-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GX+YSICMbISckr6iY69QbHiSkNdNkF9GwNe+7ALdkrkCZ0V3nuWjhlKiyJ2MZUWv SOHYc3Rsu/h9Q0NEzZpnIg== 0000913778-98-000010.txt : 19981123 0000913778-98-000010.hdr.sgml : 19981123 ACCESSION NUMBER: 0000913778-98-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND IV LP CENTRAL INDEX KEY: 0000913778 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 043208648 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-26200 FILM NUMBER: 98756082 BUSINESS ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02210-1232 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02108-4406 10-Q 1 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 September 30, 1998 ------------------ 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 September 30, 1998 ----------------------------------------------- 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 September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $312,812,677 $263,155,258 OTHER ASSETS Cash and cash equivalents 9,535,295 4,193,020 Investments 61,059,864 70,135,961 Notes receivable 22,150,808 24,395,853 Deferred acquisition costs 5,072,287 5,541,912 Organization costs, net of accumulated amortization (Note B) 594,212 603,443 Other assets 19,103,003 18,047,506 ----------- - ----------- $430,328,146 $386,072,953 =========== =========== LIABILITIES Accounts payable & accrued expenses (Note C) $ 3,868,075 $ 5,486,292 Accounts payable affiliates 4,177,709 3,413,858 Capital contributions payable (Note D) 68,976,020 70,863,665 ----------- - ----------- 77,021,804 79,763,815 ----------- - ----------- 1 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest, $10 stated value per BAC; 65,000,000 authorized BACs; 45,764,907 issued and outstanding as of September 30, 1998 353,462,690 306,404,507 General Partner (387,574) (326,595) Unrealized gain (loss) on securities available for sale, net 231,226 231,226 ----------- - ----------- 353,306,342 306,309,138 ----------- - ----------- $430,328,146 $386,072,953 =========== =========== The accompanying notes are an integral part of these statements. 2 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 20 - --------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $22,215,835 $23,307,328 OTHER ASSETS Cash and cash equivalents 193,293 198,679 Investments 1,041 374,317 Notes receivable - - - Deferred acquisition costs 98,235 98,235 Organization costs, net of accumulated amortization (Note B) 22,249 33,891 Other assets 676,862 433,334 ---------- - ---------- $23,207,515 $24,445,784 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 304 $ - - Accounts payable affiliates 1,142,261 952,716 Capital contributions payable (Note D) 454,955 524,696 ---------- - ---------- 1,597,520 1,477,412 ---------- - ---------- 3 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 20 - --------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,866,700 issued and outstanding as of September 30, 1998 21,723,429 23,068,223 General Partner (114,475) (100,892) Unrealized gain (loss) on securities for sale, net 1,041 1,041 ---------- - ---------- 21,609,995 22,968,372 ---------- - ---------- $23,207,515 $24,445,784 ========== ========== The accompanying notes are an integral part of these statements. 4 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 21 - ---------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $ 9,044,548 $ 9,560,326 OTHER ASSETS Cash and cash equivalents 329,817 171,025 Investments 837,663 1,017,352 Notes receivable 641,542 641,542 Deferred acquisition costs 53,731 53,731 Organization costs, net of accumulated amortization (Note B) 3,044 12,523 Other assets 248,584 249,118 ---------- - ---------- $11,158,929 $11,705,617 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 121 $ - - Accounts payable affiliates 710,750 597,830 Capital contributions payable (Note D) 848,917 860,126 ---------- - ---------- 1,559,788 1,457,956 ---------- - ---------- 5 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 21 - - ---------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 1,892,700 issued and outstanding as of September 30, 1998 9,662,314 10,304,349 General Partner (65,989) (59,504) Unrealized gain (loss) on securities for sale, net 2,816 2,816 ---------- - ---------- 9,599,141 10,247,661 ---------- - ---------- $11,158,929 $11,705,617 ========== ========== The accompanying notes are an integral part of these statements. 6 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 22 -------- - -------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $16,047,769 $16,104,712 OTHER ASSETS Cash and cash equivalents 263,485 99,260 Investments 292,966 385,678 Notes receivable 1,796,240 1,796,240 Deferred acquisition costs 168,647 202,011 Organization costs, net of accumulated amortization (Note B) 15,963 22,232 Other assets 196,980 438,091 ---------- - ---------- $18,782,050 $19,048,224 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 959 $ - - Accounts payable affiliates 660,752 536,965 Capital contributions payable (Note D) 1,932,656 1,836,296 ---------- - ---------- 2,594,367 2,373,261 ---------- - ----------- 7 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 22 - ---------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,564,400 issued and outstanding as of September 30, 1998 16,243,822 16,726,229 General Partner (57,215) (52,342) Unrealized gain (loss) on securities for sale, net 1,076 1,076 ---------- - ---------- 16,187,683 16,674,963 ---------- - ---------- $18,782,050 $19,048,224 ========== ========== The accompanying notes are an integral part of these statements. 8 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 23 ------------------ - -------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $22,762,682 $23,271,914 OTHER ASSETS Cash and cash equivalents 258,382 75,562 Investments 1,734 584,414 Notes receivable 2,186,398 2,186,398 Deferred acquisition costs 166,769 166,697 Organization costs, net of accumulated amortization (Note B) 23,470 30,006 Other assets 711,204 713,561 ---------- - ---------- $26,110,639 $27,028,552 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 267 $ - - Accounts payable affiliates 418,023 297,891 Capital contributions payable (Note D) 2,353,855 2,724,109 ---------- - ---------- 2,772,145 3,022,000 ---------- - ---------- 9 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 23 - --------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,336,727 issued and outstanding as of September 30, 1998 23,388,239 24,049,616 General Partner (51,479) (44,798) Unrealized gain (loss) on securities for sale, net 1,734 1,734 ---------- - ---------- 23,338,494 24,006,552 ---------- - ---------- $26,110,639 $27,028,552 ========== ========== The accompanying notes are an integral part of these statements. 10 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 24 --------------------- - ----- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $14,714,742 $15,422,126 OTHER ASSETS Cash and cash equivalents 204,775 275,033 Investments 202,130 198,587 Notes receivable 692,566 779,231 Deferred acquisition costs 278,244 276,690 Organization costs, net of accumulated amortization (Note B) 25,960 32,450 Other assets 759,120 756,754 ---------- - ---------- $16,877,537 $17,740,871 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 158 $ 27,000 Accounts payable affiliates 429,685 313,111 Capital contributions payable (Note D) 1,408,457 1,518,325 ---------- - ---------- 1,838,300 1,858,436 ---------- - ---------- 11 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 24 - ---------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,169,878 issued and outstanding as of September 30, 1998 15,073,635 15,908,401 General Partner (34,911) (26,479) Unrealized gain (loss) on securities for sale, net 513 513 ---------- - ---------- 15,039,237 15,882,435 ---------- - ---------- $16,877,537 $17,740,871 ========== ========== The accompanying notes are an integral part of these statements. 12 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 25 -------------------- - ------ September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $21,829,254 $22,681,362 OTHER ASSETS Cash and cash equivalents 176,479 173,979 Investments 718,920 998,627 Notes receivable 766,250 754,841 Deferred acquisition costs 279,327 279,327 Organization costs, net of accumulated amortization (Note B) 23,598 28,842 Other assets 1,429,188 1,713,420 ---------- - ---------- $25,223,016 $26,630,398 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 220 $ - - Accounts payable affiliates 136,338 - - Capital contributions payable (Note D) 2,851,124 3,396,767 ---------- - ---------- 2,987,682 3,396,767 ---------- - ---------- 13 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 25 - --------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,026,109 issued and outstanding as of September 30, 1998 22,267,617 23,255,931 General Partner (35,119) (25,136) Unrealized gain (loss) on securities for sale, net 2,836 2,836 ---------- - ---------- 22,235,334 23,233,631 ---------- - ---------- $25,223,016 $26,630,398 ========== ========== The accompanying notes are an integral part of these statements. 14 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 26 - -------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $29,088,450 $29,729,194 OTHER ASSETS Cash and cash equivalents 331,839 105,301 Investments 3,518,885 6,645,272 Notes receivable 923,962 1,173,727 Deferred acquisition costs 659,265 601,034 Organization costs, net of accumulated amortization (Note B) 52,060 61,526 Other assets 5,910,841 3,764,864 ---------- - ---------- $40,485,302 $42,080,918 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 1,433 $ 82 Accounts payable affiliates 212,984 17,324 Capital contributions payable (Note D) 8,241,899 9,269,613 ---------- - ---------- 8,456,316 9,287,019 ---------- - ---------- 15 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 26 - --------------------------- September 30, March 31, 1997 1997 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,995,900 issued and outstanding as of September 30, 1998 32,030,433 32,787,697 General Partner (20,182) (12,533) Unrealized gain (loss) on securities for sale, net 18,735 18,735 ---------- - ---------- 32,028,986 32,793,899 ---------- - ---------- $40,485,302 $42,080,918 ========== ========== The accompanying notes are an integral part of these statements. 16 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 27 - -------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $18,546,986 $18,158,317 OTHER ASSETS Cash and cash equivalents 206,336 258,292 Investments 1,425,625 2,664,947 Notes receivable 595,987 653,377 Deferred acquisition costs 417,907 458,280 Organization costs, net of accumulated amortization (Note B) 46,567 54,328 Other assets 1,601,784 1,515,909 ---------- - ---------- $22,841,192 $23,763,450 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 12,772 $ - - Accounts payable affiliates 277,683 125,327 Capital contributions payable (Note D) 2,898,485 3,524,022 ---------- - ---------- 3,188,940 3,649,349 ---------- - ---------- 17 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 27 - --------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,460,700 issued and outstanding as of September 30, 1998 19,659,120 20,116,351 General Partner (12,732) (8,114) Unrealized gain (loss) on securities for sale, net 5,864 5,864 ---------- - ---------- 19,652,252 20,114,101 ---------- - ---------- $22,841,192 $23,763,450 ========== ========== The accompanying notes are an integral part of these statements. 