FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1999
------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-26200
---------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3208648
- -------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 624-8900
--------------
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2)has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 1999
-----------------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $390,270,397 $352,630,004
OTHER ASSETS
Cash and cash equivalents 14,765,213 14,152,267
Investments 36,223,228 47,977,925
Notes receivable 14,652,118 14,174,473
Acquisition costs 12,317,575 5,644,971
Organization costs, net of
accumulated amortization (Note B) - 623,193
Other assets 27,065,454 21,298,752
----------- -----------
$495,293,985 $456,501,585
=========== ===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 970,410 $ 411,758
Accounts payable affiliates 6,682,693 5,280,848
Capital contributions payable (Note D) 68,914,444 73,541,468
Line of credit - 200,000
----------- -----------
76,567,547 79,434,074
----------- -----------
1
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest,
$10 stated value per BAC; 65,000,000
authorized BACs; 54,702,359 issued and
outstanding as of December 31, 1999 419,130,577 377,341,887
General Partner (631,133) (501,370)
Unrealized gain (loss) on securities
available for sale, net 226,994 226,994
----------- -----------
418,726,438 377,067,511
----------- -----------
$495,293,985 $456,501,585
=========== ===========
The accompanying notes are an integral part of these statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
---------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $19,668,699 $20,817,668
OTHER ASSETS
Cash and cash equivalents 319,400 223,286
Investments - -
Notes receivable - -
Acquisition costs 95,556 98,235
Organization costs, net of
accumulated amortization (Note B) - 10,607
Other assets 678,715 726,093
---------- ----------
$20,762,370 $21,875,889
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 1,616,400 1,331,964
Capital contributions payable (Note D) 388,026 388,026
Line of credit - -
---------- ----------
2,004,426 1,719,990
---------- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
---------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,866,700 issued and
outstanding as of December 31, 1999 18,900,930 20,284,905
General Partner (142,986) (129,006)
Unrealized gain (loss) on securities
for sale, net - -
---------- ----------
18,757,944 20,155,899
---------- ----------
$20,762,370 $21,875,889
========== ==========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
----------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 7,115,694 $ 7,984,415
OTHER ASSETS
Cash and cash equivalents 297,948 204,141
Investments 734,659 777,925
Notes receivable 641,542 641,542
Acquisition costs 52,266 53,731
Organization costs, net of
accumulated amortization (Note B) - -
Other assets 291,184 268,066
---------- ----------
$ 9,133,292 $ 9,929,820
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 793,050 623,670
Capital contributions payable (Note D) 709,193 709,193
Line of credit - -
---------- ----------
1,502,243 1,332,863
---------- ----------
5
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
-----------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 1,892,700 issued and
outstanding as of December 31, 1999 7,711,249 8,667,497
General Partner (85,697) (76,038)
Unrealized gain (loss) on securities
for sale, net 5,498 5,498
---------- ----------
7,631,050 8,596,957
---------- ----------
$ 9,133,293 $ 9,929,820
========== ==========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
----------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $14,369,805 $14,961,440
OTHER ASSETS
Cash and cash equivalents 292,492 319,333
Investments 290,002 272,533
Notes receivable 450,981 462,686
Acquisition costs 164,239 168,844
Organization costs, net of
accumulated amortization (Note B) - 9,694
Other assets 164,320 165,466
---------- ----------
$15,731,839 $16,359,996
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 982,499 791,555
Capital contributions payable (Note D) 532,451 550,641
Line of credit - -
---------- ----------
1,514,950 1,342,196
---------- -----------
7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
----------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,564,400 issued and
outstanding as of December 31, 1999 14,291,895 15,084,797
General Partner (76,931) (68,922)
Unrealized gain (loss) on securities
for sale, net 1,925 1,925
---------- ----------
14,216,889 15,017,800
---------- ----------
$15,731,839 $16,359,996
========== ==========
The accompanying notes are an integral part of these statements.
8
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $20,872,820 $21,681,096
OTHER ASSETS
Cash and cash equivalents 505,252 610,758
Investments - -
Notes receivable 306,751 456,751
Aquisition costs 167,084 171,769
Organization costs, net of
accumulated amortization (Note B) - 16,933
Other assets 378,455 393,309
---------- ----------
$22,230,362 $23,330,616
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 593,353 413,155
Capital contributions payable (Note D) 488,632 772,817
Line of credit - -
---------- ----------
1,081,985 1,185,972
---------- ----------
9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
---------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,336,727 issued and
outstanding as of December 31, 1999 21,221,740 22,208,044
General Partner (73,363) (63,400)
Unrealized gain (loss) on securities
for sale, net - -
---------- ----------
21,148,377 22,144,644
---------- ----------
$ 22,230,362 $23,330,616
========== ==========
The accompanying notes are an integral part of these statements.
10
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $12,912,932 $13,973,053
OTHER ASSETS
Cash and cash equivalents 267,910 304,564
Investments 246,119 188,039
Notes receivable 534,342 551,210
Acquisition costs 272,972 280,602
Organization costs, net of
accumulated amortization (Note B) - 19,470
Other assets 678,494 674,603
---------- ----------
$14,912,769 $15,991,541
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 721,275 546,259
Capital contributions payable (Note D) 1,269,494 1,285,736
Line of credit - -
---------- ----------
1,990,769 1,831,995
---------- ----------
11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
----------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,169,878 issued and
outstanding as of December 31, 1999 12,976,762 14,201,933
General Partner (56,091) (43,716)
Unrealized gain (loss) on securities
for sale, net 1,329 1,329
---------- ----------
12,922,000 14,159,546
---------- ----------
$14,912,769 $15,991,541
========== ==========
The accompanying notes are an integral part of these statements.
12
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $19,698,230 $20,921,953
OTHER ASSETS
Cash and cash equivalents 521,039 660,000
Investments 564,220 529,693
Notes receivable 523,193 551,221
Acquisition costs 274,141 281,804
Organization costs, net of
accumulated amortization (Note B) - 18,354
Other assets 1,324,463 1,322,390
---------- ----------
$22,905,286 $24,285,415
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,476 $ -
Accounts payable affiliates 477,183 272,676
Capital contributions payable (Note D) 2,521,114 2,704,223
Line of credit - -
---------- ----------
2,999,773 2,976,899
---------- ----------
13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
---------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,026,109 issued and
outstanding as of December 31, 1999 19,960,114 21,349,087
General Partner (58,427) (44,397)
Unrealized gain (loss) on securities
for sale, net 3,826 3,826
---------- ----------
19,905,513 21,308,516
---------- ----------
$22,905,286 $24,285,415
========== ==========
The accompanying notes are an integral part of these statements.
14
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $29,372,117 $29,938,230
OTHER ASSETS
Cash and cash equivalents 329,272 1,190,003
Investments 214,412 721,150
Notes receivable 583,670 653,909
Acquisition costs 464,430 475,012
Organization costs, net of
accumulated amortization (Note B) - 42,595
Other assets 3,438,670 3,856,657
---------- ----------
$34,402,571 $36,877,556
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 90 $ 90
Accounts payable affiliates 578,846 266,608
Capital contributions payable (Note D) 3,749,226 5,548,536
Line of credit - -
---------- ----------
4,328,162 5,815,234
---------- ----------
15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
---------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,995,900 issued and
outstanding as of December 31, 1999 30,107,457 31,085,523
General Partner (39,574) (29,727)
Unrealized gain (loss) on securities
for sale, net 6,526 6,526
---------- ----------
30,074,409 31,062,322
---------- ----------
$34,402,571 $36,877,556
========== ==========
The accompanying notes are an integral part of these statements.
16
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,718,275 $16,996,406
OTHER ASSETS
Cash and cash equivalents 187,732 1,328,141
Investments 619,616 140,982
Notes receivable 99,549 270,649
Acquisition costs 411,035 402,321
Organization costs, net of
accumulated amortization (Note B) - 38,806
Other assets 894,573 1,017,819
---------- ----------
$18,930,780 $20,195,124
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 665,130 430,737
Capital contributions payable (Note D) 1,063,169 1,645,618
Line of credit - -
---------- ----------
1,728,299 2,076,355
---------- ----------
17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
---------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,460,700 issued and
outstanding as of December 31, 1999 17,235,237 18,142,362
General Partner (34,439) (25,276)
Unrealized gain (loss) on securities
for sale, net 1,683 1,683
---------- ----------
17,202,481 18,118,769
---------- ----------
$18,930,780 $20,195,124
========== ==========
The accompanying notes are an integral part of these statements.
18
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $31,275,571 $32,194,655
OTHER ASSETS
Cash and cash equivalents 1,101,107 569,820
Investments 2,557,827 4,164,571
Notes receivable 1,477,458 1,477,458
Acquisition costs 90,762 70,092
Organization costs, net of
accumulated amortization (Note B) - 55,896
Other assets 6,569 205,606
---------- ----------
$36,509,294 $38,738,098
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 350 256,148
Capital contributions payable (Note D) 3,501,543 4,440,923
Line of credit - -
---------- ----------
3,501,893 4,697,071
---------- ----------
19
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
----------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,000,738 issued and
outstanding as of December 31, 1999 32,990,680 34,013,990
General Partner (14,001) (3,685)
Unrealized gain (loss) on securities
for sale, net 30,722 30,722
---------- ----------
33,007,401 34,041,027
---------- ----------
$36,509,294 $38,738,098
========== ==========
The accompanying notes are an integral part of these statements.
20
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
-------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $29,938,592 $31,006,270
OTHER ASSETS
Cash and cash equivalents 400,951 1,066,404
Investments 2,934,225 5,250,347
Notes receivable 835,878 835,878
Acquisition costs 87,808 13,596
Organization costs, net of
accumulated amortization (Note B) - 49,448
Other assets 13,269 26,001
---------- ----------
$34,210,723 $38,247,944
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 6,511 6,511
Capital contributions payable (Note D) 2,993,522 5,800,186
Line of credit - -
---------- ----------
3,000,033 5,806,697
---------- ----------
21
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
---------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,991,800 issued and
outstanding as of December 31, 1999 31,213,630 32,431,904
General Partner (29,183) (16,900)
Unrealized gain (loss) on securities
for sale, net 26,243 26,243
---------- ----------
31,210,690 32,441,247
---------- ----------
$34,210,723 $38,247,944
========== ==========
The accompanying notes are an integral part of these statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,067,591 $18,385,611
OTHER ASSETS
Cash and cash equivalents 371,995 1,339,143
Investments 2,395,786 5,366,697
Notes receivable 85,438 1,415,196
Acquisition costs 580,942 510,332
Organization costs, net of
accumulated amortization (Note B) - 48,501
Other assets 750,939 888,146
---------- ----------
$25,252,691 $27,953,626
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 6,196 6,196
Capital contributions payable (Note D) 2,771,697 5,188,387
Line of credit - -
---------- ----------
2,777,893 5,194,583
---------- ----------
23
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,651,000,
issued and outstanding
as of December 31, 1999 22,452,485 22,733,909
General Partner (2,557) 264
Unrealized gain (loss) on securities
for sale, net 24,870 24,870
---------- ----------
22,474,798 22,759,043
---------- ----------
$25,252,691 $27,953,626
========== ==========
The accompanying notes are an integral part of these statements.
24
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
-------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $34,567,303 $35,524,458
OTHER ASSETS
Cash and cash equivalents 902,530 1,294,456
Investments 3,342,721 5,366,127
Notes receivable 1,903,880 2,221,022
Acquisition costs - -
Organization costs, net of
accumulated amortization (Note B) - 51,385
Other assets 828,880 974,611
---------- ----------
$41,545,314 $45,432,059
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 1,660 $ 1,660
Accounts payable affiliates 1,390 1,390
Capital contributions payable (Note D) 5,566,605 8,010,788
Line of credit - -
---------- ----------
5,569,655 8,013,838
---------- ----------
25
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,417,857
issued and outstanding
as of December 31, 1999 35,977,206 37,405,408
General Partner (19,685) (5,325)
Unrealized gain (loss) on securities
for sale, net 18,138 18,138
---------- ----------
35,975,659 37,418,221
---------- ----------
$41,545,314 $45,432,059
========== ==========
The accompanying notes are an integral part of these statements.
26
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
---------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $39,140,354 $35,492,664
OTHER ASSETS
Cash and cash equivalents 900,231 1,625,906
Investments 3,449,841 9,246,829
Notes receivable 873,301 1,995,249
Acquisition costs 817,049 723,349
Organization costs, net of
accumulated amortization (Note B) - 50,418
Other assets 2,830,445 1,970,512
---------- ----------
$48,011,221 $51,104,927
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 59,560 103
Capital contributions payable (Note D) 7,127,189 10,155,068
Line of credit - -
---------- ----------
7,186,749 10,155,171
---------- ----------
27
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
---------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ---------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,754,198 issued and
outstanding as of December 31, 1999 40,786,914 40,911,216
General Partner 1,504 2,486
Unrealized gain (loss) on securities
for sale, net 36,054 36,054
---------- ----------
40,824,472 40,949,756
---------- ----------
$48,011,221 $51,104,927
========== ==========
The accompanying notes are an integral part of these statements.
28
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $21,759,705 $19,871,865
OTHER ASSETS
Cash and cash equivalents 930,742 685,857
Investments 2,969,479 5,892,859
Notes receivable - 46,280
Acquisition costs 730,482 668,353
Organization costs, net of
accumulated amortization (Note B) - 83,770
Other assets 5,843 1,078,560
---------- ----------
$26,396,251 $28,327,544
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ - $ -
Accounts payable affiliates 35,137 6,443
Capital contributions payable (Note D) 3,482,961 5,507,151
Line of credit - -
---------- ----------
3,518,098 5,513,594
---------- ----------
29
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33
----------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,636,533 issued and
outstanding as of December 31, 1999 22,840,190 22,776,691
General Partner 2,645 1,941
Unrealized gain (loss) on securities
for sale, net 35,318 35,318
---------- ----------
22,878,153 22,813,950
---------- ----------
$26,396,251 $28,327,544
========== ==========
The accompanying notes are an integral part of these statements.
30
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 34
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $28,135,811 $22,247,242
OTHER ASSETS
Cash and cash equivalents 1,154,949 2,482,579
Investments 3,274,090 9,666,568
Notes receivable 2,794,888 1,678,562
Acquisition costs 1,148,646 904,527
Organization costs, net of
accumulated amortization (Note B) - 110,441
Other assets 1,394,793 5,146,310
---------- ----------
$37,903,177 $42,236,229
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 493 $ 493
Accounts payable affiliates 32,894 32,894
Capital contributions payable (Note D) 7,917,987 12,032,400
Line of credit - -
---------- ----------
7,951,374 12,065,787
---------- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 34
----------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,529,319 respectively,
issued and outstanding as of
December 31,1999 29,919,758 30,136,760
General Partner (1,238) 399
Unrealized gain (loss) on securities
for sale, net 33,283 33,283
---------- ----------
29,951,803 30,170,442
---------- ----------
$37,903,177 $42,236,229
========== ==========
The accompanying notes are an integral part of these statements.
