08/94 10-40
Coushatta
Sr., II 711,147 25,700 904,920 2,640 25,700 907,560
933,260 128,063 03/94 05/94 5-27.5
Cynthiana
Properties 852,805 32,117 1,016,135 678,695 32,117 1,694,830
1,726,947 380,376 04/95 10/94 5-27.5
East Douglas
Apts. 2,188,486 23,913 2,593,259 1,432,327 23,913 4,025,586
4,049,499 629,207 12/95 07/94 5-27.5
Edison Lane 719,065 6,900 951,249 786 6,900 952,035
958,935 165,892 10/95 09/94 5-27.5
Evergreen
Hills 2,790,036 157,537 4,337,312 562,872 157,537 4,900,184
5,057,721 1,189,268 01/95 08/94 5-27.5
Fair Oaks
Lane 1,415,972 123,600 1,767,207 525 125,000 1,767,732
1,892,732 334,058 05/95 07/94 5-27.5
Floral
Acres II 1,032,814 148,672 1,187,134 0 148,672 1,187,134
1,335,806 159,521 08/94 05/94 5-27.5
Forest Glen
Village 1,329,565 84,800 1,663,592 0 109,800 1,663,592
1,773,392 344,133 02/95 07/94 5-27.5
F-215
Boston Capital Tax Credit Fund IV L.P. - Series 20
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2000
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 1,699,358 64,300 2,074,319 3,595 64,300 2,077,914 2,142,214
275,026 10/94 04/94 5-50
Goldenrod,
Ltd. 7,439,014 800,000 13,425,210 38,717 770,000 13,463,927 14,233,927
2,494,817 06/95 04/94 5-27.5
Harrisonburg
Senior 688,827 10,160 877,026 0 10,160 877,026 887,186
139,827 01/94 05/94 7-40
Northfield
Apts. 2,920,604 192,208 4,326,388 2,093,577 193,208 6,419,965 6,613,173
1,150,420 05/95 06/94 5-27.5
Parkside
Housing 684,336 80,000 943,917 41,629 80,000 985,546 1,065,546
202,926 01/94 12/94 5.27.5
Shady Lane
Sr. Apts 944,474 60,000 1,157,181 0 60,000 1,157,181 1,217,181
179,310 10/93 05/94 5.27.5
Virginia
Avenue 1,324,951 121,238 3,510,339 7,918 121,238 3,518,257 3,639,495
724,292 10/94 10/94 5-27.5
---------- --------- ---------- ---------- --------- ---------- -----------
---------
58,561,736 8,104,045 66,881,794 32,659,669 6,345,961 99,541,463 105,887,424
18,567,869
========== ========= ========== ========== ========= ========== ===========
==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this
schedule is as of December 31,
1999. Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999. The column has been omitted for
presentation purposes.
F-216
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-217
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 20
Reconciliation of Land, Building & Improvements current year
changes
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............................$105,831,429 Additions
during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 55,995
Other............................................. 0
----------
$ 55,995
Deductions during period:
Cost of real estate sold..........................$ 0
Other.............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/00..........................
$105,887,424
===========
F-218
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 20
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/94.........................$ 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
Current year additions*..............................
$3,729,052
---------
Balance at close of period - 03/31/00...........................
$18,567,869
==========
* Total includes current year expense and amounts capitalized to
building
basis.
F-219
</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, 2000
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 5,395,000 100,000 8,334,766 960,635 100,000 9,295,401
9,395,401 1,177,562 10/95 09/94 5-27.5
Black
River Run 1,238,650 15,000 2,171,360 2,365 15,000 2,173,725
2,188,725 322,762 12/94 10/94 5-27.5
Campton
Housing 1,030,977 74,511 1,256,245 36,728 74,511 1,292,973
1,367,484 186,384 10/94 08/94 5-40
Cattaragus
Manor 1,093,864 56,630 1,238,241 63,192 56,630 1,301,433
1,358,063 171,313 04/95 08/94 5-27.5
Centrum
Fairfax 5,923,723 1,160,250 7,247,614 (193,671) 1,160,250 7,053,943
8,214,193 753,918 09/95 11/94 5-30
Centrum
Frederick 4,902,780 1,380,000 6,922,259 0 1,080,000 6,922,259
8,002,259 770,257 09/95 10/94 5-27.5
Fort Halifax 1,151,003 120,000 1,324,762 255,501 121,200 1,580,263
1,701,463 322,945 01/95 09/94 5-27.5
Havelock
Manor 1,848,684 120,000 2,194,078 3,419 120,000 2,197,497
2,317,497 315,887 10/95 12/94 5-27.5
F-220
Boston Capital Tax Credit Fund IV L.P. -
Series 21
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 717,398 15,270 962,236 6,026 15,270 968,262
983,532 185,034 06/95 08/94 5-27.5
Live Oak
Village 764,596 63,210 899,606 24,746 63,210 924,352
987,562 113,896 07/95 10/94 6-40
Lookout Ridge 652,959 62,000 1,639,096 0 62,000 1,639,096
1,701,096 298,015 12/94 12/94 27.5
Pinedale II 1,397,355 27,906 2,876,158 2,000 12,906 2,878,158
2,891,064 419,423 12/94 10/94 5-27.5
Pumphouse
Crossing II 1,274,869 10,000 2,431,087 0 10,000 2,431,087
2,441,087 373,086 12/94 10/94 5-27.5
Tower View 1,128,646 46,629 1,571,026 76,384 46,629 1,647,410
1,694,039 215,373 05/95 11/94 5-27.5
---------- --------- ---------- --------- --------- ----------
---------- ---------
28,520,504 3,251,406 41,068,534 1,237,325 2,937,606 42,305,859
45,243,465 5,625,855
========== ========= ========== ========= ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1999.
*Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-221
</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-222
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 21
Reconciliation of Land, Building & Improvements current year
changes
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 135,007
Other............................................ 0
-----------
$ 135,007
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 45,243,465
===========
F-223
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
Current year expense................................
$1,205,452
---------
-
Balance at close of period -
03/31/00.............................$ 5,625,855
==========
* Total includes current year expense and amounts capitalized to
building
basis.