18 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 28 -------------------- - ------ September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $28,001,252 $28,144,829 OTHER ASSETS Cash and cash equivalents 401,089 483,635 Investments 9,743,277 12,270,184 Notes receivable 114,000 240,575 Deferred acquisition costs 620,183 539,209 Organization costs, net of accumulated amortization (Note B) 66,059 76,222 Other assets 89,982 204,913 ---------- - ---------- $39,035,842 $41,959,567 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 256 $ - - Accounts payable affiliates 4,681 4,681 Capital contributions payable (Note D) 4,315,198 7,185,987 ---------- - ---------- 4,320,135 7,190,668 ---------- - ---------- 19 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 28 - ---------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 4,000,738 issued and outstanding as of September 30,1998 34,685,183 34,737,846 General Partner 3,028 3,557 Unrealized gain (loss) on securities for sale, net 27,496 27,496 ---------- - ---------- 34,715,707 34,768,899 ---------- - ---------- $39,035,842 $41,959,567 ========== ========== The accompanying notes are an integral part of these statements. 20 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 29 ---------------- - --------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $30,545,384 $24,760,987 OTHER ASSETS Cash and cash equivalents 508,818 305,731 Investments 7,836,909 13,567,187 Notes receivable 4,286,201 1,428,362 Deferred acquisition costs 112,826 816,252 Organization costs, net of accumulated amortization (Note B) 58,081 64,663 Other assets 563,133 2,437,225 ---------- - ---------- $43,911,352 $43,380,407 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 520 $ - - Accounts payable affiliates 56,702 56,703 Capital contributions payable (Note D) 9,986,453 9,330,218 ---------- - ---------- 10,043,675 9,386,921 ---------- - ---------- 21 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 29 - --------------------------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,991,800 issued and outstanding as of September 30, 1998 33,817,152 33,941,732 General Partner (3,987) (2,758) Unrealized gain (loss) on securities for sale, net 54,512 54,512 ---------- - ---------- 33,867,677 33,993,486 ---------- - ---------- $43,911,352 $43,380,407 ========== ========== The accompanying notes are an integral part of these statements. 22 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 30 --------------------- - ----- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- -- - ------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $16,299,141 $14,400,077 OTHER ASSETS Cash and cash equivalents 1,871,377 1,162,518 Investments 4,652,026 10,891,290 Notes receivable 2,791,055 1,422,259 Deferred acquisition costs 882,180 1,062,082 Organization costs, net of accumulated amortization (Note B) 55,429 62,358 Other assets 2,179,541 3,853,336 ---------- - ---------- $28,730,749 $32,853,920 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ - $ - - Accounts payable affiliates 1,002 1,002 Capital contributions payable (Note D) 5,462,411 9,721,288 ---------- - ---------- 5,463,413 9,722,290 ---------- - ---------- 23 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 30 ----------------- - --------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,651,100, issued and outstanding as of September 30, 1998 23,240,704 23,106,377 General Partner 4,692 3,313 Unrealized gain (loss) on securities for sale, net 21,940 21,940 ---------- - ---------- 23,267,336 23,131,630 ---------- - ---------- $28,730,749 $32,853,920 ========== ========== The accompanying notes are an integral part of these statements. 24 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 31 --------------------- - ---- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- --- - ------ ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $33,198,473 $29,042,410 OTHER ASSETS Cash and cash equivalents 786,120 811,235 Investments 8,606,662 14,537,576 Notes receivable 6,456,607 7,309,603 Deferred acquisition costs 230,651 672,182 Organization costs, net of accumulated amortization (Note B) 58,236 65,087 Other assets 1,353,789 489,053 ---------- - ---------- $50,690,538 $52,927,146 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 29,514 $ 27,359 Accounts payable affiliates 17,342 417,337 Capital contributions payable (Note D) 12,517,623 14,425,302 ---------- - ---------- 12,564,479 14,869,998 ---------- - ---------- 25 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 31 --------------- - ----------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - - -------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 4,417,857 issued and outstanding as of September 30, 1998 38,059,371 37,991,231 General Partner 74 (697) Unrealized gain (loss) on securities for sale, net 66,614 66,614 ---------- - ---------- 38,126,059 38,057,148 ---------- - ---------- $50,690,538 $52,927,146 ========== ========== The accompanying notes are an integral part of these statements. 26 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 32 ---------------------- - ----- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- --- - ------ ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $40,117,947 $ 8,571,676 OTHER ASSETS Cash and cash equivalents 3,011,231 72,770 Investments 13,140,392 6,000,530 Notes receivable 600,000 6,009,698 Deferred acquisition costs - 316,182 Organization costs, net of accumulated amortization (Note B) 50,418 59,315 Other assets 147,452 1,477,928 ---------- - ---------- $57,067,440 $22,508,099 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 3,156,056 $ 5,431,851 Accounts payable affiliates 1,976 92,971 Capital contributions payable (Note D) 13,081,735 6,546,916 ---------- - ---------- 16,239,767 12,071,738 ---------- - ---------- 27 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 32 ---------------- - ----------- September 30, March 31, 1998 1998 (Unaudited) (Audited) ----------- - --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 4,754,198 issued and outstanding as of September 30, 1998 40,800,909 10,410,524 General Partner 715 (212) Unrealized gain (loss) on securities for sale, net 26,049 26,049 ---------- - ---------- 40,827,673 10,436,361 ---------- - ---------- $57,067,440 $22,508,099 ========== ========== The accompanying notes are an integral part of these statements. 28 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 33* ------------- September 30, 1998 (Unaudited) ----------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $10,400,214 OTHER ASSETS Cash and cash equivalents 992,254 Investments 10,081,634 Notes receivable 300,000 Deferred acquisition costs 1,104,322 Organization costs, net of accumulated amortization (Note B) 93,078 Other assets 3,234,543 ---------- $26,206,045 ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 665,495 Accounts payable affiliates 107,530 Capital contributions payable (Note D) 2,622,252 ---------- 3,395,277 ---------- 29 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 33* ------------- September 30, 1998 (Unaudited) ----------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,636,200 issued and outstanding as of September 30, 1998 22,810,762 General Partner 6 Unrealized gain (loss) on securities for sale, net - ---------- 22,810,768 ---------- $26,206,045 ========== * Series 33 did not commence operations until after March 31, 1998, therefore it does not have comparative information to report. 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 September 30, (Unaudited) 1998 1997 ---- ---- Income Interest income $ 1,169,430 $ 1,212,980 Other Income - - ---------- ---------- 1,169,430 1,212,980 ---------- ---------- Share of income (loss) from Operating Partnerships (2,574,730) (2,175,959) ---------- ---------- Expenses Professional fees 271,162 261,322 Fund management fee (Note C) 842,054 493,971 Amortization 55,090 38,940 General and administrative expenses 388,628 346,315 ---------- ---------- 1,556,934 1,140,548 ---------- ---------- NET INCOME (LOSS) $(2,962,234) $(2,103,527) ========== ========== Net income (loss) allocated to limited partners $(2,932,611) $(2,082,491) ========== ========== Net income (loss) allocated to general partner $ (29,623) $ (21,036) ========== ========== Net income (loss) per BAC $ (1.06) $ (.78) ========== ========== 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 September 30, (Unaudited) Series 20 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 454 $ 27,950 Other income - - - -------- - -------- 454 27,950 -------- - -------- Share of income (loss) from Operating Partnerships (467,815) (532,388) -------- - -------- Expenses Professional fees 17,823 27,048 Fund management fee (Note C) 93,773 42,844 Amortization 5,821 5,821 General and administrative expense 11,245 15,845 -------- - -------- 128,662 91,558 -------- - -------- NET INCOME (LOSS) $(596,023) $(595,996) ======== ======== Net income (loss) allocated to limited partners $(590,063) $(590,036) ======== ======== Net income (loss) allocated to general partner $ (5,960) $ (5,960) ======== ======== Net income (loss) per BAC $ (.15) $ (.15) ======== ======== 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 September 30, (Unaudited) Series 21 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 15,078 $ 15,066 Other income - - - -------- - -------- 15,078 15,066 -------- - -------- Share of income (loss) from Operating Partnerships (349,369) (402,917) -------- - -------- Expenses Professional fees 12,308 18,676 Fund management fee (Note C) 56,460 55,835 Amortization 4,739 4,739 General and administrative expense 10,159 9,890 -------- - -------- 83,666 89,140 -------- - -------- NET INCOME (LOSS) $(417,957) $(476,991) ======== ======== Net income (loss) allocated to limited partners $(413,777) $(472,221) ======== ======== Net income (loss) allocated to general partner $ (4,180) $ (4,770) ======== ======== Net income (loss) per BAC $ (.22) $ (.25) ======== ======== 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 September 30, (Unaudited) Series 22 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 6,633 $ 11,859 Other income - - - -------- - - ------- 6,633 11,859 -------- - - ------- Share of income (loss) from Operating Partnerships (196,179) (323,384) -------- - - ------- Expenses Professional fees 20,903 29,591 Fund management fee (Note C) 58,783 63,936 Amortization 3,135 3,135 General and administrative expense 9,074 11,942 -------- - - ------- 91,895 108,604 -------- - - ------- NET INCOME (LOSS) $(281,441) $(420,129) ======== ======== Net income (loss) allocated to limited partners $(278,627) $(415,928) ======== ======== Net income (loss) allocated to general partner $ (2,814) $ (4,201) ======== ======== Net income (loss) per BAC $ (.11) $ (.16) ======== ======== 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 September 30, (Unaudited) Series 23 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 1,575 $ 25,235 Other income - - - -------- - - ------- 1,575 25,235 -------- - - ------- Share of income (loss) from Operating Partnerships (243,370) (456,741) -------- - - ------- Expenses Professional fees 17,168 29,065 Fund management fee (Note C) 59,566 38,663 Amortization 3,268 3,268 General and administrative expense 10,687 16,653 -------- - - ------- 90,689 87,649 -------- - - ------- NET INCOME (LOSS) $(332,484) $(519,155) ======== ======== Net income (loss) allocated to limited partners $(329,159) $(513,963) ======== ======== Net income (loss) allocated to general partner $ (3,325) $ (5,192) ======== ======== Net income (loss) per BAC $ (.10) $ (.15) ======== ======== 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 September 30, (Unaudited) Series 24 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 4,254 $ 4,448 Other income - - - -------- - - ------- 4,254 4,448 -------- - - ------- Share of income (loss) from Operating Partnerships (342,873) (123,362) -------- - - ------- Expenses Professional fees 17,724 25,753 Fund management fee (Note C) 39,287 52,330 Amortization 3,245 3,245 General and administrative expense 8,219 7,929 -------- - - ------- 68,475 89,257 -------- - - ------- NET INCOME (LOSS) $(407,094) $(208,171) ======== ======== Net income (loss) allocated to limited partners $(403,023) $(206,089) ======== ======== Net income (loss) allocated to general partner $ (4,071) $ (2,082) ======== ======== Net income (loss) per BAC $ (.19) $ (.09) ======== ======== 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 September 30, (Unaudited) Series 25 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 