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 35
--------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $22,791,397 $10,632,978
OTHER ASSETS
Cash and cash equivalents 1,867,534 247,876
Investments 6,657,317 393,605
Notes receivable 1,240,000 916,860
Acquisition costs 3,292,805 822,404
Organization costs, net of
accumulated amortization (Note B) - 16,875
Other assets 6,475,458 2,584,603
---------- ----------
$42,324,511 $15,615,201
========== ==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 224 $ 409,515
Accounts payable affiliates 35,304 294,539
Capital contributions payable (Note D) 14,110,182 8,801,775
Line of credit - 200,000
---------- ----------
14,145,710 9,705,829
---------- ----------
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 35
----------------------------
December 31, March 31,
1999 1999
(Unaudited) (Audited)
----------- ----------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,300,463 respectively,
issued and outstanding as of
December 31,1999 28,177,512 5,907,861
General Partner (290) (68)
Unrealized gain (loss) on securities
for sale, net 1,579 1,579
---------- ----------
28,178,801 5,909,372
---------- ----------
$42,324,511 $15,615,201
========== ==========
The accompanying notes are an integral part of these statements.
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 36*
--------------
December 31,
1999
(Unaudited)
-----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $13,409,868
OTHER ASSETS
Cash and cash equivalents 962,739
Investments 4,521,735
Notes receivable 925,636
Acquisition costs 2,153,390
Organization costs, net of
accumulated amortization (Note B) -
Other assets 2,846,814
----------
$24,820,182
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ -
Accounts payable affiliates -
Capital contributions payable (Note D) 6,970,940
Line of credit -
----------
6,970,940
----------
*Series 36 did not commence operations until after March 31, 1999, therefore
it does not have comparative information to report.
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 36*
---------------
December 31,
1999
(Unaudited)
------------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,107,337 respectively,
issued and outstanding as of
December 31, 1999 17,849,558
General Partner (316)
Unrealized gain (loss) on securities
for sale, net -
----------
17,849,242
----------
$24,820,183
==========
*Series 36 did not commence operations until after March 31, 1999, therefore
it does not have comparative information to report.
The accompanying notes are an integral part of these statements.
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 37*
--------------
December 31,
1999
(Unaudited)
-----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 7,455,633
OTHER ASSETS
Cash and cash equivalents 3,451,390
Investments 1,451,179
Notes receivable 1,375,611
Acquisition costs 1,513,968
Organization costs, net of
accumulated amortization (Note B) -
Other assets 4,063,570
----------
$19,311,351
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 966,467
Accounts payable affiliates 77,615
Capital contributions payable (Note D) 3,750,513
Line of credit -
----------
4,794,595
----------
*Series 37 did not commence operations until after March 31, 1999, therefore
it does not have comparative information to report.
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 37*
---------------
December 31,
1999
(Unaudited)
------------
Continued
- ---------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 1,674,800 respectively,
issued and outstanding as of
December 31, 1999 14,517,260
General Partner (504)
Unrealized gain (loss) on securities
for sale, net -
----------
14,516,756
----------
$19,311,351
==========
*Series 37 did not commence operations until after March 31, 1999, therefore
it does not have comparative information to report.
The accompanying notes are an integral part of these statements.
3
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
1999 1998
---- ----
Income
Interest income $ 644,438 $ 1,407,964
Other income 82,019 1,800
---------- ----------
726,457 1,409,764
---------- ----------
Share of income (loss) from
Operating Partnerships (3,022,042) (2,868,663)
---------- ----------
Expenses
Professional fees 46,701 64,307
Fund management fee (Note C) 1,087,113 935,332
Organization Costs 69,968 -
Amortization 86,988 51,204
General and administrative expenses 288,937 304,347
---------- ----------
1,579,707 1,355,190
---------- ----------
NET INCOME (LOSS) $(3,875,292) $(2,814,089)
========== ==========
Net income (loss) allocated to
limited partners $(3,836,539) $(2,785,948)
========== ==========
Net income (loss) allocated to
general partner $ (38,753) $ (28,141)
========== ==========
Net income (loss) per BAC $ (1.22) $ (1.03)
========== ==========
The accompanying notes are an integral part of these statements.
39
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 20
-----------------------
1999 1998
---- ----
Income
Interest income $ 1,417 $ 573
Other income 150 -
-------- --------
1,567 573
-------- --------
Share of income (loss) from Operating
Partnerships (315,522) (375,475)
-------- --------
Expenses
Professional fees 131 274
Fund management fee (Note C) 88,812 94,773
Organization Costs - -
Amortization 893 5,821
General and administrative expense 9,737 5,340
-------- --------
99,573 106,208
-------- --------
NET INCOME (LOSS) $(413,528) $(481,110)
======== ========
Net income (loss) allocated to
limited partners $(409,393) $(476,299)
======== ========
Net income (loss) allocated to
general partner $ (4,135) $ (4,811)
======== ========
Net income (loss) per BAC $ (.11) $ (.12)
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 21
-----------------------
1999 1998
---- ----
Income
Interest income $ 17,057 $ 13,030
Other income - -
-------- --------
17,057 13,030
-------- --------
Share of income (loss) from Operating
Partnerships (277,579) (352,062)
-------- --------
Expenses
Professional fees 903 946
Fund management fee (Note C) 34,460 53,960
Organization Costs - -
Amortization 488 3,044
General and administrative expense 8,376 7,449
-------- --------
44,227 65,399
-------- --------
NET INCOME (LOSS) $(304,749) $(404,431)
======== ========
Net income (loss) allocated to
limited partners $(301,702) $(400,387)
======== ========
Net income (loss) allocated to
general partner $ (3,047) $ (4,044)
======== ========
Net income (loss) per BAC $ (.16) $ (.21)
======== ========
The accompanying notes are an integral part of these statements.
41
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 22
-----------------------
1999 1998
---- ----
Income
Interest income $ 7,526 $ 4,431
Other income 3,900 1,800
-------- --------
11,426 6,231
-------- --------
Share of income (loss) from Operating
Partnerships (142,515) (252,399)
-------- --------
Expenses
Professional fees 446 1,004
Fund management fee (Note C) 48,937 59,893
Organization Costs - -
Amortization 1,535 3,135
General and administrative expense 8,446 6,051
-------- --------
59,364 70,083
-------- --------
NET INCOME (LOSS) $(190,453) $(316,251)
======== ========
Net income (loss) allocated to
limited partners $(188,548) $(313,088)
======== ========
Net income (loss) allocated to
general partner $ (1,905) $ (3,163)
======== ========
Net income (loss) per BAC $ (.07) $ (.12)
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 23
-----------------------
1999 1998
---- ----
Income
Interest income $ 2,997 $ 1,077
Other income 4,650 -
-------- --------
7,647 1,077
-------- --------
Share of income (loss) from Operating
Partnerships (268,190) (296,477)
-------- --------
Expenses
Professional fees 141 243
Fund management fee (Note C) 42,313 53,502
Organization Costs - -
Amortization 1,562 3,268
General and administrative expense 8,706 5,634
-------- --------
52,722 62,647
-------- --------
NET INCOME (LOSS) $(313,265) $(358,047)
======== ========
Net income (loss) allocated to
limited partners $(310,132) $(354,467)
======== ========
Net income (loss) allocated to
general partner $ (3,133) $ (3,580)
======== ========
Net income (loss) per BAC $ (.09) $ (.11)
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 24
-----------------------
1999 1998
---- ----
Income
Interest income $ 6,446 $ 17,213
Other income 150 -
-------- --------
6,596 17,213
-------- --------
Share of income (loss) from Operating
Partnerships (302,015) (398,461)
-------- --------
Expenses
Professional fees 443 3,912
Fund management fee (Note C) 52,938 54,087
Organization Costs - -
Amortization 2,551 3,245
General and administrative expense 6,628 5,188
-------- --------
62,560 66,432
-------- --------
NET INCOME (LOSS) $(357,979) $(447,680)
======== ========
Net income (loss) allocated to
limited partners $(354,399) $(443,203)
======== ========
Net income (loss) allocated to
general partner $ (3,580) $ (4,477)
======== ========
Net income (loss) per BAC $ (.16) $ (.20)
======== ========
The accompanying notes are an integral part of these statements.
44
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 25
-----------------------
1999 1998
---- ----
Income
Interest income $ 9,630 $ 45,193
Other income 5,831 -
-------- --------
15,461 45,193
-------- --------
Share of income (loss) from Operating
Partnerships (324,529) (182,280)
-------- --------
Expenses
Professional fees 724 5,677
Fund management fee (Note C) 55,469 65,369
Organization Costs - -
Amortization 3,805 2,622
General and administrative expense 9,999 7,804
-------- --------
69,997 81,472
-------- --------
NET INCOME (LOSS) $(379,065) $(218,559)
======== ========
Net income (loss) allocated to
limited partners $(375,274) $(216,373)
======== ========
Net income (loss) allocated to
general partner $ (3,791) $ (2,186)
======== ========
Net income (loss) per BAC $ (.12) $ (.07)
======== ========
The accompanying notes are an integral part of these statements.
45
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 26
-----------------------
1999 1998
---- ----
Income
Interest income $ 6,490 $ 48,806
Other income - -
-------- --------
6,490 48,806
-------- --------
Share of income (loss) from Operating
Partnerships (197,955) (313,494)
-------- --------
Expenses
Professional fees 3,704 98
Fund management fee (Note C) 99,416 95,230
Organization Costs - -
Amortization 4,340 4,733
General and administrative expense 10,909 18,848
-------- --------
118,369 118,909
-------- --------
NET INCOME (LOSS) $(309,834) $(383,597)
======== ========
Net income (loss) allocated to
limited partners $(306,736) $(379,761)
======== ========
Net income (loss) allocated to
general partner $ (3,098) $ (3,836)
======== ========
Net income (loss) per BAC $ (.08) $ (.10)
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 27
-----------------------
1999 1998
---- ----
Income
Interest income $ 15,197 $ 18,808
Other income - -
-------- --------
15,197 18,808
-------- --------
Share of income (loss) from Operating
Partnerships (188,887) (194,781)
-------- --------
Expenses
Professional fees 2,105 2,420
Fund management fee (Note C) 71,539 76,527
Organization Cost - -
Amortization - 3,881
General and administrative expense 8,812 10,641
-------- --------
82,456 93,469
-------- --------
NET INCOME (LOSS) $(256,146) $(269,442)
======== ========
Net income (loss) allocated to
limited partners $(253,585) $(266,748)
======== ========
Net income (loss) allocated to
general partner $ (2,561) $ (2,694)
======== ========
Net income (loss) per BAC $ (.10) $ (.11)
======== ========
The accompanying notes are an integral part of these statements.
4
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 28
--------------------------
1999 1998
---- ----
Income
Interest income $ 64,716 $ 147,223
Other income - -
-------- --------
64,716 147,223
-------- --------
Share of income (loss) from
Operating Partnerships (365,057) (85,844)
-------- --------
Expenses
Professional fees 3,322 6,614
Fund management fee (Note C) 73,502 74,438
Organization Costs - -
Amortization - 5,081
General and administrative expense 20,400 41,074
-------- --------
97,224 127,207
-------- --------
NET INCOME (LOSS) $(397,565) $ (65,828)
======== ========
Net income (loss) allocated to
limited partners $(393,589) $ (65,170)
======== ========
Net income (loss) allocated to
general partner $ (3,976) $ (658)
======== ========
Net income (loss) per BAC $ (.10) $ (.02)
======== ========
The accompanying notes are an integral part of these statements.
48
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 29
--------------------------
1999 1998
---- ----
Income
Interest income $ 38,352 $ 107,982
Other income - -
-------- --------
38,352 107,982
-------- --------
Share of income (loss) from
Operating Partnerships (346,631) (46,603)
-------- --------
Expenses
Professional fees 2,879 8,172
Fund management fee (Note C) 84,894 75,609
Organization Costs - -
Amortization - 4,830
General and administrative expense 21,499 36,515
-------- --------
109,272 125,126
-------- --------
NET INCOME (LOSS) $(417,551) $ (63,747)
======== ========
Net income (loss) allocated to
limited partners $(413,375) $ (63,110)
======== ========
Net income (loss) allocated to
general partner $ (4,176) $ (637)
======== ========
Net income (loss) per BAC $ (.10) $ (.02)
======== ========
The accompanying notes are an integral part of these statements.
49
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 30
------------------------
1999 1998
---- ----
Income
Interest income $ 34,654 $ 102,508
Other income - -
-------- --------
34,654 102,508
-------- --------
Share of income (loss) from
Operating Partnerships (65,130) (86,374)
-------- --------
Expenses
Professional fees 2,850 5,418
Fund management fee (Note C) 56,526 43,413
Organization Costs - -
Amortization - 3,464
General and administrative expense 16,907 30,009
-------- --------
76,283 82,304
-------- --------
NET INCOME (LOSS) $(106,759) $ (66,170)
======== ========
Net income (loss) allocated to
limited partners $(105,691) $ (65,508)
======== ========
Net income (loss) allocated to
general partner $ (1,068) $ (662)
======== ========
Net income (loss) per BAC $ (.04) $ (.02)
======== ========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 31
------------------------
1999 1998
---- ----
Income
Interest income $ 51,704 $ 526,213
Other income - -
-------- --------
51,704 526,213
-------- --------
Share of income (loss) from
Operating Partnerships (195,983) (111,635)
-------- --------
Expenses
Professional fees 4,049 7,674
Fund management fee (Note C) 92,874 66,132
Organization Costs - -
Amortization - 3,426
General and administrative expense 21,541 15,257
-------- --------
118,464 92,489
-------- --------
NET INCOME (LOSS) $(262,743) $ 322,089
======== ========
Net income (loss) allocated to
limited partners $(260,116) $ 318,868
======== ========
Net income (loss) allocated to $ (2,627) $ 3,221
general partner ======== ========
Net income (loss) per BAC $ (.06) $ .07
======== ========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 32
---------------------------
1999 1998
---- ----
Income
Interest income $ 51,982 $ 210,148
Other income - -
-------- --------
51,982 210,148
-------- --------
Share of income (loss) from Operating
Partnerships (12,742) (172,778)
-------- --------
Expenses
Professional fees 4,039 10,336
Fund management fee (Note C) 88,684 82,651
Organization Costs - -
Amortization - -
General and administrative expense 25,288 51,119
------- --------
118,011 144,106
-------- --------
NET INCOME (LOSS) $ (78,771) $(106,736)
======== ========
Net income (loss) allocated to
limited partners $ (77,983) $(105,669)
======== ========
Net income (loss) allocated to
general partner $ (788) $ (1,067)
======== ========
Net income (loss) per BAC $ (.02) $ (.02)
======== ========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 33
--------------------------
1999 1998
---- ----
Income
Interest income $ 50,428 $ 126,126
Other income - -
-------- --------
50,428 126,126
-------- --------
Share of income (loss) from Operating
Partnerships 15,937 -
-------- --------
Expenses
Professional fees 3,457 11,219
Fund management fee (Note C) 43,041 29,040
Organization Costs - -
Amortization - 4,654
General and administrative expense 18,737 60,680
------- --------
65,235 105,593
-------- --------
NET INCOME (LOSS) $ 1,130 $ 20,533
======== ========
Net income (loss) allocated to
limited partners $ 1,119 $ 20,328
======== ========
Net income (loss) allocated to
general partner $ 11 $ 205
======== ========
Net income (loss) per BAC $ - $ .01
======== ========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 34
--------------------
1999 1999
---- ----
Income
Interest income $ 67,204 $ 38,633
Other income - -
-------- ---------
67,204 38,633
-------- ---------
Share of income (loss) from
Operating Partnerships (2,897) -
-------- ---------
Expenses
Professional fees 4,286 300
Fund management fee (Note C) 77,956 10,708
Organization Costs - -
Amortization - -
General and administrative expense 26,546 2,738
-------- ---------
108,788 13,746
-------- ---------
NET INCOME (LOSS) $ (44,481) $ 24,887
======== =========
Net income (loss) allocated to
limited partners $ (44,036) $ 24,638
======== =========
Net income (loss) allocated to $ (445) $ 249
general partner ======== =========
Net income (loss) per BAC $ (.01) $ .01
======== =========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 35* Series 36*
--------- ---------
1999 1999
---- ----
Income
Interest income $ 169,834 $ 22,638
Other income - 67,338
-------- ---------
169,834 89,976
-------- ---------
Share of income (loss) from
Operating Partnerships (32,347) -
-------- ---------
Expenses
Professional fees 7,253 4,707
Fund management fee (Note C) 49,413 26,339
Organization Costs - 69,968
Amortization - -
General and administrative expense 43,379 19,542
-------- ---------
100,045 120,556
-------- ---------
NET INCOME (LOSS) $ 37,442 $ (30,580)
======== =========
Net income (loss) allocated to
limited partners $ 37,068 $ (30,274)
======== =========
Net income (loss) allocated to $ 374 $ (306)
general partner ======== =========
Net income (loss) per BAC $ .01 $ -
======== =========
* Series 35 & 36 did not commence operations until after December 31, 1998
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)
Series 37*
----------
1999
------
Income
Interest income $ 26,166
Other income -
--------
26,166
--------
Share of income (loss) from
Operating Partnerships -
--------
Expenses
Professional fees 1,262
Fund management fee (Note C) -
Organization Costs 71,814
Amortization -
General and administrative expense 3,485
--------
76,561
--------
NET INCOME (LOSS) $ (50,395)
========
Net income (loss) allocated to
limited partners $ (49,891)
========
Net income (loss) allocated to $ (504)
general partner ========
Net income (loss) per BAC $ -
========
* Series 37 did not commence operations until after December 31, 1998,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
1999 1998
---- ----
Income
Interest income $ 2,220,670 $ 3,652,728
Other income 98,003 3,300
---------- ----------
2,318,673 3,656,028
---------- ----------
Share of income (loss) from
Operating Partnerships (9,892,657) (8,339,841)
---------- ----------
Expenses
Professional fees 506,069 487,701
Fund management fee (Note C) 2,985,846 2,572,045
Organization Costs 870,257 -
Amortization 45,522 153,513
General and administrative expenses 994,694 1,026,892
---------- ----------
5,402,388 4,240,151
---------- ----------
NET INCOME (LOSS) $(12,976,372) $(8,923,964)
========== ==========
Net income (loss) allocated to
limited partners $(12,846,609) $(8,834,724)
========== ==========
Net income (loss) allocated to
general partner $ (129,763) $ (89,240)
========== ==========
Net income (loss) per BAC $ (4.14) $ (3.15)
========== ==========
The accompanying notes are an integral part of these statements.