F-224
<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, 2000
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 1,453,327 91,280 1,720,443 18,690 91,280 1,739,133
1,830,413 390,779 09/94 09/94 5-27.5
Bayou
Crossing 8,747,499 867,209 16,061,472 60,768 857,500 16,122,240
16,979,740 1,838,552 01/96 11/94 12-39
Bellwood
Gardens 1,247,735 64,715 1,505,852 78,000 64,715 1,583,852
1,648,567 188,354 07/95 09/95 5-27.5
Birch Ridge 2,800,000 178,000 0 5,653,376 178,000 5,653,376
5,831,376 595,547 03/96 01/95 5-40
Black River
Run 1,238,650 15,000 2,171,360 2,365 15,000 2,173,725
2,188,725 322,762 12/94 04/95 5-27.5
Clarendon
Court 1,448,808 41,930 1,799,906 1,329 41,930 1,801,235
1,843,165 347,618 04/95 10/94 7-27.5
Cobblestone
Village 1,415,140 79,567 1,679,627 6,537 79,567 1,686,164
1,765,731 376,640 05/94 01/95 5-27.5
F-225
Boston Capital Tax Credit Fund IV L.P. -
Series 22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 1,493,059 169,820 1,854,563 0 169,820 1,854,563
2,024,383 236,208 11/95 01/95 10-40
Concordia
Housing III 1,485,501 0 0 1,894,169 172,090 1,894,169
2,066,259 226,481 12/95 02/95 10-40
Crystal City/
Festus 1,472,862 120,732 3,137,651 48,438 120,732 3,186,089
3,306,821 549,092 11/95 01/95 5-27.5
Drakes
Branch 1,266,059 75,473 1,511,490 4,656 75,473 1,516,146
1,591,619 284,791 06/95 01/95 5-27.5
Edmond
Properties 3,895,196 160,000 0 7,037,006 160,000 7,037,006
7,197,006 953,726 03/96 11/94 5-27.5
Elks
Tower 803,795 10,000 1,344,357 294,430 10,000 1,638,787
1,648,787 198,231 12/96 10/95 27.5
Fonda LP 1,029,444 25,000 1,310,014 29,795 25,000 1,339,809
1,364,809 285,668 10/94 12/94 5-27.5
Goldenrod
Ltd. 7,439,014 770,000 13,323,746 140,181 770,000 13,463,927
14,233,927 2,494,817 06/95 03/95 7-27.5
Kimbark 1200
Associates 1,987,557 495,120 3,102,192 72,433 495,120 3,174,625
3,669,745 337,762 12/95 09/95 40
F-226
Boston Capital Tax Credit Fund L.P. - Series
22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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. 1,359,202 20,000 1,846,543 73,338 20,000 1,919,881
1,939,881 237,690 09/95 04/95 5-27.5
Lake City 1,170,009 111,455 1,404,420 0 111,455 1,408,547
1,520,002 104,547 08/98 06/98 5-27.5
Lost Tree 1,598,596 85,000 4,510,201 7,008 85,000 4,517,209
4,602,209 640,000 06/95 04/95 5-27.5
Marksville
Square 961,913 66,000 250,449 982,764 66,000 1,233,213
1,299,213 129,716 01/96 01/95 5-40
Philadelphia
Housing I 543,126 13,750 757,989 9,977 13,750 767,966
781,716 70,603 08/95 07/95 5-27.5
Philadelphia
Housing II 848,634 25,000 1,219,579 11,620 25,000 1,231,199
1,256,199 112,917 08/95 07/95 5-27.5
Quankey
Hills 1,013,547 51,368 1,189,397 4,656 51,368 1,194,053
1,245,421 232,806 03/95 01/95 5-27.5
Richmond
Hardin 905,854 55,000 2,143,538 15,332 55,232 2,158,870
2,214,102 441,484 02/95 12/94 5-27.5
Roxbury
Veterans 715,700 0 0 1,286,073 27,956 1,286,073
1,314,029 146,800 05/97 12/96 5-27.5
F-227
Boston Capital Tax Credit Fund L.P. - Series
22
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 434,920 18,000 575,442 0 18,000 575,442
593,442 98,553 09/95 08/95 5-27.5
Salem LP 961,890 33,093 1,132,389 4,657 33,093 1,137,046
1,170,139 231,654 12/94 01/95 5-27.5
Swedesboro
Housing 1,479,268 168,295 1,814,291 (24,245) 168,295 1,790,046
1,958,341 225,497 06/95 07/95 5-27.5
Troy Villa 1,982,262 231,605 4,084,841 5,121 231,605 4,089,962
4,321,567 826,507 06/95 12/94 5-27.5
---------- --------- ---------- ---------- --------- ----------
---------- ---------
53,198,567 4,042,412 71,451,752 17,718,474 4,232,981 89,174,353
93,407,334 13,125,802
========== ========= ========== ========== ========== ==========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-228
</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-229
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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 186,728
Other............................................. 0
----------
$ 186,728
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 93,407,334
===========
F-230
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
Current year additions*..............................$2,916,355
---------
Balance at close of period -
03/31/00............................$ 13,125,802
==========
* Total includes current year expense and amounts capitalized to
building
basis.
F-231
<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, 2000
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 815,472 64,000 1,641,754 0 64,000 1,641,754
1,705,754 258,798 11/95 07/94 5-30
Bayou
Crossing 8,747,499 857,500 16,061,472 60,768 857,500 16,122,240
16,979,740 1,838,552 01/96 02/95 12-39
Birch
Ridge 2,800,000 178,000 0 5,653,376 178,000 5,653,376
5,831,376 595,547 03/96 01/95 5-40
Broderick
Housing 2,069,386 275,037 4,540,011 24,696 275,037 4,564,707
4,839,744 476,432 06/96 08/95 7-27.5
Colonna
Redevelopment 1,196,461 374,310 3,470,813 19,650 374,310 3,490,463
3,864,773 451,066 05/94 05/95 7-40
Concordia II
Housing 1,493,059 169,820 1,854,563 0 169,820 1,854,563
2,024,383 236,208 11/95 01/95 10-40
Concordia III
Housing 1,485,501 0 0 1,894,169 172,090 1,894,169
2,066,259 226,481 12/95 02/95 7-27.5
Crystal
City Festus 1,472,862 120,732 3,137,651 48,438 120,732 3,186,089
3,306,821 549,092 11/95 02/95 5-40
F-232
Boston Capital Tax Credit Fund IV L.P. -
Series 23
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 3,895,196 160,000 0 7,037,006 160,000 7,037,006
7,197,006 953,726 03/96 11/94 5-40
Halls
Ferry Apts. 1,150,192 5,064 2,984,978 197,648 5,064 3,182,626
3,187,690 356,194 12/95 08/95 5-40
Hurleyville 1,172,547 143,182 1,549,696 (3,940) 143,182 1,545,756
1,688,938 168,036 12/95 07/95 5-15
Ithaca I Apts. 665,898 37,945 808,775 6,201 37,945 814,976
852,921 104,054 07/95 11/95 7-27.5
Kimbark 1200 1,987,557 495,120 3,102,192 72,433 495,120 3,174,625
3,669,745 337,762 12/95 09/95 5-40
Mathis Apts. 911,925 25,819 1,176,999 0 25,819 1,176,999
1,202,818 146,586 01/95 01/95 5-40
Mid City
Associates 3,010,828 15,058 6,616,466 0 15,058 6,616,466
6,631,524 1,312,964 06/94 09/95 5-27.5
Orange Grove 668,396 43,180 824,814 0 43,180 824,814
867,994 107,585 02/95 01/95 5-40
Philmont 1,492,800 40,000 1,885,476 4,781 40,000 1,890,257
1,930,257 356,751 05/95 05/95 5-40
Sacramento Sro
Properties 2,427,823 0 0 5,365,693 133,000 5,365,693
5,498,693 456,770 12/96 09/95 7-39
F-233
Boston Capital Tax Credit IV Fund L.P. -
Series 23
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 1,869,072 131,000 1,261,754 2,630,952 131,000
3,892,706 4,023,706 431,884 02/96 06/95 5-40
St. Peters
Villa 1,879,376 425,974 0 3,486,419 425,974
3,486,419 3,912,393 584,080 03/96 07/95 5-27.5
Village
Woods 1,604,506 51,080 3,637,023 563,888 51,080
4,200,911 4,251,991 446,879 12/95 05/95 5-40
Woodland
Properties 313,347 30,000 593,884 0 30,000
593,884 623,884 96,836 06/95 07/95 7-30
---------- --------- ---------- ---------- ---------
---------- ---------- ---------
43,129,703 3,642,821 55,148,321 27,062,178 3,947,911
82,210,499 86,158,410 10,492,283
========== ========= ========== ========== =========
========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1999. Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-234
</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-235
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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 62,167
Improvements, etc................................. 0
Other............................................. 0
----------
$ 62,167
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 86,158,410
===========
F-236
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 23
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
Current year additions*.............................
$2,486,449
--
-------
Balance at close of period -
3/31/00..............................$10,492,283
==========
*_Total includes current year expense and amounts capitalized to
building
basis.