12,378 $ 52,149 Other income - - - -------- - - ------- 12,378 52,149 -------- - - ------- Share of income (loss) from Operating Partnerships (205,850) (160,834) -------- - - ------- Expenses Professional fees 19,377 28,704 Fund management fee (Note C) 72,469 67,326 Amortization 2,622 2,622 General and administrative expense 12,760 22,864 -------- - - ------- 107,228 121,516 -------- - - ------- NET INCOME (LOSS) $(300,700) $(230,201) ======== ======== Net income (loss) allocated to limited partners $(297,693) $(227,899) ======== ======== Net income (loss) allocated to general partner $ (3,007) $ (2,302) ======== ======== Net income (loss) per BAC $ (.19) $ (.08) ======== ======== 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 September 30, (Unaudited) Series 26 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 45,070 $ 174,701 Other income - - - -------- - - ------- 45,070 174,701 -------- - - ------- Share of income (loss) from Operating Partnerships (307,368) (90,286) -------- - - ------- Expenses Professional fees 33,758 39,677 Fund management fee (Note C) 79,830 78,475 Amortization 4,733 4,733 General and administrative expense 29,052 56,874 -------- - - ------- 147,373 179,759 -------- - - ------- NET INCOME (LOSS) $(409,671) $ (95,344) ======== ======== Net income (loss) allocated to limited partners $(405,574) $ (94,391) ======== ======== Net income (loss) allocated to general partner $ (4,097) $ (953) ======== ======== Net income (loss) per BAC $ (.10) $ (.02) ======== ======== 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 September 30, (Unaudited) Series 27 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 24,349 $ 81,763 Other income - - - -------- - - ------- 24,349 81,763 -------- - - ------- Share of income (loss) from Operating Partnerships (186,863) 56,217 -------- - - ------- Expenses Professional fees 15,647 4,805 Fund management fee (Note C) 73,527 21,190 Amortization 3,881 3,881 General and administrative expense 14,521 20,971 -------- - - ------- 107,576 50,847 -------- - - ------- NET INCOME (LOSS) $(270,090) $ 87,133 ======== ======== Net income (loss) allocated to limited partners $(267,389) $ 86,262 ======== ======== Net income (loss) allocated to general partner $ (2,701) $ 871 ======== ======== Net income (loss) per BAC $ (.11) $ .04 ======== ======== The accompanying notes are an integral part of these statements. 39 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) Series 28 --------------- - ----------- 1998 1997 ---- ---- Income Interest income $ 211,926 $ 471,708 Other income - - -------- -------- 211,926 471,708 -------- -------- Share of income (loss) from Operating Partnerships (84,834) (142,264) -------- -------- Expenses Professional fees 29,171 36,520 Fund management fee (Note C) 70,977 23,666 Amortization 5,081 5,081 General and administrative expense 56,659 97,739 -------- -------- 161,888 163,006 -------- -------- NET INCOME (LOSS) $ (34,796) $ 166,438 ======== ======== Net income (loss) allocated to limited partners $ (34,448) $ 164,774 ======== ======== Net income (loss) allocated to general partner $ (348) $ 1,664 ======== ======== Net income (loss) per BAC $ (.01) $ .04 ======== ======== The accompanying notes are an integral part of these statements. 40 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) Series 29 --------------- - ----------- 1998 1997 ---- ---- Income Interest income $ 195,739 $ 263,093 Other income - - -------- -------- 195,739 263,093 -------- -------- Share of income (loss) from Operating Partnerships (90,506) - -------- -------- Expenses Professional fees 26,094 18,264 Fund management fee (Note C) 69,216 49,706 Amortization 2,778 2,415 General and administrative expense 48,439 51,906 -------- -------- 146,527 122,291 -------- -------- NET INCOME (LOSS) $ (41,294) $ 140,802 ======== ======== Net income (loss) allocated to limited partners $ (40,880) $ 139,394 ======== ======== Net income (loss) allocated to general partner $ (414) $ 1,408 ======== ======== Net income (loss) per BAC $ (.01) $ .04 ======== ======== The accompanying notes are an integral part of these statements. 41 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) Series 30 ------------------------ 1998 1997 ---- ---- Income Interest income $ 113,023 $ 85,008 Other income - - -------- -------- 113,023 85,008 -------- -------- Share of income (loss) from Operating Partnerships (7,693) - -------- -------- Expenses Professional fees 19,611 3,219 Fund management fee (Note C) 35,037 - Amortization 3,464 - General and administrative expense 33,942 20,079 -------- -------- 92,054 23,298 -------- -------- NET INCOME (LOSS) $ 13,276 $ 61,710 ======== ======== Net income (loss) allocated to limited partners $ 13,143 $ 61,093 ======== ======== Net income (loss) allocated to general partner $ 133 $ 617 ======== ======== Net income (loss) per BAC $ - $ .02 ======== ======== The accompanying notes are an integral part of these statements. 42 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) Series 31 ------------------------ 1998 1997 ---- ---- Income Interest income $ 311,911 $ - Other income - - -------- -------- 311,911 - -------- -------- Share of income (loss) from Operating Partnerships (84,361) - -------- -------- Expenses Professional fees 29,575 - Fund management fee (Note C) 63,381 - Amortization 3,426 - General and administrative expense 53,789 13,623 -------- -------- 150,171 13,623 -------- -------- NET INCOME (LOSS) $ 77,739 $ (13,623) ======== ======== Net income (loss) allocated to limited partners $ 76,605 $ (13,487) ======== ======== Net income (loss) allocated to general partner $ 774 $ (136) ======== ======== Net income (loss) per BAC $ .02 $ - ======== ======== The accompanying notes are an integral part of these statements. 43 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) Series 32* Series 33* ----------- ----- - ------ 1998 1998 ---- -- - -- Income Interest income $209,445 $17,595 Other income - - - ------- -- - ---- 209,445 17,595 ------- -- - ---- Share of (income) loss from Operating Partnerships (7,649) - - ------- -- - ---- Expenses Professional fees 12,003 - - Fund management fee (Note C) 65,662 4,086 Amortization 8,897 - - General and administrative expense 77,129 12,953 ------ -- - ---- 163,691 17,039 ------- -- - ---- NET INCOME (LOSS) $ 38,105 $ 556 ======= ====== Net income (loss) allocated to limited partners $ 37,724 $ 550 ======= ====== Net income (loss) allocated to general partner $ 381 $ 6 ======= ====== Net income (loss) per BAC $ .01 $ - - ======= ====== * Series 32 and Series 33 did not commence operations until after September 30, 1997, therefore they do not have comparative information to report. The accompanying notes are an integral part of these statements. 44 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) 1998 1997 ---- ---- Income Interest income $ 2,244,765 $ 1,893,760 Other Income 1,500 - ---------- ---------- 2,246,265 1,893,760 ---------- ---------- Share of income (loss) from Operating Partnerships (5,471,178) (4,076,138) ---------- ---------- Expenses Professional fees 415,477 326,619 Fund management fee (Note C) 1,636,713 1,047,236 Amortization 102,307 75,464 General and administrative expenses 718,693 667,368 ---------- ---------- 2,873,190 2,116,687 ---------- ---------- NET INCOME (LOSS) $(6,098,103) $(4,299,065) ========== ========== Net income (loss) allocated to limited partners $(6,037,124) $(4,256,076) ========== ========== Net income (loss) allocated to general partner $ (60,979) $ (42,989) ========== ========== Net income (loss) per BAC $ (2.12) $ (1.63) ========== ========== The accompanying notes are an integral part of these statements. 45 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 20 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 6,677 $ 38,574 Other income - - - ---------- -- - -------- 6,677 38,574 ---------- -- - -------- Share of income (loss) from Operating Partnerships (1,119,184) (1,142,743) ---------- -- - -------- Expenses Professional fees 26,181 28,197 Fund management fee (Note C) 186,926 137,087 Amortization 11,642 11,642 General and administrative expense 21,121 31,112 ---------- -- - -------- 245,870 208,038 ---------- -- - -------- NET INCOME (LOSS) $(1,358,377) $(1,312,207) ========== ========== Net income (loss) allocated to limited partners $(1,344,794) $(1,299,085) ========== ========== Net income (loss) allocated to general partner $ (13,583) $ (13,122) ========== ========== Net income (loss) per BAC $ (.35) $ (.33) ========== ========== The accompanying notes are an integral part of these statements. 46 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 21 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 38,131 $ 25,724 Other income - - - -------- -- - -------- 38,131 25,724 -------- -- - -------- Share of income (loss) from Operating Partnerships (534,637) (871,129) -------- -- - -------- Expenses Professional fees 19,665 19,328 Fund management fee (Note C) 98,920 110,707 Amortization 9,479 9,479 General and administrative expense 23,950 19,831 -------- -- - -------- 152,014 159,345 -------- -- - -------- NET INCOME (LOSS) $(648,520) $(1,004,750) ======== ========== Net income (loss) allocated to limited partners $(642,035) $ (994,703) ======== ========== Net income (loss) allocated to general partner $ (6,485) $ (10,047) ======== ========== Net income (loss) per BAC $ (.34) $ (.53) ======== ========== The accompanying notes are an integral part of these statements. 47 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 22 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 16,039 $ 22,393 Other income 1,500 - - -------- - - ------- 17,539 22,393 -------- - - ------- Share of income (loss) from Operating Partnerships (332,495) (639,672) -------- - - ------- Expenses Professional fees 28,496 32,066 Fund management fee (Note C) 119,526 122,929 Amortization 6,269 6,269 General and administrative expense 18,033 23,664 -------- - - ------- 172,324 184,928 -------- - - ------- NET INCOME (LOSS) $(487,280) $(802,207) ======== ======== Net income (loss) allocated to limited partners $(482,407) $(794,185) ======== ======== Net income (loss) allocated to general partner $ (4,873) $ (8,022) ======== ======== Net income (loss) per BAC $ (.19) $ (.31) ======== ======== The accompanying notes are an integral part of these statements. 48 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 23 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 10,978 $ 46,819 Other income - - - -------- - - ------- 10,978 46,819 -------- - - ------- Share of income (loss) from Operating Partnerships (509,233) (824,513) -------- - - ------- Expenses Professional fees 25,113 32,533 Fund management fee (Note C) 118,382 97,326 Amortization 6,536 6,536 General and administrative expense 19,772 32,589 -------- - - ------- 169,803 168,984 -------- - - ------- NET INCOME (LOSS) $(668,058) $(946,678) ======== ======== Net income (loss) allocated to limited partners $(661,377) $(937,211) ======== ======== Net income (loss) allocated to general partner $ (6,681) $ (9,467) ======== ======== Net income (loss) per BAC $ (.20) $ (.28) ======== ======== The accompanying notes are an integral part of these statements. 49 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 24 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 9,743 $ 9,805 Other income - - - -------- - - ------- 9,743 9,805 -------- - - ------- Share of income (loss) from Operating Partnerships (707,384) (420,497) -------- - - ------- Expenses Professional fees 25,962 26,053 Fund management fee (Note C) 97,574 96,060 Amortization 6,490 6,490 General and administrative expense 15,531 16,624 -------- - - ------- 145,557 145,227 -------- - - ------- NET INCOME (LOSS) $(843,198) $(555,919) ======== ======== Net income (loss) allocated to limited partners $(834,766) $(550,360) ======== ======== Net income (loss) allocated to general partner $ (8,432) $ (5,559) ======== ======== Net income (loss) per BAC $ (.38) $ (.25) ======== ======== The accompanying notes are an integral part of these statements. 