57
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 20
-----------------------
1999 1998
---- ----
Income
Interest income $ 10,716 $ 7,250
Other income 6,900 -
-------- ---------
17,616 7,250
-------- ---------
Share of income (loss) from Operating
Partnerships (1,129,855) (1,494,659)
--------- ---------
Expenses
Professional fees 28,703 26,455
Fund management fee (Note C) 215,215 281,699
Organization Costs 10,607 -
Amortization 2,679 17,464
General and administrative expense 28,512 26,157
--------- ---------
285,716 351,775
--------- ---------
NET INCOME (LOSS) $(1,397,955) $(1,839,184)
========= =========
Net income (loss) allocated to
limited partners $(1,383,975) $(1,820,792)
========= =========
Net income (loss) allocated to
general partner $ (13,980) $ (18,392)
========= =========
Net income (loss) per BAC $ (.36) $ (.47)
========= =========
The accompanying notes are an integral part of these statements.
5
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 21
-----------------------
1999 1998
---- ----
Income
Interest income $ 47,634 $ 51,161
Other income - -
-------- --------
47,634 51,161
-------- --------
Share of income (loss) from Operating
Partnerships (845,579) (886,699)
-------- --------
Expenses
Professional fees 21,016 20,610
Fund management fee (Note C) 115,972 152,880
Organization Costs - -
Amortization 1,465 12,523
General and administrative expense 29,509 31,251
-------- ---------
167,962 217,264
-------- ---------
NET INCOME (LOSS) $(965,907) $(1,052,802)
======== =========
Net income (loss) allocated to
limited partners $(956,248) $(1,042,274)
======== =========
Net income (loss) allocated to
general partner $ (9,659) $ (10,528)
======== ========
Net income (loss) per BAC $ (.51) $ (.55)
======== ========
The accompanying notes are an integral part of these statements.
59
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 22
-----------------------
1999 1998
---- ----
Income
Interest income $ 18,946 $ 20,470
Other income 3,900 3,300
-------- --------
22,846 23,770
-------- --------
Share of income (loss) from Operating
Partnerships (589,242) (584,894)
-------- --------
Expenses
Professional fees 25,731 29,501
Fund management fee (Note C) 168,344 179,419
Organization Costs 9,694 -
Amortization 4,605 9,404
General and administrative expense 26,141 23,871
-------- --------
234,515 242,195
-------- --------
NET INCOME (LOSS) $(800,911) $(803,319)
======== ========
Net income (loss) allocated to
limited partners $(792,902) $(795,286)
======== ========
Net income (loss) allocated to
general partner $ (8,009) $ (8,033)
======== ========
Net income (loss) per BAC $ (.31) $ (.31)
======== ========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 23
-----------------------
1999 1998
---- ----
Income
Interest income $ 7,658 $ 12,055
Other income 4,800 -
-------- ---------
12,458 12,055
-------- ---------
Share of income (loss) from Operating
Partnerships (800,696) (805,710)
-------- ---------
Expenses
Professional fees 21,965 25,357
Fund management fee (Note C) 138,715 171,884
Organization Costs 16,933 -
Amortization 4,685 9,804
General and administrative expense 25,731 25,138
-------- ---------
208,029 232,183
-------- ---------
NET INCOME (LOSS) $(996,267) $(1,025,838)
======== =========
Net income (loss) allocated to
limited partners $(986,304) $(1,015,580)
======== =========
Net income (loss) allocated to
general partner $ (9,963) $ (10,258)
======== =========
Net income (loss) per BAC $ (.30) $ (.30)
======== =========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 24
-----------------------
1999 1998
---- ----
Income
Interest income $ 15,344 $ 26,956
Other income 150 -
-------- ---------
15,494 26,956
-------- ---------
Share of income (loss) from Operating
Partnerships (1,046,111) (1,105,845)
--------- ---------
Expenses
Professional fees 23,575 29,874
Fund management fee (Note C) 131,758 151,661
Organization Costs 19,470 -
Amortization 7,653 9,735
General and administrative expense 24,473 20,558
--------- ---------
206,929 211,828
--------- ---------
NET INCOME (LOSS) $(1,237,546) $(1,290,717)
========= =========
Net income (loss) allocated to
limited partners $(1,225,171) $(1,277,810)
========= =========
Net income (loss) allocated to
general partner $ (12,375) $ (12,907)
========= =========
Net income (loss) per BAC $ (.56) $ (.59)
========= =========
The accompanying notes are an integral part of these statements.
62
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 25
-----------------------
1999 1998
---- ----
Income
Interest income $ 35,047 $ 78,889
Other income 5,831 -
--------- ---------
40,878 78,889
--------- ---------
Share of income (loss) from Operating
Partnerships (1,189,932) (1,016,771)
--------- ---------
Expenses
Professional fees 24,516 33,960
Fund management fee (Note C) 167,457 202,207
Organization Costs 18,354 -
Amortization 11,414 7,866
General and administrative expense 32,208 35,162
--------- ---------
253,949 279,195
--------- ---------
NET INCOME (LOSS) $(1,403,003) $(1,217,077)
========= =========
Net income (loss) allocated to
limited partners $(1,388,973) $(1,204,906)
========= =========
Net income (loss) allocated to
general partner $ (14,030) $ (12,171)
========= =========
Net income (loss) per BAC $ (.46) $ (.40)
========= =========
The accompanying notes are an integral part of these statements.
63
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 26
-----------------------
1999 1998
---- ----
Income
Interest income $ 51,921 $ 220,304
Other income - -
--------- ---------
51,921 220,304
--------- ---------
Share of income (loss) from Operating
Partnerships (632,062) (953,193)
--------- ---------
Expenses
Professional fees 41,942 47,174
Fund management fee (Note C) 265,522 263,890
Organization Costs 42,595 -
Amortization 13,021 14,198
General and administrative expense 41,447 90,064
--------- ---------
404,527 415,326
--------- ---------
NET INCOME (LOSS) $ (984,668) $(1,148,215)
========= =========
Net income (loss) allocated to
limited partners $ (974,821) $(1,136,733)
========= =========
Net income (loss) allocated to
general partner $ (9,847) $ (11,482)
========= =========
Net income (loss) per BAC $ (.24) $ (.28)
========= =========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 27
-----------------------
1999 1998
---- ----
Income
Interest income $ 26,904 $ 88,114
Other income - -
-------- --------
26,904 88,114
-------- --------
Share of income (loss) from Operating
Partnerships (646,553) (510,501)
-------- --------
Expenses
Professional fees 22,059 27,855
Fund management fee (Note C) 210,293 225,883
Organization Cost 38,806 -
Amortization - 11,642
General and administrative expense 25,481 43,362
-------- --------
296,639 308,742
-------- --------
NET INCOME (LOSS) $(916,288) $(731,129)
======== ========
Net income (loss) allocated to
limited partners $(907,125) $(723,818)
======== ========
Net income (loss) allocated to
general partner $ (9,163) $ (7,311)
======== ========
Net income (loss) per BAC $ (.37) $ (.29)
======== ========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 28
--------------------------
1999 1998
---- ----
Income
Interest income $ 204,693 $ 552,514
Other income - -
-------- --------
204,693 552,514
-------- --------
Share of income (loss) from
Operating Partnerships (838,127) (218,675)
-------- --------
Expenses
Professional fees 37,572 54,244
Fund management fee (Note C) 220,228 214,592
Organization Costs 55,896 -
Amortization - 15,244
General and administrative expense 84,519 168,231
-------- --------
398,215 452,311
-------- --------
NET INCOME (LOSS) $(1,031,649) $(118,472)
========= ========
Net income (loss) allocated to
limited partners $(1,021,333) $(117,287)
========= ========
Net income (loss) allocated to
general partner $ (10,316) $ (1,185)
========= ========
Net income (loss) per BAC $ (.26) $ (.03)
========= ========
The accompanying notes are an integral part of these statements.
66
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 29
--------------------------
1999 1998
---- ----
Income
Interest income $ 161,458 $ 463,253
Other income - -
--------- --------
161,458 463,253
--------- --------
Share of income (loss) from
Operating Partnerships (992,263) (248,072)
--------- --------
Expenses
Professional fees 36,213 50,671
Fund management fee (Note C) 234,098 214,043
Organization Costs 49,448 -
Amortization - 11,411
General and administrative expense 77,736 125,436
--------- --------
397,495 401,561
--------- --------
NET INCOME (LOSS) $(1,228,300) $(186,380)
========= ========
Net income (loss) allocated to
limited partners $(1,216,017) $(184,516)
========= ========
Net income (loss) allocated to
general partner $ (12,283) $ (1,864)
========= ========
Net income (loss) per BAC $ (.30) $ (.05)
========= ========
The accompanying notes are an integral part of these statements.
67
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 30
------------------------
1999 1998
---- ----
Income
Interest income $ 158,891 $ 376,174
Other income - -
-------- --------
158,891 376,174
-------- --------
Share of income (loss) from
Operating Partnerships (147,908) (52,592)
-------- --------
Expenses
Professional fees 35,083 36,610
Fund management fee (Note C) 142,565 108,809
Organization Costs 48,501 -
Amortization - 10,394
General and administrative expense 66,958 95,922
-------- --------
293,107 251,735
-------- --------
NET INCOME (LOSS) $(282,124) $ 71,847
======== ========
Net income (loss) allocated to
limited partners $(279,303) $ 71,129
======== ========
Net income (loss) allocated to
general partner $ (2,821) $ 718
======== ========
Net income (loss) per BAC $ (.11) $ .03
======== ========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 31
------------------------
1999 1998
---- ----
Income
Interest income $ 181,962 $ 1,043,288
Other income - -
--------- ---------
181,962 1,043,288
--------- ---------
Share of income (loss) from
Operating Partnerships (1,180,616) (268,005)
--------- ---------
Expenses
Professional fees 39,580 57,990
Fund management fee (Note C) 275,472 192,894
Organization Costs 51,385 -
Amortization - 10,277
General and administrative 70,916 114,655
--------- ---------
437,353 375,816
--------- ---------
NET INCOME (LOSS) $(1,436,007) $ 399,467
========= =========
Net income (loss) allocated to
limited partners $(1,421,647) $ 395,472
========= =========
Net income (loss) allocated to $ (14,360) $ 3,995
general partner ========= =========
Net income (loss) per BAC $ (.32) $ .09
========= =========
The accompanying notes are an integral part of these statements.
6
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 32
---------------------------
1999 1998
---- ----
Income
Interest income $ 281,294 $ 529,946
Other income - -
-------- --------
281,294 529,946
-------- --------
Share of income (loss) from Operating
Partnerships 52,422 (194,225)
-------- --------
Expenses
Professional fees 37,630 35,881
Fund management fee (Note C) 241,797 168,350
Organization Costs 50,418 -
Amortization - 8,897
General and administrative expense 102,118 136,658
------- --------
431,963 349,786
-------- --------
NET INCOME (LOSS) $ (98,247) $ (14,065)
======== ========
Net income (loss) allocated to
limited partners $ (97,265) $ (13,924)
======== ========
Net income (loss) allocated to
general partner $ (982) $ (141)
======== ========
Net income (loss) per BAC $ (.02) $ -
======== ========
The accompanying notes are an integral part of these statements.
70
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 33
------------------------
1999 1998
---- ----
Income
Interest income $ 247,318 $ 143,721
Other income - -
-------- --------
247,318 143,721
-------- --------
Share of income (loss) from Operating
Partnerships 149,447 -
-------- --------
Expenses
Professional fees 29,217 11,219
Fund management fee (Note C) 126,290 33,126
Organization Costs 83,770 -
Amortization - 4,654
General and administrative expense 87,131 73,633
------- --------
326,408 122,632
-------- --------
NET INCOME (LOSS) $ 70,357 $ 21,089
======== ========
Net income (loss) allocated to
limited partners $ 69,653 $ 20,878
======== ========
Net income (loss) allocated to
general partner $ 704 $ 211
======== ========
Net income (loss) per BAC $ .03 $ .01
======== ========
The accompanying notes are an integral part of these statements.
7
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 34
--------------------
1999 1999
---- ----
Income
Interest income $ 312,399 $ 38,633
Other income - -
-------- ---------
312,399 38,633
-------- ---------
Share of income (loss) from
Operating Partnerships (23,235) -
-------- ---------
Expenses
Professional fees 39,549 300
Fund management fee (Note C) 193,271 10,708
Organization Costs 110,441 -
Amortization - -
General and administrative expense 109,569 16,794
-------- ---------
452,830 27,802
-------- ---------
NET INCOME (LOSS) $(163,666) $ 10,831
======== =========
Net income (loss) allocated to
limited partners $(162,029) $ 10,723
======== =========
Net income (loss) allocated to $ (1,637) $ 108
general partner ======== =========
Net income (loss) per BAC $ (.05) $ -
======== =========
The accompanying notes are an integral part of these statements.