F-237
<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, 2000
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 1,537,580 125,347 0 1,752,555 125,347 1,752,555
1,877,902 204,856 01/97 07/96 5-27.5
Brooks
Summit Apts. 1,115,926 44,000 0 1,458,224 44,000 1,458,224
1,502,224 201,386 11/96 12/95 7-27.5
Brownsville
Associates 1,201,363 58,945 1,476,197 (267,769) 58,945 1,208,428
1,267,373 154,216 09/95 09/95 5-40
Centenary
Housing 2,667,500 57,760 3,697,046 38,909 57,760 3,735,955
3,793,715 358,715 12/97 05/97 5-27.5
Century
East IV Apts. 630,027 90,000 984,989 11,727 90,000 996,716
1,086,716 133,845 08/95 08/95 5-40
Century
East V Apts. 630,027 90,000 982,504 11,823 90,000 994,327
1,084,327 131,504 09/95 11/95 5-40
Commerce
Parkway 1,886,180 242,000 1,579,251 2,679,076 242,000 4,258,327
4,500,327 654,830 04/97 09/95 5-27.5
Coolidge
Pinal II 1,133,242 40,000 1,363,991 1,212 40,000 1,365,203
1,405,203 143,044 04/96 04/96 5-27.5
F-238
Boston Capital Tax Credit Fund IV L.P. -
Series 24
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 1,289,013 10,280 1,709,535 0 10,280 1,709,535
1,719,815 281,967 12/96 01/96 28
Elm Street 2,004,062 183,547 3,715,562 2,805 183,547 3,718,367
3,901,914 360,471 01/96 01/96 5-27.5
Jeremy
Associates 3,598,396 522,890 6,954,516 192,521 522,890 7,147,037
7,669,927 809,496 12/95 06/96 5-40
Lake I Apts. 610,275 85,000 1,012,730 13,195 85,000 1,025,925
1,110,925 140,218 07/95 08/95 5-40
Laurelwood
Park 2,379,294 230,000 5,379,607 4,225 230,000 5,383,832
5,613,832 696,283 10/96 02/96 5-27.5
Los Lunas 1,212,720 150,000 2,280,094 15,408 150,000 2,295,502
2,445,502 321,273 06/96 08/96 5-27.5
New
Hilltop 1,707,140 54,366 2,145,934 3,550 52,591 2,149,484
2,202,075 365,861 11/95 11/95 5-40
New Madison
Park IV 7,675,615 541,624 11,606,586 154,609 541,624 11,761,195
12,302,819 1,636,100 03/97 05/96 5-27.5
North Hampton
Place 833,077 207,550 2,230,062 2,200 0 2,232,262
2,232,262 377,764 03/96 11/95 5-27.5
Northfield
Housing 192,872 70,000 446,355 3,513 70,000 449,868
519,868 68,220 09/96 12/96 5-27.5
F-239
Boston Capital Tax Credit Fund IV L.P. -
Series 24
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 1,226,891 130,000 1,529,213 8,109 130,000 1,537,322
1,667,322 127,191 09/96 06/96 5-40
Pahrump
Valley 1,395,394 63,000 1,757,158 0 63,000 1,757,158
1,820,158 253,855 07/96 07/96 7-27.5
Stanton
Associates 1,211,348 85,971 1,535,425 (282,577) 85,971 1,252,848
1,338,819 153,572 09/95 09/95 5-40
SG Wyandotte 3,358,488 950,000 0 6,602,122 950,000 6,602,122
7,552,122 731,311 02/97 04/96 5-27.5
Woodland
Associates 1,135,432 108,900 1,437,608 63,356 108,900 1,500,964
1,609,864 159,480 09/95 11/95 5-50
Zwolle Apts. 870,761 10,000 930,782 188,315 10,000 1,119,097
1,129,097 146,719 04/96 11/95 5-40
---------- --------- ---------- ---------- --------- ----------
---------- ---------
41,502,623 4,151,180 54,755,145 12,657,108 3,941,855 67,412,253
71,354,108 8,612,177
========== ========= ========== ========== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1999
*Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-240
</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-241
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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 422,139
Other............................................. 0
----------
$ 422,139
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 71,354,108
==========
F-242
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund L.P. - Series 24
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
Current year additions*............................$2,475,802
---------
Balance at close of period -
03/31/00............................$ 8,612,177
===========
*_Total includes current year expense and amounts capitalized to
building
basis.
F-243
<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, 2000
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 546,821 6,250 167,568 1,616,323 6,250 1,783,891
1,790,141 165,568 9/97 10/96 5-27.5
Century
East II 548,149 70,000 888,314 19,251 70,000 907,565
977,565 96,215 6/96 8/96 5-27.5
Dogwood
Park 2,607,943 235,000 0 6,461,416 241,948 6,461,416
6,703,364 838,651 10/96 12/95 5-27.5
Dublin
Housing II 679,594 15,000 0 816,370 15,000 816,370
831,370 104,868 12/96 09/96 5-27.5
Ethel
Housing 813,620 18,600 1,058,460 95,307 18,600 1,153,767
1,172,367 101,674 12/96 06/96 5-27.5
Horse Cave 847,336 75,000 1,053,944 0 75,000 1,053,944
1,128,944 96,185 11/96 5/96 5-27.5
Hurricane
Hills LC 1,284,165 150,000 416,357 3,243,817 248,816 3,660,174
3,908,990 252,812 4/97 9/96 5-27.5
Laurelwood
Park 2,379,294 230,000 5,379,607 4,225 230,000 5,383,832
5,613,832 696,283 10/96 2/96 5-27.5
F-244
Boston Capital Tax Credit Fund IV L.P. - Series
25
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 624,475 95,786 1,378,380 0 95,786 1,378,380
1,474,166 161,205 6/96 6/96 5-27.5
Maple Hill 1,088,998 182,000 1,560,386 (39,303) 182,000 1,521,083
1,703,083 101,498 2/98 2/97 5-27.5
Mokapoke LP 1,222,114 60,000 1,907,937 0 60,000 1,907,937
1,967,937 191,174 4/96 2/96 5-27.5
MRH LP 237,562 105,726 3,610,331 153,590 105,726 3,763,921
3,869,647 475,416 6/96 1/97 5-27.5
New Madison
Park IV 7,675,615 541,624 11,606,586 154,609 541,624 11,761,195
12,302,819 1,636,100 3/97 5/96 5-27.5
Ohio
Investors 1,974,106 31,650 2,354,099 45,020 31,650 2,399,119
2,430,769 409,843 9/95 2/96 5-27.5
Osborne
Housing 431,278 50,667 1,099,730 50,563 50,667 1,150,293
1,200,960 119,685 12/96 6/96 27.5
Rose Square 397,186 106,942 615,913 (16,588) 106,942 599,325
706,267 40,692 2/97 10/96 5-27.5
Sandstone
Village 1,210,236 96,047 0 2,598,988 96,047 2,598,988
2,695,035 336,386 8/96 11/95 5-27.5
Shannon
Housing 1,265,294 34,800 1,466,352 148,588 34,800 1,614,940
1,649,740 150,142 1/97 4/96 40.7
Smith House 2,154,448 107,284 5,108,688 119,728 107,284 5,228,416
5,335,700 759,615 3/97 4/96 5-27.5
F-245
Boston Capital Tax Credit Fund IV L.P. - Series
25
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 3,358,488 950,000 1,254,765 5,069,945 950,000 6,324,710
7,274,710 731,311 2/97 4/96 5-27.5
Sutton Place 6,160,000 352,500 7,055,577 907,521 352,500 7,963,098
8,315,598 1,181,997 10/97 11/96 5-27.5
West Point
Housing 1,157,786 75,000 1,188,623 457,952 75,000 1,646,575
1,721,575 137,698 4/96 9/96 40.7
---------- --------- ---------- ---------- --------- ----------
---------- ---------
38,664,508 3,589,876 49,171,617 21,907,322 3,695,640 71,078,939
74,774,579 8,785,018
========== ========= ========== ========== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-246
</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-247
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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 282,521
Other............................................. 0
----------
$ 282,521
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 74,774,579
===========
F-248
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 25
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
Current year
additions*...............................$2,661,938
--
-------
Balance at close of period -
3/31/00..............................$ 8,785,018
==========
*_Total includes current year expense and amounts capitalized to
building
basis.
