FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
--------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-26200
---------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
-----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3208648
-------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
-----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 624-8900
--------------
-----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2)has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2000
-----------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
June 30, March 31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $391,577,737
$387,774,608
OTHER ASSETS
Cash and cash equivalents 14,092,420
15,484,389
Investments 29,355,989
33,246,886
Notes receivable 17,484,435
14,280,633
Acquisition costs 14,665,953
13,304,610
Other assets 16,681,870
14,057,243
-----------
-----------
$483,858,404
$478,148,369
===========
===========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 638,600 $
427,847
Accounts payable affiliates 7,921,116
7,121,923
Capital contributions payable (Note D) 52,603,153
53,534,052
Line of credit -
976,349
-----------
-----------
61,162,869
62,060,171
-----------
-----------
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 June 30, 2000 422,686,135
416,025,620
General Partner (821,115)
(767,937)
Unrealized gain (loss) on securities
available for sale, net 830,515
830,515
-----------
-----------
422,695,535
416,088,198
-----------
-----------
$483,858,404
$478,148,369
===========
===========
The accompanying notes are an integral part of these
statements.
1
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
---------------------------
June 30, March 31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $18,325,425
$18,752,214
OTHER ASSETS
Cash and cash equivalents 300,622
312,723
Investments -
-
Notes receivable -
-
Acquisition costs 93,770
94,663
Other assets 730,747
694,211
----------
----------
$19,450,564
$19,853,811
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 222 $
-
Accounts payable affiliates 1,806,024
1,711,212
Capital contributions payable (Note D) 388,026
388,026
Line of credit -
-
----------
----------
2,194,272
2,099,238
----------
----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,866,700 issued and
outstanding as of June 30, 2000 17,414,294
17,907,592
General Partner (158,002)
(153,019)
Unrealized gain (loss) on securities
for sale, net -
-
----------
----------
17,256,292
17,754,573
----------
----------
$19,450,564
$19,853,811
==========
==========
The accompanying notes are an integral part of these
statements.
2
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
----------------------------
June 30, March 31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $ 6,366,358 $
6,653,822
OTHER ASSETS
Cash and cash equivalents 352,150
272,223
Investments 516,122
587,397
Notes receivable 641,542
641,542
Acquisition costs 51,289
51,777
Other assets 342,160
343,017
----------
----------
$ 8,269,621 $
8,549,778
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 111 $
-
Accounts payable affiliates 705,970
649,510
Capital contributions payable (Note D) 683,688
683,688
Line of credit -
-
----------
----------
1,389,769
1,333,198
----------
----------
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 June 30, 2000 6,954,726
7,288,087
General Partner (93,338)
(89,971)
Unrealized gain (loss) on securities
for sale, net 18,464
18,464
----------
----------
6,879,852
7,216,580
----------
----------
$ 8,269,621 $
8,549,778
==========
==========
The accompanying notes are an integral part of these
statements.
3
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
--------
--------------------
June 30, March
31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $13,385,883
$13,754,315
OTHER ASSETS
Cash and cash equivalents 330,227
271,654
Investments 273,542
311,407
Notes receivable 450,981
450,981
Acquisition costs 161,169
162,704
Other assets 162,641
163,633
----------
----------
$14,764,443
$15,114,694
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 157 $
-
Accounts payable affiliates 1,109,794
1,046,145
Capital contributions payable (Note D) 538,769
538,769
Line of credit -
-
----------
----------
1,648,720
1,584,914
----------
-----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,564,400 issued and
outstanding as of June 30, 2000 13,193,969
13,603,885 General Partner
(88,022) (83,881)
Unrealized gain (loss) on securities
for sale, net 9,776
9,776
----------
----------
13,115,723
13,529,780
----------
----------
$14,764,443
$15,114,694
==========
==========
The accompanying notes are an integral part of these
statements.
4
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
------------------
--------
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $19,944,281
$20,257,128
OTHER ASSETS
Cash and cash equivalents 352,091
339,179
Investments -
-
Notes receivable 306,751
306,751
Aquisition costs 163,961
165,523
Other assets 378,455
378,455
----------
----------
$21,145,539
$21,447,036
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 199 $
-
Accounts payable affiliates 588,485
528,418
Capital contributions payable (Note D) 458,632
458,631
Line of credit -
-
----------
----------
1,047,316
987,049
----------
----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,336,727 issued and
outstanding as of June 30, 2000 20,182,088
20,540,234
General Partner (83,865)
(80,247)
Unrealized gain (loss) on securities
for sale, net -
-
----------
----------
20,098,223
20,459,987
----------
----------
$21,145,539
$21,447,036
==========
==========
The accompanying notes are an integral part of these
statements.
5
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
---------------------
-----
June 30, March 31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $12,154,665
$12,542,793
OTHER ASSETS
Cash and cash equivalents 318,171
294,853
Investments 232,016
264,336
Notes receivable 534,342
534,342
Acquisition costs 267,870
270,421
Other assets 678,370
677,968
----------
----------
$14,185,434
$14,584,713
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 19 $
-
Accounts payable affiliates 837,951
779,611
Capital contributions payable (Note D) 1,214,204
1,259,345
Line of credit -
-
----------
----------
2,052,174
2,038,956
----------
----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,169,878 issued and
outstanding as of June 30, 2000 12,189,017
12,597,389
General Partner (64,049)
(59,924)
Unrealized gain (loss) on securities
for sale, net 8,292
8,292
----------
----------
12,133,260
12,545,757
----------
----------
$14,185,434
$14,584,713
==========
==========
The accompanying notes are an integral part of these
statements.
6
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
--------------------
------
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $18,493,579
$18,948,606
OTHER ASSETS
Cash and cash equivalents 609,837
526,832 Investments
531,275 605,151
Notes receivable 523,193
523,193
Acquisition costs 269,017
271,579
Other assets 1,324,046
1,323,125
----------
----------
$21,750,947
$22,198,486
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 3,124 $
-
Accounts payable affiliates 613,521
545,352
Capital contributions payable (Note D) 2,431,112
2,516,436
Line of credit -
-
----------
----------
3,047,757
3,061,788
----------
----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,026,109 issued and
outstanding as of June 30, 2000 18,754,795
19,183,968
General Partner (70,602)
(66,267)
Unrealized gain (loss) on securities
for sale, net 18,997
18,997
----------
----------
18,703,190
19,136,698
----------
----------
$21,750,947
$22,198,486
==========
==========
The accompanying notes are an integral part of these
statements.
7
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
--------------------------
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $28,412,251
$28,691,064
OTHER ASSETS
Cash and cash equivalents 276,331
201,802
Investments 197,083
224,505
Notes receivable 586,335
586,335
Acquisition costs 455,749
460,089
Other assets 2,491,659
2,512,111
----------
----------
$32,419,408
$32,675,906
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 315 $
90
Accounts payable affiliates 800,820
691,428
Capital contributions payable (Note D) 2,688,369
2,709,059
Line of credit -
-
----------
----------
3,489,504
3,400,577
----------
----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,995,900 issued and
outstanding as of June 30, 2000 28,973,884
29,315,855
General Partner (51,024)
(47,570)
Unrealized gain (loss) on securities
for sale, net 7,044
7,044
----------
----------
28,929,904
29,275,329
----------
----------
$32,419,408
$32,675,906
==========
==========
The accompanying notes are an integral part of these
statements.
8
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
--------------------------
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $16,131,247
$16,392,639
OTHER ASSETS
Cash and cash equivalents 322,709
250,061
Investments 498,323
567,355
Notes receivable 99,549
99,549
Acquisition costs 392,352
396,089
Other assets 890,948
893,060
----------
----------
$18,335,128
$18,598,753
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 129 $
-
Accounts payable affiliates 823,296
744,494
Capital contributions payable (Note D) 1,052,171
1,063,367
Line of credit -
-
----------
----------
1,875,596
1,807,861
----------
----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,460,700 issued and
outstanding as of June 30, 2000 16,483,737
16,811,783
General Partner (42,030)
(38,716)
Unrealized gain (loss) on securities
for sale, net 17,825
17,825
----------
----------
16,459,532
16,790,892
---------- ---
-------
$18,335,128
$18,598,753
==========
==========
The accompanying notes are an integral part of these
statements.
9
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
--------------------
------
June 30, March 31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $29,193,928
$29,621,967
OTHER ASSETS
Cash and cash equivalents 1,364,542
1,096,622
Investments 1,709,432
2,018,028
Notes receivable 1,477,458
1,477,458
Acquisition costs 86,636
87,462
Other assets 6,093
3,018
----------
----------
$33,838,089
$34,304,555
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 6,897 $
-
Accounts payable affiliates 104
104
Capital contributions payable (Note D) 2,463,113
2,484,505
Line of credit -
-
----------
----------
2,470,114
2,484,609
----------
----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,000,738 issued and
outstanding as of June 30, 2000 31,335,169
31,782,620
General Partner (30,704)
(26,184)
Unrealized gain (loss) on securities
for sale, net 63,510
63,510
----------
----------
31,367,975
31,819,946
----------
----------
$33,838,089
$34,304,555
==========
==========
The accompanying notes are an integral part of these
statements.
10
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
----------------
---------
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
-----------
---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $28,453,159
$28,738,405
OTHER ASSETS
Cash and cash equivalents 390,333
387,679
Investments 1,629,271
1,706,936
Notes receivable 835,878
835,878
Acquisition costs 85,234
86,047
Other assets 24,123
17,796
----------
----------
$31,417,998
$31,772,741
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 321 $
-
Accounts payable affiliates 36
36
Capital contributions payable (Note D) 2,052,465
2,060,981
Line of credit -
-
----------
----------
2,052,822
2,061,017
----------
----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,991,800 issued and
outstanding as of June 30, 2000 29,376,552
29,719,635
General Partner (45,334)
(41,869)
Unrealized gain (loss) on securities
for sale, net 33,958
33,958
----------
----------
29,365,176
29,711,724
----------
----------
$31,417,998
$31,772,741
==========
==========
The accompanying notes are an integral part of these
statements.
11
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30
---------------------
-----
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
----------- --
-------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $19,967,972
$20,143,589
OTHER ASSETS
Cash and cash equivalents 513,772
403,328
Investments 1,875,101
2,229,119
Notes receivable 85,438
85,438
Acquisition costs 556,839
561,263
Other assets 688,650
609,524
----------
----------
$23,687,772
$24,032,261
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 127 $
-
Accounts payable affiliates 7,524
7,524
Capital contributions payable (Note D) 2,379,537
2,502,751
Line of credit -
-
----------
----------
2,387,188
2,510,275
----------
----------
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 June 30, 2000 21,252,037
21,471,225
General Partner (14,683)
(12,469)
Unrealized gain (loss) on securities
for sale, net 63,230
63,230
----------
----------
21,300,584
21,521,986
----------
----------
$23,687,772
$24,032,261
==========
==========
The accompanying notes are an integral part of these
statements.
12
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
---------------------
----
June 30, March
31,
2000
2000
(Unaudited)
(Audited)
----------- ---
------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $32,163,386
$32,353,530
OTHER ASSETS
Cash and cash equivalents 830,190
1,449,979
Investments 1,737,933
2,576,842
Notes receivable 905,675
2,361,971
Acquisition costs -
-
Other assets 253,023
593,010
----------
----------
$35,890,207
$39,335,332
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 2,067 $
2,975
Accounts payable affiliates 26,655
26,655
Capital contributions payable (Note D) 1,954,134
4,973,344
Line of credit -
-
----------
----------
1,982,856
5,002,974
----------
----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,417,857
issued and outstanding
as of June 30, 2000 33,877,835
34,298,592
General Partner (40,891)
(36,641)
Unrealized gain (loss) on securities
for sale, net 70,407
70,407
----------
----------
33,907,351
34,332,358
----------
----------
$35,890,207
$39,335,332
==========
==========
The accompanying notes are an integral part of these
statements.
13
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
----------------------
-----
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
----------- ---
------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $37,404,105
$37,641,580
OTHER ASSETS
Cash and cash equivalents 484,121
240,584
Investments 2,585,792
2,832,134
Notes receivable 914,126
914,126
Acquisition costs 786,132
793,104
Other assets 1,297,642
1,680,500
----------
----------
$43,471,918
$44,102,028
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 222 $
-
Accounts payable affiliates 231,527
148,654
Capital contributions payable (Note D) 4,040,039
4,476,034
Line of credit -
-
----------
----------
4,271,788
4,624,688
----------
----------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 4,754,198 issued and
outstanding as of June 30, 2000 39,134,958
39,409,396
General Partner (15,164)
(12,392)
Unrealized gain (loss) on securities
for sale, net 80,336
80,336
----------
----------
39,200,130
39,477,340
----------
----------
$43,471,918
$44,102,028
==========
==========
The accompanying notes are an integral part of these
statements.
14
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33
---------------------
-----
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
----------- ----
------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $20,885,306
$20,996,032
OTHER ASSETS
Cash and cash equivalents 578,621
597,735
Investments 2,916,985
3,156,657
Notes receivable 291,212
40,825
Acquisition costs 706,508
705,560
Other assets 8,652
4,378
---------- ---
-------
$25,387,284
$25,501,187
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 119 $
-
Accounts payable affiliates 114,068
71,735
Capital contributions payable (Note D) 3,242,693
3,272,919
Line of credit -
-
---------- ---
-------
3,356,880
3,344,654
---------- ---
-------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,636,533 issued and
outstanding as of June 30, 2000 21,947,386
22,072,254
General Partner (6,371)
(5,110)
Unrealized gain (loss) on securities
for sale, net 89,389
89,389
---------- ---
-------
22,030,404
22,156,533
---------- ---
-------
$25,387,284
$25,501,187
==========
==========
The accompanying notes are an integral part of these
statements.