7
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 35* Series 36*
---------- ----------
1999 1999
---- ----
Income
Interest income $ 398,489 $ 33,830
Other income - 76,422
-------- ---------
398,489 110,252
-------- ---------
Share of income (loss) from
Operating Partnerships (32,347) -
-------- ---------
Expenses
Professional fees 31,079 9,377
Fund management fee (Note C) 112,510 26,339
Organization Costs 122,157 69,968
Amortization - -
General and administrative expense 122,621 36,139
-------- ---------
388,367 141,823
-------- ---------
NET INCOME (LOSS) $ (22,225) $ (31,571)
======== =========
Net income (loss) allocated to
limited partners $ (22,003) $ (31,255)
======== =========
Net income (loss) allocated to $ (222) $ (316)
general partner ======== =========
Net income (loss) per BAC $ (.01) $ -
======== =========
* Series 35 and 36 did not commence operations until after December 31, 1998,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of these statements.
7
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)
Series 37*
----------
1999
------
Income
Interest income $ 26,166
Other income -
--------
26,166
--------
Share of income (loss) from
Operating Partnerships -
--------
Expenses
Professional fees 1,262
Fund management fee (Note C) -
Organization Costs 71,814
Amortization -
General and administrative expense 3,485
--------
76,561
--------
NET INCOME (LOSS) $ (50,395)
========
Net income (loss) allocated to
limited partners $ (49,891)
========
Net income (loss) allocated to $ (504)
general partner ========
Net income (loss) per BAC $ -
========
* Series 37 did not commence operations until after December 31, 1998,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of these statements.
7
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Partners' capital
(deficit),
April 1, 1999 $377,341,887 $(501,370) $226,994 $377,067,511
Capital contribu-
tions 63,779,000 - - 63,779,000
Selling commissions
and registration
costs (9,143,701) - - (9,143,701)
Net income (loss) (12,846,609) (129,763) (12,976,372)
----------- -------- ------- -----------
Partners' capital
(deficit),
December 31, 1999
$419,130,577 $(631,133) $226,994 $418,726,438
=========== ======== ======= ===========
The accompanying notes are an integral part of these statements.
75
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Series 20
- --------
Partners' capital
(deficit),
April 1, 1999 $20,284,905 $(129,006) $ - $20,155,899
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (1,383,975) (13,980) - (1,397,955)
---------- -------- ------- ----------
Partners' capital
(deficit),
December 31, 1999 $18,900,930 $(142,986) $ - $18,757,944
========== ======== ======= ==========
Series 21
- --------
Partners' capital
(deficit),
April 1, 1999 $ 8,667,497 $ (76,038) $ 5,498 $ 8,596,957
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (956,248) (9,659) - (965,907)
---------- -------- -------- ----------
Partners' capital
(deficit),
December 31, 1999 $ 7,711,249 $ (85,697) $ 5,498 $ 7,631,050
========== ======== ======== ==========
The accompanying notes are an integral part of these statements.
7
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Series 22
- --------
Partners' capital
(deficit),
April 1, 1999 $15,084,797 $ (68,922) $ 1,925 $15,017,800
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (792,902) (8,009) - (800,911)
---------- -------- ------ ----------
Partners' capital
(deficit),
December 31, 1999 $14,291,895 $ (76,931) $ 1,925 $14,216,889
========== ======== ======= ==========
Series 23
- --------
Partners' capital
(deficit),
April 1, 1999 $22,208,044 $ (63,400) $ - $22,144,644
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (986,304) (9,963) - (996,267)
---------- -------- ------- ----------
Partners' capital
(deficit),
December 31, 1999 $21,221,740 $ (73,363) $ - $21,148,377
========== ======== ======= ==========
The accompanying notes are an integral part of these statements
77
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Series 24
- --------
Partners' capital
(deficit),
April 1, 1999 $14,201,933 $ (43,716) $ 1,329 $14,159,546
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (1,225,171) (12,375) - (1,237,546)
---------- -------- ------- ----------
Partners' capital
(deficit),
December 31, 1999 $12,976,762 $ (56,091) $ 1,329 $12,922,000
========== ======== ======= ==========
Series 25
- --------
Partners' capital
(deficit),
April 1, 1999 $21,349,087 $ (44,397) $ 3,826 $21,308,516
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (1,388,973) (14,030) - (1,403,003)
---------- -------- ------- ----------
Partners' capital
(deficit),
December 31, 1999 $19,960,114 $ (58,427) $ 3,826 $19,905,513
========== ======== ======= ==========
The accompanying notes are an integral part of these statements.
7
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- ------------- -----
Series 26
- --------
Partners' capital
(deficit),
April 1, 1999 $31,085,523 $(29,727) $ 6,526 $31,062,322
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (3,245) - - (3,245)
Net income (loss) (974,821) (9,847) - (984,668)
---------- ------- ------- ----------
Partners' capital
(deficit),
December 31, 1999 $30,107,457 $ (39,574) $ 6,526 $30,074,409
========== ======= ======= ==========
Series 27
- --------
Partners' capital
(deficit),
April 1, 1999 $18,142,362 $ (25,276) $ 1,683 $18,118,769
Capital contribu-
tions - - - -
Selling commissions
and registration
costs - - - -
Net income (loss) (907,125) (9,163) - (916,288)
--------- ------- ------- ----------
Partners' capital
(deficit),
December 31, 1999 $17,235,237 $(34,439) $ 1,683 $17,202,481
========== ======= ======= ==========
The accompanying notes are an integral part of these statements.
79
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- ------------- -----
Series 28
- --------
Partners' capital
(deficit),
April 1, 1999 $34,013,990 $(3,685) $ 30,722 $34,041,027
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (1,977) - - (1,977)
Net income (loss) (1,021,333) (10,316) - (1,031,649)
---------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1999 $32,990,680 $(14,001) $ 30,722 $33,007,401
========== ====== ======= ==========
Series 29
- --------
Partners' capital
(deficit),
April 1, 1999 $32,431,904 $(16,900) $ 26,243 $32,441,247
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (2,257) - - (2,257)
Net income (loss) (1,216,017) (12,283) - (1,228,300)
---------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1999 $31,213,630 $(29,183) $ 26,243 $31,210,690
========== ====== ======= ==========
The accompanying notes are an integral part of these statements.
8
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- ------------- -----
Series 30
- --------
Partners' capital
(deficit),
April 1, 1999 $22,733,909 $ 264 $ 24,870 $22,759,043
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (2,121) - - (2,121)
Net income (loss) (279,303) (2,821) - (282,124)
---------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1999 $22,452,485 $(2,557) $ 24,870 $22,474,798
========== ====== ======= ==========
Series 31
- --------
Partners' capital
(deficit),
April 1, 1999 $37,405,408 $(5,325) $ 18,138 $37,418,221
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (6,555) - - (6,555)
Net income (loss) (1,421,647) (14,360) - (1,436,007)
---------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1999 $35,977,206 $(19,685) $ 18,138 $ 35,975,659
========== ======= ======= ==========
The accompanying notes are an integral part of these statements.
81
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- ------------ -----
Series 32
- --------
Partners' capital
(deficit),
April 1, 1999 $40,911,216 $ 2,486 $ 36,054 $40,949,756
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (27,037) - - (27,037)
Net income (loss) (97,265) (982) - (98,247)
---------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1999 $40,786,914 $ 1,504 $ 36,054 $40,824,472
========== ====== ======= ==========
Series 33
- --------
Partners' capital
(deficit),
April 1, 1999 $22,776,691 $ 1,941 $ 35,318 $22,813,950
Capital contribu-
tions - - - -
Selling commissions
and registration
costs (6,154) - - (6,154)
Net income (loss) 69,653 704 - 70,357
---------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1999 $22,840,190 $ 2,645 $ 35,318 $22,878,153
========== ====== ======= ==========
The accompanying notes are an integral part of these statements.
82
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Series 34
- --------
Partners' capital
(deficit),
April 1, 1999 $30,136,760 $ 399 $ 33,283 $ 30,170,442
Capital contribu-
tions
Selling commissions
and registration
costs (54,973) - - (54,973)
Net income (loss) (162,029) (1,637) - (163,666)
---------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1999 $29,919,758 $(1,238) $ 33,283 $29,951,803
========== ====== ======= ==========
Series 35
- --------
Partners' capital
(deficit),
April 1, 1999 $ 5,907,861 $ (68) $ 1,579 $ 5,909,372
Capital contribu- 25,962,625 - - 25,962,625
tions
Selling commissions
and registration
costs (3,670,971) - - (3,670,971)
Net income (loss) (22,003) (222) - (22,225)
---------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1999 $28,177,512 $ (290) $ 1,579 $28,178,801
========== ====== ======= ==========
83
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Nine Months Ended December 31, 1999
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income Total
--------- ------- -------------- -----
Series 36
- --------
Partners' capital
(deficit),
April 1, 1999 $ - $ - $ - $ -
Capital contribu-
tions 21,068,375 - - 21,068,375
Selling commissions
and registration
costs (3,187,562) - - (3,187,562)
Net income (loss) (31,255) (316) - (31,571)
---------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1999 $17,849,558 $ (316) $ - $17,849,242
========== ====== ======= ==========
Series 37
- --------
Partners' capital
(deficit),
April 1, 1999 $ - $ - $ - $ -
Capital contribu-
tions 16,748,000 - - 16,748,000
Selling commissions
and registration
costs (2,180,849) - - (2,180,849)
Net income (loss) (49,891) (504) - (50,395)
---------- ------ ------- ----------
Partners' capital
(deficit),
December 31, 1999 $14,517,260 $ (504) $ - $14,516,756
========== ====== ======= ==========
8
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $(12,976,372) $(8,923,964)
Adjustments
Amortization 45,522 153,513
Distributions from
Operating Partnerships 66,440 (3,757)
Share of loss from Operating
Partnerships 9,892,657 8,339,841
Changes in assets and liabilities
Decrease (Increase) in
organization costs 623,193 (184,755)
(Decrease) Increase in accounts
payable and accrued expenses 387,346 (4,730,180)
Decrease (Increase) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (5,716,247) (7,040,907)
(Decrease) Increase in accounts
payable affiliates 1,373,154 1,318,536
----------- -----------
Net cash (used in) provided by
operating activities (6,304,307) (11,071,673)
----------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (7,111,994) (9,162,807)
Capital contributions paid to
Operating Partnerships (51,819,305) (70,186,183)
Advances to Operating Partnerships (477,645) 1,278,651
Investments 11,754,698 20,998,537
----------- -----------
Net cash (used in) provided by
investing activities (47,654,246) (57,071,802)
----------- -----------
8
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (9,143,701) (12,455,701)
Capital contributions received 63,715,200 85,484,000
Net cash (used in) provided by ----------- -----------
financing activities 54,571,499 73,028,299
----------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 612,946 4,884,824
Cash and cash equivalents, beginning 14,152,267 4,193,020
----------- -----------
Cash and cash equivalents, ending $ 14,765,213 $ 9,077,844
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 20,231,450 $ 39,601,340
=========== ===========
The accompanying notes are an integral part of these statements.
86
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 20
---------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $(1,397,955) $(1,839,184)
Adjustments
Amortization 2,679 17,464
Distributions from
Operating Partnerships 18,595 5,220
Share of loss from Operating
Partnerships 1,129,855 1,494,659
Changes in assets and liabilities
Decrease (Increase) in
organization costs 10,607 -
(Decrease) Increase in accounts
payable and accrued expenses - -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 47,897 (197,797)
(Decrease) Increase in accounts
payable affiliates 284,436 284,319
---------- ----------
Net cash (used in) provided by
operating activities 96,114 (235,319)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - -
Capital contributions paid to
Operating Partnerships - (170,307)
Advances to Operating Partnerships - -
Investments - 373,276
---------- ----------
Net cash (used in) provided by
investing activities - 202,969
---------- ----------
87
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 20
----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - -
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - -
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 96,114 (32,350)
Cash and cash equivalents, beginning 223,286 198,679
---------- ----------
Cash and cash equivalents, ending $ 319,400 $ 166,329
========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ -
========== ==========
The accompanying notes are an integral part of these statements.
88
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 21
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $(965,907) $(1,052,802)
Adjustments
Amortization 1,465 12,523
Distributions from
Operating Partnerships 436 (18,335)
Share of loss from Operating
Partnerships 845,579 886,699
Changes in assets and liabilities
Decrease (Increase) in
organization costs - -
(Decrease) Increase in accounts
payable and accrued expenses - -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (412) 2,035
(Decrease) Increase in accounts
payable affiliates 169,380 169,380
---------- ----------
Net cash (used in) provided by
operating activities 50,541 (500)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - -
Capital contributions paid to
Operating Partnerships - (11,209)
Advances to Operating Partnerships - -
Investments 43,266 157,215
---------- ----------
Net cash (used in) provided by
investing activities 43,266 146,006
---------- ----------
89
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 21
-------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - -
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - -
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 93,807 145,506
Cash and cash equivalents, beginning 204,141 171,025
---------- ----------
Cash and cash equivalents, ending $ 297,948 $ 316,531
========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ -
========== ==========
The accompanying notes are an integral part of these statements.
90
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 22
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (800,911) $ (803,319)
Adjustments
Amortization 4,605 9,404
Distributions from
Operating Partnerships 3,768 3,340
Share of loss from Operating
Partnerships 589,242 584,894
Changes in assets and liabilities
Decrease (Increase) in
organization costs 9,694 -
(Decrease) Increase in accounts
payable and accrued expenses - -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (229) 241,637
(Decrease) Increase in accounts
payable affiliates 190,944 185,680
---------- ----------
Net cash (used in) provided by
operating activities (2,887) 221,636
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - (1,286)
Capital contributions paid to
Operating Partnerships (18,190) (1,216,550)
Advances to Operating Partnerships 11,705 978,059
Investments (17,469) 92,558
---------- ----------
Net cash (used in) provided by
investing activities (23,954) (147,219)
---------- ----------
91
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 22
---------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - -
Capital contributions received - -
Net cash (used in) provided by ---------- ---------
financing activities - -
---------- ---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (26,841) 74,417
Cash and cash equivalents, beginning 319,333 99,260
---------- ----------
Cash and cash equivalents, ending $ 292,492 $ 173,677
========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 240,990
========== ==========
The accompanying notes are an integral part of these statements.
9
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 23
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (996,267) $(1,025,838)
Adjustments
Amortization 4,685 9,804
Distributions from
Operating Partnerships 333 349
Share of loss from Operating
Partnerships 800,696 805,710
Changes in assets and liabilities
Decrease (Increase) in
organization costs 16,933 -
(Decrease) Increase in accounts
payable and accrued expenses - -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 12,063 83,862
(Decrease) Increase in accounts
payable affiliates 180,198 180,198
---------- ----------
Net cash (used in) provided by
operating activities 18,641 54,085
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire - (5,073)
Capital contributions paid to
Operating Partnerships (274,147) (1,249,895)
Advances to Operating Partnerships 150,000 1,264,641
Investments - 582,680
---------- ----------
Net cash (used in) provided by
investing activities (124,147) 592,353
---------- ----------
9
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 23
----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - -
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - -
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (105,506) 646,438
Cash and cash equivalents, beginning 610,758 75,562
---------- ----------
Cash and cash equivalents, ending $ 505,252 $ 722,000
========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ -
========== ==========
The accompanying notes are an integral part of these statements.