F-249
<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, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
200 East
Ave LP 6,684,674 61,000 7,896,816 0 61,000 7,896,816
7,957,816 0 U/C 01/99 N/A
AVA LP 1,282,181 82,757 914,666 604,352 82,757 1,519,018
1,601,775 99,155 04/98 11/97 5-27.5
Beauregard
Apts. 791,628 70,000 1,640,768 0 70,000 1,640,768
1,710,768 151,654 09/96 08/96 7-40
Beckwood
Manor One 1,043,637 20,000 1,335,215 0 20,000 1,335,215
1,355,215 188,383 10/96 08/96 5-27.5
Bradley
Phase I 2,438,931 290,000 3,476,912 4,136 290,000 3,481,048
3,771,048 230,394 12/97 02/97 20-40
Bradley
Phase II 1,416,746 190,000 2,405,548 (73,893) 190,000 2,331,655
2,521,655 157,313 12/97 02/97 20-40
Brookhaven
Apts. 958,345 52,272 1,800,921 0 52,272 1,800,921
1,853,193 145,015 01/97 02/97 7-40
Butler
Apts. 173,388 2,908 314,128 0 2,908 314,128
317,036 25,455 10/96 08/96 40
F-250
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 634,005 100,000 985,781 7,197 100,000 992,978
1,092,978 117,803 12/95 02/96 5-27.5
Calgory
Apts. II 634,520 100,000 988,294 6,363 100,000 994,657
1,094,657 117,389 12/95 02/96 5-27.5
Calgory
Apts. III 633,438 100,000 983,301 6,716 100,000 990,017
1,090,017 117,621 12/95 02/96 5-27.5
Cameron
Housing 833,424 74,000 1,736,306 0 74,000 1,736,306
1,810,306 141,223 10/96 08/96 40
Country
Edge 1,087,556 140,000 2,258,924 206 140,000 2,259,130
2,399,130 135,470 12/97 07/97 5-27.5
Decro
Nordoff 1,984,175 555,000 3,240,184 179,753 555,000 3,419,937
3,974,937 323,749 07/97 09/96 5-27.5
East
Park II 573,690 35,000 1,120,448 3,164 35,000 1,123,612
1,158,612 115,550 08/96 08/96 5-27.5
F-251
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 618,174 27,000 759,092 13,710 27,000 772,802
799,802 65,486 11/96 06/97 7-40
Edgewood
Park 1,500,000 125,000 2,943,474 4,904 125,000 2,948,378
3,073,378 320,221 01/97 05/96 5-27.5
Escher St. 2,459,028 100,000 356,532 6,184,657 100,000 6,541,189
6,641,189 415,960 05/98 04/97 5-27.5
Grandview
Apts. 1,170,026 180,000 2,198,865 10,763 180,000 2,209,628
2,389,628 214,956 08/96 08/96 5-27.5
Grayson
Manor 1,070,064 80,000 1,733,403 (9,676) 80,000 1,723,727
1,803,727 99,811 11/98 03/98 5-27.5
GVA LP 1,151,868 54,946 1,445,428 0 54,946 1,445,428
1,500,374 114,194 11/97 04/97 5-27.5
Hanover
Towers 4,960,114 580,000 7,092,714 (13,689) 580,000 7,079,025
7,659,025 465,692 11/97 02/97 5-27.5
Holly
Hills 1,331,737 60,000 1,685,727 0 60,000 1,685,727
1,745,727 114,958 08/97 05/97 5-27.5
Jackson
Bond 5,000,000 536,323 952,071 6,774,466 536,323 7,726,537
8,262,860 71,910 12/99 11/98 5-27.5
F-252
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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. 642,070 85,000 1,016,090 5,398 85,000 1,021,488
1,106,488 120,954 12/95 02/96 5-27.5
Lake V
Apts. 615,303 85,000 1,018,755 3,327 85,000 1,022,082
1,107,082 121,474 12/95 2/96 5-27.5
Liberty
Village 1,740,147 43,085 2,165,569 5,128 44,000 2,170,697
2,214,697 227,151 05/97 01/97 5-27.5
Little Valley
Estates 1,150,834 44,000 1,453,331 81,841 44,000 1,535,172
1,579,172 116,970 04/97 01/97 5-27.5
Mason
LP 930,570 14,000 1,195,375 2,807 14,000 1,198,182
1,212,182 191,379 01/96 02/96 5-27.5
Maxton
Green 970,140 30,500 1,264,803 (420) 30,500 1,264,383
1,294,883 178,769 12/96 09/96 5-27.5
MB Apts. 1,016,983 350,000 2,321,961 0 350,000 2,321,961
2,671,961 224,678 06/97 03/96 5-27.5
Meridian
Housing 1,148,081 72,000 1,137,270 359,586 72,000 1,496,856
1,568,856 38,679 05/99 12/98 7-40
Mosby Forest 741,447 31,275 1,342,190 4,656 31,275 1,346,846
1,378,121 180,510 10/96 10/96 5-27.5
F-253
Boston Capital Tax Credit Fund IV L.P. - Series
26
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 778,919 76,211 904,064 32,858 76,211 936,922
1,013,133 122,010 12/96 01/97 5-27.5
New Devonshire
West 540,175 31,000 628,776 26,165 31,000 654,941
685,941 82,925 01/97 01/97 5-27.5
Powell
Valley 770,212 78,947 2,310,346 (200) 78,947 2,310,146
2,389,093 118,943 12/98 03/98 5-27.5
SG Hazeltine 1,427,113 464,955 2,934,870 285,252 464,955 3,220,122
3,685,077 355,895 01/97 06/96 5-27.5
Southwind
Apts. 770,882 32,000 1,607,903 0 32,000 1,607,903
1,639,903 132,060 12/96 08/96 40
TR Bobb
Apts. 738,492 75,000 1,530,233 0 75,000 1,530,233
1,605,233 140,917 01/96 08/96 40
Timmonsville
Green 1,071,730 41,000 1,427,096 12,085 41,000 1,439,181
1,480,181 193,762 02/97 10/96 5-27.5
Tremont
Station 1,049,375 35,803 1,633,750 90,072 35,803 1,723,822
1,759,625 143,369 11/96 05/96 5-27.5
F-254
Boston Capital Tax Credit Fund IV L.P. - Series 26
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2000
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 814,335 13,000 1,067,939 (1) 13,000 1,067,938 1,080,938
114,552 05/96 05/96 5-27.5
VVA LP 1,158,951 21,861 935,951 559,866 21,861 1,495,817 1,517,678
97,183 10/98 04/97 7-40
Warrensburg
Heights 1,117,122 23,370 1,397,872 7,936 23,370 1,405,808 1,429,178
210,436 11/96 12/96 5-27.5
WPVA LP 1,165,589 45,000 929,628 546,701 45,000 1,476,329 1,521,329
106,640 03/98 04/97 5-27.5
---------- --------- ---------- ---------- --------- ---------- ----------- -
--------
60,789,819 5,309,213 80,489,290 15,726,186 5,310,128 96,215,476 101,525,604
7,168,618
========== ========= ========== ========== ========= ========== ===========
=========
U/C Project under construction as of March 31, 2000.
Since the Operating Partnerships maintain a calendar year end, the information reported on
this schedule is as of December 31,
1999.
**There were no carrying costs as of December 31, 1999. The column has been omitted for
presentation purposes.
F-255
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-256
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund IV L.P. - Series 26
Reconciliation of Land, Building & Improvements current year
changes
Balance at close of period -
03/31/99............................$ 86,070,366
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 7,957,816
Improvements, etc................................. 7,497,422
Other............................................. 0
----------
$ 15,455,238
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$101,525,604
===========
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/96.........................$ 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
Current year
additions*...............................$2,753,759
--
-------
Balance at close of period -
3/31/00..............................$ 7,168,618
=========
*_Total includes current year expense and amounts capitalized to
building
basis.