15
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 34
---------------------
-----
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
----------- ----
------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $27,527,544
$27,688,578
OTHER ASSETS
Cash and cash equivalents 589,674
672,010
Investments 2,487,823
3,361,452
Notes receivable 439,562
1,390,612
Acquisition costs 1,126,921
1,117,212
Other assets 1,563,825
1,222,417
---------- ---
-------
$33,735,349
$35,452,281
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 12,021 $
-
Accounts payable affiliates 10,656
10,656
Capital contributions payable (Note D) 4,448,643
5,964,656
Line of credit -
-
---------- ---
-------
4,471,320
5,975,312
---------- ---
-------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,529,319 respectively,
issued and outstanding as of
June 30, 2000 29,177,399
29,388,210
General Partner (8,722)
(6,593)
Unrealized gain (loss) on securities
for sale, net 95,352
95,352
---------- ---
-------
29,264,029
29,476,969
---------- ---
-------
$33,735,349
$35,452,281
==========
==========
The accompanying notes are an integral part of these
statements.
16
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 35
---------------------
-----
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
----------- ----
------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $22,495,015
$22,595,066
OTHER ASSETS
Cash and cash equivalents 1,025,811
701,756
Investments 4,164,685
6,015,592
Notes receivable 753,068
650,000
Acquisition costs 3,182,449
3,210,646
Other assets 25,548
447,482
---------- ---
-------
$31,646,576
$33,620,542
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 381 $
1,943
Accounts payable affiliates 92,199
78,795
Capital contributions payable (Note D) 3,705,183
5,528,412
Line of credit -
-
---------- ---
-------
3,797,763
5,609,150
---------- ---
-------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 3,300,463 respectively,
issued and outstanding as of
June 30, 2000 27,776,346
7,937,304
General Partner (4,305)
(2,684)
Unrealized gain (loss) on securities
for sale, net 76,772
76,772
---------- ---
-------
27,848,813
28,011,392
---------- ---
-------
$31,646,576
$33,620,542
==========
==========
The accompanying notes are an integral part of these
statements.
17
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 36
---------------------
-----
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
----------- ----
------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $15,253,237
$15,225,618
OTHER ASSETS
Cash and cash equivalents 342,374
328,095
Investments 1,874,881
2,430,792
Notes receivable 1,469,373
1,635,636
Acquisition costs 2,172,213
2,132,600
Other assets 1,190,047
1,407,708
---------- ---
-------
$22,302,125
$23,160,449
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 27,095 $
-
Accounts payable affiliates 42,032
30,944
Capital contributions payable (Note D) 4,628,388
5,509,534
Line of credit -
-
---------- ---
-------
4,697,515
5,540,478
---------- ---
-------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,106,837 respectively,
issued and outstanding as of
June 30, 2000 17,554,485
17,569,744
General Partner (3,150)
(3,048)
Unrealized gain (loss) on securities
for sale, net 53,275
53,275
---------- ---
-------
17,604,610
17,619,971
---------- ---
-------
$22,302,125
$23,160,449
==========
==========
The accompanying notes are an integral part of these
statements.
18
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 37
---------------------
-----
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
----------- ----
------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $13,325,744
$13,325,744
OTHER ASSETS
Cash and cash equivalents 1,054,511
5,952,947
Investments 4,413,933
4,359,183
Notes receivable 6,605,952
1,745,996
Acquisition costs 2,311,301
2,313,395
Other assets 876,975
317,829
---------- ---
-------
$28,588,416
$28,015,094
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 446 $
350
Accounts payable affiliates 25,092
29,802
Capital contributions payable (Note D) 6,790,177
6,239,395
Line of credit -
-
---------- ---
-------
6,815,715
6,269,547
---------- ---
-------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 2,512,500 respectively,
issued and outstanding as of
June 30, 2000 21,648,983
21,622,194
General Partner (170)
(535)
Unrealized gain (loss) on securities
for sale, net 123,888
123,888
---------- ---
-------
21,772,701
21,745,547
---------- ---
-------
$28,588,416
$28,015,094
==========
==========
The accompanying notes are an integral part of these
statements.
19
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 38
---------------------
-----
June 30,
March 31,
2000
2000
(Unaudited)
(Audited)
----------- ----
------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (Note D) $11,694,652 $
3,451,918
OTHER ASSETS
Cash and cash equivalents 4,056,333
1,184,327
Investments 1,711,792
-
Notes receivable 564,000
-
Acquisition costs 1,796,543
424,476
Other assets 3,748,266
768,001
---------- ---
-------
$23,571,586 $
5,828,722
==========
==========
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 584,628 $
422,489
Accounts payable affiliates 85,362
20,848
Capital contributions payable (Note D) 7,443,810
904,200
Line of credit -
976,349
---------- ---
-------
8,113,800
2,323,886
---------- ---
-------
PARTNERS' CAPITAL
Limited Partners
Units of limited partnership interest;
$10 stated value per BAC; 65,000,000
authorized BACs; 1,832,000 respectively,
issued and outstanding as of
June 30, 2000 15,458,475
3,505,653
General Partner (689)
(817)
Unrealized gain (loss) on securities
for sale, net -
-
---------- ---
-------
15,457,786
3,504,836
---------- ---
-------
$23,571,586 $
5,828,722
==========
==========
The accompanying notes are an integral part of these
statements.
20
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
2000 1999
---- ----
Income
Interest income $ 660,856 $ 777,280
Other income - 5,550
---------- ----------
660,856 782,830
---------- ----------
Share of income (loss) from
Operating Partnerships (4,435,838)
(3,374,833)
---------- ----------
Expenses
Professional fees 71,094 140,502
Fund management fee (Note C) 1,080,541 913,482
Organization Costs - -
Amortization 125,429 69,261
General and administrative expenses 265,763 322,582
---------- ----------
1,542,827 1,445,827
---------- ----------
NET INCOME (LOSS) $(5,317,809)
$(4,037,830)
========== ==========
Net income (loss) allocated to
limited partners $(5,264,631)
$(3,997,452)
========== ==========
Net income (loss) allocated to
general partner $ (53,178) $
(40,378)
========== ==========
Net income (loss) per BAC $ (1.68) $
(1.34)
========== ==========
The accompanying notes are an integral part of these
statements.
21
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30
(Unaudited)
Series 20
-----------------------
2000
1999
----
----
Income
Interest income $ 1,376 $
8,442
Other income -
5,550
--------
--------
1,376
13,992
--------
--------
Share of income (loss) from Operating
Partnerships (413,953)
(382,179)
--------
--------
Expenses
Professional fees 2,188
8,522
Fund management fee (Note C) 74,533
74,288
Organization Costs -
-
Amortization 893
6,714
General and administrative expense 8,090
8,211
--------
--------
85,704
97,735
--------
--------
NET INCOME (LOSS) $(498,281)
$(465,922)
========
========
Net income (loss) allocated to
limited partners $(493,298)
$(461,263)
========
========
Net income (loss) allocated to
general partner $ (4,983) $
(4,659)
========
========
Net income (loss) per BAC $ (.13) $
(.12)
========
========
The accompanying notes are an integral part of these
statements.
22
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 21
-----------------------
2000
1999
----
----
Income
Interest income $ 13,265 $
14,855
Other income -
-
--------
--------
13,265
14,855
--------
--------
Share of income (loss) from Operating
Partnerships (288,778)
(309,934)
--------
--------
Expenses
Professional fees 1,652
6,976
Fund management fee (Note C) 52,820
56,460
Organization Costs -
-
Amortization 488
488
General and administrative expense 6,255
9,601
--------
--------
61,215
73,525
--------
--------
NET INCOME (LOSS) $(336,728)
$(368,604)
========
========
Net income (loss) allocated to
limited partners $(333,361)
$(364,918)
========
========
Net income (loss) allocated to
general partner $ (3,367) $
(3,686)
========
========
Net income (loss) per BAC $ (.18) $
(.20)
======== ========
The accompanying notes are an integral part of these
statements.
23
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 22
-----------------------
2000
1999
----
----
Income
Interest income $ 7,424 $
5,346
Other income -
-
-------- -
-------
7,424
5,346
-------- -
-------
Share of income (loss) from Operating
Partnerships (365,988)
(193,654)
-------- -
-------
Expenses
Professional fees 1,965
8,122
Fund management fee (Note C) 45,219
59,867
Organization Costs -
-
Amortization 1,535
3,135
General and administrative expense 6,774
7,731
-------- -
-------
55,493
78,855
-------- -
-------
NET INCOME (LOSS) $(414,057)
$(267,163)
========
========
Net income (loss) allocated to
limited partners $(409,916)
$(264,491)
========
========
Net income (loss) allocated to
general partner $ (4,141) $
(2,672)
========
========
Net income (loss) per BAC $ (.16) $
(.10)
========
========
The accompanying notes are an integral part of these
statements.
24
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 23
-----------------------
2000
1999
----
----
Income
Interest income $ 2,759 $
2,717
Other income -
-
-------- -
-------
2,759
2,717
-------- -
-------
Share of income (loss) from Operating
Partnerships (312,848)
(268,288)
-------- -
-------
Expenses
Professional fees 1,332
5,824
Fund management fee (Note C) 41,566
50,336
Organization Costs -
-
Amortization 1,562
4,830
General and administrative expense 7,215
7,401
-------- -
-------
51,675
68,391
-------- -
-------
NET INCOME (LOSS) $(361,764)
$(333,962)
========
========
Net income (loss) allocated to
limited partners $(358,146)
$(330,622)
========
========
Net income (loss) allocated to
general partner $ (3,618) $
(3,340)
========
========
Net income (loss) per BAC $ (.11) $
(.10)
========
========
The accompanying notes are an integral part of these
statements.
25
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 24
-----------------------
2000
1999
----
----
Income
Interest income $ 6,535 $
4,399
Other income -
-
-------- -
-------
6,535
4,399
-------- -
-------
Share of income (loss) from Operating
Partnerships (342,989)
(436,704)
-------- -
-------
Expenses
Professional fees 10,126
6,674
Fund management fee (Note C) 57,213
20,982
Organization Costs -
-
Amortization 2,551
5,796
General and administrative expense 6,153
9,991
-------- --------
76,043
43,443
-------- -
-------
NET INCOME (LOSS) $(412,497)
$(475,748)
========
========
Net income (loss) allocated to
limited partners $(408,372)
$(470,991)
========
========
Net income (loss) allocated to
general partner $ (4,125) $
(4,757)
========
========
Net income (loss) per BAC $ (.19) $
(.22)
======== ========
The accompanying notes are an integral part of these
statements.
26
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 25
-----------------------
2000
1999
----
----
Income
Interest income $ 15,721 $
12,633
Other income -
-
-------- -
-------
15,721
12,633
-------- -
-------
Share of income (loss) from Operating
Partnerships (371,060)
(483,594)
-------- -
-------
Expenses
Professional fees 5,884
6,502
Fund management fee (Note C) 59,889
51,169
Organization Costs -
-
Amortization 3,805
6,427
General and administrative expense 8,591
9,895
-------- -
-------
78,169
73,993
-------- -
-------
NET INCOME (LOSS) $(433,508)
$(544,954)
========
========
Net income (loss) allocated to
limited partners $(429,173)
$(539,504)
========
========
Net income (loss) allocated to
general partner $ (4,335) $
(5,450)
========
========
Net income (loss) per BAC $ (.14) $
(.17)
========
========
The accompanying notes are an integral part of these
statements.
27
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 26
-----------------------
2000
1999
----
----
Income
Interest income $ 49,905 $
22,811
Other income -
-
-------- -
-------
49,905
22,811
-------- -
-------
Share of income (loss) from Operating
Partnerships (276,125)
(216,215)
-------- -
-------
Expenses
Professional fees 2,825
13,592
Fund management fee (Note C) 103,295
72,271
Organization Costs -
-
Amortization 4,340
9,073
General and administrative expense 8,745
14,498
-------- -
-------
119,205
109,434
-------- -
-------
NET INCOME (LOSS) $(345,425)
$(302,838)
========
========
Net income (loss) allocated to
limited partners $(341,971)
$(299,810)
========
========
Net income (loss) allocated to
general partner $ (3,454) $
(3,028)
========
========
Net income (loss) per BAC $ (.09) $
(.08)
========
========
The accompanying notes are an integral part of these
statements.
28
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30
(Unaudited)
Series 27
-----------------------
2000
1999
----
----
Income
Interest income $ 12,292 $
6,510
Other income -
-
-------- -
-------
12,292
6,510
-------- -
-------
Share of income (loss) from Operating
Partnerships (262,316)
(169,095)
-------- -
-------
Expenses
Professional fees 1,683
5,716
Fund management fee (Note C) 69,171
64,115
Organization Cost -
-
Amortization 3,914
3,881
General and administrative expense 6,568
5,946
-------- -
-------
81,336
79,658
-------- -
-------
NET INCOME (LOSS) $(331,360)
$(242,243)
========
========
Net income (loss) allocated to
limited partners $(328,046)
$(239,821)
========
========
Net income (loss) allocated to
general partner $ (3,314) $
(2,422)
========
========
Net income (loss) per BAC $ (.13) $
(.10)
========
========
The accompanying notes are an integral part of these
statements.
29
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 28
---------------
-----------
2000 1999
---- ----
Income
Interest income $ 48,756 $ 71,064
Other income - -
-------- --------
48,756 71,064
-------- --------
Share of income (loss) from
Operating Partnerships (404,086) (153,678)
-------- --------
Expenses
Professional fees 3,729 10,222
Fund management fee (Note C) 78,194 76,077
Organization Costs - -
Amortization 825 5,081
General and administrative expense 13,893 32,306
-------- --------
96,641 123,686
-------- --------
NET INCOME (LOSS) $(451,971) $(206,300)
======== ========
Net income (loss) allocated to
limited partners $(447,451) $(204,237)
======== ========
Net income (loss) allocated to
general partner $ (4,520) $ (2,063)
======== ========
Net income (loss) per BAC $ (.11) $ (.05)
======== ========
The accompanying notes are an integral part of these
statements.