50 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 25 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 33,697 $ 93,392 Other income - - - -------- - - ------- 33,697 93,392 -------- - - ------- Share of income (loss) from Operating Partnerships (834,491) (245,289) -------- - - ------- Expenses Professional fees 28,283 31,718 Fund management fee (Note C) 136,838 132,044 Amortization 5,244 5,244 General and administrative expense 27,138 47,926 -------- - - ------- 197,503 216,932 -------- - - ------- NET INCOME (LOSS) $(998,297) $(368,829) ======== ======== Net income (loss) allocated to limited partners $(988,314) $(365,141) ======== ======== Net income (loss) allocated to general partner $ (9,983) $ (3,688) ======== ======== Net income (loss) per BAC $ (.33) $ (.12) ======== ======== The accompanying notes are an integral part of these statements. 51 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 26 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 171,498 $ 316,022 Other income - - - -------- - - ------- 171,498 316,022 -------- - - ------- Share of income (loss) from Operating Partnerships (639,699) 58,853 -------- - - ------- Expenses Professional fees 47,076 51,711 Fund management fee (Note C) 168,660 135,377 Amortization 9,465 9,465 General and administrative expense 71,511 130,067 -------- - - ------- 296,712 326,620 -------- - - ------- NET INCOME (LOSS) $(764,913) $ 48,255 ======== ======== Net income (loss) allocated to limited partners $(757,264) $ 47,772 ======== ======== Net income (loss) allocated to general partner $ (7,649) $ 483 ======== ======== Net income (loss) per BAC $ (.19) $ (.01) ======== ======== The accompanying notes are an integral part of these statements. 52 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 27 - ----------------------- 1998 1997 ---- - ---- Income Interest income $ 69,306 $ 212,953 Other income - - - -------- - - ------- 69,306 212,953 -------- - - ------- Share of income (loss) from Operating Partnerships (315,720) 246,556 -------- - - ------- Expenses Professional fees 25,435 25,453 Fund management fee (Note C) 149,356 127,112 Amortization 7,761 7,761 General and administrative expense 32,883 65,609 -------- - - ------- 215,435 225,935 -------- - - ------- NET INCOME (LOSS) $(461,849) $ 233,574 ======== ======== Net income (loss) allocated to limited partners $(457,231) $ 231,238 ======== ======== Net income (loss) allocated to general partner $ (4,618) $ 2,336 ======== ======== Net income (loss) per BAC $ (.19) $ .09 ======== ======== The accompanying notes are an integral part of these statements. 53 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 28 ------------------------- 1998 1997 ---- ---- Income Interest income $ 405,291 $ 728,158 Other income - - -------- -------- 405,291 728,158 -------- -------- Share of income (loss) from Operating Partnerships (132,831) (237,704) -------- -------- Expenses Professional fees 47,630 57,460 Fund management fee (Note C) 140,154 38,888 Amortization 10,163 10,163 General and administrative expense 127,413 202,259 -------- -------- 325,360 308,770 -------- -------- NET INCOME (LOSS) $ (52,900) $ 181,684 ======== ======== Net income (loss) allocated to limited partners $ (52,371) $ 179,867 ======== ======== Net income (loss) allocated to general partner $ (529) $ 1,817 ======== ======== Net income (loss) per BAC $ (.01) $ .04 ======== ======== The accompanying notes are an integral part of these statements. 54 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 29 ------------------------- 1998 1997 ---- ---- Income Interest income $ 355,271 $ 314,912 Other income - - -------- -------- 355,271 314,912 -------- -------- Share of income (loss) from Operating Partnerships (201,469) - -------- -------- Expenses Professional fees 42,499 18,881 Fund management fee (Note C) 138,434 49,706 Amortization 6,581 2,415 General and administrative expense 89,202 63,985 -------- -------- 276,716 134,987 -------- -------- NET INCOME (LOSS) $(122,914) $ 179,925 ======== ======== Net income (loss) allocated to limited partners $(121,685) $ 178,126 ======== ======== Net income (loss) allocated to general partner $ (1,229) $ 1,799 ======== ======== Net income (loss) per BAC $ (.03) $ .05 ======== ======== The accompanying notes are an integral part of these statements. 55 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 30 -------------------------- - - 1998 1997 ---- ---- Income Interest income $ 273,666 $ 85,008 Other income - - -------- -------- 273,666 85,008 -------- -------- Share of income (loss) from Operating Partnerships 33,782 - -------- -------- Expenses Professional fees 31,193 3,219 Fund management fee (Note C) 65,396 - Amortization 6,929 - General and administrative expense 66,078 20,079 -------- -------- 169,596 23,298 -------- -------- NET INCOME (LOSS) $ 137,852 $ 61,710 ======== ======== Net income (loss) allocated to limited partners $ 136,473 $ 61,093 ======== ======== Net income (loss) allocated to general partner $ 1,379 $ 617 ======== ======== Net income (loss) per BAC $ .05 $ .02 ======== ======== The accompanying notes are an integral part of these statements. 56 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 31 -------------------------- 1998 1997 ---- ---- Income Interest income $ 517,075 $ - Other income - - -------- -------- 517,075 - -------- -------- Share of income (loss) from Operating Partnerships (156,370) - -------- -------- Expenses Professional fees 50,315 - Fund management fee (Note C) 126,762 - Amortization 6,851 - General and administrative expense 99,654 13,623 -------- -------- 283,582 13,623 -------- -------- NET INCOME (LOSS) $ 77,123 $ (13,623) ======== ======== Net income (loss) allocated to limited partners $ 76,352 $ (13,487) ======== ======== Net income (loss) allocated to general partner $ 771 $ (136) ======== ======== Net income (loss) per BAC $ .02 $ - ======== ======== The accompanying notes are an integral part of these statements. 57 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) Series 32* Series 33* ----------- ----- - ------ 1998 1998 ---- - - --- Income Interest income $ 319,798 $ 17,595 Other income - - - ---------- --- - ------ 319,798 17,595 ---------- --- - ------ Share of (income) loss from Operating Partnerships (21,447) - - ---------- --- - ------ Expenses Professional fees 17,629 - - Fund management fee (Note C) 85,699 4,086 Amortization 8,897 - - General and administrative expense 93,454 12,953 ---------- -- - ------ 205,679 17,039 ---------- -- - ------ NET INCOME (LOSS) $ 92,672 $ 556 ========== ======== Net income (loss) allocated to limited partners $ 91,745 $ 550 ========== ======== Net income (loss) allocated to general partner $ 927 $ 6 ========== ======== Net income (loss) per BAC $ .02 $ - - ========== ======== * Series 32 and Series 33 did not commence operations until after September 30, 1997, therefore they do not have comparative information to report. The accompanying notes are an integral part of these statements. 58 STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1998 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- - ----- Partners' capital (deficit), April 1, 1998 $306,404,507 $(326,595) $231,226 $306,309,138 Capital contribu- tions 61,431,000 - - 61,431,000 Selling commissions and registration costs (8,335,693) - - (8,335,693) Net income (loss) (6,037,124) (60,979) - (6,098,103) ----------- -------- ------- - ----------- Partners' capital (deficit), September 30, 1998 $353,462,690 $(387,574) $231,226 $353,306,342 =========== ======== ======= =========== The accompanying notes are an integral part of these statements. 59 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1998 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- - ----- Series 20 - -------- Partners' capital (deficit), April 1, 1998 $23,068,223 $(100,892) $ 1,041 $22,968,372 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (1,344,794) (13,583) - (1,358,377) ---------- -------- ------- - ---------- Partners' capital (deficit), September 30, 1998 $21,723,429 $(114,475) $ 1,041 $21,609,995 ========== ======== ======= ========== Series 21 - -------- Partners' capital (deficit), April 1, 1998 $10,304,349 $ (59,504) $ 2,816 $10,247,661 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (642,035) (6,485) - (648,520) ---------- -------- -------- - ---------- Partners' capital (deficit), September 30, 1998 $ 9,662,314 $ (65,989) $ 2,816 $ 9,599,141 ========== ======== ======== ========== The accompanying notes are an integral part of these statements. 60 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1998 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- - ----- Series 22 - -------- Partners' capital (deficit), April 1, 1998 $16,726,229 $ (52,342) $ 1,076 $16,674,963 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (482,407) (4,873) - (487,280) ---------- -------- ------ - ---------- Partners' capital (deficit), September 30, 1998 $16,243,822 $ (57,215) $ 1,076 $16,187,683 ========== ======== ======= ========== Series 23 - -------- Partners' capital (deficit), April 1, 1998 $24,049,616 $ (44,798) $ 1,734 $24,006,552 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (661,377) (6,681) - (668,058) ---------- -------- ------- - ---------- Partners' capital (deficit), September 30, 1998 $23,388,239 $ (51,479) $ 1,734 $23,338,494 ========== ======== ======= ========== The accompanying notes are an integral part of these statements 61 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1998 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- - ----- Series 24 - -------- Partners' capital (deficit), April 1, 1998 $15,908,401 $ (26,479) $ 513 $15,882,435 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (834,766) (8,432) - (843,198) ---------- -------- ------- - ---------- Partners' capital (deficit), September 30, 1998 $15,073,635 $ (34,911) $ 513 $15,039,237 ========== ======== ======= ========== Series 25 - -------- Partners' capital (deficit), April 1, 1998 $23,255,931 $ (25,136) $ 2,836 $23,233,631 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (988,314) (9,983) - (998,297) ---------- -------- ------- - ---------- Partners' capital (deficit), September 30, 1998 $22,267,617 $ (35,119) $ 2,836 $22,235,334 ========== ======== ======= ========== The accompanying notes are an integral part of these statements. 62 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1998 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- - ----- Series 26 - -------- Partners' capital (deficit), April 1, 1998 $32,787,697 $(12,533) $ 18,735 $32,793,899 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (757,264) (7,649) - (764,913) ---------- -------- ------- - ---------- Partners' capital (deficit), September 30, 1998 $32,030,433 $(20,182) $ 18,735 $32,028,986 ========== ======= ======= ========== Series 27 - -------- Partners' capital (deficit), April 1, 1998 $20,116,351 $ (8,114) $ 5,864 $20,114,101 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (457,231) (4,618) - (461,849) --------- ------- ------- - ---------- Partners' capital (deficit), September 30, 1998 $19,659,120 $(12,732) $ 5,864 $19,652,252 ========== ======= ======= ========== The accompanying notes are an integral part of these statements. 63 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1998 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- - ----- Series 28 - -------- Partners' capital (deficit), April 1, 1998 $34,737,846 $ 3,557 $ 27,496 $34,768,899 Capital contribu- tions - - - - - Selling commissions and registration costs (292) - - (292) Net income (loss) (52,371) (529) - (52,900) --------- ------ ------- - ---------- Partners' capital (deficit), September 30, 1998 $34,685,183 $ 3,028 $ 27,496 $34,715,707 ========== ====== ======= ========== Series 29 - -------- Partners' capital (deficit), April 1, 1998 $33,941,732 $(2,758) $ 54,512 $33,993,486 Capital contribu- tions - - - - - Selling commissions and registration costs (2,895) - - (2,895) Net income (loss) (121,685) (1,229) - (122,914) --------- ------ ------- - ---------- Partners' capital (deficit), September 30, 1998 $33,817,152 $(3,987) $ 54,512 $33,867,677 ========== ====== ======= ========== The accompanying notes are an integral part of these statements. 