F-257
</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, 2000
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 3,382 2,850 1,256,476
1,259,326 86,516 11/97 06/97 5-27.5
Angelou
Court 821,644 3 2,685,763 0 3 2,685 763
2,685,766 34,784 U/C 10/97 5-27.5
Canisteo 892,095 46,553 1,567,499 33,652 46,553 1,601,151
1,647,704 115,617 04/98 04/98 5-27.5
Casa Rosa 990,690 0 2,487,701 518,416 0 3,006,117
3,006,117 0 04/98 09/97 N/A
Centrum
Fairfax II 6,701,698 1,054,099 0 7,444,901 1,054,099 7,444,901
8,499,000 492,883 06/97 08/96 5-27.5
Harbor LP 12,356,007 1,250,000 14,491,429 (36,729) 1,250,000 14,454,700
15,704,700 971,094 11/97 02/97 5-40
Harrisonville 1,343,267 102,637 3,021,382 2,847 102,637 3,024,229
3,126,866 361,938 12/96 01/98 5-27.5
Holly
Heights 497,054 31,914 0 1,780,662 31,914 1,780,662
1,812,576 68,530 08/98 04/97 5-27.5
Kiehl Partners 9,200,000 747,825 13,193,825 0 747,825 13,193,825
13,941,650 404,483 06/99 11/99 5-27.5
Lake
Apts. II 610,341 80,000 930,841 8,520 80,000 939,361
1,019,361 83,168 12/95 01/97 5-27.5
F-258
Boston Capital Tax Credit Fund IV L.P. - Series
27
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 886,071 150,000 0 1,596,432 160,500 1,596,432
1,756,932 97,110 01/98 11/97 5-27.5
Northrock
Housing 1,244,499 250,478 1,356,518 0 250,478 1,356,518
1,606,996 4,574 U/C 05/99 10-40
Pear Village 612,730 50,000 512,155 545,102 50,000 1,057,257
1,107,257 118,584 02/97 08/96 5-27.5
Randolph
Village 5,918,594 1,168,500 0 9,192,092 1,168,500 9,192,092
10,360,592 597,268 08/97 09/96 5-27.5
Sunday Sun 923,588 156,600 1,638,376 0 156,600 1,638,376
1,794,976 206,666 12/96 10/96 5-27.5
Wayne Housing 9,436,650 1,200,000 0 13,312,731 903,435 13,312,731
14,216,166 607,209 04/98 11/96 5-27.5
---------- --------- ---------- ---------- --------- ----------
--------- ---------
52,929,796 6,291,459 43,138,583 34,402,008 6,005,394 77,540,591
83,545,985 4,250,424
========== ========= ========== ========== ========= ==========
========== =========
U/C Project under construction at March 31, 2000.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-259
</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................................ 17,177,150
Improvements, etc................................. 0
Other............................................. 0
----------
$ 37,854,979
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-260
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 27
Reconciliation of Land, Building & Improvements current year
changes
Balance at close of period -
03/31/99............................$ 65,552,699
Additions during period:
Acquisitions through foreclosure..................$15,548,646
Other acquisitions................................ 2,444,640
Improvements, etc................................. 0
Other............................................. 0
----------
$ 17,993,286
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 83,545,985
==========
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
Current year
additions*...............................$2,071,362
--
-------
Balance at close of period - 3/31/00............................
$ 4,250,424
=========
F-261
<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, 2000
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 545,638 100,000 1,086,670 69,441 100,000 1,156,111
1,256,111 124,461 06/97 02/97 5-27.5
Ashberry Manor 643,828 100,500 1,192,737 0 100,500 1,192,737
1,293,237 89,246 03/97 02/97 5-27.5
Athens 1,375,000 327,639 2,978,391 2,066,923 342,639 5,045,314
5,387,953 149,805 U/C 10/98 N/A
Bienville, L.P. 962,445 20,300 1,194,688 0 20,300 1,194,688
1,214,988 106,703 02/97 02/97 7-40
Blanchard Apts 915,706 20,000 807,233 322,949 46,728 1,130,182
1,176,910 61,564 07/97 07/97 7-70
Chandler Village 910,283 32,000 1,249,842 0 32,000 1,249,842
1,281,842 117,610 07/97 04/97 5-30
Cottonwood 737,514 20,000 0 964,795 20,000 964,795
984,795 55,051 07/97 07/97 5-27.5
Evangeline
Apartments 973,887 20,000 1,364,939 0 20,000 1,364,939
1,384,939 97,785 01/98 11/97 7-40
Evergreen III 935,934 6,000 1,250,781 9,159 6,000 1,259,940
1,265,940 147,500 04/97 02/97 5-27.5
Fairway II LP 1,066,155 48,000 1,277,751 1,616 48,000 1,279,367
1,327,367 110,440 03/97 12/96 7-40
F-262
Boston Capital Tax Credit Fund IV L.P. - Series
28
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 2,845,082 538,500 0 7,317,148 538,500 7,317,148
7,855,648 118,673 U/C 04/98 N/A
Jackson Place 976,169 74,943 2,095,999 (57,061) 74,943 2,038,938
2,113,881 135,069 10/97 07/97 5-27.5
Maplewood 910,659 47,125 1,923,321 0 47,125 1,923,321
1,970,446 82,368 08/98 03/98 5-27.5
Milton Senior
L.P. 1,167,648 51,400 2,385,863 17,128 51,400 2,402,991
2,454,391 237,311 06/97 02/97 5-27.5
Neighborhood 2,448,660 42,825 6,368,910 0 42,825 6,368,910
6,411,735 446,900 02/98 02/98 5-27.5
Pin Oak
Elderly Assoc. 9,171,341 832,000 7,701,570 7,633,573 2,024,000 15,335,143
17,359,143 1,165,053 01/96 11/97 5-27.5
Randolph
Village 5,918,594 1,168,500 9,187,147 4,945 1,168,500 9,192,092
10,360,592 597,268 08/97 12/97 5-27.5
RVKY,LP 1,341,590 65,582 1,315,622 370,442 65,582 1,686,064
1,751,646 125,663 04/98 11/97 5-27.5
Sand Lane
Manor 685,635 104,000 0 1,217,985 104,000 1,217,985
1,321,985 54,069 04/98 08/97 5-27.5
Senior Suites
Chicago 4,120,869 14,922 0 7,293,247 14,922 7,293,247
7,308,169 282,706 12/98 12/97 5-27.5
F-263
Boston Capital Tax Credit Fund IV L.P. - Series
28
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 1,145,070 62,370 3,451,950 0 62,370 3,451,950
3,514,320 149,814 07/98 01/98 5-27.5
Terraceview
Apartments 795,377 16,900 1,612,988 24,900 16,900 1,637,888
1,654,788 173,699 10/97 07/97 5-27.5
Tilghman Square
LP 809,340 60,314 1,108,725 6,366 60,314 1,115,091
1,175,405 101,672 10/97 11/97 5-27.5
Wellston
Village 375,820 12,500 412,617 106,366 12,500 518,983
531,483 44,240 08/97 04/97 5-27.5
West Memphis
(Clubview) 3,033,719 481,388 7,259,784 89,760 481,388 7,349,544
7,830,932 974,746 11/96 12/97 5-27.5
Yale Place 109,181 12,500 238,542 111,042 12,500 349,584
362,084 32,656
---------- --------- ---------- ---------- ---------- ----------
---------- ---------
44,921,144 4,280,208 57,466,070 27,570,724 5,513,936 85,036,794
90,550,730 5,782,072
=========== ========= ========== ========== ========= ==========
========== =========
U/C - Project under construction as of March 31, 2000.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-264
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-265Notes to Schedule III
- Continued
Boston Capital Tax Credit Fund IV L.P. - Series 28
Reconciliation of Land, Building & Improvements current year
changes
Balance at close of period -
03/31/99............................$ 80,929,797
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 9,620,933
Other............................................. 0
----------
$ 9,620,933
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 90,550,730
==========
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
Current year
additions*...............................$2,674,330
--------
-
Balance at close of period -
03/31/00.............................$ 5,782,072
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-266
</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, 2000
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 2,087,747 183,750 6,403,281 25,236 183,750 6,428,517
6,612,267 606,355 05/97 04/97 5-39
Bryson Apts 389,037 10,728 269,886 254,885 10,728 524,771
535,499 42,794 01/98 08/97 5-27.5
Collins.