30
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 29
---------------
-----------
2000 1999
---- ----
Income
Interest income $ 27,124 $ 66,196
Other income - -
-------- --------
27,124 66,196
-------- --------
Share of income (loss) from
Operating Partnerships (284,198) (263,726)
-------- --------
Expenses
Professional fees 2,657 9,436
Fund management fee (Note C) 72,629 66,710
Organization Costs - -
Amortization 813 3,804
General and administrative expense 13,375 30,839
-------- --------
89,474 110,789
-------- --------
NET INCOME (LOSS) $(346,548) $(308,319)
======== ========
Net income (loss) allocated to
limited partners $(343,083) $(305,236)
======== ========
Net income (loss) allocated to
general partner $ (3,465) $ (3,083)
======== ========
Net income (loss) per BAC $ (.09) $ (.06)
======== ========
The accompanying notes are an integral part of these
statements.
31
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 30
------------------------
2000 1999
---- ----
Income
Interest income $ 34,728 $ 69,427
Other income - -
-------- --------
34,728 69,427
-------- --------
Share of income (loss) from
Operating Partnerships (185,956) (51,871)
-------- --------
Expenses
Professional fees 4,816 10,224
Fund management fee (Note C) 45,679 38,013
Organization Costs - -
Amortization 5,298 3,464
General and administrative expense 14,381 27,816
-------- --------
70,174 79,517
-------- --------
NET INCOME (LOSS) $(221,402) $ (61,961)
======== ========
Net income (loss) allocated to
limited partners $(219,188) $ (61,341)
======== ========
Net income (loss) allocated to
general partner $ (2,214) $ (620)
======== ========
Net income (loss) per BAC $ (.08) $ (.03)
======== ========
The accompanying notes are an integral part of these
statements.
32
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 31
------------------------
2000 1999
---- ----
Income
Interest income $ 15,234 $ 65,774
Other income - -
-------- --------
15,234 65,774
-------- --------
Share of income (loss) from
Operating Partnerships (362,218) (609,284)
-------- --------
Expenses
Professional fees 4,341 10,710
Fund management fee (Note C) 56,176 89,724
Organization Costs - -
Amortization - 3,426
General and administrative expense 17,506 24,700
-------- --------
78,023 128,560
-------- --------
NET INCOME (LOSS) $(425,007) $(672,070)
======== ========
Net income (loss) allocated to
limited partners $(420,757) $(665,349)
======== ========
Net income (loss) allocated to $ (4,250) $ (6,721)
general partner ======== ========
Net income (loss) per BAC $ (.10) $ (.15)
======== ========
The accompanying notes are an integral part of these
statements.
33
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 32
---------------------
------
2000
1999
---- --
--
Income
Interest income $ 45,833 $
130,803
Other income -
-
-------- ----
----
45,833
130,803
-------- ----
----
Share of income (loss) from Operating
Partnerships (206,758)
86,007
-------- ----
----
Expenses
Professional fees 4,273
12,004
Fund management fee (Note C) 82,375
68,046
Organization Costs -
- Amortization 9,066
2,966
General and administrative expense 20,571
38,275
------- ----
----
116,285
121,291 ----
---- --------
NET INCOME (LOSS) $(277,210) $
95,519
========
========
Net income (loss) allocated to
limited partners $(274,438) $
94,564
========
========
Net income (loss) allocated to
general partner $ (2,772) $
955
========
========
Net income (loss) per BAC $ (.06) $
.02
========
========
The accompanying notes are an integral part of these
statements.
34
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 33
---------------------
-----
2000
1999
---- --
--
Income
Interest income $ 53,842 $
101,468
Other income -
-
-------- ----
----
53,842
101,468
-------- ----
----
Share of income (loss) from Operating
Partnerships (110,726)
77,382
-------- ----
----
Expenses
Professional fees 5,521
9,470
Fund management fee (Note C) 37,913
54,717
Organization Costs -
-
Amortization 6,702
4,654
General and administrative expense 19,109
37,877
------- ----
----
69,245
106,718
-------- ----
----
NET INCOME (LOSS) $(126,129) $
72,132
========
========
Net income (loss) allocated to
limited partners $(124,868) $
71,411
======== ========
Net income (loss) allocated to
general partner $ (1,261) $
721
========
========
Net income (loss) per BAC $ (.05) $
.03
========
========
The accompanying notes are an integral part of these
statements.
35
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 34
--------------------
2000
1999
---- -
---
Income
Interest income $ 52,996 $
122,951
Other income -
-
-------- ---
------
52,996
122,951
-------- ---
------
Share of income (loss) from
Operating Partnerships (157,569)
-
-------- ---
------
Expenses
Professional fees 4,792
11,565
Fund management fee (Note C) 73,155
47,660
Organization Costs -
-
Amortization 10,637
5,522
General and administrative expense 19,783
42,876
-------- ---
------
108,367
107,623
-------- ---
------
NET INCOME (LOSS) $(212,940) $
15,328
========
=========
Net income (loss) allocated to
limited partners $(210,811) $
15,175
========
=========
Net income (loss) allocated to $ (2,129) $
153
general partner ========
=========
Net income (loss) per BAC $ (.06) $
-
========
=========
The accompanying notes are an integral part of these
statements.
36
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 35
--------------------
2000
1999
---- -
---
Income
Interest income $ 97,784 $
71,884
Other income -
-
-------- ---
------
97,784
71,884
-------- ---
------
Share of income (loss) from
Operating Partnerships (118,914)
-
-------- ---
------
Expenses
Professional fees 4,289
4,943
Fund management fee (Note C) 54,660
23,047
Organization Costs -
-
Amortization 30,296
-
General and administrative expense 51,704
14,619
-------- ---
------
140,949
42,609
-------- ---
------
NET INCOME (LOSS) $(162,079) $
29,275
========
=========
Net income (loss) allocated to
limited partners $(160,458) $
28,982
========
=========
Net income (loss) allocated to $ (1,621) $
293
general partner ========
=========
Net income (loss) per BAC $ (.04) $
-
========
=========
The accompanying notes are an integral part of these
statements.
37
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)
Series 36*
Series 37*
--------- ---------
2000
2000
---- -
---
Income
Interest income $ 33,963 $
112,190
Other income -
-
-------- ---
------
33,963
112,190
-------- ---
------
Share of income (loss) from
Operating Partnerships 28,644
-
-------- ---
------
Expenses
Professional fees 2,847
5,424
Fund management fee (Note C) 37,425
26,697
Organization Costs -
- Amortization 21,490
21,214
General and administrative expense 11,036
22,341
-------- ---
------
72,798
75,676
-------- ---
------
NET INCOME (LOSS) $ (10,191) $
36,514
========
=========
Net income (loss) allocated to
limited partners $ (10,089) $
36,149
========
=========
Net income (loss) allocated to $ (102) $
365
general partner ========
=========
Net income (loss) per BAC $ - $
-
========
=========
* Series 36 and 37 did not commence operations until after June
30, 1999 therefore they do not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
38
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended June 30
(Unaudited)
Series 38*
----------
2000
------
Income
Interest income $ 29,129
Other income -
--------
29,129
--------
Share of income (loss) from
Operating Partnerships -
--------
Expenses
Professional fees 750
Fund management fee (Note C) 11,932
Organization Costs -
Amortization -
General and administrative expense 3,673
--------
16,355
--------
NET INCOME (LOSS) $ 12,774
========
Net income (loss) allocated to
limited partners $ 12,646
========
Net income (loss) allocated to $ 128
general partner ========
Net income (loss) per BAC $ .03
========
* Series 38 did not commence operations until after June 30,
1999, therefore it does not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
39
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
-----
Partners' capital
(deficit),
April 1, 2000 $416,025,620 $(767,937) $830,515
$416,088,198
Capital contribu-
tions 13,857,000 - -
13,857,000
Selling commissions
and registration
costs (1,931,854) - -
(1,931,854)
Net income (loss) (5,264,631) (53,178)
(5,317,809) ----------- --------
------- -----------
Partners' capital
(deficit),
June 30, 2000
$422,686,135 $(821,115) $830,515
$422,695,535
=========== ======== =======
===========
The accompanying notes are an integral part of these
statements.
40
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
-----
Series 20
--------
Partners' capital
(deficit),
April 1, 2000 $17,907,592 $(153,019) $ -
$17,754,573
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (493,298) (4,983) -
(498,281)
---------- -------- -------
----------
Partners' capital
(deficit),
June 30, 2000 $17,414,294 $(158,002) $ -
$17,256,292
========== ======== =======
==========
Series 21
--------
Partners' capital
(deficit),
April 1, 2000 $ 7,288,087 $ (89,971) $ 18,464 $
7,216,580
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (333,361) (3,367) -
(336,728)
---------- -------- --------
----------
Partners' capital
(deficit),
June 30, 2000 $ 6,954,726 $ (93,338) $ 18,464 $
6,879,852 ========== ========
======== ==========
The accompanying notes are an integral part of these
statements.
41
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
-----
Series 22
--------
Partners' capital
(deficit),
April 1, 2000 $13,603,885 $ (83,881) $ 9,776
$13,529,780
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (409,916) (4,141) -
(414,057)
---------- -------- ------
----------
Partners' capital
(deficit),
June 30, 2000 $13,193,969 $ (88,022) $ 9,776
$13,115,723
========== ======== =======
==========
Series 23
--------
Partners' capital
(deficit),
April 1, 2000 $20,540,234 $ (80,247) $ -
$20,459,987
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (358,146) (3,618) -
(361,764)
---------- -------- -------
----------
Partners' capital
(deficit),
June 30, 2000 $20,182,088 $ (83,865) $ -
$20,098,223
========== ======== =======
==========
The accompanying notes are an integral part of these
statements
42
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
-----
Series 24
--------
Partners' capital
(deficit),
April 1, 2000 $12,597,389 $ (59,924) $ 8,292
$12,545,757
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (408,372) (4,125) -
(412,497)
---------- -------- -------
----------
Partners' capital
(deficit),
June 30, 2000 $12,189,017 $ (64,049) $ 8,292
$12,133,260
========== ======== =======
==========
Series 25
--------
Partners' capital
(deficit),
April 1, 2000 $19,183,968 $ (66,267) $ 18,997
$19,136,698
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (429,173) (4,335) -
(433,508)
---------- -------- -------
----------
Partners' capital
(deficit),
June 30, 2000 $18,754,795 $ (70,602) $ 18,997
$18,703,190 ========== ========
======= ==========
The accompanying notes are an integral part of these
statements.
43
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- -------------
-----
Series 26
--------
Partners' capital
(deficit),
April 1, 2000 $29,315,855 $(47,570) $ 7,044
$29,275,329
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (341,971) (3,454) -
(345,425)
---------- ------- -------
----------
Partners' capital
(deficit),
June 30, 2000 $28,973,884 $ (51,024) $ 7,044
$28,929,904
========== ======= =======
==========
Series 27
--------
Partners' capital
(deficit),
April 1, 2000 $16,811,783 $ (38,716) $ 17,825
$16,790,892
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (328,046) (3,314) -
(331,360)
--------- ------- -------
----------
Partners' capital
(deficit),
June 30, 2000 $16,483,737 $(42,030) $ 17,825
$16,459,532
========== ======= =======
==========
The accompanying notes are an integral part of these
statements.
44
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- -------------
-----
Series 28
--------
Partners' capital
(deficit),
April 1, 2000 $31,782,620 $(26,184) $ 63,510
$31,819,946
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (447,451) (4,520) -
(451,971)
---------- ------ -------
----------
Partners' capital
(deficit),
June 30, 2000 $31,335,169 $(30,704) $ 63,510
$31,367,975
========== ======== =======
==========
Series 29
--------
Partners' capital
(deficit),
April 1, 2000 $29,719,635 $(41,869) $ 33,958
$29,711,724
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (343,083) (3,465) -
(346,548)
---------- ------ -------
----------
Partners' capital
(deficit),
June 30, 2000 $29,376,552 $(45,334) $ 33,958
$29,365,176 ========== ======
======= ==========
The accompanying notes are an integral part of these
statements.
45
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- -------------
-----
Series 30
--------
Partners' capital
(deficit),
April 1, 2000 $21,471,225 $(12,469) $ 63,230
$21,521,986
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (219,188) (2,214) -
(221,402)
---------- ------ -------
----------
Partners' capital
(deficit),
June 30, 2000 $21,252,037 $(14,683) $ 63,230
$21,300,584
========== ====== =======
==========
Series 31
--------
Partners' capital
(deficit),
April 1, 2000 $34,298,592 $(36,641) $ 70,407
$34,332,358
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (420,757) (4,250) -
(425,007)
---------- ------ -------
----------
Partners' capital
(deficit),
June 30, 2000 $33,877,835 $(40,891) $ 70,407 $
33,907,351
========== ======= =======
==========
The accompanying notes are an integral part of these
statements.
46
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- ------------
-----
Series 32
--------
Partners' capital
(deficit),
April 1, 2000 $39,409,396 $(12,392) $ 80,336
$39,477,340
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (274,438) (2,772) -
(277,210)
---------- ------ -------
----------
Partners' capital
(deficit),
June 30, 2000 $39,134,958 $(15,164) $ 80,336
$39,200,130
========== ====== =======
==========
Series 33
--------
Partners' capital
(deficit),
April 1, 2000 $22,072,254 $(5,110) $ 89,389
$22,156,533
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs - - -
-
Net income (loss) (124,868) (1,261) -
(126,129)
---------- ------ -------
----------
Partners' capital
(deficit),
June 30, 2000 $21,947,386 $(6,371) $ 89,389
$22,030,404
========== ====== =======
==========
The accompanying notes are an integral part of these
statements.