64 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1998 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- - ----- Series 30 - -------- Partners' capital (deficit), April 1, 1998 $23,106,377 $ 3,313 $ 21,940 $23,131,630 Capital contribu- tions - - - - - Selling commissions and registration costs (2,146) - - (2,146) Net income (loss) 136,473 1,379 - 137,852 --------- ------ ------- - ---------- Partners' capital (deficit), September 30, 1998 $23,240,704 $ 4,692 $ 21,940 $23,267,336 ========== ====== ======= ========== Series 31 - -------- Partners' capital (deficit), April 1, 1998 $37,991,231 $ (697) $ 66,614 $38,057,148 Capital contribu- tions - - - - - Selling commissions and registration costs (8,212) - - (8,212) Net income (loss) 76,352 771 - 77,123 --------- ------ ------- - ---------- Partners' capital (deficit), September 30, 1998 $38,059,371 $ 74 $ 66,614 $38,126,059 ========== ====== ======= ========== The accompanying notes are an integral part of these statements. 65 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1998 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- - ----- Series 32 - -------- Partners' capital (deficit), April 1, 1998 $10,410,524 $ (212) $ 26,049 $10,436,361 Capital contribu- tions 35,069,000 - - 35,069,000 Selling commissions and registration costs (4,770,360) - - (4,770,360) Net income (loss) 91,745 927 - 92,672 ---------- ------ ------- - ---------- Partners' capital (deficit), September 30, 1998 $40,800,909 $ 715 $ 26,049 $40,827,673 ========== ====== ======= ========== Series 33 - -------- Partners' capital (deficit), April 1, 1998 $ - $ - $ - $ - - Capital contribu- tions 26,362,000 - - 26,362,000 Selling commissions and registration costs (3,551,788) - - (3,551,788) Net income (loss) 550 6 - 556 --------- ------ ------- - ---------- Partners' capital (deficit), September 30, 1998 $22,810,762 $ 6 $ - $22,810,768 ========== ====== ======= ========== The accompanying notes are an integral part of these statements. 66 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $(6,098,103) $ (4,299,065) Adjustments Amortization 102,307 75,464 Distributions from Operating Partnerships (17,199) 23,013 Share of loss from Operating Partnerships 5,471,178 4,076,138 Changes in assets and liabilities Decrease (Increase) in organization costs (93,078) (54,417) (Decrease) Increase in accounts payable and accrued expenses (1,618,217) (20,726) Decrease (Increase) in prepaid expenses - 6,457 Decrease (Increase) in accounts receivable (1,055,498) 1,603,062 (Decrease) Increase in accounts payable affiliates 763,852 804,389 ----------- - - ---------- Net cash (used in) provided by operating activities (2,544,758) 2,214,315 ----------- - - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired (6,396,438) (6,339,728) Capital contributions paid to Operating Partnerships (43,962,830) (29,652,651) Advances to Operating Partnerships (3,925,104) 1,041,644 Investments 9,076,097 (6,351,796) ----------- - - ---------- Net cash (used in) provided by investing activities (45,208,275) (41,302,531) ----------- - - ---------- 67 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) 1998 1997 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (8,335,692) (8,190,588) Capital contributions received 61,431,000 60,378,750 Net cash (used in) provided by ----------- - - ---------- financing activities 53,095,308 52,188,162 ----------- - - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,342,275 13,099,946 Cash and cash equivalents, beginning 4,193,020 14,801,634 ----------- - - ---------- Cash and cash equivalents, ending $ 9,535,295 $ 27,901,580 =========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 26,693,278 $ 21,288,772 =========== =========== The accompanying notes are an integral part of these statements. 68 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 20 --- - ------------------------ 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $(1,358,377) $(1,312,207) Adjustments Amortization 11,642 11,642 Distributions from Operating Partnerships 28 25 Share of loss from Operating Partnerships 1,119,184 1,142,743 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 304 - - Decrease (Increase ) in prepaid expenses - 4,410 Decrease (Increase) in accounts receivable (243,528) (19,285) (Decrease) Increase in accounts payable affiliates 189,545 189,488 ---------- - ---------- Net cash (used in) provided by operating activities (281,202) 16,816 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - - - Capital contributions paid to Operating Partnerships (97,460) (1,340,776) Advances to Operating Partnerships - 874,787 Investments 373,276 499,749 ---------- - ---------- Net cash (used in) provided by investing activities 275,816 33,760 ---------- - ---------- 69 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 20 -- - -------------------------- 1998 1997 ---- - ---- 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 (5,386) 50,576 Cash and cash equivalents, beginning 198,679 429,105 ---------- - ---------- Cash and cash equivalents, ending $ 193,293 $ 479,681 ========== ========== 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 Six Months Ended September 30, (Unaudited) Series 21 --- - ----------------------- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ (648,520) $(1,004,750) Adjustments Amortization 9,479 9,479 Distributions from Operating Partnerships (18,859) 21,714 Share of loss from Operating Partnerships 534,637 871,129 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 121 - - Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable 534 735 (Decrease) Increase in accounts payable affiliates 112,920 112,920 ---------- - ---------- Net cash (used in) provided by operating activities (9,688) 11,227 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - - - Capital contributions paid to Operating Partnerships (11,209) (30,517) Advances to Operating Partnerships - - - Investments 179,689 168,138 ---------- - ---------- Net cash (used in) provided by investing activities 168,480 137,621 ---------- - ---------- 71 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 21 -- - ----------------------- 1998 1997 ---- - ---- 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 158,792 148,848 Cash and cash equivalents, beginning 171,025 494,112 ---------- - ---------- Cash and cash equivalents, ending $ 329,817 $ 642,960 ========== ========== 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 Six Months Ended September 30, (Unaudited) Series 22 ------------------------ - -- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ (487,280) $ (802,207) Adjustments Amortization 6,269 6,269 Distributions from Operating Partnerships - - - Share of loss from Operating Partnerships 332,495 639,672 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 959 - - Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable 241,109 350,946 (Decrease) Increase in accounts payable affiliates 123,787 125,829 ---------- - ---------- Net cash (used in) provided by operating activities 217,339 320,509 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (1,286) (17,410) Capital contributions paid to Operating Partnerships (144,540) (1,296,131) Advances to Operating Partnerships - 413,033 Investments 92,712 305,974 ---------- - ---------- Net cash (used in) provided by investing activities (53,114) (594,534) ---------- - ---------- 73 Boston Capital Tax Credit Fund IV L.P STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 22 - --------------------------- 1998 1997 ---- - ---- 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 164,225 (274,025) Cash and cash equivalents, beginning 99,260 648,647 ---------- - ---------- Cash and cash equivalents, ending $ 263,485 $ 374,622 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 96,360 $ 230,990 ========== ========== The accompanying notes are an integral part of these statements. 74 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 23 --- - ----------------------- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ (668,058) $ (946,678) Adjustments Amortization 6,536 6,536 Distributions from Operating Partnerships - - - Share of loss from Operating Partnerships 509,233 824,513 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 267 - - Decrease (Increase ) in prepaid expenses - 2,047 Decrease (Increase) in accounts receivable 2,357 (43,162) (Decrease) Increase in accounts payable affiliates 120,132 119,826 ---------- - ---------- Net cash (used in) provided by operating activities (29,533) (36,918) ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (73) - - Capital contributions paid to Operating Partnerships (370,254) (930,907) Advances to Operating Partnerships - - - Investments 582,680 127,680 ---------- - ---------- Net cash (used in) provided by investing activities 212,353 (803,227) ---------- - ---------- 75 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 23 - ---------------------------- 1998 1997 ---- ---- 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 182,820 (840,145) Cash and cash equivalents, beginning 75,562 1,578,798 ---------- - ---------- Cash and cash equivalents, ending $ 258,382 $ 738,653 ========== ========== 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. 76 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 24 --- - ----------------------- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ (843,198) $ (555,919) Adjustments Amortization 6,490 6,490 Distributions from Operating Partnerships - 1,274 Share of loss from Operating Partnerships 707,384 420,497 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses (26,842) - - Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable (2,366) (87,033) (Decrease) Increase in accounts payable affiliates 116,574 107,161 ---------- - ---------- Net cash (used in) provided by operating activities (41,958) (107,530) ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (1,554) (65,707) Capital contributions paid to Operating Partnerships (109,868) (1,288,379) Advances to Operating Partnerships 86,665 915,862 Investments (3,543) 303,432 ---------- - ---------- Net cash (used in) provided by investing activities (28,300) (134,792) ---------- - ---------- 77 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 24 - ---------------------------- 1998 1997 ---- ---- 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 (70,258) (242,322) Cash and cash equivalents, beginning 275,033 644,685 ---------- - ---------- Cash and cash equivalents, ending $ 204,775 $ 402,363 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ 149,238 ========== ========== The accompanying notes are an integral part of these statements. 78 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 25 --- - ----------------------- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ (998,297) $ (368,829) Adjustments Amortization 5,244 5,244 Distributions from Operating Partnerships - - - Share of loss from Operating Partnerships 834,491 245,289 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 220 8,107 Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable 284,232 598,572 (Decrease) Increase in accounts payable affiliates 136,338 (16,554) ---------- - ---------- Net cash (used in) provided by operating activities 262,228 471,829 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - (163,468) Capital contributions paid to Operating Partnerships (528,026) (1,580,243) Advances to Operating Partnerships (11,409) (72,000) Investments 279,707 1,220,057 ---------- - ---------- Net cash (used in) provided by investing activities (259,728) (595,654) ---------- - ---------- 79 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 25 - ---------------------------- 1998 1997 ---- ---- 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 2,500 (123,825) Cash and cash equivalents, beginning 173,979 956,365 ---------- - ---------- Cash and cash equivalents, ending $ 176,479 $ 832,540 ========== ========== 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. 