Housing 688,961 22,500 370,580 495,817 22,500 866,397
888,897 55,544 06/98 09/97 5-27.5
Dogwood Rural
Assoc. 1,375,763 56,332 1,616,052 478,806 56,332 2,094,858
2,151,190 74,868 05/99 10/98 5-27.5
Edgewood
Apts. 2,000,000 283,199 3,951,368 0 283,199 3,951,368
4,234,567 163,398 09/98 03/98 5-27.5
Emerald
Trace 982,709 43,548 0 2,658,982 43,548 2,658,982
2,702,530 55,117 04/99 08/98 5-27.5
Forest Hill
Apts 2,944,098 191,250 0 5,516,703 221,250 5,516,703
5,737,953 166,507 11/98 07/97 5-27.5
Glenbrook Apts 517,778 4,606 674,111 6,234 4,606 680,345
684,951 65,649 03/97 12/97 5-27.5
F-267
Boston Capital Tax Credit Fund IV L.P. - Series 29
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
Harbor Pointe 1,565,000 280,000 5,672,581 0 280,000 5,672,581
5,952,581 42,423 10/99 01/99 5-40
Jacksboro Apts 610,501 31,893 268,583 494,937 31,893 763,520
795,413 63,175 01/98 12/97 5-27.5
Jackson
Partners 5,690,000 300,067 6,039,223 3,437,563 315,352 9,476,786
9,792,138 698,205 06/98 12/96 5-27.5
Kiehl
Partners 9,200,000 747,825 9,410,576 3,783,249 747,825 13,193,825
13,941,650 404,483 06/99 02/98 5-27.5
Lombard
Partners 796,667 25,000 1,470,259 0 25,000 1,470,259
1,495,259 88,213 07/98 10/98 5-27.5
Lutkin
Bayou Assoc 829,254 25,000 878,839 54,698 25,000 933,537
958,537 71,913 07/97 11/97 5-27.5
The Lincoln
Hotel 798,545 0 1,454,115 104,493 0 1,558,608
1,558,608 125,696 07/97 02/97 5-27.5
Northfield
Apts III 4,290,000 200,613 5,814,532 1,110,699 214,213 6,925,231
7,139,444 605,159 02/98 12/96 5-27.5
Northway
Drive 1,539,843 280,849 1,480 4,792,275 280,849 4,793,755
5,074,604 236,200 03/98 04/97 5-45
Ozark Assoc 459,341 13,750 511,269 29,609 13,750 540,878
554,628 42,863 07/97 10/97 5-27.5
F-268
Boston Capital Tax Credit Fund IV L.P. - Series
29
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 844,130 56,000 0 2,106,692 12,000 2,106,692
2,118,692 46,234 04/99 10/98 5-27.5
Poplarville
Apts 395,540 12,000 406,502 28,382 12,000 434,884
446,884 32,577 07/97 10/97 5-27.5
Rhome Apts 521,954 8,313 675,804 4,916 8,313 680,720
689,033 65,792 07/97 12/97 5-27.5
Westfield Apts 878,958 49,748 1,773,153 0 49,748 1,773,153
1,822,901 96,197 08/98 11/97 5-27.5
---------- --------- ---------- ---------- --------- ---------- -
--------- ---------
39,405,826 2,826,971 47,662,194 25,384,176 2,841,856 73,046,370
75,888,226 3,849,362
========== ========= ========== ========== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
</TABLE>
F-269
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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 5,952,581
Improvements, etc................................. 9,065,633
Other............................................. 0
----------
$ 15,018,214
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
----------
Balance at close of period -
03/31/00............................$ 75,888,226
==========
F-270
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund IV L.P. - Series 29
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
Current year additions*.............................$2,247,040
---------
Balance at close of period -
3/31/00..............................$ 3,849,362
=========
*Total includes current year expense and amounts capitalized to
building basis.
F-271
<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, 2000
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 701,357 45,000 676,598 704,456 45,000 1,381,054
1,426,054 99,153 05/98 09/97 5-27.5
Bowie Apts 1,144,782 32,714 267,955 1,197,157 32,714 1,465,112
1,497,826 78,852 10/98 08/97 5-27.5
Byam. 1,423,170 185,000 2,261,674 (28,934) 185,000 2,232,740
2,417,740 150,258 02/98 02/98 5-27.5
C.V.V.A. LP 1,553,839 60,000 1,250,961 652,797 60,000 1,903,758
1,963,758 116,008 U/C 03/98 5-27.5
Emerald
Trace II 447,964 20,500 1,322,164 0 20,500 1,322,164
1,342,664 39,661 12/98 07/98 5-27.5
F.V.A. LP 894,398 36,000 668,440 426,716 36,000 1,095,156
1,131,156 66,120 07/99 03/98 5-27.5
Graham
Apts 1,543,560 45,563 366,387 1,476,004 45,563 1,842,391
1,887,954 123,500 09/98 03/98 5-27.5
Hillside
Terrace 1,931,755 369,421 4,812,286 0 369,421 4,812,286
5,181,707 0 U/C 04/99 N/A
JMC Limited
Liability 793,045 50,000 0 1,707,787 11,000 1,707,787
1,718,787 82,999 03/98 08/97 5-27.5
Jeffries
Assoc. 1,475,570 62,000 1,662,694 400,952 62,000 2,063,646
2,125,646 70,059 05/99 10/98 5-27.5
K.G.V.A. LP 1,880,395 112,000 1,697,834 634,838 112,000 2,332,672
2,444,672 143,006 02/99 03/98 5-27.5
F-272
Boston Capital Tax Credit Fund IV L.P. - Series
30
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 938,637 4,848 1,819,922 0 4,848 1,819,922
1,824,770 31,804 06/99 07/98 7-40
Madison
Partners L.P. 1,832,853 314,510 788,736 4,598,327 322,023 5,387,063
5,709,086 239,762 03/99 11/97 5-27.5
Mesa
Grande 1,791,923 0 4,153,914 27,873 0 4,181,787
4,181,787 0 12/98 2/98 N/A
Millwood 8,360,000 892,181 0 11,500,276 869,681 11,500,276
12,369,957 28,878 11/99 12/98 10-40
Nocona
Apts 849,597 15,651 207,520 898,155 15,651 1,105,675
1,121,326 48,706 12/98 08/97 5-27.5
Pyramid One 613,592 100,000 1,445,832 0 100,000 1,445,832
1,545,832 15,555 11/99 04/99 5-27.5
Sunrise Homes 785,000 0 2,679,914 80,845 0 2,760,759
2,760,759 0 12/98 02/98 N/A
Trinity Life
Gardens 810,542 65,575 2,309,061 0 65,575 2,309,061
2,374,636 0 12/99 04/99 N/A
West
Swanzey 684,661 94,900 2,010,096 48,292 94,900 2,058,388
2,153,288 124,361 02/98 07/97 5-27.5
---------- --------- ---------- --------- --------- ----------
---------- --------
30,456,640 2,505,863 30,401,988 24,325,541 2,451,876 54,727,529
57,179,405 1,458,682
========== ========= ========== ========= ========= ==========
========== ========
U/C - Project under construction as of March 31, 2000.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-273
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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 9,102,175
Improvements, etc................................. 16,227,330
Other............................................. 0
----------
$ 25,329,505
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 57,179,405
===========
F-274
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
Current year additions*.............................$ 945,532
---------
Balance at close of period -
03/31/00.............................$ 1,458,682
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-275
</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, 2000
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 646,111 247,000 1,280,705 0 247,000 1,280,705
1,527,705 49,971 07/98 07/98 5-27.5
Canton
Housing I 2,254,907 99,900 2,245,160 554,884 99,900 2,800,044
2,899,944 200,453 07/98 11/97 5-27.5
Canton
Housing II 1,138,918 66,920 1,023,746 274,621 66,920 1,298,367
1,365,287 95,863 07/98 11/97 5-27.5
Canton
Housing III 842,583 38,205 799,913 209,826 38,205 1,009,739
1,047,944 72,826 07/98 11/97 5-27.5
Canton
Housing IV 818,546 40,500 784,923 194,642 40,500 979,565
1,020,065 72,151 07/98 11/97 5-27.5
Cleveland
Partners 1,785,786 244,500 1,941,969 3,449,923 265,000 5,391,892
5,656,892 357,093 06/98 11/97 5-27.5
Double
Springs 411,900 157,000 960,378 505,494 157,000 1,465,872
1,622,872 43,844 03/99 09/98 5-27.5
Eagle's Ridge
Terrace 1,855,817 63,200 508,815 1,865,406 63,200 2,374,221
2,437,421 114,361 05/98 12/97 5-27.5
F-276
Boston Capital Tax Credit Fund IV L.P. - Series
31
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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. 672,193 31,000 723,650 168,205 31,000 891,855
922,855 47,716 06/98 12/97 5-27.5
G.A.V.A. L.P 723,946 35,500 616,645 274,109 35,500 890,754
926,254 42,914 02/99 03/98 5-27.5
Hattiesburg
L.P. 832,170 15,000 979,143 195,100 15,000 1,174,243
1,189,243 60,132 06/98 12/97 5-27.5
Henderson
Terrace L.P. 531,326 22,000 221,549 457,907 22,000 679,456
701,456 27,833 09/98 11/97 5-27.5
Heritage
I L.P. 894,368 46,000 522,601 830,209 46,014 1,352,810
1,398,824 74,326 05/98 10/97 5-27.5
Hurricane
Hills L.P. 800,000 121,171 3,086,025 12,332 121,171 3,098,357
3,219,528 172,811 08/98 09/97 5-27.5
Lakeview
Little Elm 453,402 28,750 255,929 316,844 28,750 572,773
601,523 31,038 01/99 11/97 5-27.5
Level Creek 12,790,000 1,120,908 0 13,482,534 1,120,908 13,482,534
14,603,442 573,737 05/99 05/98 5-27.5
F-277
Boston Capital Tax Credit Fund IV L.P. -
Series 31
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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. 696,028 10,860 240,143 708,431 10,860 948,574
959,434 46,218 11/98 11/97 5-27.5
Montfort
Housing 3,828,288 436,143 2,661,689 1,531,646 436,143 4,193,335
4,629,478 233,180 10/98 09/97 5-27.5
N.M.V.A. L.P. 870,118 44,114 679,817 397,199 44,114 1,077,016