47
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
-----
Series 34
--------
Partners' capital
(deficit),
April 1, 2000 $29,388,210 $(6,593) $ 95,352 $
29,476,969
Capital contribu-
tions
Selling commissions
and registration
costs - - -
-
Net income (loss) (210,811) (2,129) -
(212,940) ---------- ------
------- ----------
Partners' capital
(deficit),
June 30, 2000 $29,177,399 $(8,722) $ 95,352
$29,264,029
========== ====== =======
==========
Series 35
--------
Partners' capital
(deficit),
April 1, 2000 $27,937,304 $(2,684) $ 76,772
$28,011,392
Capital contribu- - - -
-
tions
Selling commissions
and registration
costs (500) - -
(500)
Net income (loss) (160,458) (1,621) -
(162,079) ---------- ------
------- ----------
Partners' capital
(deficit),
June 30, 2000 $27,776,346 $(4,305) $ 76,772
$27,848,813
========== ====== =======
==========
48
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
-----
Series 36
--------
Partners' capital
(deficit),
April 1, 2000 $17,569,744 $(3,048) $ 53,275 $
17,619,971
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs (5,170) - -
(5,170)
Net income (loss) (10,089) (102) -
(10,191) ---------- ------
------- ----------
Partners' capital
(deficit),
June 30 2000 $17,554,485 $(3,150) $ 53,275
$17,604,610
========== ====== =======
==========
Series 37
--------
Partners' capital
(deficit),
April 1, 2000 $21,622,194 $ (535) $ 123,888 $
21,745,547
Capital contribu-
tions - - -
-
Selling commissions
and registration
costs (9,360) - -
(9,360)
Net income (loss) 36,149 365 -
36,514 ---------- ------
------- ----------
Partners' capital
(deficit),
June 30, 2000 $21,648,983 $ (170) $123,888
$21,772,701
========== ====== =======
==========
49
Boston Capital Tax Credit Fund IV L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Three Months Ended June 30, 2000
(Unaudited)
Accumulated
or other
General comprehensive
Assignees Partner income
Total
--------- ------- --------------
-----
Series 38
--------
Partners' capital
(deficit),
April 1, 2000 $ 3,505,653 $ (817) $ - $
3,504,836
Capital contribu-
tions 13,857,000 - -
13,857,000
Selling commissions
and registration
costs (1,916,824) - -
(1,916,824)
Net income (loss) 12,646 128 -
12,774 ---------- ------
------- ----------
Partners' capital
(deficit),
June 30 2000 $15,458,475 $ (689) $ -
$15,457,786
========== ====== =======
==========
50
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (5,317,809)
$(4,037,830)
Adjustments
Amortization 125,429
69,261
Distributions from
Operating Partnerships 27,656
51,451
Share of loss from Operating
Partnerships 4,435,838
3,374,833
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(105,282)
(Decrease) Increase in accounts
payable and accrued expenses 210,753
(274,623)
Decrease (Increase) in accounts
receivable (1,771,963)
(3,934,007)
(Decrease) Increase in accounts
payable affiliates 799,192
60,880
Line of credit (976,349)
782,678
----------- -
----------
Net cash (used in) provided by
operating activities (2,467,253)
(4,012,639)
----------- -
----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to be acquired (1,503,429)
(2,822,030)
Capital contributions paid to
Operating Partnerships (10,033,529)
(15,543,112)
Advances to Operating Partnerships (3,203,802)
1,048,591
Investments 3,890,898
(1,725,661)
----------- -
----------
Net cash (used in) provided by
investing activities (10,849,862)
(19,042,212)
----------- -
----------
51
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
2000
1999
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid (1,931,854)
(3,574,876)
Capital contributions received 13,857,000
25,962,625
Net cash (used in) provided by ----------- -
----------
financing activities 11,925,146
22,387,749
----------- -
----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (1,391,969)
(667,102)
Cash and cash equivalents, beginning 15,484,389
14,152,267
----------- -----------
Cash and cash equivalents, ending $ 14,092,420 $
13,485,165
===========
===========
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 $
15,269,423
===========
===========
The accompanying notes are an integral part of these
statements.
52
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 20
---
------------------------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (498,281) $
(465,922)
Adjustments
Amortization 893
6,714
Distributions from
Operating Partnerships 12,836
16,315
Share of loss from Operating
Partnerships 413,953 382,179
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 222
-
Decrease (Increase) in accounts
receivable (36,536)
98,410
(Decrease) Increase in accounts
payable affiliates 94,812
94,812
Line of credit -
-
----------
----------
Net cash (used in) provided by
operating activities (12,101)
132,508
----------
----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
-
Capital contributions paid to
Operating Partnerships -
-
Advances to Operating Partnerships -
-
Investments -
-
----------
----------
Net cash (used in) provided by
investing activities -
-
----------
----------
53
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 20
--
--------------------------
2000
1999
----
----
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 (12,101)
132,508
Cash and cash equivalents, beginning 312,723
223,286
----------
----------
Cash and cash equivalents, ending $ 300,622 $
355,794
==========
==========
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.
54
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 21
---
-----------------------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $(336,728) $
(368,604)
Adjustments
Amortization 488
488
Distributions from
Operating Partnerships 436
-
Share of loss from Operating
Partnerships 288,778
309,934
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 111
-
Decrease (Increase) in accounts
receivable (893)
(1,006)
(Decrease) Increase in accounts
payable affiliates 56,460
56,460
Line of credit -
-
----------
----------
Net cash (used in) provided by
operating activities 8,652
(2,728)
----------
----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
-
Capital contributions paid to
Operating Partnerships -
-
Advances to Operating Partnerships -
-
Investments 71,275
(55,423)
----------
----------
Net cash (used in) provided by
investing activities 71,275
(55,423)
----------
----------
55
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 21
--
-----------------------
2000
1999
----
----
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 79,927
(58,151)
Cash and cash equivalents, beginning 272,223
204,141
----------
----------
Cash and cash equivalents, ending $ 352,150 $
145,990
==========
==========
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.
56
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 22
------------------------
--
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (414,057) $
(267,163)
Adjustments
Amortization 1,535
3,135
Distributions from
Operating Partnerships 3,910
-
Share of loss from Operating
Partnerships 365,988 193,654
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 157
-
Decrease (Increase ) in prepaid
expenses -
-
Decrease (Increase) in accounts
receivable (475)
(350)
(Decrease) Increase in accounts
payable affiliates 63,650
63,648
Line of credit -
-
----------
----------
Net cash (used in) provided by
operating activities 20,708
(7,076)
----------
----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
-
Capital contributions paid to
Operating Partnerships -
(2,409)
Advances to Operating Partnerships -
11,705
Investments 37,865
(19,422)
----------
----------
Net cash (used in) provided by
investing activities 37,865
(10,126)
----------
----------
57
Boston Capital Tax Credit Fund IV L.P
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 22
---------------------------
2000
1999
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid -
-
Capital contributions received -
-
Net cash (used in) provided by ----------
---------
financing activities -
-
----------
---------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 58,573
(17,202)
Cash and cash equivalents, beginning 271,654
319,333
----------
----------
Cash and cash equivalents, ending $ 330,227 $
302,131
==========
==========
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.
58
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 23
---
-----------------------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (361,764) $
(333,962)
Adjustments
Amortization 1,562
4,830
Distributions from
Operating Partnerships -
-
Share of loss from Operating
Partnerships 312,848 268,288
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 199
-
Decrease (Increase ) in prepaid
expenses -
-
Decrease (Increase) in accounts
receivable -
12,063
(Decrease) Increase in accounts
payable affiliates 60,067
60,066
Line of credit -
-
----------
----------
Net cash (used in) provided by
operating activities 12,912
11,285
----------
----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
-
Capital contributions paid to
Operating Partnerships -
(274,928)
Advances to Operating Partnerships -
150,000
Investments -
-
----------
----------
Net cash (used in) provided by
investing activities -
(124,928)
---------- ----------
59
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 23
----------------------------
2000 1999
---- ----
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 12,912
(113,643)
Cash and cash equivalents, beginning 339,179
610,758
----------
----------
Cash and cash equivalents, ending $ 352,091 $
497,115
==========
==========
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.
60
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 24
---
-----------------------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (412,497) $
(475,748)
Adjustments
Amortization 2,551
5,796
Distributions from
Operating Partnerships -
14,010
Share of loss from Operating
Partnerships 342,989 436,704
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 19
12,000
Decrease (Increase) in accounts
receivable (402)
(1,412)
(Decrease) Increase in accounts
payable affiliates 58,338
58,341
Line of credit -
-
----------
----------
Net cash (used in) provided by
operating activities (9,002)
49,691
----------
----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(23)
Capital contributions paid to
Operating Partnerships -
(16,242)
Advances to Operating Partnerships -
(165)
Investments 32,320
(13,399)
----------
----------
Net cash (used in) provided by
investing activities 32,320
(29,829)
---------- ----------
61
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 24
----------------------------
2000 1999
---- ----
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 23,318
19,862
Cash and cash equivalents, beginning 294,853
304,564
----------
----------
Cash and cash equivalents, ending $ 318,171 $
324,426
==========
==========
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.
62
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 25
---
-----------------------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (433,508) $
(544,954)
Adjustments
Amortization 3,805
6,427
Distributions from
Operating Partnerships 355
4,971
Share of loss from Operating
Partnerships 371,060 483,594
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 3,124
-
Decrease (Increase) in accounts
receivable (921)
(2,306)
(Decrease) Increase in accounts
payable affiliates 68,169
68,169
Line of credit -
-
----------
----------
Net cash (used in) provided by
operating activities 12,084
15,901
----------
----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(23)
Capital contributions paid to
Operating Partnerships (2,955)
(27,913)
Advances to Operating Partnerships -
4,507
Investments 73,876
(37,740)
----------
----------
Net cash (used in) provided by
investing activities 70,921
(61,169)
----------
----------
63
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 25
----------------------------
2000 1999
---- ----
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 83,005
(45,268)
Cash and cash equivalents, beginning 526,832
660,000
----------
----------
Cash and cash equivalents, ending $ 609,837 $
614,732
==========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
-
==========
==========
The accompanying notes are an integral part of these
statements.
64
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 26
---
-----------------------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (345,425) $
(302,838)
Adjustments
Amortization 4,340
9,073
Distributions from
Operating Partnerships 2,791
8,521
Share of (income) loss from
Operating Partnerships 276,125
216,215
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 225
-
Decrease (Increase) in accounts
receivable 20,452
204,148
(Decrease) Increase in accounts
payable affiliates 109,392
99,567
Line of credit -
-
----------
----------
Net cash (used in) provided by
operating activities 67,900
234,686
----------
----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(2,439)
Capital contributions paid to
Operating Partnerships (20,793)
(285,821)
Advances to Operating Partnerships -
70,239
Investments 27,422
(439,015)
---------- -
----------
Net cash (used in) provided by
investing activities 6,629
(657,036)
---------- -
----------
65
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30
(Unaudited)
Series 26
----------------------------
2000 1999
---- ----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid -
(3,245)
Capital contributions received -
-
Net cash (used in) provided by ----------
----------
financing activities -
(3,245)
---------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 74,529
(425,595)
Cash and cash equivalents, beginning 201,802
1,190,003
----------
----------
Cash and cash equivalents, ending $ 276,331 $
764,408
==========
==========
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.
66
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 27
---
-----------------------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (331,360) $
(242,243)
Adjustments
Amortization 3,914
3,881
Distributions from
Operating Partnerships 3,214
2,871
Share of (income) loss from
Operating Partnerships 262,316
169,095
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 129
-
Decrease (Increase) in accounts
receivable (864)
17,324
(Decrease) Increase in accounts
payable affiliates 78,802
77,115
Line of credit -
-
----------
----------
Net cash (used in) provided by
operating activities 16,151
28,043
----------
----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
-
Capital contributions paid to
Operating Partnerships (12,535)
(337,503)
Advances to Operating Partnerships -
42,839
Investments 69,032
(10,018)
---------- -
----------
Net cash (used in) provided by
investing activities 56,497
(304,682)
---------- -
----------
67
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30
(Unaudited)
Series 27
----------------------------
2000 1999
---- ----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid -
(1,565)
Capital contributions received -
-
Net cash (used in) provided by ----------
----------
financing activities -
(1,565)
----------
----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 72,648
(278,204)
Cash and cash equivalents, beginning 250,061
1,328,141
----------
----------
Cash and cash equivalents, ending $ 322,709 $
1,049,937
==========
==========
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 $
333,396
==========
==========
The accompanying notes are an integral part of these
statements.
68
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
28
---------------
----------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (451,971)
$ (206,300)
Adjustments
Amortization 825
5,081
Distributions from
Operating Partnerships 2,561
-
Share of (income) loss from
Operating Partnerships 404,086
153,678
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 6,897
-
Decrease (Increase) in accounts
receivable (3,075)
135,271
(Decrease) Increase in accounts
payable affiliates -
(255,793)
Line of credit -
-
----------
-----------
Net cash (used in) provided by
operating activities (40,677)
(168,063)
----------
-----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(23)
Capital contributions paid to
Operating Partnerships -
(443,578)
Advances to Operating Partnerships -
-
Investments 308,597
615,169
----------
-----------
Net cash (used in) provided by
investing activities 308,597
171,568
----------
-----------
69
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
28 --
------------------------
2000
1999
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid -
(1,977)
Capital contributions received -
-
Net cash (used in) provided by ----------
-----------
financing activities -
(1,977)
----------
-----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 267,920
1,528
Cash and cash equivalents, beginning 1,096,622
569,820
----------
-----------
Cash and cash equivalents, ending $ 1,364,542 $
571,348
==========
===========
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.
70
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
29
--------------------
----------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (346,548) $
(308,319)
Adjustments
Amortization 813
3,804
Distributions from
Operating Partnerships 1,050
-
Share of (income) loss from
Operating Partnerships 284,198
263,726
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 321
-
Decrease (Increase) in accounts
receivable (6,329)
(7,523)
(Decrease) Increase in accounts
payable affiliates -
-
Line of Credit -
-
----------
-----------
Net cash (used in) provided by
operating activities (66,495)
(48,312)
----------
-----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire -
(28,857)
Capital contributions paid to
Operating Partnerships (8,516)
(1,377,856)
Advances to Operating Partnerships -
-
Investments 77,665
1,613,132
----------
-----------
Net cash (used in) provided by
investing activities 69,149
206,419
---------- -
----------
71
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
29
-----------------
-----------
2000
1999
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid -
(2,256)
Capital contributions received -
-
Net cash (used in) provided by ---------
-----------
financing activities -
(2,256)
---------
-----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 2,654
155,851
Cash and cash equivalents, beginning 387,679
1,066,404
-----------
-----------
Cash and cash equivalents, ending $ 390,333 $
1,222,255
===========
===========
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.