80 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 26 --- - ----------------------- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ (764,913) $ 48,255 Adjustments Amortization 9,465 9,465 Distributions from Operating Partnerships 1,632 - - Share of (income) loss from Operating Partnerships 639,699 (58,853) Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 1,351 - - Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable (2,145,977) 786,765 (Decrease) Increase in accounts payable affiliates 195,660 (9,630) ---------- - ---------- Net cash (used in) provided by operating activities (2,063,083) 776,002 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (58,229) (226,313) Capital contributions paid to Operating Partnerships (1,028,302) (3,634,181) Advances to Operating Partnerships 249,765 (1,100,320) Investments 3,126,387 5,263,501 ---------- - - ---------- Net cash (used in) provided by investing activities 2,289,621 302,687 ---------- - - ---------- 81 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 26 - ---------------------------- 1998 1997 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (9) Capital contributions received - - - Net cash (used in) provided by ---------- - ---------- financing activities - (9) ---------- - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 226,538 1,078,680 Cash and cash equivalents, beginning 105,301 1,239,330 ---------- - ---------- Cash and cash equivalents, ending $ 331,839 $ 2,318,010 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ 4,873,009 ========== ========== The accompanying notes are an integral part of these statements. 82 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 27 --- - ----------------------- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ (461,849) $ 233,574 Adjustments Amortization 7,761 7,761 Distributions from Operating Partnerships - - - Share of (income) loss from Operating Partnerships 315,720 (246,556) Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 12,772 - - Decrease (Increase) in prepaid expenses - - - Decrease (Increase) in accounts receivable (85,875) (100,945) (Decrease) Increase in accounts payable affiliates 152,357 - - ---------- - ---------- Net cash (used in) provided by operating activities (59,114) (106,166) ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (49,775) (142,792) Capital contributions paid to Operating Partnerships (1,239,779) (2,450,753) Advances to Operating Partnerships 57,390 (205,484) Investments 1,239,322 2,214,070 ---------- - - ---------- Net cash (used in) provided by investing activities 7,158 (584,959) ---------- - - ---------- 83 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 27 - ---------------------------- 1998 1997 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (11) Capital contributions received - - - Net cash (used in) provided by ---------- - ---------- financing activities - (11) ---------- - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (51,956) (691,136) Cash and cash equivalents, beginning 258,292 2,180,687 ---------- - ---------- Cash and cash equivalents, ending $ 206,336 $ 1,489,551 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 626,742 $ 1,909,846 ========== ========== The accompanying notes are an integral part of these statements. 84 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 28 --------------- - ---------- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ (52,900) $ 181,684 Adjustments Amortization 10,163 10,163 Distributions from Operating Partnerships - - - Share of (income) loss from Operating Partnerships 132,831 237,704 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 256 (5,003) Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable 114,933 (8,836) (Decrease) Increase in accounts payable affiliates - (2,100) ---------- - ----------- Net cash (used in) provided by operating activities 205,283 413,612 ---------- - ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (80,974) (234,164) Capital contributions paid to Operating Partnerships (2,860,045) (3,057,728) Advances to Operating Partnerships 126,575 2,521,676 Investments 2,526,907 (582,343) ---------- - ----------- Net cash (used in) provided by investing activities (287,537) (1,352,559) ---------- - ----------- 85 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 28 -- - ------------------------ 1998 1997 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (292) 275 Capital contributions received - - - Net cash (used in) provided by ---------- - ----------- financing activities (292) 275 ---------- - ----------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (82,546) (938,672) Cash and cash equivalents, beginning 483,635 4,589,026 ---------- - ----------- Cash and cash equivalents, ending $ 401,089 $ 3,650,354 ========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ 2,926,509 ========== =========== The accompanying notes are an integral part of these statements. 86 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 29 -------------------- - ---------- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ (122,914) $ 179,925 Adjustments Amortization 6,581 2,415 Distributions from Operating Partnerships - - - Share of (income) loss from Operating Partnerships 201,469 - - Changes in assets and liabilities Decrease (Increase) in organization costs - (11,446) (Decrease) Increase in accounts payable and accrued expenses 520 (280,815) Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable 1,874,092 1,739,691 (Decrease) Increase in accounts payable affiliates (1) (132,541) ---------- - ----------- Net cash (used in) provided by operating activities 1,959,747 1,497,229 ---------- - ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (39,702) (2,765,866) Capital contributions paid to Operating Partnerships (4,586,503) (5,338,133) Advances to Operating Partnerships (2,857,839) (1,743,277) Investments 5,730,278 (15,263,251) ---------- - ----------- Net cash (used in) provided by investing activities (1,753,766) (25,110,527) ---------- - - ---------- 87 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 29 ----------------- - ----------- 1998 1997 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (2,894) (3,992,042) Capital contributions received - 29,783,000 Net cash (used in) provided by --------- - ----------- financing activities (2,894) 25,790,958 --------- - ----------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 203,087 2,177,660 Cash and cash equivalents, beginning 305,731 2,040,879 ----------- - ----------- Cash and cash equivalents, ending $ 508,818 $ 4,218,539 =========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 4,637,920 $ 6,077,903 =========== =========== The accompanying notes are an integral part of these statements. 88 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 30 ------------------ - ---------- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ 137,852 $ 61,710 Adjustments Amortization 6,929 - - Distributions from Operating Partnerships - - - Share of (income) loss from Operating Partnerships (33,782) - - Changes in assets and liabilities Decrease (Increase) in organization costs - (42,971) (Decrease) Increase in accounts payable and accrued expenses - - - Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable 1,673,794 (72,236) (Decrease) Increase in accounts payable affiliates - 171,965 ----------- - - ----------- Net cash (used in) provided by operating activities 1,784,793 118,468 ----------- - - ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (55,652) (2,340,252) Capital contributions paid to Operating Partnerships (5,888,604) (8,239,674) Advances to Operating Partnerships (1,368,796) (562,633) Investments 6,239,264 (608,803) ----------- - - ----------- Net cash (used in) provided by investing activities (1,073,788) (11,751,362) ----------- - - ----------- 89 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 30 ----- - ---------------------- 1998 1997 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (2,146) (3,585,795) Capital contributions received - 26,490,750 Net cash (used in) provided by ----------- - ---------- financing activities (2,146) 22,904,955 ----------- - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 708,859 11,272,061 Cash and cash equivalents, beginning 1,162,518 - - ----------- - ---------- Cash and cash equivalents, ending $ 1,871,377 $11,272,061 =========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 1,637,668 $ 2,628,016 =========== ========== The accompanying notes are an integral part of these statements. 90 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 31 ----------------- - ---------- 1998 1997 ---- - ---- Cash flows from operating activities: Net income (loss) $ 77,123 $ (13,623) Adjustments Amortization 6,851 - - Distributions from Operating Partnerships - - - Share of (income) loss from Operating Partnerships 156,370 - - Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 2,155 256,985 Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable (864,736) (1,542,150) (Decrease) Increase in accounts payable affiliates (399,995) (383,756) ----------- - - ----------- Net cash (used in) provided by operating activities (1,022,232) (1,160,763) ----------- - - ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (100,751) (383,756) Capital contributions paid to Operating Partnerships (5,677,830) (465,229) Advances to Operating Partnerships 852,996 - - Investments 5,930,914 - - ----------- - - ----------- Net cash (used in) provided by investing activities 1,005,329 (848,985) ----------- - - ----------- 91 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 31 ---------------- - ----------- 1998 1997 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (8,212) (613,006) Capital contributions received - 4,105,000 Net cash (used in) provided by ----------- - ---------- financing activities (8,212) 3,491,994 ----------- - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (25,115) 1,482,246 Cash and cash equivalents, beginning 811,235 - - ----------- - ---------- Cash and cash equivalents, ending $ 786,120 $ 1,482,246 =========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 1,229,588 $ 2,493,261 =========== ========== The accompanying notes are an integral part of these statements. 92 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 32* Series 33* ------- - ----- ------------- 1998 1998 ------ - ------ Cash flows from operating activities: Net income (loss) $ 92,672 $ 556 Adjustments Amortization 8,897 - - Distributions from Operating Partnerships - - - Share of (income) loss from Operating Partnerships 21,447 - - Changes in assets and liabilities Decrease (Increase) in organization costs - (93,078) (Decrease) Increase in accounts payable and accrued expenses (2,275,795) 665,495 Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable 1,330,476 (3,234,543) (Decrease) Increase in accounts payable affiliates (90,995) 107,530 ----------- - ----------- Net cash (used in) provided by operating activities (913,298) (2,554,040) ----------- - ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (3,596,307) (2,412,135) Capital contributions paid to Operating Partnerships (21,120,410) (300,000) Advances to Operating Partnerships 5,409,698 (6,470,149) Investments (7,139,862) (10,081,634) ----------- - ----------- Net cash (used in) provided by investing activities (26,446,881) (19,263,918) ----------- - ----------- 93 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 32* Series 33* ------------- - - ------------ 1998 1998 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (4,770,360) (3,551,788) Capital contributions received 35,069,000 26,362,000 Net cash (used in) provided by ----------- - ----------- financing activities 30,298,640 22,810,212 ----------- - ----------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,938,461 992,254 Cash and cash equivalents, beginning 72,770 - - ----------- - ----------- Cash and cash equivalents, ending $ 3,011,231 $ 992,254 =========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 9,951,924 $ 10,513,076 =========== =========== *Series 32 Series 33 did not commence operation until after September 30, 1998, therefore they do not have comparative information to report. The accompanying notes are an integral part of these statements. 