1,121,130 46,708 04/99 03/98 5-27.5
Pilot
Point L.P. 781,667 65,570 339,377 601,364 65,570 940,741
1,006,311 39,595 02/99 11/97 5-27.5
Riverbend
Apts. 785,487 201,961 0 2,494,490 201,961 2,494,490
2,696,451 107,055 07/98 10/97 5-27.5
San Angelo
Bent Tree 2,800,000 294,023 0 6,593,198 300,841 6,593,198
6,894,039 103,204 07/99 12/97 5-27.5
Sencit
Hampden L.P. 2,291,524 307,860 0 5,080,270 307,860 5,080,270
5,388,130 181,486 09/98 10/97 7-40
Silver
Creek 3,400,000 175,000 0 9,009,029 175,000 9,009,029
9,184,029 191,151 08/99 03/98 5-27.5
F-278
Boston Capital Tax Credit Fund IV L.P. - Series
31
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 5,841,800 420,540 1,386,000 4,952,459 271,620 6,338,459
6,610,079 151,222 04/99 12/98 5-27.5
Windsor Park
Partners 7,500,000 248,000 5,105,823 7,335,577 269,011 12,441,400
12,710,411 621,737 03/99 11/97 5-27.5
----------- --------- ---------- ---------- --------- ----------
---------- ---------
56,246,885 4,581,625 26,364,000 61,495,698 4,481,048 87,859,699
92,340,747 3,758,625
=========== ========= ========== ========== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
</TABLE>
F-279
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
----------
$ 0
----------
$ 33,777,883
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
----------
Balance at close of period -
03/31/99............................$ 54,567,706
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 37,773,041
Other............................................. 0
----------
$ 37,773,041
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
----------
Balance at close of period - 03/31/00..........................
$ 92,340,747
==========
F-280
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
Current year additions*.............................$2,743,105
---------
Balance at close of period -
3/31/00..............................$ 3,758,625
=========
*Total includes current year expense and amounts capitalized to
building basis.
F-281
<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, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
200 East Ave. 6,684,674 61,000 7,896,816 0 61,000 7,896,816
7,957,816 0 U/C 01/99 N/A
Athens
Partners 1,375,000 327,639 2,978,391 2,066,923 342,639 5,045,314
5,387,953 149,805 06/99 10/98 5-27.5
Chardonnay L.P. 84,781 5,200 586,804 12,641 5,200 599,445
604,645 77,851 01/97 01/98 5-27.5
Cogic
Village 2,456,395 115,000 0 8,689,057 115,000 8,689,057
8,804,057 335,999 07/99 04/98 5-27.5
Courtside 920,726 146,529 2,820,490 0 146,529 2,820,490
2,967,019 136,637 07/98 06/98 7-40
FFLM
Assoc. 7,992,895 1,359,240 12,454,121 (12,725) 1,359,240 12,441,396
13,800,636 2,233,565 01/95 01/98 5-40
Indiana Dev
(Clear Creek) 1,744,318 55,000 3,760,163 0 55,000 3,760,163
3,815,163 39,459 09/99 07/98 5-27.5
Jackson
Bond 5,000,000 536,323 952,071 6,774,466 536,323 7,726,537
8,262,860 71,910 12/99 07/98 5-27.5
Keist
Townhomes 2,717,133 622,558 0 11,565,784 622,558 11,565,784
12,188,342 0 12/99 11/98 N/A
Martinsville I 222,840 24,000 0 0 24,000 0
24,000 0 U/C 08/98 N/A
F-282
Boston Capital Tax Credit Fund IV L.P. - Series
32
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
Parkside Plaza 0 0 0 0 0 0
0 0 U/C 07/99 N/A
Pecan
Manor 456,243 60,400 1,961,002 160,953 60,400 2,121,955
2,182,355 69,510 10/98 07/98 5-27.5
Pearl
Partners 8,000,000 599,461 2,248,687 9,145,631 615,788 11,394,318
12,010,106 98,214 12/99 06/98 5-27.5
Pearlwood
L.P. 927,124 162,032 2,099,724 (300,770) 162,032 1,798,954
1,960,986 119,350 05/98 02/98 5-27.5
Pine
Ridge 490,193 88,220 0 2,134,022 94,833 2,134,022
2,228,855 56,697 01/99 07/98 5-27.5
Pyramid
IV L.P. 333,820 99,500 368,780 2,165,946 99,500 2,534,726
2,634,226 0 U/C 05/98 N/A
---------- --------- ---------- ---------- --------- ----------
---------- ---------
39,406,142 4,262,102 38,127,049 42,401,928 4,300,042 80,528,977
84,829,019 3,388,997
========== ========= ========== ========== ========= ==========
========== =========
U/C - Project under construction as of March 31, 2000.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-283
</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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 11,796,979
Improvements, etc................................. 42,439,868
Other............................................. 0
----------
$ 54,236,847
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 84,829,019
===========
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
Current year additions*.............................$1,533,304
---------
Balance at close of period -
03/31/00..............................$3,388,997
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-284
<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, 2000
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 1,066,247 101,388 0 2,695,585 101,388 2,695,585
2,796,973 31,899 U/C 10/98 5-27.5
FFLM
Assoc. 7,992,895 1,359,240 12,454,121 (12,725) 1,359,240 12,441,396
13,800,636 2,233,565 01/97 01/98 5-40
Forest
Park 579,543 175,500 0 2,153,114 175,500 2,153,114
2,328,614 63,695 U/C 07/98 5-27.5
Harbour
Pointe 1,565,000 280,000 5,672,581 0 280,000 5,672,581
5,952,581 42,423 10/99 01/99 5-40
Keist
Townhomes 2,717,133 622,558 0 11,565,784 622,558 11,565,784
12,188,342 0 U/C 08/98 N/A
Merchant's
Court 5,044,603 0 0 3,060,740 1,069,682 3,060,740
4,130,422 23,307 U/C 10/98 10-40
NHC #5 2,785,903 387,045 0 6,418,412 387,045 6,418,412
6,805,457 152,881 U/C 03/98 5-27.5
NorthRock
Housing 1,244,499 250,478 1,356,518 0 250,478 1,356,518
1,606,996 4,574 U/C 05/99 10-40
F-285
Boston Capital Tax Credit Fund IV L.P. -
Series 33
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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
Park 9,790,000 974,288 1,815,504 10,644,660 999,288 12,460,164
13,459,452 175,907 U/C 10/98 5-27.5
Stearns
Assisted
Living 0 1 0 0 1 0
1 0 U/C 12/99 N/A
---------- --------- ---------- ---------- --------- ---------- --
-------- ---------
32,785,823 4,150,498 21,298,724 36,525,570 5,245,180 57,824,294
63,069,474 2,728,251
========== ========= ========== ========== ========= ==========
========== =========
U/C - Project under construction as of March 31, 2000
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-286
</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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 7,559,577
Improvements, etc................................. 37,620,253
Other............................................. 0
----------
$ 45,179,830
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 63,069,474
===========
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
Current year
additions*...............................$1,033,967
--
-------
Balance at close of period -
03/31/00..............................$2,728,251
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-287
<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, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
Abbey Ridge 0 0 0 0 0 0
0 0 01/00 02/00 N/A
Allison Apts. 949,885 208,000 0 289,579 208,000 289,579
497,579 51,555 01/99 11/98 5-27.5
Belmont
Affordable
Housing 541,844 5,000 2,374,186 0 5,000 2,374,186
2,379,186 74,917 12/98 01/99 5-27.5
Boerne
Creekside 1,037,159 204,622 0 0 204,622 0
204,622 0 U/C 11/98 N/A
Highway 18
Partners 10,550,000 766,286 7,424,418 0 766,286 7,424,418
8,190,704 0 U/C 10/99 N/A
Howard Park 329,144 75,000 1,159,772 0 75,000 1,159,772
1,234,772 7,192 12/99 04/99 5-27.5
Kerville
Meadows 1,612,000 174,699 0 4,324,284 226,306 4,324,284
4,550,590 24,380 04/00 11/98 5-27.5
Merchant's
Court 5,044,603 1,069,682 3,060,740 0 1,069,682 3,060,740
4,130,422 23,307 12/99 02/99 5-27.5
Millwood
Park 8,360,000 892,181 0 11,500,276 869,681 11,500,276
12,369,957 28,878 11/99 12/98 10-40
F-288
Boston Capital Tax Credit Fund IV L.P. - Series
34
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
Montour
Falls
Village 1,023,444 65,556 0 1,818,553 35,000 1,818,553
1,853,553 54,103 04/99 10/98 5-27.5
Northwood
Homes 827,675 96,000 1,953,479 0 96,000 1,953,479
2,049,479 35,024 06/99 04/99 5-27.5
RHP-96 1,750,912 142,576 0 3,668,511 142,576 3,668,511
3,811,087 21,706 12/99 10/98 5-27.5
Southaven
Partners I 9,790,000 974,288 1,815,504 10,644,660 999,288 12,460,164
13,459,452 175,907 12/99 03/99 5-27.5
Washington
Courtyard 122,252 580,398 0 0 580,398 0
580,398 0 U/C 08/99 N/A
---------- --------- ---------- ---------- --------- ----------
---------- --------
41,938,918 5,254,288 17,788,099 32,245,863 5,277,839 50,033,962
55,311,801 496,969
========== ========= ========== ========== ========= ==========
========== ========
U/C - Project under construction as of March 31, 2000.