72
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
30
------------------
----------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (221,402) $
(61,961)
Adjustments
Amortization 5,298
3,464
Distributions from
Operating Partnerships -
4,321
Share of (income) loss from
Operating Partnerships 185,956
51,871
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 127
-
Decrease (Increase) in accounts
receivable (83,092)
(335,059)
(Decrease) Increase in accounts
payable affiliates -
-
Line of credit -
-
----------- -
-----------
Net cash (used in) provided by
operating activities (113,113)
(337,364) -
---------- ------------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (874)
(25,277)
Capital contributions paid to
Operating Partnerships (129,587)
(2,897,137)
Advances to Operating Partnerships -
1,309,758
Investments 354,018
1,298,836
----------- -
-----------
Net cash (used in) provided by
investing activities 223,557
(313,820)
----------- -
-----------
73
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
30
-----
----------------------
2000
1999
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid -
(1,821) Capital contributions received
- -
Net cash (used in) provided by -----------
----------
financing activities -
(1,821) --
--------- ----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 110,444
(653,005)
Cash and cash equivalents, beginning 403,328
1,339,143
-----------
----------
Cash and cash equivalents, ending $ 513,772
$ 686,138
===========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ -
$1,730,322
===========
==========
The accompanying notes are an integral part of these
statements.
74
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
31
-----------------
----------
2000
1999
----
----
Cash flows from operating activities:
Net income (loss) $ (425,007) $
(672,070) Adjustments
Amortization -
3,426
Distributions from
Operating Partnerships -
442
Share of (income) loss from
Operating Partnerships 362,218
609,284
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses (908)
-
Decrease (Increase) in accounts
receivable 271,628
(273,877)
(Decrease) Increase in accounts
payable affiliates -
-
Line of credit -
-
----------- -
-----------
Net cash (used in) provided by
operating activities 207,931
(332,795)
----------- -
-----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (12,404)
(9,817)
Capital contributions paid to
Operating Partnerships (3,110,521)
(1,048,324)
Advances to Operating Partnerships 1,456,296
317,142
Investments 838,909
609,466
----------- -
-----------
Net cash (used in) provided by
investing activities (827,720)
(131,533)
----------- -
-----------
75
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
31
----------------
-----------
2000
1999
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid -
(2,836)
Capital contributions received -
-
Net cash (used in) provided by -----------
----------
financing activities -
(2,836)
-----------
----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (619,789)
(467,164)
Cash and cash equivalents, beginning 1,449,979
1,294,456
-----------
----------
Cash and cash equivalents, ending $ 830,190 $
827,292
===========
==========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 22,855 $
-
===========
==========
The accompanying notes are an integral part of these
statements.
76
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
32 ---
-------------------------
2000
1999
------
------
Cash flows from operating activities:
Net income (loss) $ (277,210)
$ 95,519
Adjustments
Amortization 9,066
2,966
Distributions from
Operating Partnerships 503
-
Share of (income) loss from
Operating Partnerships 206,758
(86,007)
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 222
-
Decrease (Increase) in accounts
receivable 382,858
482,380
(Decrease) Increase in accounts
payable affiliates 82,873
-
Line of credit -
-
-----------
-----------
Net cash (used in) provided by
operating activities 405,070
494,858
-----------
-----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (512)
(217,994)
Capital contributions paid to
Operating Partnerships (407,363)
(3,355,387)
Advances to Operating Partnerships -
1,121,948
Investments 246,342
1,065,594
-----------
-----------
Net cash (used in) provided by
investing activities (161,533)
(1,385,839)
-----------
-----------
77
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 32
------------------
------------
2000
1999
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid -
(4,732)
Capital contributions received -
-
Net cash (used in) provided by -----------
-----------
financing activities -
(4,732)
-----------
-----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 243,537
(895,713)
Cash and cash equivalents, beginning 240,584
1,625,906
-----------
-----------
Cash and cash equivalents, ending $ 484,121 $
730,193
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
3,071,781
===========
===========
The accompanying notes are an integral part of these
statements.
78
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
33 ---
------------------------
2000
1999
------
------
Cash flows from operating activities:
Net income (loss) $ (126,129)
$ 72,132
Adjustments
Amortization 6,702
4,654
Distributions from
Operating Partnerships -
-
Share of (income) loss from
Operating Partnerships 110,726
(77,382)
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 119
-
Decrease (Increase) in accounts
receivable (4,274)
655,226
(Decrease) Increase in accounts
payable affiliates 42,333
-
Line of credit -
-
----------- -
----------
Net cash (used in) provided by
operating activities 29,477
654,630
----------- -
----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (7,650)
(16,850)
Capital contributions paid to
Operating Partnerships (30,226)
(1,616,659)
Advances to Operating Partnerships (250,387)
-
Investments 239,672
1,108,151
----------- -
----------
Net cash (used in) provided by
investing activities (48,591)
(525,358)
----------- -
----------
79
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 33
------------------
----------
2000
1999
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid -
(4,980) Capital contributions received
- -
Net cash (used in) provided by -----------
-----------
financing activities -
(4,980)
-----------
-----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (19,114)
124,292
Cash and cash equivalents, beginning 597,735
685,857
-----------
-----------
Cash and cash equivalents, ending $ 578,621 $
810,149
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
619,163
===========
===========
The accompanying notes are an integral part of these
statements.
80
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
34
--------------
---------
2000
1999
------
------
Cash flows from operating activities:
Net income (loss) $ (212,940) $
15,328
Adjustments
Amortization 10,637
5,522
Distributions from
Operating Partnerships -
-
Share of (income) loss from
Operating Partnerships 157,569
-
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 12,021
-
Decrease (Increase) in accounts
receivable (341,406)
1,645,480
(Decrease) Increase in accounts
payable affiliates -
-
Line of credit -
-
----------- --
---------
Net cash (used in) provided by
operating activities (374,119)
1,666,330
----------- --
---------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (20,346)
(96,706)
Capital contributions paid to
Operating Partnerships (1,512,550)
(2,313,656)
Advances to Operating Partnerships 951,050
(1,196,704)
Investments 873,629
348,889
----------- --
---------
Net cash (used in) provided by
investing activities 291,783
(3,258,177)
----------- --
---------
81
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 34
--------------
--------
2000
1999
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid -
(47,658)
Capital contributions received -
-
Net cash (used in) provided by ----------- -
----------
financing activities -
(47,658)
----------- -
----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (82,336)
(1,639,505)
Cash and cash equivalents, beginning 672,010
2,482,579
----------- -
----------
Cash and cash equivalents, ending $ 589,674 $
843,074
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
1,363,303
===========
===========
The accompanying notes are an integral part of these
statements.
82
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series
35
--------------
---------
2000
1999
------
------
Cash flows from operating activities:
Net income (loss) $ (162,079) $
29,275
Adjustments
Amortization 30,296
-
Distributions from
Operating Partnerships -
-
Share of (income) loss from
Operating Partnerships 118,914
-
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
(105,282)
(Decrease) Increase in accounts
payable and accrued expenses (1,562)
(286,623)
Decrease (Increase) in accounts
receivable 421,933
(6,562,776)
(Decrease) Increase in accounts
payable affiliates 13,404
(261,505)
Line of credit -
782,678
----------- --
---------
Net cash (used in) provided by
operating activities 420,906
(6,404,233)
----------- --
---------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (2,099)
(2,424,021)
Capital contributions paid to
Operating Partnerships (1,842,091)
(1,545,699)
Advances to Operating Partnerships (103,068)
(782,678)
Investments 1,850,907
(7,809,881)
----------- --
---------
Net cash (used in) provided by
investing activities (96,351)
(12,562,279)
----------- --
---------
83
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 35
--------------
--------
2000
1999
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid (500)
(3,503,806)
Capital contributions received -
25,962,625
Net cash (used in) provided by ----------- -
----------
financing activities (500)
22,458,819
----------- -
----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 324,055
3,492,307
Cash and cash equivalents, beginning 701,756
247,876
----------- -
----------
Cash and cash equivalents, ending $ 1,025,811 $
3,740,183
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
8,151,458
===========
===========
The accompanying notes are an integral part of these
statements.
84
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 36*
Series 37*
------------
------------
2000
2000
------
------
Cash flows from operating activities:
Net income (loss) $ (10,191) $
36,514
Adjustments
Amortization 21,490
21,214
Distributions from
Operating Partnerships -
-
Share of (income) loss from
Operating Partnerships (28,644)
-
Changes in assets and liabilities
Decrease (Increase) in
organization costs -
-
(Decrease) Increase in accounts
payable and accrued expenses 27,095
96
Decrease (Increase) in accounts
receivable 217,661
372,037
(Decrease) Increase in accounts
payable affiliates 11,088
(4,710)
Line of credit -
-
----------- --
---------
Net cash (used in) provided by
operating activities 238,499
425,151
----------- --
---------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (60,078)
(19,120)
Capital contributions paid to
Operating Partnerships (881,146)
(380,401)
Advances to Operating Partnerships 166,263
(4,859,956)
Investments 555,911
(54,750)
----------- --
---------
Net cash (used in) provided by
investing activities (219,050)
(5,314,227)
----------- --
---------
Series 36 and 37 did not commence operation until after June 30,
1999, therefore they do not have comparative information to
report.
85
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 36* Series 37*
-------------
------------
2000
2000
----
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid (5,170)
(9,360)
Capital contributions received -
-
Net cash (used in) provided by ----------- -
----------
financing activities (5,170)
(9,360)
----------- -
----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 14,279
(4,898,436)
Cash and cash equivalents, beginning 328,095
5,952,947
----------- -
----------
Cash and cash equivalents, ending $ 342,374 $
1,054,511
===========
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ - $
-
===========
===========
*Series 36 and 37 did not commence operation until after June 30,
1999, therefore they do not have comparative information to
report.
The accompanying notes are an integral part of these
statements.
86
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 38*
------------
2000
------
Cash flows from operating activities:
Net income (loss) $ 12,774
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 162,139
Decrease (Increase) in accounts
receivable (2,980,265)
(Decrease) Increase in accounts
payable affiliates 64,514
Line of credit (976,349)
-----------
Net cash (used in) provided by
operating activities (3,717,187)
-----------
Cash flows from investing activity:
Acquisition costs repaid (paid) for
Operating Partnerships acquired or
to acquire (1,380,346)
Capital contributions paid to
Operating Partnerships (1,694,845)
Advances to Operating Partnerships (564,000)
Investments (1,711,792)
-----------
Net cash (used in) provided by
investing activities (5,350,983)
-----------
* Series 38 did not commence operation until after June 30, 1999,
therefore it does not have comparative information to report.
87
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Three Months Ended June 30,
(Unaudited)
Series 38*
-------------
2000
----
Continued
---------
Cash flows from financing activities:
Sales and registration costs paid (1,916,824)
Capital contributions received 13,857,000
Net cash (used in) provided by -----------
financing activities 11,940,176
-----------
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 2,872,006
Cash and cash equivalents, beginning 1,184,327
-----------
Cash and cash equivalents, ending $ 4,056,333
===========
Supplemental schedule of non-cash
investing and financing activities
The fund has increased its investments
for unpaid capital contributions due to
the Operating Partnerships $ 6,710,244
===========
*Series 38 did not commence operation until after June 30, 1999,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of these
statements.
88
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2000
(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 August 15, 2000:
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
89
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE A - ORGANIZATION (continued)
Series Closing Date BACs Sold Equity Raised
------ ------------ --------- ------------
-
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
Series 38 July 31, 2000 2,543,100 $25,431,000
The Fund commenced offering BACs in Series 39 on August 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 June 30, 2000 and
for the
three months then ended have been prepared by the Fund, without
audit, pursuant to the rules and regulations of the Securities
and Exchange
Commission. The Fund accounts for its investments in Operating
Partnerships
using the equity method, whereby the Fund adjusts its investment
cost for its
share of each Operating Partnership's results of operations and
for any
distributions received or accrued. Costs incurred by the Fund in
acquiring
the investments in the Operating Partnerships are capitalized to
the
investment account.
The Fund's accounting and financial reporting policies are in
conformity
with generally accepted accounting principles and include
adjustments in
interim periods considered necessary for a fair presentation of
the
results of operations. Such adjustments are of a normal
recurring
nature. Certain information and footnote disclosures normally
included
in financial statements prepared in accordance with generally
accepted
accounting principals have been condensed or omitted pursuant to
such
rules and regulations. It is suggested that these condensed
financial
statements be read in conjunction with the financial statements
and
notes thereto included in the Fund's Annual Report on Form 10-K.
Investment Securities
---------------------
The Fund has determined that all of its investment securities are
to be
categorized as securities available for sale. Securities
classified as
available for sale are those debt securities that the Fund
purchased that may
be liquidated prior to the maturity date should the need arise.
These
securities are carried at approximate fair market value. All of
the
investments held by the Fund are tax-exempt municipal bonds and
Certificates of Deposit.
90
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued)
The amortized cost of securities available for sale as of June
30, 2000
by contractual maturity are as follows:
Amortized
Cost
----------
Due in one year or less $19,155,666
Due after one year 9,349,808
----------
Total $28,505,474
==========
The fair market value of the securities is $29,355,989. The
difference
being an unrealized gain on securities available for sale of
$830,515, as
of June 30, 2000.
Amortization
------------
The Fund began amortizing unallocated and deferred acquisition
costs over 330 months as of June 1999. Each Series begins
amortizing costs once they have completed investing in operating
partnerships. Accumulated amortization of acquisition costs by
Series as of June 30, 2000 and 1999 is as follows:
2000 1999
---- ----
Series 20 4,465 $ 893
Series 21 2,442 488
Series 22 7,675 -
Series 23 7,808 1,526
Series 24 12,756 2,551
Series 25 12,810 2,562
Series 26 21,702 4,350
Series 27 18,683 -
Series 28 4,126 -
Series 29 4,018 -
Series 30 26,436 -
Series 32 37,222 -
Series 33 33,281 -
Series 34 52,491 -
Series 35 150,192 -
Series 36 106,247 -
Series 37 21,214 -
--------- -------
$ 523,568 $ 12,370
========= =======
91
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS
The Fund has entered into several transactions with various
affiliates
of the general partner, including Boston Capital Holdings Limited
Partnership, Boston Capital Services, Inc., and Boston Capital
Asset Management L.P. as follows:
For the quarter ended June 30, 2000, Boston Capital Services,
Inc.
received $260,170 for Series 38 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, Series 36 and Series 37 completed payment
of all Dealer-Manager fees prior to the quarter ended June 30,
2000.