94 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS September 30, 1998 (Unaudited) NOTE A - ORGANIZATION Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in Operating Partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates IV L.P., a Delaware limited Partnership. Boston Capital Associates, a Massachusetts general partnership, whose only two partners are Herbert F. Collins and John P. Manning, the principals of Boston Capital Partners, Inc., is the sole general partner of the general partner. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates. The Assignor Limited Partner is BCTC IV Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning. Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the Assignor Limited Partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. One April 18, 1996 an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998 an amendment to Form S- 11, which registered an additional 25,000,000 BACs for sale to the public in one or more series became effective. Offers and sales of BACs in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31 and Series 32 were completed and the last of the BACs in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32 and Series 33 were issued by the Fund on June 24, 1994, September 30, 1994, December 28, 1994, June 23, 1995, September 22, 1995, December 29, 1995, June 25, 1996, September 17, 1996, January 29, 1997, June 10, 1997, September 10, 1997, January 18, 1998, June 23, 1998 and September 21, 1998, respectively. The Fund sold 3,866,700 of Series 20 BACs, for a total of $38,667,000; 1,892,700 of Series 21 BACs for a total of $18,927,000; 2,564,400 of Series 22 BACs for a total of $25,644,000; 3,336,727 of Series 23 BACs for a total of $33,366,000; 2,169,878 of Series 24 BACs for a total of $21,697,000; 3,026,109 of Series 25 BACs for a total of $30,248,000; 3,995,900 of Series 26 BACs for a total of $39,959,000; 2,460,700 of Series 27 BACS for a total of $24,607,000; 4,000,738 of Series 28 BACs for a total of $39,999,000; 3,918,000 of Series 29 BACs for a total of $39,918,000; 2,649,075 of Series 30 BACs for a total of $26,490,750; 4,417,857 of Series 31 BACs for a total of $44,057,750; 4,754,198 of Series 32 BACs for a total of $47,431,000; and 2,636,200 of Series 33 BACs for a total of $26,362,000. The fund is continuing to offer BACs in Series 34 at September 30, 1998, but has not yet admitted any investors as BAC holders. 95 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES The condensed financial statements herein as of September 30, 1998 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account. The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K. Investment Securities - --------------------- The Fund has determined that all of its investment securities are to be categorized as securities available for sale. Securities classified as available for sale are those debt securities that the Fund purchased that may be liquidated prior to the maturity date should the need arise. These securities are carried at approximate fair market value. All of the investments held by the Fund are tax-exempt municipal bonds and Certificates of Deposit. The amortized cost of securities available for sale as of September 30, 1998 by contractual maturity are as follows: Amortized Cost ---------- Due in one year or less $33,264,657 Due after one year 27,563,981 ---------- Total $60,828,638 ========== The fair market value of the securities is $61,059,864. The difference being an unrealized gain on securities available for sale of $231,226, as of September 30, 1998. 96 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES Amortization - ------------ The Fund amortizes organizational costs over 60 months. As of September 30, 1998 and 1997 the Fund has accumulated amortization of $480,589 and $285,237 respectively. The breakdown of accumulated amortization within the fund is as follows: 1998 1997 ---- ---- Series 20 $ 96,966 $ 73,681 Series 21 69,757 50,799 Series 22 48,180 35,641 Series 23 42,485 29,412 Series 24 38,218 25,239 Series 25 28,842 18,354 Series 26 42,595 18,930 Series 27 31,045 15,522 Series 28 35,570 15,244 Series 29 15,215 2,415 Series 30 12,542 - Series 31 10,277 - Series 32 8,897 - ------- ------- $480,589 $285,237 ======= ======= Series 33 organization costs will be amortized over 60 months beginning October 1, 1998. 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. (formerly Boston Capital Communications Limited Partnership) as follows: For the quarter ended September 30, 1998, Boston Capital Services, Inc. received $490,750 for Series 33 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 and Series 32 completed payment of all Dealer-Manager fees prior to the quarter ended September 30, 1998. Boston Capital Partners, Inc. 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 September 30, 1998, Series 33 paid $2,240,770 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 and Series 32 completed payment of all acquisition fees prior to the quarter ended September 30, 1998. 97 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE C - RELATED PARTY TRANSACTIONS - (cont.) Of the total acquisition fees and expenses incurred, $98,235, $53,731, $168,647, $166,769, $278,244, $297,327, $659,265, $417,907, $620,183, $112,826, $882,180, $230,651, $0 and $1,104,322 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, and Series 32, respectively, related to costs incurred in connection with the purchase of interests in Operating Partnerships not finalized as of Septemeber 30, 1998. 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. (formerly Boston Capital Communications Limited Partnership). The fund management fees accrued for the quarters ended September 30, 1998 and 1997 are as follows: 1998 1997 ---- ---- Series 20 $ 94,773 $ 94,743 Series 21 56,460 56,460 Series 22 61,893 63,936 Series 23 60,066 59,913 Series 24 58,287 53,580 Series 25 68,169 - Series 26 97,830 - Series 27 76,526 - ------- ------- $574,004 $328,632 ======= ======= The fund management fees paid for the quarters ended September 30, 1998 and 1997 are as follows: 1998 1997 ---- ---- Series 25 $ - $ 68,326 Series 26 - 78,475 Series 27 - 64,061 Series 28 70,977 23,666 Series 29 69,216 49,706 Series 30 35,037 - Series 31 63,381 - Series 32 65,662 - ------- ------- $304,273 $284,234 ======= ======= 98 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS At September 30, 1998 and 1997 the Fund has limited partnership interests in 289 and 225 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at September 30, 1998 and 1997 is as follows: 1998 1997 ---- ---- 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 42 41 Series 27 14 10 Series 28 25 19 Series 29 19 11 Series 30 15 6 Series 31 25 3 Series 32 11 - Series 33 3 - --- --- 289 225 === === 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 September 30, 1998 and 1997 are as follows: 1998 1997 ---- ---- Series 20 $ 454,955 $ 612,584 Series 21 848,917 929,965 Series 22 1,932,656 2,191,702 Series 23 2,353,855 3,598,111 Series 24 1,408,457 2,274,311 Series 25 2,851,124 4,852,308 Series 26 8,241,899 10,017,004 Series 27 2,898,485 3,864,892 Series 28 4,315,198 2,926,509 Series 29 9,986,453 8,304,886 Series 30 5,462,411 2,628,016 Series 31 12,517,623 2,493,261 Series 32 13,081,735 - Series 33 2,622,252 - ---------- ---------- $68,976,020 $44,693,549 ========== ========== 99 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (Cont.) The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar Year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 1998. COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 20 - --------------------------- 1998 1997 ---- - ---- Revenues Rental $ 4,137,282 $ 3,910,138 Interest and other 223,844 188,499 --------- - --------- 4,361,126 4,098,637 --------- - --------- Expenses Interest 1,593,535 1,582,273 Depreciation and amortization 1,419,299 1,511,120 Operating expenses 2,499,062 2,180,589 --------- - --------- 5,511,896 5,273,982 --------- - --------- NET LOSS $(1,150,770) $(1,175,345) ========== ========== Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $(1,119,184) $(1,142,743) ========== ========== Net loss allocated to other partners $ (11,508) $ (11,754) ========== ========== Net Loss Suspended $ (20,078) $ (20,848) ========== ========== 100 Boston Capital Tax Credit Fund IV L.P NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 21 --------------------------- - - 1998 1997 ---- ---- Revenues Rental $ 2,361,237 $ 2,138,261 Interest and other 88,237 118,460 --------- - --------- 2,449,474 2,256,721 --------- - --------- Expenses Interest 1,003,691 1,081,285 Depreciation and amortization 610,922 724,858 Operating expenses 1,374,898 1,330,506 --------- - --------- 2,989,511 3,136,649 --------- - --------- NET INCOME (LOSS) $ (540,037) $ (879,928) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (534,637) $ (871,129) ========= ========= Net loss allocated to other partners $ (5,400) $ (8,799) ========= ========= 101 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six Months ended June 30, (Unaudited) Series 22 - -------------------------- 1998 1997 Revenues ---- ---- Rental $2,162,202 $2,125,697 Interest and other 132,917 113,350 --------- - --------- 2,295,119 2,239,047 --------- - --------- Expenses Interest 640,655 730,394 Depreciation and amortization 742,697 903,225 Operating expenses 1,247,620 1,251,563 --------- - --------- 2,630,972 2,885,182 --------- - --------- NET INCOME (LOSS) $ (335,853) $ (646,135) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (332,495) $ (639,672) ========= ========= Net loss allocated to other partners $ (3,358) $ (6,463) ========= ========= 102 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 23 - ---------------------------- 1998 1997 Revenues ---- ---- Rental $ 2,601,903 $ 2,475,124 Interest and other 133,364 115,222 ---------- - ---------- 2,735,267 2,590,346 ---------- - ---------- Expenses Interest 899,615 938,093 Depreciation and amortization 920,321 1,062,605 Operating expenses 1,429,709 1,422,490 ---------- - ---------- 3,249,645 3,423,188 ---------- - ---------- NET LOSS $ (514,378) $ (832,842) ========== ========== Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (509,233) $ (824,513) ========== ========== Net loss allocated to other partners $ (5,145) $ (8,329) ========== ========== 103 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six Months ended June 30, (Unaudited) Series 24 ---------------------------- 1998 1997 Revenues ---- ---- Rental $ 2,484,790 $1,978,057 Interest and other 73,600 70,414 --------- --------- 2,558,390 2,048,471 --------- --------- Expenses Interest 925,783 740,498 Depreciation and amortization 933,750 563,220 Operating expenses 1,413,386 1,169,496 --------- --------- 3,272,919 2,473,214 --------- --------- NET INCOME (LOSS) $ (714,529) $ (424,743) ========== ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (707,384) $ (420,497) ========== ========= Net loss allocated to other partners $ (7,145) $ (4,246) ========== ========= 104 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 25 --------------------- - ----- 1998 1997 Revenues ---- - - --- Rental $3,418,414 $2,970,941 Interest and other 82,891 92,219 --------- ---- - ----- 3,501,305 3,063,160 --------- ---- - ----- Expenses Interest 1,161,106 933,833 Depreciation and amortization 990,203 632,113 Operating expenses 2,192,917 1,744,981 --------- ---- - ----- 4,344,226 3,310,927 --------- ---- - ----- NET INCOME (LOSS) $ (842,921) $ (247,767) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (834,491) $ (245,289) ========= ========= Net loss allocated to other partners $ (8,430) $ (2,478) ========= ========= 105 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 26 --------------------------- 1998 1997 Revenues ---- ---- Rental $3,188,950 $2,235,107 Interest and other 134,823 186,793 --------- - --------- 