94
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 24
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $(1,237,546) $(1,290,717)
Adjustments
Amortization 7,653 9,735
Distributions from
Operating Partnerships 14,010 351
Share of loss from Operating
Partnerships 1,046,111 1,105,845
Changes in assets and liabilities
Decrease (Increase) in
organization costs 19,470 -
(Decrease) Increase in accounts
payable and accrued expenses - (27,000)
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (3,891) 137,913
(Decrease) Increase in accounts
payable affiliates 175,016 174,859
---------- ----------
Net cash (used in) provided by
operating activities 20,823 110,986
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (23) (3,912)
Capital contributions paid to
Operating Partnerships (16,242) (145,877)
Advances to Operating Partnerships 16,868 227,448
Investments (58,080) (3,650)
---------- ----------
Net cash (used in) provided by
investing activities (57,477) 74,009
---------- ----------
95
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 24
----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - -
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - -
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (36,654) 184,995
Cash and cash equivalents, beginning 304,564 275,033
---------- ----------
Cash and cash equivalents, ending $ 267,910 $ 460,028
========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ -
========== ==========
The accompanying notes are an integral part of these statements.
9
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 25
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $(1,403,003) $(1,217,077)
Adjustments
Amortization 11,414 7,866
Distributions from
Operating Partnerships 5,293 144
Share of loss from Operating
Partnerships 1,189,932 1,016,771
Changes in assets and liabilities
Decrease (Increase) in
organization costs 18,354 -
(Decrease) Increase in accounts
payable and accrued expenses 1,476 -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (2,072) 360,112
(Decrease) Increase in accounts
payable affiliates 204,507 204,507
---------- ----------
Net cash (used in) provided by
operating activities 25,901 372,323
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (23) (4,152)
Capital contributions paid to
Operating Partnerships (158,340) (561,655)
Advances to Operating Partnerships 28,028 213,000
Investments (34,527) 428,069
---------- ----------
Net cash (used in) provided by
investing activities (164,862) 75,262
---------- ----------
97
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 25
----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - -
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - -
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (138,961) 447,585
Cash and cash equivalents, beginning 660,000 173,979
---------- ----------
Cash and cash equivalents, ending $ 521,039 $ 621,564
========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ -
========== ==========
The accompanying notes are an integral part of these statements.
9
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 26
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (984,668) $(1,148,215)
Adjustments
Amortization 13,021 14,198
Distributions from
Operating Partnerships 15,446 5,174
Share of (income) loss from
Operating Partnerships 632,062 953,193
Changes in assets and liabilities
Decrease (Increase) in
organization costs 42,595 -
(Decrease) Increase in accounts
payable and accrued expenses - 7
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 417,987 (474,581)
(Decrease) Increase in accounts
payable affiliates 312,241 293,480
---------- ----------
Net cash (used in) provided by
operating activities 448,684 (356,744)
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (2,439) (58,613)
Capital contributions paid to
Operating Partnerships (1,816,908) (3,268,101)
Advances to Operating Partnerships 70,239 417,278
Investments 506,738 3,420,804
---------- -----------
Net cash (used in) provided by
investing activities (1,242,370) 511,368
---------- -----------
99
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 26
----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,245) -
Capital contributions received (63,800) -
Net cash (used in) provided by ---------- ----------
financing activities (67,045) -
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (860,731) 154,624
Cash and cash equivalents, beginning 1,190,003 105,301
---------- ----------
Cash and cash equivalents, ending $ 329,272 $ 259,925
========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 1,012,726
========== ==========
The accompanying notes are an integral part of these statements.
100
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 27
--------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (916,288) $ (731,129)
Adjustments
Amortization - 11,642
Distributions from
Operating Partnerships 2,872 -
Share of (income) loss from
Operating Partnerships 646,553 510,501
Changes in assets and liabilities
Decrease (Increase) in
organization costs 38,806 -
(Decrease) Increase in accounts
payable and accrued expenses - -
Decrease (Increase) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 154,642 343,466
(Decrease) Increase in accounts
payable affiliates 234,393 228,883
---------- ----------
Net cash (used in) provided by
operating activities 160,978 363,363
---------- ----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (8,714) (29,329)
Capital contributions paid to
Operating Partnerships (985,139) (1,520,913)
Advances to Operating Partnerships 171,100 307,390
Investments (478,634) 1,536,051
---------- -----------
Net cash (used in) provided by
investing activities (1,301,387) 293,199
---------- -----------
101
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 27
----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid - -
Capital contributions received - -
Net cash (used in) provided by ---------- ----------
financing activities - -
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,140,409) 656,562
Cash and cash equivalents, beginning 1,328,141 258,292
---------- ----------
Cash and cash equivalents, ending $ 187,732 $ 914,854
========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 152,592 $ 62,674
========== ==========
The accompanying notes are an integral part of these statements.
102
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 28
-------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $(1,031,649) $ (118,472)
Adjustments
Amortization - 15,244
Distributions from
Operating Partnerships 921 -
Share of (income) loss from
Operating Partnerships 838,127 218,675
Changes in assets and liabilities
Decrease (Increase) in
organization costs 55,896 -
(Decrease) Increase in accounts
payable and accrued expenses - -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 199,037 (464,160)
(Decrease) Increase in accounts
payable affiliates (255,798) -
---------- -----------
Net cash (used in) provided by
operating activities (193,466) (348,713)
---------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (20,670) (111,017)
Capital contributions paid to
Operating Partnerships (859,344) (4,006,017)
Advances to Operating Partnerships - (2,714,442)
Investments 1,606,744 7,246,558
---------- -----------
Net cash (used in) provided by
investing activities 726,730 415,082
---------- -----------
103
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 28
--------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (1,977) (6,276)
Capital contributions received - -
Net cash (used in) provided by ---------- -----------
financing activities (1,977) (6,276)
---------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 531,287 60,093
Cash and cash equivalents, beginning 569,820 483,635
---------- -----------
Cash and cash equivalents, ending $ 1,101,107 $ 543,728
========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 5,146,859
========== ===========
The accompanying notes are an integral part of these statements.
10
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 29
------------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $(1,228,300) $ (186,380)
Adjustments
Amortization - 11,411
Distributions from
Operating Partnerships - -
Share of (income) loss from
Operating Partnerships 992,263 248,072
Changes in assets and liabilities
Decrease (Increase) in
organization costs 49,448 -
(Decrease) Increase in accounts
payable and accrued expenses - -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 12,732 2,249,468
(Decrease) Increase in accounts
payable affiliates - -
---------- -----------
Net cash (used in) provided by
operating activities (173,857) 2,322,571
---------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (74,212) (95,285)
Capital contributions paid to
Operating Partnerships (2,731,249) (7,991,753)
Advances to Operating Partnerships - 34,944
Investments 2,316,122 6,440,034
---------- -----------
Net cash (used in) provided by
investing activities (489,339) (1,612,060)
---------- -----------
10
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 29
----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (2,257) (106,097)
Capital contributions received - -
Net cash (used in) provided by --------- -----------
financing activities (2,257) (106,097)
--------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (665,453) 604,414
Cash and cash equivalents, beginning 1,066,404 305,731
----------- -----------
Cash and cash equivalents, ending $ 400,951 $ 910,145
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 1,424,002
=========== ===========
The accompanying notes are an integral part of these statements.
106
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 30
----------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (282,124) $ 71,847
Adjustments
Amortization - 10,394
Distributions from
Operating Partnerships 4,322 -
Share of (income) loss from
Operating Partnerships 147,908 52,592
Changes in assets and liabilities
Decrease (Increase) in
organization costs 48,501 -
(Decrease) Increase in accounts
payable and accrued expenses - -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 137,207 2,610,669
(Decrease) Increase in accounts
payable affiliates - -
----------- ------------
Net cash (used in) provided by
operating activities 55,814 2,745,502
----------- ------------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (70,611) (146,483)
Capital contributions paid to
Operating Partnerships (5,250,899) (7,221,610)
Advances to Operating Partnerships 1,329,758 112,500
Investments 2,970,911 4,523,573
----------- ------------
Net cash (used in) provided by
investing activities (1,020,841) (2,732,020)
----------- ------------
107
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 30
---------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (2,121) (70,132)
Capital contributions received - -
Net cash (used in) provided by ----------- ----------
financing activities (2,121) (70,132)
----------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (967,148) (56,650)
Cash and cash equivalents, beginning 1,339,143 1,162,518
----------- ----------
Cash and cash equivalents, ending $ 371,995 $1,105,868
=========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 893,425 $1,573,190
=========== ==========
The accompanying notes are an integral part of these statements.
108
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 31
---------------------------
1999 1998
---- ----
Cash flows from operating activities:
Net income (loss) $ (1,436,007) $ 399,467
Adjustments
Amortization - 10,277
Distributions from
Operating Partnerships 444 -
Share of (income) loss from
Operating Partnerships 1,180,616 268,005
Changes in assets and liabilities
Decrease (Increase) in
organization costs 51,385 -
(Decrease) Increase in accounts
payable and accrued expenses - (25,699)
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 145,731 (213,127)
(Decrease) Increase in accounts
payable affiliates - (399,995)
----------- ------------
Net cash (used in) provided by
operating activities (57,831) 38,928
----------- ------------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (32,417) (161,019)
Capital contributions paid to
Operating Partnerships (2,635,672) (12,847,456)
Advances to Operating Partnerships 317,142 2,369,507
Investments 2,023,407 10,658,509
----------- ------------
Net cash (used in) provided by
investing activities (327,540) 19,541
----------- ------------
10
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 31
---------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (6,555) (124,175)
Capital contributions received - -
Net cash (used in) provided by ----------- ----------
financing activities (6,555) (124,175)
----------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (391,926) (65,706)
Cash and cash equivalents, beginning 1,294,456 811,235
----------- ----------
Cash and cash equivalents, ending $ 902,530 $ 745,529
=========== ==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $ 3,856,963
=========== ==========
The accompanying notes are an integral part of these statements.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 32
----------------------------
1999 1998
------ ------
Cash flows from operating activities:
Net income (loss) $ (98,247) $ (14,065)
Adjustments
Amortization - 8,897
Distributions from
Operating Partnerships - -
Share of (income) loss from
Operating Partnerships (52,422) 194,225
Changes in assets and liabilities
Decrease (Increase) in
organization costs 50,418 -
(Decrease) Increase in accounts
payable and accrued expenses - (5,431,488)
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (859,933) 1,046,736
(Decrease) Increase in accounts
payable affiliates 59,457 (90,995)
----------- -----------
Net cash (used in) provided by
operating activities (900,727) (4,286,690)
----------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (267,700) (3,619,169)
Capital contributions paid to
Operating Partnerships (6,449,147) (18,869,302)
Advances to Operating Partnerships 1,121,948 4,724,570
Investments 5,796,988 (6,549,452)
----------- -----------
Net cash (used in) provided by
investing activities 202,089 (24,313,353)
----------- -----------
111
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 32
------------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (27,037) (4,824,362)
Capital contributions received - 35,069,000
Net cash (used in) provided by ----------- -----------
financing activities (27,037) 30,244,638
----------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (725,675) 1,644,595
Cash and cash equivalents, beginning 1,625,906 72,770
----------- -----------
Cash and cash equivalents, ending $ 900,231 $ 1,717,365
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 3,116,587 $ 8,180,175
=========== ===========
The accompanying notes are an integral part of these statements.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 33
---------------------------
1999 1998
------ ------
Cash flows from operating activities:
Net income (loss) $ 70,357 $ 21,089
Adjustments
Amortization - 4,654
Distributions from
Operating Partnerships - -
Share of (income) loss from
Operating Partnerships (149,447) -
Changes in assets and liabilities
Decrease (Increase) in
organization costs 83,770 (93,078)
(Decrease) Increase in accounts
payable and accrued expenses 28,694 -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 1,072,716 (1,929,083)
(Decrease) Increase in accounts
payable affiliates - -
----------- -----------
Net cash (used in) provided by
operating activities 1,106,090 (1,996,418)
----------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (62,129) (2,624,870)
Capital contributions paid to
Operating Partnerships (3,762,582) (8,366,288)
Advances to Operating Partnerships 46,280 (3,149,408)
Investments 2,923,380 (6,155,781)
----------- -----------
Net cash (used in) provided by
investing activities (855,051) (20,296,347)
----------- -----------
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 33
----------------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (6,154) (3,760,004)
Capital contributions received - 26,362,000
Net cash (used in) provided by ----------- -----------
financing activities (6,154) 22,601,996
----------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 244,885 309,231
Cash and cash equivalents, beginning 685,857 -
----------- -----------
Cash and cash equivalents, ending $ 930,742 $ 309,231
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 1,067,550 $ 11,056,244
=========== ===========
The accompanying notes are an integral part of these statements.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 34
-----------------------
1999 1998
------ ------
Cash flows from operating activities:
Net income (loss) $ (163,666) $ 10,831
Adjustments
Amortization - -
Distributions from
Operating Partnerships - -
Share of (income) loss from
Operating Partnerships 23,235 -
Changes in assets and liabilities
Decrease (Increase) in
organization costs 110,441 (91,677)
(Decrease) Increase in accounts
payable and accrued expenses - 754,000
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable 3,751,517 (10,838,057)
(Decrease) Increase in accounts
payable affiliates - 88,220
Fleet Line of Credit - -
----------- -----------
Net cash (used in) provided by
operating activities 3,721,527 (10,076,683)
----------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (260,118) (2,302,599)
Capital contributions paid to
Operating Partnerships (10,010,218) (2,739,250)
Advances to Operating Partnerships (1,116,326) (3,506,836)
Investments 6,392,478 (1,751,907)
----------- -----------
Net cash (used in) provided by
investing activities (4,994,184) (10,300,592)
----------- -----------
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 34
----------------------
1999 1998
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (54,973) (3,564,655)
Capital contributions received - 24,053,000
Net cash (used in) provided by ----------- -----------
financing activities (54,973) 20,488,345
----------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,327,630) 111,070
Cash and cash equivalents, beginning 2,482,579 -
----------- -----------
Cash and cash equivalents, ending $ 1,154,949 $ 111,070
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 2,473,130 $ 12,191,376
=========== ===========
The accompanying notes are an integral part of these statements.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 35* Series 36*
------------ ------------
1999 1999
------ ------
Cash flows from operating activities:
Net income (loss) $ (22,225) $ (31,571)
Adjustments
Amortization - -
Distributions from
Operating Partnerships - -
Share of (income) loss from
Operating Partnerships 32,347 -
Changes in assets and liabilities
Decrease (Increase) in
organization costs 16,875 -
(Decrease) Increase in accounts
payable and accrued expenses (609,291) -
Decrease (Increase ) in prepaid
expenses - -
Decrease (Increase) in accounts
receivable (3,890,855) (2,846,814)
(Decrease) Increase in accounts
payable affiliates (259,235) -
----------- -----------
Net cash (used in) provided by
operating activities (4,732,384) (2,878,385)
----------- -----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (2,645,580) (2,153,390)
Capital contributions paid to
Operating Partnerships (6,707,180) (6,438,928)
Advances to Operating Partnerships (323,140) (925,636)
Investments (6,263,712) (4,521,735)
----------- -----------
Net cash (used in) provided by
investing activities (15,939,612) (14,039,689)
----------- -----------
Series 35 and 36 did not commence operation until after December 31, 1998,
therefore they do not have comparative information to report.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 35* Series 36*
------------- ------------
1999 1999
---- ----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (3,670,971) (3,187,562)
Capital contributions received 25,962,625 21,068,375
Net cash (used in) provided by ----------- -----------
financing activities 22,291,654 17,880,813
----------- -----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 1,619,658 962,739
Cash and cash equivalents, beginning 247,876 -
----------- -----------
Cash and cash equivalents, ending $ 1,867,534 $ 962,739
=========== ===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 8,777,653 $ -
=========== ===========
*Series 35 and 36 did not commence operation until after December 31, 1998,
therefore they do not have comparative information to report.