Boston Capital Holdings L.P. is entitled to asset acquisition
fees for
selecting, evaluating, structuring, negotiating, and closing the
Fund's
acquisition of interest in the Operating Partnerships. During
the quarter
ended June 30, 2000, Series 38 paid $1,177,845 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, Series 36 and Series 37
completed payment of all acquisition fees prior to the quarter
ended June 30, 2000.
An annual fund management fee based on .5 percent of the
aggregate cost
of all apartment complexes owned by the Operating Partnerships
has been
accrued or paid to Boston Capital Asset Management L.P.
The fund management fees accrued for the quarters ended June 30,
2000 and
1999 are as follows:
2000 1999
---- ----
Series 20 $ 94,812 $ 94,812
Series 21 56,460 56,460
Series 22 63,648 63,648
Series 23 60,066 60,066
Series 24 58,338 58,341
Series 25 68,169 68,169
Series 26 109,395 99,567
Series 27 78,801 77,115
Series 32 82,875 -
Series 33 42,333 -
Series 35 54,660 23,047
Series 36 37,425 -
Series 38 11,932 -
------- -------
$818,914 $601,225
======= =======
92
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS - (continued)
The fund management fees paid for the quarters ended June 30,
2000 and 1999 are as follows:
2000 1999
---- ----
Series 28 $ 83,502 $ 83,502
Series 29 84,629 84,860
Series 30 55,179 44,113
Series 31 98,676 89,724
Series 32 - 68,046
Series 33 - 54,717
Series 34 73,155 47,660
Series 35 41,256 -
Series 36 26,337 -
Series 37 31,407 -
------- -------
$494,141 $472,622
======= =======
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At June 30, 2000 and 1999 the Fund has limited partnership
interests in
363 and 332 Operating Partnerships, respectively, which own or
are
constructing apartment complexes.
The breakdown of Operating Partnerships within the Fund at June
30, 2000 and 1999 is as follows:
2000 1999
---- ----
Series 20 24 24
Series 21 14 14
Series 22 29 29
Series 23 22 22
Series 24 24 24
Series 25 22 22
Series 26 45 45
Series 27 16 15
Series 28 26 26
Series 29 22 22
Series 30 20 20
Series 31 27 26
Series 32 16 15
Series 33 10 9
Series 34 14 11
93
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
2000 1999
---- ----
Series 35 10 8
Series 36 11 -
Series 37 5 -
Series 38 6 -
--- ---
363 332
=== ===
Under the terms of the Fund's investment in each Operating
Partnership, the
Fund is required to make capital contributions to the Operating
Partnerships.
These contributions are payable in installments over several
years upon each
Operating Partnership achieving specified levels of construction
and/or
operations. The contributions payable at June 30, 2000 and 1999
are as
follows:
2000 1999
---- ----
Series 20 $ 388,026 $ 388,026
Series 21 683,688 709,193
Series 22 538,770 548,232
Series 23 458,631 487,851
Series 24 1,214,204 1,269,494
Series 25 2,431,112 2,673,557
Series 26 2,688,369 5,189,760
Series 27 1,052,171 1,913,594
Series 28 2,463,113 3,992,036
Series 29 2,052,465 4,474,755
Series 30 2,379,537 5,115,010
Series 31 1,954,134 6,976,731
Series 32 4,040,039 9,883,422
Series 33 3,242,693 5,024,026
Series 34 4,448,643 11,606,431
Series 35 3,705,183 15,407,534
Series 36 4,628,388 -
Series 37 6,790,177 -
Series 38 7,443,810 -
---------- ----------
$52,603,153 $75,659,652
========== ==========
94
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(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 three
months ended March 31, 2000.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 20
---------------------------
2000
1999
----
----
Revenues
Rental $2,165,392
$2,099,269
Interest and other 117,433
107,098
---------
---------
2,282,825
2,206,367
---------
---------
Expenses
Interest 760,268
781,818
Depreciation and amortization 738,982
765,608
Operating expenses 1,209,658
1,052,354
---------
---------
2,708,908
2,599,780
---------
---------
NET LOSS $ (426,083) $
(393,413)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (413,953) $
(382,179)
=========
=========
Net loss allocated to
other partners $ (4,260) $
(3,934)
=========
=========
Net Loss Suspended $ (7,870) $
(7,300)
=========
=========
95
Boston Capital Tax Credit Fund IV L.P
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 21
---------------------------
-
2000 1999
---- ----
Revenues
Rental $1,258,022
$1,216,390
Interest and other 30,616
31,558
---------
---------
1,288,638
1,247,948
---------
---------
Expenses
Interest 468,487
477,392
Depreciation and amortization 294,997
304,681
Operating expenses 816,850
778,940
---------
---------
1,580,334
1,561,013
---------
---------
NET INCOME (LOSS) $ (291,696) $
(313,065)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (288,778) $
(309,934)
=========
=========
Net loss allocated to
other partners $ (2,918) $
(3,131)
=========
=========
96
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 22
--------------------------
2000 1999
Revenues ---- ----
Rental $1,193,477
$1,177,196
Interest and other 59,545
62,335
---------
---------
1,253,022
1,239,531
---------
---------
Expenses
Interest 346,594
332,004
Depreciation and amortization 458,028
447,678
Operating expenses 818,084
655,459
---------
---------
1,622,706
1,435,141
---------
---------
NET INCOME (LOSS) $ (369,684) $
(195,610)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (365,988) $
(193,654)
=========
=========
Net loss allocated to
other partners $ (3,696) $
(1,956)
=========
=========
97
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 23
----------------------------
2000 1999
Revenues ---- ----
Rental $1,387,053
$1,328,724
Interest and other 60,987
71,823
---------
---------
1,448,040
1,400,547
---------
---------
Expenses
Interest 453,506
446,101
Depreciation and amortization 490,997
455,401
Operating expenses 819,545
770,043
---------
---------
1,764,048
1,671,545
---------
---------
NET LOSS $ (316,008) $
(270,998)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (312,848) $
(268,288)
=========
=========
Net loss allocated to
other partners $ (3,160) $
(2,710)
=========
=========
98
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 24
----------------------------
2000 1999
Revenues ---- ----
Rental $1,303,421 $1,282,608
Interest and other 24,884 33,989
--------- ---------
1,328,305 1,316,597
--------- ---------
Expenses
Interest 446,403 467,591
Depreciation and amortization 483,672 484,953
Operating expenses 744,684 805,168
--------- ---------
1,674,759 1,757,712
--------- ---------
NET INCOME (LOSS) $ (346,454) $ (441,115)
========= =========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (342,989) $ (436,704)
========= =========
Net loss allocated to
other partners $ (3,465) $ (4,411)
========= =========
99
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 25
---------------------
-----
2000
1999
Revenues ---- -
---
Rental $1,810,478
$1,781,862
Interest and other 46,877
34,640
--------- ----
-----
1,857,355
1,816,502
--------- ----
-----
Expenses
Interest 565,721
564,104
Depreciation and amortization 514,044
502,427
Operating expenses 1,152,398
1,238,450
--------- ----
-----
2,232,163
2,304,981
--------- ----
-----
NET INCOME (LOSS) $ (374,808) $
(488,479)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (371,060) $
(483,594)
=========
=========
Net loss allocated to
other partners $ (3,748) $
(4,885)
=========
=========
100
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 26
---------------------------
2000 1999
Revenues ---- ----
Rental $2,063,633
$2,032,064
Interest and other 83,365
52,874
---------
---------
2,146,998
2,084,938
---------
---------
Expenses
Interest 509,751
510,444
Depreciation and amortization 707,004
700,574
Operating expenses 1,209,157
1,092,319
---------
---------
2,425,912
2,303,337
---------
---------
NET INCOME (LOSS) $ (278,914) $
(218,399)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (276,125) $
(216,215)
=========
=========
Net income (loss) allocated to
other partners $ (2,789) $
(2,184)
=========
=========
101
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 27
--------------------------
-
2000 1999
Revenues ---- ----
Rental $2,025,734
$1,492,967
Interest and other 51,314
33,278
---------
---------
2,077,048
1,526,245
---------
---------
Expenses
Interest 792,354
639,885
Depreciation and amortization 594,541
417,810
Operating expenses 955,119
639,353
---------
---------
2,342,014
1,697,048
---------
---------
NET INCOME (LOSS) $ (264,966) $
(170,803)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (262,316) $
(169,095)
=========
=========
Net income (loss) allocated to
other partners $ (2,650) $
(1,708)
=========
=========
102
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 28
--------------------------
-
2000 1999
Revenues ---- ----
Rental $1,385,125 $
930,905
Interest and other 43,922
27,121
---------
---------
1,429,047
958,026
---------
---------
Expenses
Interest 411,038
297,776
Depreciation and amortization 581,296
286,662
Operating expenses 844,880
528,819
---------
---------
1,837,214
1,113,257
---------
---------
NET LOSS $ (408,167) $
(155,231)
=========
=========
Net loss allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (404,086) $
(153,678)
=========
=========
Net loss allocated to
other partners $ (4,081) $
(1,553)
=========
=========
103
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 29
--------------------------
2000 1999
Revenues ---- ----
Rental $1,611,949 $
968,337
Interest and other 79,820
31,039
--------- --------
-
1,691,769
999,376
--------- --------
-
Expenses
Interest 519,129
327,210
Depreciation and amortization 552,216
349,806
Operating expenses 907,493
588,750
--------- --------
-
1,978,838
1,265,766
--------- --------
-
NET INCOME (LOSS) $ (287,069) $
(266,390)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (284,198) $
(263,726)
=========
=========
Net income (loss) allocated to
other partners $ (2,871) $
(2,664)
=========
=========
104
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 30
--------------------------
-
2000 1999
Revenues ---- ----
Rental $ 864,905 $ 425,290
Interest and other 30,525 17,235
--------- ---------
895,430 442,525
--------- ---------
Expenses
Interest 285,891 85,136
Depreciation and amortization 283,369 106,712
Operating expenses 514,004 303,072
-------- ---------
1,083,264 494,920
--------- ---------
NET INCOME (LOSS) $ (187,834) $
(52,395)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (185,956) $
(51,871)
========= =========
Net income (loss) allocated to
other partners $ (1,878) $
(524)
========= =========
105
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 31
--------------------------
-
2000 1999
Revenues ---- ----
Rental $2,152,593 $1,125,301
Interest and other 79,282 40,312
--------- ---------
2,231,875 1,165,613
--------- ---------
Expenses
Interest 642,415 576,013
Depreciation and amortization 724,335 377,527
Operating expenses 1,231,002 827,511
--------- ---------
2,597,752 1,781,051
--------- ---------
NET INCOME (LOSS) $ (365,877) $
(615,438)
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (362,218) $
(609,284)
========= =========
Net income (loss) allocated to
other partners $ (3,659) $
(6,154)
========= =========
106
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 32
--------------------------
-
2000 1999
Revenues ---- ----
Rental $ 834,495 $ 656,122
Interest and other 66,128 26,492
--------- ---------
900,623 682,613
--------- ---------
Expenses
Interest 285,950 189,075
Depreciation and amortization 317,962 175,030
Operating expenses 505,558 231,632
--------- ---------
1,109,470 595,737
--------- ---------
NET INCOME (LOSS) $ (208,847) $ 86,876
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (206,758) $ 86,007
========= =========
Net income (loss) allocated to
other partners $ (2,089) $ 869
========= =========
107
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 33
--------------------------
-
2000 1999
Revenues ---- ----
Rental $ 426,391 $ 491,344
Interest and other 13,532 58,024
--------- ---------
439,923 549,368
--------- ---------
Expenses
Interest 164,663 170,716
Depreciation and amortization 114,676 135,361
Operating expenses 272,428 165,127
--------- ---------
551,767 471,204
--------- ---------
NET INCOME (LOSS) $ (111,844) $ 78,164
========= =========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (110,726) $ 77,382
========= =========
Net income (loss) allocated to
other partners $ (1,118) $ 782
========= =========
108
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 34*
Series 35*
-----------
-----------
2000
2000
Revenues ----
----
Rental $ 692,238
$ 121,705
Interest and other 28,022
56,713
---------
---------
720,260
178,418
---------
---------
Expenses
Interest 273,563
90,725
Depreciation and amortization 219,289
66,293
Operating expenses 386,569
141,515
---------
---------
879,421
298,533
---------
---------
NET INCOME (LOSS $ (159,161)
$ (120,115)
=========
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ (157,569)
$ (118,914)
=========
=========
Net income (loss) allocated to
other partners $ (1,592)
$ (1,201)
=========
=========
* The Operating Partnerships in Series 34 and Series 35 did not
commence operations until after March 31, 1999 therefore they do
not have comparative information to report.
109
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months ended March 31,
(Unaudited)
Series 36*
-----------
2000
Revenues ----
Rental $ 397,770
Interest and other 18,250
---------
416,020
---------
Expenses
Interest 176,967
Depreciation and amortization 45,369
Operating expenses 164,751
---------
387,087
---------
NET INCOME (LOSS $ 28,933
=========
Net income (loss) allocated to
Boston Capital Tax Credit
Fund IV L.P. $ 28,644
=========
Net income (loss) allocated to
other partners $ 289
=========
* The Operating Partnerships in Series 36 did not commence
operations until after March 31, 1999 therefore they do not have
comparative information to report.
** The Operating Partnerships in Series 37 and Series 38 did not
commence operations until after March 31, 2000 therefore they do
not have current or comparative information to report.
110
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating
Partnerships for
the three months ended March 31, 2000 and 1999 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, 2001
is expected
to differ from its loss for financial reporting purposes. This
is primarily
due to accounting differences in depreciation incurred by the
Operating
Partnerships and also differences between the equity method of
accounting
and the IRS accounting methods. No provision or benefit for
income taxes has
been included in these financial statements since taxable income
or loss
passes through to, and is reportable by, the partners and
assignees
individually.