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
</TABLE>
F-289
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
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 14,434,539
Improvements, etc................................. 36,399,836
Other............................................. 0
----------
$ 50,834,375
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 55,311,801
===========
Reconciliation of Land, Building & Improvements 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
Current year additions*............................. $ 496,969
---------
Balance at close of period -
03/31/00.............................$ 496,969
==========
*Total includes current year expense and amounts capitalized to
building basis.
F-290
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
35
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
Ashton Cove 1,240,000 315,041 0 0 315,041 0
315,041 0 U/C 01/00 N/A
Brazoswood 2,000,000 83,741 0 0 83,741 0
83,741 0 U/C 07/99 N/A
Cypress
Pointe 2,465,604 247,810 3,148,052 0 247,810 3,148,052
3,395,862 7,176 03/00 04/99 7-40
Garden Gate
(New Caney) 0 34,078 0 0 34,078 0
0 0 U/C 03/99 N/A
Hillside
Terrace 1,931,755 369,421 4,812,286 0 369,421 4,812,286
5,181,707 0 U/C 04/99 N/A
Mulvane
Housing
Assoc. 2,055,000 188,000 4,043,181 0 188,000 4,043,181
4,231,181 34,964 11/99 12/98 10-40
Riverwalk
Apts. Homes 427,347 44,380 1,699,925 0 44,380 1,699,925
1,744,305 40,716 07/99 12/98 5-27.5
F-291
Boston Capital Tax Credit Fund IV L.P. - Series 35
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
Tennessee
Partners XII 5,000,000 390,100 6,182,403 0 390,100 6,182,403
6,572,503 27,017 12/99 04/99 5-27.5
Washington
Courtyard 122,252 580,398 0 0 580,398 0
580,398 0 U/C 08/99 N/A
Wedgewood
Park 5,475,000 750,000 0 0 750,000 0
750,000 0 U/C 12/99 N/A
---------- --------- ---------- ------ --------- ----------
---------- --------
20,716,958 3,002,969 19,885,847 0 3,002,969 19,885,847
22,854,738 109,873
========== ========= ========== ====== ========= ==========
========== ========
Since the Operating Partnerships maintain a calendar year end, the information
on this schedule is as of December 31, 1999.
U/C - Project under construction as of March 31, 2000.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
</TABLE>
F-292
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 35
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of period-04/01/99.........................$
0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 22,854,738
Improvements, etc................................. 0
Other............................................. 0
----------
$ 22,854,738
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 22,854,738
===========
Reconciliation of Land, Building & Improvements current year
changes
Balance at close of period -
03/31/99.............................$ 0
Current year additions*............................. $ 109,873
---------
Balance at close of period -
03/31/00.............................$ 109,873
=========
F-293
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. - Series
36
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
Aloha
Housing 3,959,303 552,000 3,283,217 0 552,000 3,283,217
3,835,217 36,313 11/99 08/99 5-27.5
Nowata 1,165,630 35,000 859,081 0 35,000 859,081
894,081 13,920 02/00 08/99 5-30
Riverview
Bend 3,400,000 150,000 3,277,543 0 150,000 3,277,543
3,427,543 14,960 03/00 11/99 5-27.5
Paris Place 0 272,000 0 0 272,000 0
272,000 0 U/C 12/99 N/A
Senior
Suites 0 0 0 0 0 0
0 0 U/C 12/99 N/A
Valley View 0 0 0 0 0 0
0 0 U/C 11/99 N/A
Wedgewood
Park 5,475,000 750,000 0 0 750,000 0
750,000 0 U/C 12/99 N/A
Willowbrook
Apts. 747,433 215,000 2,220,401 0 215,000 2,220,401
2,435,401 16,451 09/99 6/99 5-27.5
F-294
Boston Capital Tax Credit Fund IV L.P. - Series
36
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
Wingfiled
Apts. 910,438 139,800 2,104,682 0 139,800 2,104,682
2,244,482 28,078 7/99 6/99 5-27.5
---------- --------- ---------- ------- --------- ----------
---------- -------
15,657,804 2,113,800 11,744,924 0 2,113,800 11,744,924
13,858,724 109,722 ========== =========
========== ======= ========= ========== ========== =======
Since the Operating Partnerships maintain a calendar year end, the information
on this schedule is as of December 31, 1999
UC - Project under construction as of March 31, 2000
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
</TABLE>
F-295
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 36
Reconciliation of Land, Building & Improvements current year
changes
Balance at beginning of period-04/01/99.........................$
0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 13,858,724
Improvements, etc................................. 0
Other............................................. 0
----------
$ 13,858,724
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 13,858,724
===========
Reconciliation of Land, Building & Improvements current year
changes
Balance at close of period -
03/31/99.............................$ 0
Current year additions*............................. $ 109,722
---------
Balance at close of period -
03/31/00.............................$ 109,722
=========
F-296
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund IV L.P. -
Series 37
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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
--------------------------------------------------------------------------------
---------------------------------------------
Baldwin
Villas 5,600,000 200,000 0 0 200,000 0
200,000 0 U/C 10/98 N/A
Highway 18
Partners 10,550,000 766,286 7,424,418 0 766,286 7,424,418
8,190,704 0 U/C 10/99 N/A
Senior
Suites 0 0 0 0 0 0
0 0 U/C 12/99 N/A
Stearns
Assisted
Living 0 1 0 0 1 0
1 0 U/C 12/99 N/A
---------- --------- ---------- ---------- --------- ----------
---------- ---------
16,150,000 966,287 7,424,418 0 966,287 7,424,418
8,390,705 0
========== ========= ========== ========== ========= ==========
========== =========
U/C - Project under construction as of March 31, 2000
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-297
</TABLE>
Notes to Schedule III
Boston Capital Tax Credit Fund IV L.P. - Series 37
Reconciliation of Land, Building & Improvements current year
changes
Balance at close of period -
03/31/99............................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 8,390,705
Improvements, etc................................. 0
Other............................................. 0
----------
$ 8,390,705
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period -
03/31/00............................$ 8,390,705
===========
F-298