The accompanying notes are an integral part of these statements.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 37*
--------------
1999
------
Cash flows from operating activities:
Net income (loss) $ (50,395)
Adjustments
Amortization -
Distributions from
Operating Partnerships -
Share of (income) loss from
Operating Partnerships -
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(Decrease) Increase in accounts
payable and accrued expenses 966,467
Decrease (Increase ) in prepaid
expenses -
Decrease (Increase) in accounts
receivable (4,063,570)
(Decrease) Increase in accounts
payable affiliates 77,615
-----------
Net cash (used in) provided by
operating activities (3,069,883)
-----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (1,513,968)
Capital contributions paid to
Operating Partnerships (3,705,120)
Advances to Operating Partnerships (1,375,611)
Investments (1,451,179)
-----------
Net cash (used in) provided by
investing activities (8,045,878)
-----------
*Series 37 did not commence operation until after December 31, 1998, therefore
it does not have comparative information to report.
11
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Nine Months Ended December 31,
(Unaudited)
Series 37*
-------------
1999
----
Continued
- ---------
Cash flows from financing activities:
Sales and registration costs paid (2,180,849)
Capital contributions received 16,748,000
Net cash (used in) provided by -----------
financing activities 14,567,151
-----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 3,451,390
Cash and cash equivalents, beginning -
-----------
Cash and cash equivalents, ending $ 3,451,390
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 3,750,513
===========
*Series 37 did not commence operation until after December 31, 1998, therefore
it does not have comparative information to report.
The accompanying notes are an integral part of these statements
12
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
(Unaudited)
NOTE A - ORGANIZATION
Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the
laws of the State of Delaware as of October 5, 1993, for the purpose of
acquiring, holding, and disposing of limited partnership interests in
Operating Partnerships which will acquire, develop, rehabilitate,
operate and own newly constructed, existing or rehabilitated low-income
apartment complexes ("Operating Partnerships"). The general partner of
the Fund is Boston Capital Associates IV L.P., a Delaware limited
Partnership. Boston Capital Associates, a Massachusetts general
partnership, whose only two partners are Herbert F. Collins and John P.
Manning, the principals of Boston Capital Partners, Inc., is the sole
general partner of the general partner. The limited partner of the
general partner is Capital Investment Holdings, a general partnership
whose partners are certain officers and employees of Boston Capital
Partners, Inc., and its affiliates. The Assignor Limited Partner is
BCTC IV Assignor Corp., a Delaware corporation which is wholly-owned by
Herbert F. Collins and John P. Manning.
Pursuant to the Securities Act of 1933, the Fund filed a Form S-11
Registration Statement with the Securities and Exchange Commission,
effective December 16, 1993 which covered the offering (the "Public
Offering") of the Fund's beneficial assignee certificates ("BACs")
representing assignments of units of the beneficial interest of the
limited partnership interest of the Assignor Limited Partner. The Fund
registered 30,000,000 BACs at $10 per BAC for sale to the public in one
or more series. One April 18, 1996 an amendment to Form S-11 which
registered an additional 10,000,000 BACs for sale to the public in one or more
series became effective. On April 2, 1998 an amendment to Form S-11, which
registered an additional 25,000,000 BACs for sale to the public in one or more
series became effective.
Below is a summary of the BACs sold and total equity raised by series as of
February 15, 1999:
Series Closing Date BACs Sold Equity Raised
------ ------------ --------- -------------
Series 20 June 24, 1994 3,866,700 $38,667,000
Series 21 September 30, 1994 1,892,700 $18,927,000
Series 22 December 28, 1994 2,564,400 $25,644,000
Series 23 June 23, 1995 3,336,727 $33,366,000
Series 24 September 22, 1995 2,169,878 $21,697,000
Series 25 December 29, 1995 3,026,109 $30,248,000
Series 26 June 25, 1996 3,995,900 $39,959,000
Series 27 September 17, 1996 2,460,700 $24,607,000
Series 28 January 29, 1997 4,000,738 $39,999,000
Series 29 June 10, 1997 3,991,800 $39,918,000
Series 30 September 10, 1997 2,651,000 $26,490,750
Series 31 January 18, 1998 4,417,857 $44,057,750
Series 32 June 23, 1998 4,754,198 $47,431,000
Series 33 September 21, 1998 2,636,533 $26,362,000
Series 34 February 11, 1999 3,529,319 $35,273,000
Series 35 June 28, 1999 3,300,463 $33,004,630
Series 36 September 28, 1999 2,106,837 $21,068,375
Series 37 January 28, 2000 2,512,500 $25,125,000
12
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE A - ORGANIZATION (continued)
The Fund commenced offering BACs in Series 38 on February 1, 2000 but had not
admitted any investors as BAC holders as of the date of this filing.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of December 31, 1999 and for the
three and nine months then ended have been prepared by the Fund, without
audit, pursuant to the rules and regulations of the Securities and Exchange
Commission. The Fund accounts for its investments in Operating Partnerships
using the equity method, whereby the Fund adjusts its investment cost for its
share of each Operating Partnership's results of operations and for any
distributions received or accrued. Costs incurred by the Fund in acquiring
the investments in the Operating Partnerships are capitalized to the
investment account.
The Fund's accounting and financial reporting policies are in conformity
with generally accepted accounting principles and include adjustments in
interim periods considered necessary for a fair presentation of the
results of operations. Such adjustments are of a normal recurring
nature. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principals have been condensed or omitted pursuant to such
rules and regulations. It is suggested that these condensed financial
statements be read in conjunction with the financial statements and
notes thereto included in the Fund's Annual Report on Form 10-K.
Investment Securities
- ---------------------
The Fund has determined that all of its investment securities are to be
categorized as securities available for sale. Securities classified as
available for sale are those debt securities that the Fund purchased that may
be liquidated prior to the maturity date should the need arise. These
securities are carried at approximate fair market value. All of the
investments held by the Fund are tax-exempt municipal bonds and Certificates
of Deposit.
The amortized cost of securities available for sale as of December 31, 1999
by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $19,898,606
Due after one year 16,324,622
----------
Total $36,223,228
==========
The fair market value of the securities is $35,996,234. The difference
being an unrealized gain on securities available for sale of $226,994, as
of December 31, 1999.
122
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued)
Amortization
- ------------
The Fund previously amortized organizational costs by series over 60 months,
beginning in the first quarter after the final closing date of each series.
Pursuant to SOP 98-5, all unamortized organization costs as of July 1, 1999
were expensed. Amortization expense for the first quarter of the current
fiscal year has been reclassified to organization expense on the year to date
income statement.
The breakdown of previously incurred organization costs expensed in the
current fiscal year for Series 20, Series 21, Series 22, Series 23, Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31,
Series 32, Series 33, Series 34 and Series 35 is $10,607, $0, $9,694,
$16,933, $19,470, $18,354, $42,595, $38,806, $55,896, $49,448, $48,501,
$51,385, $50,418, $83,770, $110,441 and $16,875, respectively.
On April 1, 1999 the Fund began amortizing unallocated acquisition costs over
330 months for Series 20, Series 21, Series 22, Series 23, Series 24, Series
25 and Series 26. The accumulated amortization of the unallocated acquisition
costs as of December 31, 1999 for Series 20, Series 21, Series 22, Series 23,
Series 24, Series 25 and Series 26 is $2,679, $1,465, $4,605, $4,685, $7,653,
$11,414 and $13,021, respectively. Other series will begin amortizing
acquisition costs as they complete investing in operating partnerships and are
no longer incurring acquisition costs.
NOTE C - RELATED PARTY TRANSACTIONS
The Fund has entered into several transactions with various affiliates
of the general partner, including Boston Capital Holdings Limited Partnership,
Boston Capital Services, Inc., and Boston Capital Asset Management L.P. as
follows:
For the quarter ended December 31, 1999, Boston Capital Services, Inc.
received $317,765 for Series 37 as Dealer-Manager fees for marketing advice
and investment banking services performed at the time of the Fund's offering
of BACs. Series 20, Series 21, Series 22, Series 23, Series 24, Series 25,
Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32,
Series 33, Series 34, Series 35 and Series 36 completed payment of all
Dealer-Manager fees prior to the quarter ended December 31, 1999.
Boston Capital Holdings L.P. is entitled to asset acquisition fees for
selecting, evaluating, structuring, negotiating, and closing the Fund's
acquisition of interest in the Operating Partnerships. During the quarter
ended December 31, 1999, Series 37 paid $1,423,580 for acquisition fees to
Boston Capital Holdings Limited Partnership. Series 20, Series 21, Series 22,
Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29
Series 30, Series 31, Series 32, Series 33, Series 34, Series 35 and Series 36
completed payment of all acquisition fees prior to the quarter ended December
31, 1999.
12
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (continued)
An annual fund management fee based on .5 percent of the aggregate cost
of all apartment complexes owned by the Operating Partnerships has been
accrued or paid to Boston Capital Asset Management L.P.
The fund management fees accrued for the quarters ended December 31, 1999 and
1998 are as follows:
1999 1998
---- ----
Series 20 $ 94,812 $ 94,773
Series 21 56,460 56,460
Series 22 63,648 61,893
Series 23 60,066 60,066
Series 24 58,338 54,087
Series 25 68,169 68,169
Series 26 106,335 95,230
Series 27 78,639 76,572
Series 32 59,457 -
Series 33 43,040 -
Series 35 49,413 -
------- -------
$738,377 $567,250
======= =======
The fund management fees paid for the quarters ended December 31, 1999 and
1998 are as follows:
1999 1998
---- ----
Series 28 $ 83,502 $ 74,439
Series 29 84,894 75,609
Series 30 56,526 43,414
Series 31 92,874 66,132
Series 32 29,727 82,651
Series 33 28,532 29,040
Series 34 77,956 10,708
Series 35 41,225 -
Series 36 26,339 -
------- -------
$521,575 $381,993
======= =======
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At December 31, 1999 and 1998 the Fund has limited partnership interests in
353 and 310 Operating Partnerships, respectively, which own or are
constructing apartment complexes.
124
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
The breakdown of Operating Partnerships within the Fund at December 31, 1999
and 1998 is as follows:
1999 1998
---- ----
Series 20 24 24
Series 21 14 14
Series 22 29 29
Series 23 22 22
Series 24 24 24
Series 25 22 22
Series 26 45 44
Series 27 16 14
Series 28 26 26
Series 29 22 21
Series 30 20 17
Series 31 26 26
Series 32 16 13
Series 33 10 7
Series 34 14 7
Series 35 10 -
Series 36 9 -
Series 37 4 -
--- ---
353 310
=== ===
Under the terms of the Fund's investment in each Operating Partnership, the
Fund is required to make capital contributions to the Operating Partnerships.