111
Item 2. Management's Discussions and Analysis of Financial
Condition and
Results of Operations
Liquidity
---------
The Fund's primary source of funds is the proceeds of its Public
Offering.
Other sources of liquidity will include (i) interest earned on
capital
contributions held pending investment and on working capital (ii)
cash distributions from operations of the Operating Partnerships
in which the
Fund has and will invest and (iii) a line of credit. The Fund
does not anticipate significant cash distributions from
operations of the Operating Partnerships.
The Fund has entered into a line of credit financing agreement
with Fleet National Bank whereby the Fund can borrow up to $35
million for up to 90 days to meet short-term cash needs required
for the investment in certain Operating Partnerships. Under the
terms of the agreement, the Fund pledges their interest in a
particular Operating Partnership in order to draw funds from the
line. The repayment of any draws is anticipated to be made once
the Fund has received sufficient Investor proceeds. Repayments
on the line are tied to specific Operating Partnerships, which
are then released as collateral by the bank.
The Fund is currently accruing the fund management fee for Series
20, Series
21, Series 22, Series 23, Series 24, Series 25, Series 26, Series
27, Series 32, Series 33 and Series 38. The fund is also
accruing a portion of the fund management fee for Series 35,
Series 36 and Series 37. 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, $25,125,000 and $25,431,000 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, 2,512,500 and
2,543,100. 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, Series 37 and
Series 38 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.
112
During the quarter ended June 30, 2000, Series 20 did not record
any releases of capital contributions. Series 20 has outstanding
contributions payable in the amount of $388,026 as of June 30,
2000. Of the amount outstanding, $222,120 has been advanced to
the Operating Partnerships. The advance will be converted to
capital and the remaining contributions of $165,906 will be
released from available net offering proceeds when the Operating
Partnerships have achieved the conditions set forth in their
partnership agreements.
Series 21
---------
The Fund commenced offering BACs in Series 21 on July 1, 1994.
Offers and
sales of BACs in Series 21 were completed on December 31, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 14 Operating Partnerships in the amount of
$13,872,730.
During the quarter ended June 30, 2000, Series 21 did not record
any releases of capital contributions. Series 21 has outstanding
contributions payable in the amount of $683,688 as of June 30,
2000. Of the amount outstanding, $641,540 has been loaned to the
Operating Partnerships. The loans will be converted to capital
and the remaining contributions of $42,148 will be released from
available net offering proceeds when the Operating Partnerships
have achieved the conditions set forth in their partnership
agreements.
Series 22
---------
The Fund commenced offering BACs in Series 22 on October 10,
1994. Offers and
sales of BACs in Series 22 were completed on December 28, 1994.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 29 Operating Partnerships in the amount of
$18,758,748.
During the quarter ended June 30, 2000, Series 22 did not record
any releases of capital contributions. Series 22 has outstanding
contributions payable in the amount of $538,769 as of June 30,
2000. Of the amount outstanding, $450,981 has been loaned to the
Operating Partnerships. The loans will be converted to capital
and the remaining contributions of $87,788 will be released from
available net offering proceeds when the Operating Partnerships
have achieved the conditions set forth in their partnership
agreements.
Series 23
---------
The Fund commenced offering BACs in Series 23 on January 10,
1995. Offers and
sales of BACs in Series 23 were completed on September 23, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 22 Operating Partnerships in the amount of
$24,352,278.
During the quarter ended June 30, 2000, Series 23 did not record
any releases of capital contributions. Series 23 has outstanding
contributions payable of $458,632 as of June 30, 2000, all of
which has previously been advanced or loaned to the Operating
Partnerships. The advances and loans will be converted to
capital when the Operating Partnerships have achieved the
conditions set forth in their partnership agreements.
113
Series 24
---------
The Fund commenced offering BACs in Series 24 on June 9, 1995.
Offers and
sales of BACs in Series 24 were completed on September 22, 1995.
The Fund has
committed proceeds to pay initial and additional installments of
capital
contributions to 24 Operating Partnerships in the amount of
$15,980,237.
During the quarter ended June 30, 2000, Series 24 did not record
any releases of capital contributions. Series 24 has outstanding
contributions payable in the amount of $1,214,204 as of June 30,
2000. Of the amount outstanding, $1,059,896 has been advanced or
loaned to the Operating Partnerships. The advances and loans
will be converted to capital and the remaining contributions of
$154,308 will be released from available net offering proceeds
when the Operating Partnerships have achieved the conditions set
forth in their partnership agreements.
Series 25
---------
The Fund commenced offering BACs in Series 25 on September 30,
1995. 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 June 30, 2000, Series 25 recorded
capital contribution releases of $2,955. Series 25 has
outstanding contributions payable in the amount of $2,431,112 as
of June 30, 2000. Of the amount outstanding, $1,671,965 has been
advanced or loaned to some of the Operating Partnerships. In
addition, $20,000 has been funded into and escrow account on
behalf of one of the Operating Partnerships. The advances and
loans will be converted to capital and the remaining
contributions of $759,147, will be released from the escrow
account and available net offering proceeds, when the Operating
Partnerships have achieved the conditions set forth in their
partnership agreements.
Series 26
---------
The Fund commenced offering BACs in Series 26 on January 18,
1996. 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 June 30, 2000, Series 26 recorded
capital contribution releases of $20,793. Series 26 has
outstanding contributions payable in the amount of $2,688,369 as
of June 30, 2000. Of the amount outstanding, $2,053,953 has been
advanced or loaned to some of the Operating Partnerships. In
addition, $338,855 has been funded into escrow accounts on behalf
of other Operating Partnerships. The advances and loans will be
converted to capital and the remaining contributions of $634,416,
will be released from the escrow accounts and available net
offering proceeds, when the Operating Partnerships have achieved
the conditions set forth in their partnership agreements.
114
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 June 30, 2000, Series 27 recorded
capital contribution releases of $12,535. Series 27 has
outstanding contributions payable in the amount of $1,052,171 as
of June 30, 2000. Of the amount outstanding, $543,500 has been
advanced to the Operating Partnerships. The advances will be
converted to capital and the remaining contributions of $508,671
will be released from available net offering proceeds when the
Operating Partnerships have achieved the conditions set forth in
their partnership agreements.
Series 28
---------
The Fund commenced offering BACs in Series 28 on September
30,1996. Offers
and sales of BACs in Series 28 were completed on January 31,
1997. The Fund
has committed proceeds to pay initial and additional installments
of capital
contributions to 26 Operating Partnership in the amount of
$29,261,233.
During the quarter ended June 30, 2000, Series 28 did not record
any releases of capital contributions. Series 28 has outstanding
contributions payable in the amount of $2,463,113 as of June 30,
2000. Of the amount outstanding, $1,477,759 has been loaned to
the Operating Partnerships. The loans will be converted to
capital and the remaining contributions of $985,354 will be
released from available net offering proceeds when the Operating
Partnerships have achieved the conditions set forth in their
partnership agreements.
Series 29
---------
The Fund commenced offering BACs in Series 29 on February 10,
1997. 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 June 30, 2000, Series 29 recorded
capital contribution releases of $8,516. Series 29 has
outstanding contributions payable in the amount of $2,052,465 as
of June 30, 2000. Of the amount outstanding, $835,878 has been
loaned to the Operating Partnerships. The loans will be
converted to capital and the remaining contributions of
$1,216,587 will be released from available net offering proceeds
when the Operating Partnerships have achieved the conditions set
forth in their partnership agreements.
Series 30
---------
The Fund commenced offering BACs in Series 30 on June 23, 1997.
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.
115
During the quarter ended June 30, 2000, Series 30 recorded
capital contribution releases of $129,587. Series 30 has
outstanding contributions payable in the amount of $2,502,751 as
of June 30, 2000. Of the amount outstanding, $425,046 has been
advanced or loaned to the Operating Partnerships. In addition,
$343,443 has been funded into escrow accounts on behalf of the
Operating Partnerships. The advances and loans will be converted
to capital and the remaining contributions of $2,077,705, will be
released from the escrow accounts and available net offering
proceeds, when the Operating Partnerships have achieved the
conditions set forth in their partnership agreements.
Series 31
---------
The Fund commenced offering BACs in Series 31 on September 11,
1997. 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 27 Operating Partnerships in the amount of
$32,569,100.
During the quarter ended June 30, 2000, Series 31 recorded
capital contribution releases of $3,110,521. Series 31 has
outstanding contributions payable in the amount of $1,954,134 as
of June 30, 2000. Of the amount outstanding, $946,675 has been
advanced or loaned to some of the Operating Partnerships. In
addition, $25,000 has been funded into an escrow account on
behalf of one of the Operating Partnerships. The advances and
loans will be converted to capital and the remaining
contributions of $1,007,459, will be released from the escrow
accounts and available net offering proceeds, when the Operating
Partnerships have achieved the conditions set forth in their
partnership agreements.
Series 32
---------
The Fund commenced offering BACs in Series 32 on January 19,
1998. 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.
During the quarter ended June 30, 2000, Series 32 recorded
capital contribution releases of $407,363. Series 32 has
outstanding contributions payable in the amount of $4,040,039 as
of June 30, 2000. Of the amount outstanding, $144,825 has been
loaned the Operating Partnerships. In addition, $1,291,386 has
been funded into escrow accounts on behalf of other
Operating Partnerships. The loans will be converted to capital
and the remaining contributions of $3,895,214, will be released
from the escrow accounts and available net offering proceeds,
when the Operating Partnerships have achieved the conditions set
forth in their partnership agreements.
116
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 June 30, 2000, Series 33 recorded
capital contribution releases of $30,226. Series 33 has
outstanding contributions payable in the amount of $3,242,693 as
of June 30, 2000. Of the amount outstanding, $292,212 has been
loaned to the Operating Partnerships. In addition, $1,295 has
been funded into an escrow account on behalf of another Operating
Partnership. The loans will be converted to capital and the
remaining contributions of $2,950,481, will be released from the
escrow account and available net offering proceeds, when the
Operating Partnerships have achieved the conditions set forth in
their partnership agreements.
Series 34
---------
The Fund commenced offering BACs in Series 34 on September 22,
1998. 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 June 30, 2000, Series 34 recorded
capital contribution releases of $1,512,550. Series 34 has
outstanding contributions payable the Operating Partnerships in
the amount of $4,448,643 as of June 30, 2000. Of the amount
outstanding, $1,583,576 has been loaned or advanced to some of
the Operating Partnerships. In addition, $404,090 has been
funded into escrow accounts on behalf of other Operating
Partnerships. The loans and advances will be converted to
capital and the remaining contributions of $2,865,067, will be
released from the escrow accounts and available net offering
proceeds, when the Operating Partnerships have achieved the
conditions set forth in their partnership agreements.
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 June 30, 2000, Series 35 recorded
capital contribution releases of $1,842,091. Series 35 has
outstanding contributions payable in the amount of $3,705,183 as
of June 30, 2000. Of the amount outstanding, $753,068 has been
loaned to one of the Operating Partnerships. In addition,
$10,855 has been funded into escrow accounts on behalf of other
Operating Partnerships. The loans will be converted to capital
and the remaining contributions of $2,952,115, will be released
from the escrow accounts and available net offering proceeds,
when the Operating Partnerships have achieved the conditions set
forth in their partnership agreements.
117
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 11 Operating
Partnerships in the amount of $15,273,148.
During the quarter ended June 30, 2000, Series 36 recorded
capital contribution releases of $881,146. Series 36 has
outstanding contributions payable to in the amount of $4,628,388
as of June 30, 2000. Of the amount outstanding, $2,568,422 has
been loaned or advanced to some of the Operating Partnerships.
The loans and advances will be converted to capital and the
remaining contributions of $2,059,966, will be released from
available net offering proceeds, when the Operating Partnerships
have achieved the conditions set forth in their partnership
agreements.
Series 37
---------
The Fund commenced offering BACs in Series 37 on October 29,
1999. 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 5
Operating Partnerships in the amount of $13,237,736.
During the quarter ended June 30, 2000, Series 37 recorded
capital contribution releases of $380,401. Series 37 has
outstanding contributions payable in the amount of $6,790,177 as
of June 30, 2000. Of the amount outstanding, $1,909,723 has been
loaned to the Operating Partnerships. In addition, $842,464 has
been funded into an escrow account on behalf of another Operating
Partnership. The loans will be converted to capital and the
remaining contributions of $4,799,454, will be released from the
escrow account and available net offering proceeds, when the
Operating Partnerships have achieved the conditions set forth in
their partnership agreements.
Series 38
---------
The Fund commenced offering BACs in Series 38 on February 1,
2000. Offers and sales of BACs in Series 38 were completed on
July 31, 2000. The fund has committed proceeds to pay initial
and additional installments of capital contributions to 6
Operating Partnerships in the amount of $11,677,353.
During the quarter ended June 30, 2000, Series 38 recorded
capital contribution releases of $1,694,845. Series 38 has
outstanding contributions payable to in the amount of $7,443,810
as of June 30, 2000. Of the amount outstanding, $564,000 has
been loaned to one of the Operating Partnerships. The loan will
be converted to capital and the remaining contributions of
$6,879,810, will be released from available net offering
proceeds, when the Operating Partnerships have achieved the
conditions set forth in their partnership agreements.
118
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 $5
million for up to 90 days to meet short-term cash needs required
for the investment in certain Operating Partnerships. Under the
terms of the agreement, the Fund pledges their interest in a
particular Operating Partnership in order to draw funds from the
line. The repayment of any draws is anticipated to be made once
the Fund has received sufficient Investor proceeds. Repayments
on the line are tied to specific Operating Partnerships, which
are then released as collateral by the bank.
Results of Operations
---------------------
As of June 30, 2000 and 1999 the Fund held limited partnership
interests
in 363 and 332 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 June 30, 2000 as Series 32,
Series 34, Series 35, Series 37 and Series 38 continue to use the
funds raised to invest in partnership interests of additional
Operating Partnerships, and the Fund begins to offer BACs in
Series 39.
The Fund incurred a fund management fee to Boston Capital Asset
Management Limited Partnership in an amount equal to .5 percent
of the aggregate cost of the apartment complexes owned by the
Operating Partnerships, less the amount of certain asset
management and reporting fees paid by the Operating
Partnerships. The fund management fees incurred for the quarter
ended
June 30, 2000 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, Series 36, Series
37 and Series 38 were $74,553, $52,820, $45,219, $41,566,
$57,213, $59,889, $103,296, $69,171, $78,194, $72,629, $45,679,
$56,176, $82,375, $37,913, $73,155, $54,660, $37,425, $26,697 and
$11,932, 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.
119
Series 20
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the
series was 99.9% and 100%, respectively. The series had a total
of 24 properties at June 30, 2000. Out of the total 23 were at
100% Qualified Occupancy.
For the three months being reported Series 20 reflects a net loss
from
Operating Partnerships of $426,083. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect positive
operations of
$312,899. This is an interim period estimate; it is not
indicative of the
final year end results.
The Operating General Partner, Investment Limited Partner and the
management company are working diligently to maintain a strong
occupancy at Breeze Cove Limited Partnership (Breeze Cove
Apartments). The average occupancy during the first half of 2000
remained above 90%. 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 physical occupancy rate for East Douglas Apartments Limited
Partnership (East Douglas Apartments) for the five months ended
May 31, 2000 was 96%. Realty & Mortgage Company, the management
agent has been successful in maintaining a high occupancy rate.
The property's continued strong occupancy has enabled the new
management company to significantly reduce the high accounts
payable balance and generate positive cash flow. The partnership
obtained approval for the reimbursement from the replacement
reserve account for capital expense items that were originally
funded from operations in May 2000. Additionally, the management
agent will be applying for a $20 increase in monthly rents for
all apartment units in the building in the third quarter 2000.
There was a Form 8823, Low Income Housing Credit Agencies Report
of Noncompliance, filed against the property in 1999. While the
files are presently in good condition, there were a number of
compliance issues that occurred during the initial occupancy of
the building. The non-compliance items are being researched and
the management agent is presently working with the state agency
to rectify the situation.
Parkside Housing Limited Partnership (Parkside Apartments)
operated with a net loss during 1999 primarily as a result of
capital improvements that were made during the year. None of the
capital expenditures for 1999 were reimbursed from the
replacement reserve account, but were instead funded through
operations. However, a request to withdraw funds from the
replacement reserve was granted during the first quarter of 2000,
and a deposit has since been made into the operating account.
These funds should alleviate some of the outstanding payables.
Since the reserves are under-funded due to low occupancy in
previous years, the approved withdrawal was minimal. As a result
of increased marketing efforts, physical occupancy for 1999
averaged 91.2% and continues its upward trend as evidenced with a
strong 98.15% average for the first six months of 2000.
120
Series 21
---------
As of the June 30, 2000 and 1999 the average Qualified Occupancy
for the
series was 99.2% and 99.1%, respectively. The series had a total
of 14
properties at June 30, 2000. Out of the total 11 were at 100%
Qualified
Occupancy.
For the three months being reported Series 21 reflects a net loss
from
Operating Partnerships of $291,696. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $3,301. 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, 1999 of approximately $185,000. The
property's operations were impacted by high costs for security
and maintenance, while the Section 8 Rental Assistance Contract
had only seen small incremental increases over the past few
years. The Operating General Partner funded most of the
deficits, though outstanding payables remained high. The
Operating General Partner is committed to seeing through the
problems by continuing to fund deficits as needed. A new
management company was contracted on June 1, 2000 and has kept
the site staff in place. This local company is in a good
position to add value by providing better site supervision,
better vendor relations and discounted bulk purchasing of
services and supplies. In addition, most of the expense
reduction has come from the security line item. The new
management company has reduced security hours through better
management of the actual security schedule. They are also
presently researching the cost of security equipment such as
monitors and cameras. The Investment General Partner is
monitoring the situation closely through quarterly inspections
and is working with the Operating General Partner on curing the
operational issues. Atlantic City Housing Urban Renewal
Associates LP will continue to show deficits for the foreseeable
future. Occupancy remains stable at 98% as the subject property
has a project based Section 8 HAP contract, which protects it
from much of the market rate competition. Applicants come from
an ample Housing Authority waiting list. However, the investment
will remain viable only so long as the Operating General Partner
is willing and able to continue to fund operating deficits.
Series 22
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the
series was 100%. The series had a total of 29 properties at June
30, 2000, all of which were at 100% Qualified Occupancy.
For the three months being reported Series 22 reflects a net loss
from
Operating Partnerships of $369,684. When adjusted for
depreciation which is a
non-cash item, the Operating Partnerships reflect positive
operations of
$88,344. This is an interim period estimate; it is not
indicative of the
final year end results.
121
Series 23
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the
series was 100%. The series had a total of 22 properties at June
30, 2000, all of which were at 100% Qualified Occupancy.
For the three months being reported Series 23 reflects a net loss
from
Operating Partnerships of $316,008. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a positive
operations
of $174,989. This is an interim period estimate; it is not
indicative of the final year end results.
Series 24
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the series was 99.9 % and 99.8%, respectively. The series had a
total of 24 properties at June 30, 2000. Out of the total 23
were at 100% Qualified Occupancy.
For the three months being reported Series 24 reflects a net loss
from
Operating Partnerships of $346,454. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of $137,218. This is an interim
period estimate; it is not indicative of the final year end
results.
Los Lunas Apartments Limited (Hillridge Apartments) suffered from
decreased occupancy during 1999 and, as a result operated below
break-even. Due to negative cash flow, debt service payments
fell behind and the New Mexico Mortgage Finance Authority issued
a notice of default to the Operating General Partner for non-
payment of the debt service. Due to the mortgage default, the
Investment Limited Partner removed the Operating General Partner,
however, the Operating General Partner was allowed to remain in
control of property management. During a February 2000 meeting
with the Investment Limited Partner and the New Mexico Mortgage
Finance Authority, the former Operating General Partner was able
to cure the mortgage default. However a Stipulated Order was
simultaneously filed with the court allowing for management
agreement to be terminated if certain conditions, including a
prompt payment of the monthly mortgage obligation were not met.
The June mortgage payment is delinquent. As a result of the
mortgage delinquency, the Investment Limited Partner removed the
former Operating General Partner as management agent and
appointed a third-party management agent. Several days after the
appointment of the third-party manager, the former Operating
General Partner filed a Temporary Restraining Order against the
newly appointed management company and the Investment Limited
Partner. A hearing regarding the temporary restraining order was
conducted on July 14, 2000 and the restraining order was lifted.
Due to the continued mortgage delinquency, on July 21, 2000 the
mortgage lender filed a motion to place the property in
receivership. The motion was granted and Monarch Properties was
appointed as the new managing agent. The Investment Limited
Partner is now working with Monarch Properties.
Series 25
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the series was 99.8%. The series had a total of 22 properties at
June 30, 2000. Out of the total 21 were at 100% Qualified
Occupancy.
122
For the three months being reported Series 25 reflects a net loss
from
Operating Partnerships of $374,808. When adjusted for
depreciation which
is a non-cash item, the Operating Partnerships reflect a positive
operations of $139,236. This is an interim period estimate; it is
not indicative of the final year end results.
Series 26
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the series was 99.9% and 99.3%, respectively. The series had a
total of 45 properties at June 30, 2000. Out of the total 44
properties were at 100% Qualified Occupancy. Series 26 also had
1 property with multiple buildings some buildings in lease-up and
some which were under construction at June 30, 2000.
For the three months being reported Series 26 reflects a net loss
from Operating Partnerships of $278,914. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of
$428,090. This is an interim period estimate; it is not
indicative of the
final year end results.
Series 27
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the series was 99.4% and 97.0%, respectively. The series had a
total of 16
properties at June 30, 2000. Out of the total 15 were at 100%
Qualified Occupancy and 1 was in active lease-up.
For the three months being reported Series 27 reflects a net loss
from Operating Partnerships of $264,966. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of
$329,575. 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) continues to experience high payables and
negative cash flow as a result of low occupancy during the first
six months of 2000. The Operating General Partner has been
funding shortfalls as needed. The average physical occupancy
increased from 73% in the first quarter of 2000 to 76% in the
second quarter of 2000. Centrum Management LLC, an affiliate of
the Operating General Partner, and the management agent have
instituted various marketing and sales initiatives that continue
to increase the occupancy. Additionally, recent staffing changes
were made to place a heavier focus on tax credit qualifying the
remaining unqualified units. Centrum Management LLC expects to
have the project tax credit qualified by the first quarter of
2001.
Series 28
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the series was 100% and 97.9%, respectively. The series had a
total of 26
properties at June 30, 2000, all of which were at 100% Qualified
Occupancy.
For the three months being reported Series 28 reflects a net loss
from
Operating Partnerships of $408,167. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of
123
$173,129. This is an interim period estimate; it is not
indicative of the final year end results.
Series 29
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the Series was 100% and 94.6%, respectively. The series had a
total of 22 properties at June 30, 2000 all of which were at 100%
Qualified Occupancy.
For the three months being reported Series 29 reflects a net loss
from
Operating Partnerships of $287,069. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $265,147. This is an interim period estimate; it
is not indicative of the final year end results.
Series 30
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the series was 99.6% and 89.1%, respectively. The series had a
total of 20 properties at June 30, 2000. Out of the total 17
were at 100% Qualified Occupancy and 2 were in active lease-up.
The series also had 1 property that was still under construction
at June 30, 2000.
For the three months being reported Series 30 reflects a net loss
from
Operating Partnerships of $187,834. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect positive
operations of $95,535. This is an interim period estimate; it is
not indicative of the final year end results.
Series 31
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the series was 100% and 92.0%, respectively. The series had a
total of 27 properties at June 30, 2000. Out of the total 26
were at 100% Qualified Occupancy and 1 was under construction.
For the three months being reported Series 31 reflects a net loss
from
Operating Partnerships of $365,877. When adjusted for
depreciation which is
a non-cash item, the Operating Partnerships reflect a positive
operations of $358,458. This is an interim period estimate; it is
not indicative of the final year end results.
Series 32
---------
As of June 30, 2000 and 1999, the average Qualified Occupancy for
the series was 95.8% and 89.0%, respectively. The series had a
total of 16 properties at June 30, 2000. Out of the total 12
were at 100% Qualified Occupancy and 1 was in active lease-up.
The series also had 1 property that was under construction and 2
properties with multiple buildings, some of which were under
construction and some of which were in active lease-up, at June
30, 2000.
For the three months being reported Series 32 reflects a net loss
from Operating Partnerships of $208,847. When adjusted for
depreciation which is a
124
non-cash item, the Operating Partnerships reflect positive
operations of $109,115. This is an interim period estimate; it
is not indicative of the final year end results.
Series 33
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the series was 96.5% and 100%, respectively. The series had a
total of 10 properties as of June 30, 2000. Out of the total 7
were at 100% Qualified Occupancy and
2 were in active lease-up. The series also had 1 property that
was under construction at June 30, 2000.
For the three months being reported Series 33 reflects a net loss
from Operating Partnerships of $111,844. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of $2,832. This is an interim period
estimate; it is not indicative of the final year end results.
Series 34
---------
As of June 30, 2000 and 1999 the average Qualified Occupancy for
the series was 91.6% and 45.3%, respectively. The series had a
total of 14 properties as of June 30, 2000. Out of the total 7
were at 100% qualified occupancy and 6
were in active lease-up. The series also had 1 property which
was still under construction at June 30, 2000.
For the three months being reported Series 34 reflects a net loss
from Operating Partnerships of $159,161. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect positive operations of $60,128. This is an interim
period estimate; it is not indicative of the final year end
results.
Series 35
---------
As of June 30, 2000 the average Qualified Occupancy for the
series was 61.8%. The series had a total of 10 properties as of
June 30, 2000. Out of the total 2 were at 100% qualified
occupancy and 4 were in active lease-up. The series also had 3
properties which were still under construction, and 1 property
with multiple buildings some or which were in lease-up and some
of which were under construction at June 30, 2000. Since all of
the properties acquired as of June 30, 1999 were under
construction, there is no comparative information to report.
For the three months being reported Series 35 reflects a net loss
from Operating Partnerships of $120,115. When adjusted for
depreciation which is a non-cash item, the Operating Partnerships
reflect a net loss of $53,822. This is an interim period
estimate; it is not indicative of the final year end results.
125
Series 36
---------
As of June 30, 2000 the average Qualified Occupancy for the
series was 89.5%. The series had a total of 11 properties as of
June 30, 2000. Out of the total 7 were at 100% qualified
occupancy. The series also had 3 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 June 30, 2000. Since all of the properties were acquired
after June 30, 1999, there is no comparative information to
report.
For the three months being reported Series 36 reflects a net
income from Operating Partnerships of $28,933. When adjusted
for depreciation which is a non-cash item, the Operating
Partnerships reflect positive operations of $74,302. This is an
interim period estimate; it is not indicative of the final year
end results.
Series 37
---------
As of June 30, 2000 the average Qualified Occupancy for the
series was 55.1%. The series had a total of 5 properties as of
June 30, 2000, 1 of which were was in active lease-up and 4 of
which were under construction. Since all of the properties were
acquired after June 30, 1999, there is no comparative information
to report.
Series 38
---------
As of June 30, 2000 the average Qualified Occupancy for the
series was 50.0%. The series had a total of 6 properties as of
June 30, 2000, 1 of which was at 100% Qualified Occupancy and 1
of which was in active lease-up. The series also had 4
properties which were under construction under construction at
June 30, 2000. Since all of the properties were acquired after
June 30, 1999, there is no comparative 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.
126
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
127
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the
registrant has duly caused this report to be signed on its behalf
by the
undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND IV L.P.
By: Boston Capital Associates IV
L.P.
By: C&M Associates d/b/a
Boston Capital Associates
Date: August 15, 2000 By: /s/ John P. Manning
-------------------
John P. Manning,
Partner & Principal
Financial
Officer
128