These contributions are payable in installments over several years upon each
Operating Partnership achieving specified levels of construction and/or
operations. The contributions payable at December 31, 1999 and 1998 are as
follows:
1999 1998
---- ----
Series 20 $ 388,026 $ 235,745
Series 21 709,193 734,924
Series 22 532,451 860,646
Series 23 488,632 1,474,214
Series 24 1,269,494 1,367,976
Series 25 2,521,114 2,743,852
Series 26 3,749,226 7,188,270
Series 27 1,063,169 2,245,369
Series 28 3,501,543 7,349,048
Series 29 2,993,522 4,766,733
Series 30 2,771,697 5,689,887
Series 31 5,566,605 8,416,435
Series 32 7,127,189 11,110,178
Series 33 3,482,961 11,056,245
Series 34 7,917,987 12,191,376
Series 35 14,110,182 -
Series 36 6,970,940 -
Series 37 3,750,513 -
---------- ----------
$68,914,444 $77,430,898
========== ==========
125
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)
The Fund's fiscal year ends March 31st for each year, while all the Operating
Partnerships' fiscal years are the calendar Year. Pursuant to the provisions
of each Operating Partnership Agreement, financial results for each of the
Operating Partnerships are provided to the Fund within 45 days after the close
of each Operating Partnership's quarterly period. Accordingly, the current
financial results available for the Operating Partnerships are for the nine
months ended September 30, 1999.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30, 1999,
(Unaudited)
Series 20
---------------------------
1999 1998
---- ----
Revenues
Rental $ 6,350,202 $ 6,214,342
Interest and other 377,204 324,239
--------- ---------
6,727,406 6,538,581
--------- ---------
Expenses
Interest 2,405,837 2,383,372
Depreciation and amortization 2,272,176 2,111,411
Operating expenses 3,206,673 3,582,348
--------- ---------
7,884,686 8,077,131
--------- ---------
NET LOSS $(1,157,280) $(1,538,550)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,129,855) $(1,494,659)
========= =========
Net loss allocated to
other partners $ (11,573) $ (15,386)
========= =========
Net Loss Suspended $ (15,852) $ (28,505)
========= =========
12
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 21
----------------------------
1999 1998
---- ----
Revenues
Rental $ 3,645,969 $ 3,429,895
Interest and other 147,144 127,156
--------- ---------
3,793,113 3,557,051
--------- ---------
Expenses
Interest 1,433,579 1,492,018
Depreciation and amortization 931,929 910,875
Operating expenses 2,281,727 2,049,814
--------- ---------
4,647,235 4,452,707
--------- ---------
NET INCOME (LOSS) $ (854,122) $ (895,656)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (845,579) $ (886,699)
========= =========
Net loss allocated to
other partners $ (8,543) $ (8,957)
========= =========
127
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months ended September 30,
(Unaudited)
Series 22
--------------------------
1999 1998
Revenues ---- ----
Rental $3,511,585 $3,297,313
Interest and other 197,541 199,884
--------- ---------
3,709,126 3,497,197
--------- ---------
Expenses
Interest 1,003,334 966,316
Depreciation and amortization 1,374,208 1,152,589
Operating expenses 1,926,778 1,969,093
--------- ---------
4,304,320 4,087,998
--------- ---------
NET INCOME (LOSS) $ (595,194) $ (590,801)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (589,242) $ (584,894)
========= =========
Net loss allocated to
other partners $ (5,952) $ (5,907)
========= =========
128
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 23
----------------------------
1999 1998
Revenues ---- ----
Rental $ 4,037,471 $ 3,926,124
Interest and other 230,834 206,510
---------- ----------
4,268,305 4,132,634
---------- ----------
Expenses
Interest 1,322,246 1,347,662
Depreciation and amortization 1,406,129 1,379,475
Operating expenses 2,348,714 2,219,346
---------- ----------
5,077,089 4,946,483
---------- ----------
NET LOSS $ (808,784) $ (813,849)
========== ==========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (800,696) $ (805,710)
========== ==========
Net loss allocated to
other partners $ (8,088) $ (8,139)
========== ==========
12
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months ended September 30,
(Unaudited)
Series 24
----------------------------
1999 1998
Revenues ---- ----
Rental $ 3,899,218 $3,739,772
Interest and other 110,396 105,744
--------- ---------
4,009,614 3,845,516
--------- ---------
Expenses
Interest 1,405,538 1,384,351
Depreciation and amortization 1,482,342 1,530,096
Operating expenses 2,178,411 2,048,083
--------- ---------
5,066,291 4,962,530
--------- ---------
NET INCOME (LOSS) $(1,056,677) $(1,117,014)
========== =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,046,111) $(1,105,845)
========== =========
Net loss allocated to
other partners $ (10,566) $ (11,169)
========== =========
130
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 25
--------------------------
1999 1998
Revenues ---- ----
Rental $ 5,332,821 $5,155,491
Interest and other 116,450 122,700
--------- ---------
5,449,271 5,278,191
--------- ---------
Expenses
Interest 1,698,144 1,716,761
Depreciation and amortization 1,573,425 1,470,992
Operating expenses 3,379,654 3,117,481
--------- ---------
6,651,223 6,305,234
--------- ---------
NET INCOME (LOSS) $(1,201,952) $(1,027,043)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,189,932) $(1,016,771)
========= =========
Net loss allocated to
other partners $ (12,020) $ (10,272)
========= =========
131
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 26
---------------------------
1999 1998
Revenues ---- ----
Rental $5,954,795 $4,827,729
Interest and other 158,025 173,775
--------- ---------
6,112,820 5,001,504
--------- ---------
Expenses
Interest 1,562,222 1,540,491
Depreciation and amortization 2,047,635 1,776,278
Operating expenses 3,141,409 2,647,557
--------- ---------
6,751,266 5,964,326
--------- ---------
NET INCOME (LOSS) $ (638,446) $ (962,822)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (632,062) $ (953,193)
========= =========
Net income (loss) allocated to
other partners $ (6,384) $ (9,629)
========= =========
13
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 27
---------------------------
1999 1998
Revenues ---- ----
Rental $4,669,192 $3,095,833
Interest and other 135,987 127,550
--------- ---------
4,805,179 3,223,383
--------- ---------
Expenses
Interest 1,959,190 1,562,458
Depreciation and amortization 1,327,080 606,979
Operating expenses 2,171,993 1,569,603
--------- ---------
5,458,263 3,739,040
--------- ---------
NET INCOME (LOSS) $ (653,084) $ (515,657)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (646,553) $ (510,501)
========= =========
Net income (loss) allocated to
other partners $ (6,531) $ (5,156)
========= =========
13
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 28
---------------------------
1999 1998
Revenues ---- ----
Rental $2,990,933 $2,123,937
Interest and other 76,546 60,339
--------- ---------
3,067,479 2,184,276
--------- ---------
Expenses
Interest 951,067 720,924
Depreciation and amortization 1,081,259 562,350
Operating expenses 1,881,746 1,121,887
--------- ---------
3,914,072 2,405,161
--------- ---------
NET LOSS $ (846,593) $ (220,885)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (838,127) $ (218,675)
========= =========
Net loss allocated to
other partners $ (8,466) $ (2,210)
========= =========
134
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 29
--------------------------
1999 1998
Revenues ---- ----
Rental $3,167,705 $1,680,088
Interest and other 155,453 79,310
--------- ---------
3,323,158 1,759,398
--------- ---------
Expenses
Interest 1,146,212 594,267
Depreciation and amortization 1,263,326 239,565
Operating expenses 1,915,906 1,176,144
--------- ---------
4,325,444 2,009,976
--------- ---------
NET INCOME (LOSS) $(1,002,286) $ (250,578)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (992,263) $ (248,072)
========= =========
Net income (loss) allocated to
other partners $ (10,023) $ (2,506)
========= =========
13
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 30
---------------------------
1999 1998
Revenues ---- ----
Rental $1,728,887 $ 931,570
Interest and other 102,170 29,940
--------- ---------
1,831,057 961,510
--------- ---------
Expenses
Interest 407,286 260,864
Depreciation and amortization 469,189 162,642
Operating expenses 1,103,984 591,127
-------- ---------
1,980,459 1,014,633
--------- ---------
NET INCOME (LOSS) $ (149,402) $ (53,123)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (147,908) $ (52,592)
========= =========
Net income (loss) allocated to
other partners $ (1,494) $ (531)
========= =========
136
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 31
---------------------------
1999 1998
Revenues ---- ----
Rental $4,406,534 $1,285,894
Interest and other 190,786 41,841
--------- ---------
4,597,320 1,327,735
--------- ---------
Expenses
Interest 1,659,464 402,240
Depreciation and amortization 1,226,897 231,868
Operating expenses 2,903,500 964,339
--------- ---------
5,789,861 1,598,447
--------- ---------
NET INCOME (LOSS) $(1,192,541) $ (270,712)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $(1,180,616) $ (268,005)
========= =========
Net income (loss) allocated to
other partners $ (11,925) $ (2,707)
========= =========
13
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 32
---------------------------
1999 1998
Revenues ---- ----
Rental $1,145,313 $ 134,461
Interest and other 66,687 6,178
--------- ---------
1,212,000 140,639
--------- ---------
Expenses
Interest 277,500 81,661
Depreciation and amortization 310,785 186,009
Operating expenses 570,764 69,155
--------- ---------
1,159,049 336,825
--------- ---------
NET INCOME (LOSS) $ 52,951 $ (196,186)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 52,422 $ (194,225)
========= =========
Net income (loss) allocated to
other partners $ 529 $ (1,961)
========= =========
13
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months ended September 30,
(Unaudited)
Series 33* Series 34*
----------- -----------
1999 1999
Revenues ---- ----
Rental $1,608,374 $ 181,302
Interest and other 119,329 3,734
--------- ---------
1,727,703 185,036
--------- ---------
Expenses
Interest 525,428 50,122
Depreciation and amortizati 487,741 53,503
Operating expenses 563,576 104,880
--------- ---------
1,576,745 208,505
--------- ---------
NET INCOME (LOSS $ 150,958 $ (23,469)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 149,447 $ (23,235)
========= =========
Net income (loss) allocated to
other partners $ 1,511 $ (234)
========= =========
* The Operating Partnerships in Series 33 and Series 34 did not commence
operations until after September 30, 1998 therefore they do not have
comparative information to report.
** The Operating Partnerships in Series 35 and Series 36 did not commence
operations until after September 30, 1999 therefore they do not have current
or comparative information to report.
13
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1999
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating Partnerships for
the nine months ended September 30, 1999 and 1998 numerous variances, some
material in nature, exist. The variances are the result of a number of
factors including an increase in the number of Operating Partnerships owned,
an increase in the number which have completed construction, and an increase
in the number which have completed the lease-up phase.
NOTE E - TAXABLE LOSS
The Fund's taxable loss for the fiscal year ended March 31, 2000 is expected
to differ from its loss for financial reporting purposes. This is primarily
due to accounting differences in depreciation incurred by the Operating
Partnerships and also differences between the equity method of accounting
and the IRS accounting methods. No provision or benefit for income taxes has
been included in these financial statements since taxable income or loss
passes through to, and is reportable by, the partners and assignees
individually.
140
Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations
Liquidity
- ---------
The Fund's primary source of funds is the proceeds of its Public Offering.
Other sources of liquidity will include (i) interest earned on capital
contributions held pending investment and on working capital (ii)
cash distributions from operations of the Operating Partnerships in which the
Fund has and will invest and (iii) a line of credit. The Fund does not
anticipate significant cash distributions from operations of the Operating
Partnerships.
The Fund has entered into a line of credit financing agreement with Fleet
National Bank whereby the Fund can borrow up to $35 million for up to 90 days
to meet short-term cash needs required for the investment in certain Operating
Partnerships. Under the terms of the agreement, the Fund pledges their
interest in a particular Operating Partnership in order to draw funds from the
line. The repayment of any draws is anticipated to be made once the Fund has
received sufficient Investor proceeds. Repayments on the line are tied to
specific Operating Partnerships, which are then released as collateral by the
bank.
The Fund is currently accruing the fund management fee for Series 20, Series
21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series
32 and Series 33. The fund is also accruing a portion of the fund management
fee for Series 35. Pursuant to the Partnership Agreement, such liabilities
will be deferred until the Fund receives sales or refinancing proceeds from
Operating partnerships which will be used to satisfy such liabilities. The
Fund's working capital and sources of liquidity coupled with affiliated party
liability accruals allow sufficient levels of liquidity to meet the third
party obligations of the Fund. The Fund is currently unaware if any trends
which would create insufficient liquidity to meet future third party
obligations.
Capital Resources
- -----------------
The Fund offered BACs in a Public Offering declared effective by the
Securities and Exchange Commission on December 16, 1993. The Fund received
$38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000,
$39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750,
$47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375 and
$25,125,000 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727,
2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000,
4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, and
2,512,500. BACs from investors admitted as BAC Holders in Series 20, Series
21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series
28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series
35, Series 36 and Series 37, respectively.
Series 20
- ---------
The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and
sales of BACs in Series 20 were completed on June 24, 1994. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 24 Operating Partnerships in the amount of $28,614,472.
141
During the quarter ended December 31, 1999, none of Series 20 net
offering proceeds had been used to pay capital contributions. Series 20 net
offering proceeds in the amount of $319,400 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
20 has invested in as of December 31, 1999.
Series 21
- ---------
The Fund commenced offering BACs in Series 21 on July 1, 1994. Offers and
sales of BACs in Series 21 were completed on December 31, 1994. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 14 Operating Partnerships in the amount of $13,872,730.
During the quarter ended December 31, 1999, none of Series 21 net offering
proceeds had been used to pay capital contributions. Series 21 net offering
proceeds in the amount of $709,193 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships that Series
21 has invested in as of December 31, 1999.
Series 22
- ---------
The Fund commenced offering BACs in Series 22 on October 10, 1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 29 Operating Partnerships in the amount of $18,758,748.
During the quarter ended December 31, 1999, none of Series 22 net offering
proceeds had been used to pay capital contributions. Series 22 net offering
proceeds in the amount of $532,451 remain to be used by the Fund to pay
remaining capital contributions to the Operating Partnerships that Series
22 has invested in as of December 31, 1999.
Series 23
- ---------
The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and
sales of BACs in Series 23 were completed on September 23, 1995. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 22 Operating Partnerships in the amount of $24,352,278.
During the quarter ended December 31, 1999, none of Series 23 net
offering proceeds had been used to pay capital contributions. Series 23 net
offering proceeds in the amount of $488,632 remain to be used by the Fund to
pay remaining capital contributions to the Operating Partnerships that Series
23 has invested in as of December 31, 1999.
Series 24
- ---------
The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and
sales of BACs in Series 24 were completed on September 22, 1995. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 24 Operating Partnerships in the amount of $15,980,237.
During the quarter ended December 31, 1999, none of Series 24 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 24 net offering proceeds in the amount of $514,029
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 24 has invested in as December 31, 1999.
14
Series 25
- ---------
The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers
and sales of BACs in Series 25 were completed on December 29, 1995. The Fund
has committed proceeds to pay initial and additional installments of capital
contributions to 22 Operating Partnerships in the amount of $22,449,722.
During the quarter ended December 31, 1999, $130,428 of Series 25 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 25 net offering proceeds in the amount of $1,085,259
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 25 has invested in as of December 31, 1999.
Series 26
- ---------
The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and
sales of BACs in Series 26 were completed on June 25, 1996. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 45 Operating Partnerships in the amount of $29,390,862.
During the quarter ended December 31, 1999, $192,134 of Series 26 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 26 net offering proceeds in the amount of $543,684
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 26 has invested in as of December 31, 1999.
Series 27
- ---------
The Fund commenced offering BACs in Series 27 on June 24, 1996. Offers and
sales of BACs in Series 27 were completed on September 17, 1996. The Fund has
committed proceeds to pay initial and additional installments of capital
contributions to 16 Operating Partnerships in the amount of $17,901,046.
During the quarter ended December 31, 1999, $508,582 of Series 27 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 27 net offering proceeds in the amount of $807,348
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 27 has invested in as of December 31, 1999.
Series 28
- ---------
The Fund commenced offering BACs in Series 28 on September 30,1996. Offers
and sales of BACs in Series 28 were completed on January 31, 1997. The Fund
has committed proceeds to pay initial and additional installments of capital
contributions to 26 Operating Partnership in the amount of $29,261,233.
During the quarter ended December 31, 1999, $343,285 of Series 28 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 28 net offering proceeds in the amount of $3,501,543
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 28 has invested in as of December 31, 1999.
143
Series 29
- ---------
The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers
and sales of BACs in Series 29 were completed on June 10, 1997. The Fund
has committed proceeds to pay initial and additional installments of capital
contributions to 22 Operating Partnerships in the amount of $29,137,877.
During the quarter ended December 31, 1999, $602,912 of Series 29 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 29 net offering proceeds in the amount of $2,993,522
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 29 has invested in as of December 31, 1999.
Series 30
- ---------
The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers
and sales of BACs in Series 30 were completed on September 10, 1997. The Fund
has committed proceeds to pay initial and additional installments of capital
contributions to 20 Operating Partnerships in the amount of $19,457,335.
During the quarter ended December 31, 1999, $1,323,099 of Series 30 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 30 net offering proceeds in the amount of $2,767,781
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 30 has invested in as of December 31, 1999.
Series 31
- ---------
The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers
and sales of BACs in Series 31 were completed on January 18, 1998. The Fund
has committed proceeds to pay initial and additional installments of capital
contributions to 26 Operating Partnerships in the amount of $32,309,858.
During the quarter ended December 31, 1999, $960,539 of Series 31 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 31 net offering proceeds in the amount of $4,245,251
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 31 has invested in as of December 31, 1999.
Series 32
- ---------
The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers
and sales of BACs in Series 32 were completed on June 23, 1998. The Fund
has committed proceeds to pay initial and additional installments of capital
contributions to 16 Operating Partnerships in the amount of $34,962,199. The
series has also purchased assignments in Bradley Phase I of Massachusetts LLC,
Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC,
Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and
Maple Hill of Massachusetts LLC. Under the terms of the Assignments of
Membership Interests dated December 1, 1998 the series is entitled to certain
profits, losses, tax credits, cash flow, proceeds from capital transactions
and capital account as defined in the individual Operating Agreements. The
series utilized $1,092,847 of funds available to invest in Operating
Partnerships for this investment.
14
During the quarter ended December 31, 1999, $638,055 of Series 32 net
offering proceeds were used to pay initial and additional capital
contributions. Series 32 net offering proceeds in the amount of $4,350,072
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 32 has invested in as of December 31, 1999.
Series 33
- ---------
The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and
sales of BACs in Series 33 were completed on September 21, 1998. The fund has
committed proceeds to pay initial and additional installments of capital
contributions to 10 Operating Partnerships in the amount of $19,591,285.
During the quarter ended December 31, 1999 $978,152 of Series 33 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 33 net offering proceeds in the amount of $3,482,961
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 33 has invested in as of December 31, 1999.
Series 34
- ---------
The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers
and sales of BACs in Series 34 were completed on February 11, 1999. The fund
has committed proceeds to pay initial and additional installments of capital
contributions to 14 Operating Partnerships in the amount of $25,640,408.
During the quarter ended December 31, 1999, $4,397,617 of Series 34 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 34 net offering proceeds in the amount of $4,429,039
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 34 has invested in as of December 31, 1999.
Series 35
- ---------
The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers
and sales of BACs in Series 35 were completed on June 25, 1999. The fund has
committed proceeds to pay initial and additional installments of capital
contributions to 10 Operating Partnerships in the amount of $22,871,561.
During the quarter ended December 31, 1999, $1,094,579 of Series 35 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 35 net offering proceeds in the amount of $8,524,851
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 35 has invested in as of December 31, 1999.
Series 36
- ---------
The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and
sales of BACs in Series 35 were completed on September 28, 1999. The fund has
committed proceeds to pay initial and additional installments of capital
contributions to 9 Operating Partnerships in the amount of $13,437,137.
14
During the quarter ended December 31, 1999, $3,556,869 of Series 36 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 36 net offering proceeds in the amount of $5,484,474
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 36 has invested in as of December 31, 1999.
Series 37
- ---------
The Fund commenced offering BACs in Series 36 on October 29, 1999. Offers and
sales of BACs in Series 37 were completed on January 28, 1999. The fund has
committed proceeds to pay initial and additional installments of capital
contributions to 4 Operating Partnerships in the amount of $7,455,633.
During the quarter ended December 31, 1999, $3,705,120 of Series 37 net
offering proceeds had been used to pay initial and additional capital
contributions. Series 37 net offering proceeds in the amount of $3,705,513
remain to be used by the Fund to pay remaining capital contributions to the
Operating Partnerships that Series 37 has invested in as of December 31, 1999.
Line of Credit
- --------------
The Fund has entered into a line of credit financing agreement with Fleet
National Bank whereby the Fund can borrow up to $35 million for up to 90 days
to meet short-term cash needs required for the investment in certain Operating
Partnerships. Under the terms of the agreement, the Fund pledges their
interest in a particular Operating Partnership in order to draw funds from the
line. The repayment of any draws is anticipated to be made once the Fund has
received sufficient Investor proceeds. Repayments on the line are tied to
specific Operating Partnerships, which are then released as collateral by the
bank.
Results of Operations
- ---------------------
As of December 31, 1999 and 1998 the Fund held limited partnership interests
in 353 and 310 Operating Partnerships, respectively. In each instance the
Apartment Complex owned by the applicable Operating Partnership is eligible
for the Federal Housing Tax Credit. Occupancy of a unit in each Apartment
Complex which initially complied with the Minimum Set-Aside Test (i.e.,
occupancy by tenants with incomes equal to no more than a certain percentage
of area median income) and the Rent Restriction Test (i.e., gross rent charged
tenants does not exceed 30% of the applicable income standards) is referred to
hereinafter as "Qualified Occupancy." Each of the Operating Partnerships and
each of the respective Apartment Complexes are described more fully in the
Prospectus or applicable report on Form 8-K. The General Partner believes
that there is adequate casualty insurance on the properties.
The Fund's results of operations for future periods will vary significantly
from those for the period ended December 31, 1999 as Series 30, Series 31,
Series 32, Series 33, Series 34, Series 35, Series 36 and Series 37 continue
to use the funds raised to invest in partnership interests of additional
Operating Partnerships, and the Fund begins to offer BACs in Series 38.
The Fund incurred a fund management fee to Boston Capital Asset Management
14
Limited Partnership in an amount equal to .5 percent of the aggregate cost of
the apartment complexes owned by the Operating Partnerships, less the amount
of certain asset management and reporting fees paid by the Operating
Partnerships. The fund management fees incurred for the quarter ended
September 30, 1999 for Series 20, Series 21, Series 22, Series 23, Series 24,
Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series
31, Series 32, Series 33, Series 34, Series 35 and Series 36 were $88,812,
$34,460, $48,937, $42,313, $52,938, $55,469, $99,416, $71,539, $73,502,
$84,894, $56,526, $92,874, $88,684, $43,041, $77,956, $49,413 and $69,968,
respectively.
The Fund's investment objectives do not include receipt of significant cash
distributions from the Operating Partnerships in which it has invested or
intends to invest. The Fund's investments in Operating Partnerships have been
and will be made principally with a view towards realization of Federal
Housing Tax Credits for allocation to its partners and BAC holders.
Series 20
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 99.9% and 100%, respectively. The series had a total of 24
properties at December 31, 1999. Out of the total 23 were at 100% Qualified
Occupancy.
For the nine months being reported Series 20 reflects a net loss from
Operating Partnerships of $1,157,280. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations of
$1,114,896. This is an interim period estimate; it is not indicative of the
final year end results.
The Operating General Partner, newly admitted as of January 1, 1999, and the
management company are working diligently to maintain a strong occupancy at
Breeze Cove Limited Partnership (Breeze Cove Apartments). The average
occupancy during the fourth quarter of 1999 improved to 96%. 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.
The management agent of East Douglas Apartments Limited Partnership (East
Douglas Apartments), resigned in December 1999 and was replaced by Realty &
Mortgage Co. The new management company was selected based on previous
experience with partnerships owned by the Investment Limited Partner. The
property has maintained a high occupancy rate, which averaged 97% for 1999,
however outstanding payables at year-end remained high as well. The
outstanding payables problem dates back to issues with the original Operating
General Partner, who was replaced in 1998. Efforts by the new management
company and the the property's continued strong occupancy are expected to
significantly reduce the accounts payable balance in the first quarter of the
year 2000.
In August 1996 the Investment General Partner was notified that Virginia
Avenue Affordable Limited Partnership (Kristine Apartments) was named as
defendant in a land encroachment complaint. A judgment was issued which will
14
remove any uncertainty as to the partnership's possession of the land.
The appropriate executed title information has been received. At the request
of the Investment General Partner, a new management company began at the site
in August of 1999. As of December 31, 1999, occupancy had risen to 98% and
tenant collections and retentions have improved. Although periodic cash
shortfalls are anticipated until the occupancy stabilizes and maintenance
expenses are reduced, the property operated at breakeven in December of 1999.
Series 21
- ---------
As of the December 31, 1999 and 1998 average Qualified Occupancy for the
series was 99.2% and 93.9%, respectively. The series had a total of 14
properties at December 31, 1999. Out of the total 11 were at 100% Qualified
Occupancy.
For the nine months being reported Series 21 reflects a net loss from
Operating Partnerships of $854,122. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect positive operations of
$77,807. This is an interim period estimate; it is not indicative of the
final year end results.
Atlantic City Housing Urban Renewal Associates L.P. reported a net loss net of
depreciation, which is a non-cash item, for the year ended December 31, 1998
of approximately $260,000. The property's operations were impacted by high
costs for security and maintenance, while the Section 8 Rental Assistance
Contract had only seen small incremental increases over the past few years.
The Operating General Partner has been funding most of the deficits, though
outstanding payables remain high. Due to repeated large annual operating
deficits the Operating General Partner's ability to continue funding deficits
is of concern. 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. Together, the Investment
General Partner and the Operating General Partner continue to examine
alternative solutions to reduce operating deficits. The two areas currently
being reviewed are the ongoing cost of security and maintenance and the debt
structure. Despite the high occupancy until the costs of security and
maintenance and the current debt service are reduced, the property will be
unable to support its operations without financial assistance. The property's
physical occupancy as of December 1999 was 96%.
Series 22
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 100% and 99.9%, respectively. The series had a total of 29
properties at December 31, 1999, all of which were at 100% Qualified
Occupancy.
For the nine months being reported Series 22 reflects a net loss from
Operating Partnerships of $595,194. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$779,014. This is an interim period estimate; it is not indicative of the
final year end results.
14
Series 23
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 100%. The series had a total of 22 properties at December 31,
1999, all of which were at 100% Qualified Occupancy.
For the nine months being reported Series 23 reflects a net loss from
Operating Partnerships of $808,784. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect a positive operations
of $597,345. This is an interim period estimate; it is not indicative of the
final year end results.
Series 24
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 99.9 % and 99.8%, respectively. The series had a total of 24
properties at December 31, 1999. Out of the total 23 were at 100% Qualified
Occupancy.
For the nine months being reported Series 24 reflects a net loss from
Operating Partnerships of $1,056,677. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect positive operations of
$425,665. This is an interim period estimate; it is not indicative of the
final year end results.
As of December 31, 1999, the property owned by Los Lunas Apartments Limited
(Hillridge Apartments) has suffered from decreasing occupancy and, as a result
is operating below break-even. The New Mexico Mortgage Finance Authority
forwarded a default notice to the Operating General Partnership for non-
payment of the debt service. The Investment General Partner is in discussions
with the Operating General Partner and the New Mexico Mortgage Finance
Authority to address the mortgage default.
Series 25
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 99.9% and 99.1%, respectively. The series had a total of 22
properties at December 31, 1999. Out of the total 21 were at 100% Qualified
Occupancy.
For the nine months being reported Series 25 reflects a net loss from
Operating Partnerships of $1,201,952. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect a positive operations
of $371,473. This is an interim period estimate; it is not indicative of the
final year end results.
Series 26
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 99.1% and 96.4%, respectively. The series had a total of 45
properties at December 31, 1999. Out of the total 43 were at 100% Qualified
Occupancy and 1 was in active lease-up. The series also had 1 property that
was under construction at December 31, 1999.
For the nine months being reported Series 26 reflects a net loss from
Operating Partnerships of $638,446. When adjusted for depreciation which is a
149
non-cash item, the Operating Partnerships reflect positive operations of
$1,409,189. This is an interim period estimate; it is not indicative of the
final year end results.
Series 27
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 98.6% and 80.4%, respectively. The series had a total of 16
properties at December 31, 1999. Out of the total 14 were at 100% Qualified
Occupancy and 1 was in active lease-up. The series also had 1 property which
were under construction at December 31, 1999.
For the nine months being reported Series 27 reflects a net loss from
Operating Partnerships of $653,084. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$673,996. This is an interim period estimate; it is not indicative of the
final year end results.
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. An affiliate of the Operating General Partner funded
over $300,000 to cover operating deficits in 1999. Centrum Management LLC, an
affiliate of the Operating General Partner, replaced Trammel Crowe as
management agent in mid-1999. Centrum Management LLC has been experiencing
positive rental results since they took over and have projected positive cash
flow for the year 2000.
Series 28
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 100% and 95.9%, respectively. The series had a total of 26
properties at December 31, 1999, all of which were at 100% Qualified
Occupancy.
For the nine months being reported Series 28 reflects a net loss from
Operating Partnerships of $846,593. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect positive operations of
$234,666. This is an interim period estimate; it is not indicative of the
final year end results.
Series 29
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
Series was 98.2% and 95.9%, respectively. The series had a total of 22
properties at December 31, 1999. Out of the total 20 were at 100% Qualified
Occupancy and 2 were in active lease-up.
For the nine months being reported Series 29 reflects a net loss from
Operating Partnerships of $1,002,286. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect positive operations of
$261,040. This is an interim period estimate; it is not indicative of the
final year end results.
15
Series 30
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 95.7% and 72.5%, respectively. The series had a total of 20
properties at December 31, 1999. Out of the total 16 were at 100% Qualified
Occupancy and 1 was in active lease-up. The series also had 2 properties that
were under construction and 1 property with multiple buildings some of which
were in lease-up and some of which were under construction at December 31,
1999.
For the nine months being reported Series 30 reflects a net loss from
Operating Partnerships of $149,402. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect positive operations of
$319,787. This is an interim period estimate; it is not indicative of the
final year end results.
Series 31
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 98.0% and 89.9%, respectively. The series had a total of 26
properties at December 31, 1999. Out of the total 23 were at 100% Qualified
Occupancy and 3 were in active lease-up.
For the nine months being reported Series 31 reflects a net loss from
Operating Partnerships of $1,192,541. When adjusted for depreciation which is
a non-cash item, the Operating Partnerships reflect a positive operations of
$34,356. This is an interim period estimate; it is not indicative of the final
year end results.
Series 32
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 86.0% and 88.0%, respectively. The series had a total of 16
properties at December 31, 1999. Out of the total 8 were at 100% Qualified
Occupancy and 3 were in active lease-up. The series also had 5 properties
that were under construction at December 31, 1999.
For the nine months being reported Series 32 reflects positive operations from
the Operating Partnerships of $52,951. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations of
$363,736. This is an interim period estimate; it is not indicative of the
final year end results.
Series 33
- ---------
As of December 31, 1999 and 1998 the average Qualified Occupancy for the
series was 64.9% and 100%, respectively. The Series had a total of 10
properties as of December 31, 1999. Out of the total 3 were at 100% Qualified
Occupancy, and 4 were in active lease-up. The series also had 3 properties
that were under construction at December 31, 1999.
For the nine months being reported Series 33 reflects positive operations from
the Operating Partnerships of $150,958. When adjusted for depreciation which
is a non-cash item, the Operating Partnerships reflect positive operations of
$638,699. This is an interim period estimate; it is not indicative of the
final year end results.
15
Series 34
- ---------
As of December 31, 1999 the average Qualified Occupancy for the series was
67.3%. The Series had a total of 14 properties as of December 31, 1999. Out
of the total 4 were at 100% qualified occupancy and 4 were in active lease-up.
The series also had 4 properties which were under construction and 2
properties with multiple buildings some of which were in lease-up and some of
which were under construction at December 31, 1999. Since all of the
properties were acquired after December 31, 1998, there is no comparative
information to report.
For the nine months being reported Series 34 reflects a net loss from the
Operating Partnerships of $23,469. When adjusted for depreciation which is a
non-cash item, the Operating Partnerships reflect positive operations of
$30,034. This is an interim period estimate; it is not indicative of the
final year end results.
Series 35
- ---------
As of December 31, 1999 the average Qualified Occupancy for the series was
73.3%. The Series had a total of 10 properties as of December 31, 1999. Out
of the total 1 was at 100% qualified occupancy and 3 were in active lease-up.
The series also had 6 properties which were under construction at December 31,
1999. Since all of the properties were acquired after December 31, 1998,
there is no comparative information to report.
Series 36
- ---------
As of December 31, 1999 the average Qualified Occupancy for the series was
73.3%. The Series had a total of 9 properties as of December 31, 1999. Out
of the total 1 was at 100% qualified occupancy and 2 were in active lease- up.
The series also had 5 properties which were under construction and 1 property
with multiple buildings some of which were in lease-up and some of which were
under construction at December 31, 1999. Since all of the properties were
acquired after December 31, 1998, there is no comparative information to
report.
Sereis 37
- ---------
The Series had a total of 4 properties as of December 31, 1999, all of which
were under construction. Since all of the properties were acquired after
December 31, 1998, there is no comparitive information to report.
Year 2000
- ---------
As previously stated in the Partnership's 10-K, Boston Capital and its
management have reviewed the potential computer problems that may arise from
the century date change known as the "Year 2000" or "Y2K" problem. We are
happy to announce that we did not experience any computer-related problems as
a result of this date change and therefore, there was no impact on our
investors.
15
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
Agreement of Limited Partnership of 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.)
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.)
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.)
153
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: February 22, 2000 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal Financial
Officer
154
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<NAME> BOSTON CAPITAL TAX CREDIT FUND IV LP
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> DEC-31-1999
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