3,323,773 2,421,900 --------- - --------- Expenses Interest 1,026,309 584,445 Depreciation and amortization 1,157,255 494,400 Operating expenses 1,786,370 1,283,608 --------- - --------- 3,969,934 2,362,453 --------- - --------- NET INCOME (LOSS) $ (646,161) $ 59,447 ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (639,699) $ 58,853 ========= ========= Net income (loss) allocated to other partners $ (6,462) $ 594 ========= ========= 106 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 27 -------------------------- - - 1998 1997 Revenues ---- ---- Rental $1,929,135 $ 793,467 Interest and other 86,757 327,588 --------- - --------- 2,015,892 1,121,055 --------- - --------- Expenses Interest 788,213 218,864 Depreciation and amortization 350,632 249,317 Operating expenses 1,195,956 403,827 --------- - --------- 2,334,801 872,008 --------- - --------- NET INCOME (LOSS) $ (318,909) $ 249,047 ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (315,720) $ 246,556 ========= ========= Net income (loss) allocated to other partners $ (3,189) $ 2,491 ========= ========= 107 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 28 -------------------------- - - 1998 1997 Revenues ---- ---- Rental $1,353,349 $ 122,351 Interest and other 41,133 91,669 --------- - --------- 1,394,482 214,020 --------- - --------- Expenses Interest 477,859 26,975 Depreciation and amortization 313,103 50,801 Operating expenses 737,693 376,349 --------- - --------- 1,528,652 454,125 --------- - --------- NET LOSS $ (134,173) $ (240,105) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (132,831) $ (237,704) ========= ========= Net loss allocated to other partners $ (1,342) $ (2,401) ========= ========= 108 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 29* Series 30* ---------- -------- - -- 1998 1998 Revenues ---- ---- Rental $ 882,901 $577,667 Interest and other 46,692 22,004 --------- ------ - - 929,593 599,671 --------- ------ - - Expenses Interest 304,521 154,853 Depreciation and amortization 109,112 35,827 Operating expenses 719,464 374,868 --------- ------ - - 1,133,097 565,548 --------- ------ - - NET INCOME (LOSS) $ (203,504) $ 34,123 ========= ======= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (201,469) $ 33,782 ========= ======= Net income (loss) allocated to other partners $ (2,035) $ 341 ========= ======= * The Operating Partnerships in Series 29 and Series 30 did not commence operations until after June 30, 1998 therefore they do not have comparative information to report. 109 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 31* Series 32* ---------- -------- - --- 1998 1998 Revenues ---- ---- Rental $ 653,677 $ 65,772 Interest and other 18,949 1,398 -------- ------- 672,626 67,170 -------- ------- Expenses Interest 212,327 34,271 Depreciation and amortization 78,573 25,666 Operating expenses 539,675 28,896 -------- ------- 830,575 88,833 -------- ------- NET INCOME (LOSS) $(157,949) $(21,663) ======== ======= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $(156,370) $(21,447) ======== ======= Net income (loss) allocated to other partners $ (1,579) $ (216) ======== ======= * The Operating Partnerships in Series 31 and Series 32 did not commence operations until after June 30, 1998 therefore they do not have comparative information to report. 110 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1998 (Unaudited) NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED When comparing the results of operations from the Operating Partnerships for the six months ended June 30, 1998 and June 30, 1997 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, 1999 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 and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships. The Fund is currently accruing the fund management fee for Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26 and Series 27. Pursuant to the Partnership Agreement, such liabilities will be deferred until the Fund receives sales or refinancing proceeds from Operating partnerships which will be used to satisfy such liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware if any trends which would create insufficient liquidity to meet future third party obligations. Capital Resources - ----------------- The Fund offered BACs in a Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,037,750, $47,431,000, and $26,362,000 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, 3,999,900, 3,991,800, 2,649,075, 4,417,857, 4,754,198 and 2,636,200 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 and Series 33, respectively. Series 20 - --------- The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $28,603,737. During the quarter ended September 30, 1998, none of Series 20 net offering proceeds had been used to pay capital contributions. Series 20 net offering proceeds in the amount of $193,293 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 20 has invested in as of September 30, 1998. 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. 112 During the quarter ended September 30, 1998, $11,209 of Series 21 net offering proceeds had been used to pay capital contributions. Series 21 net offering proceeds in the amount of $848,917 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 21 has invested in as of September 30, 1998. 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 September 30, 1998, $144,540 of Series 22 net offering proceeds had been used to pay capital contributions. Series 22 net offering proceeds in the amount of $556,451 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 22 has invested in as of September 30, 1998. 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 September 30, 1998 none of Series 23 net offering proceeds had been used to pay capital contributions. Series 23 net offering proceeds in the amount of $258,382 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 23 has invested in as of September 30, 1998. 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 $15,939,004. During the quarter ended September 30, 1998, none of Series 24 net offering proceeds had been used to pay initial and additional capital contributions. Series 24 net offering proceeds in the amount of $406,905 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 24 has invested in as September 30, 1998. Series 25 - --------- The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,449,722. 113 During the quarter ended September 30, 1998, $88,300 of Series 25 net offering proceeds had been used to pay initial and additional capital contributions. Series 25 net offering proceeds in the amount of $895,399 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 25 has invested in as of September 30, 1998. 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 42 Operating Partnerships in the amount of $27,756,420. During the quarter ended September 30, 1998, $674,397 of Series 26 net offering proceeds had been used to pay initial and additional capital contributions. Series 26 net offering proceeds in the amount of $3,850,724 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 26 has invested in as of September 30, 1998. 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 14 Operating Partnerships in the amount of $17,175,371. During the quarter ended September 30, 1998, $376,109 of Series 27 net offering proceeds had been used to pay initial and additional capital contributions. Series 27 net offering proceeds in the amount of $1,631,961 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 27 has invested in as of September 30, 1998. 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 25 Operating Partnership in the amount of $24,959,483. During the quarter ended September 30, 1998, $1,838,929 of Series 28 net offering proceeds had been used to pay initial and additional capital contributions. Series 28 net offering proceeds in the amount of $4,315,198 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 28 has invested in as of September 30, 1998. 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 19 Operating Partnerships in the amount of $27,479,751. 114 During the quarter ended September 30, 1998, $2,770,860 of Series 29 net offering proceeds had been used to pay initial and additional capital contributions. Series 29 net offering proceeds in the amount of $8,345,727 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 29 has invested in as of September 30, 1998. 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 15 Operating Partnerships in the amount of $14,425,053. During the quarter ended September 30, 1998, $2,931,350 of Series 30 net offering proceeds had been used to pay initial and additional capital contributions. Series 30 net offering proceeds in the amount of $5,462,414 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 30 has invested in as of September 30, 1998. 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 25 Operating Partnerships in the amount of $29,198,135. During the quarter ended September 30, 1998, $2,720,576 of Series 31 net offering proceeds had been used to pay initial and additional capital contributions. Series 31 net offering proceeds in the amount of $9,392,782 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 31 has invested in as of September 30, 1998. 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 11 Operating Partnerships in the amount of $35,149,030. During the quarter ended September 30, 1998, $8,551,018 of Series 32 net offering proceeds had been used to pay initial and additional capital contributions. Series 32 net offering proceeds in the amount of $13,081,735 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 32 has invested in as of September 30, 1998. 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 3 Operating Partnerships in the amount of $9,092,401. During the quarter ended September 30, 1998, $6,470,149 of Series 33 net offering proceeds had been used to pay initial and additional capital contributions. Series 33 net offering proceeds in the amount of $2,622,252 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 33 has invested in as of September 30, 1998. 115 Results of Operations - --------------------- As of September 30, 1998 and 1997 the Fund held limited partnership interests in 289 and 225 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 September 30, 1998 as Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32 and Series 33 continue to use the funds raised to invest in partnership interests of additional Operating Partnerships, and the Fund continues to offer BACs in Series 34. The final BACs in Series 33 were issued on September 21, 1998 bringing the total dollars raised for Series 33 to $2,362,000. The Fund has started offering BACs in Series 34 and has collected equity totaling $365,000 as of September 30, 1998. No investors have been admitted to Series 34 as of September 30, 1998. The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership (formerly Boston Capital Communications Limited Partnership) in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred for the quarter ended September 30, 1998 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 and Series 33 were $98,773, $56,460, $58,783, $59,566, $39,287, $72,469, $79,830, $73,527, $70,977, $69,216, $35,037, $63,381, 65,662 and $4,086, respectively. The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders. Series 20 - --------- As of September 30, 1998 and 1997 the average Qualified Occupancy for the series was 100%. The series had a total of 24 properties at September 30, 1998, all of which were at 100% qualified occupancy. For the six months being reported Series 20 reflects a net loss from Operating Partnerships of $1,150,770. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $268,529. This is an interim period estimate; it is not indicative of the final year end results. 116 Breeze Cove Limited Partnership (Breeze Cove Apartments) experienced financial difficulties in 1997 due to vacancy issues and high expenses. The management company has steadily improved occupancies throughout 1997 and 1998, and occupancy currently stands at 96%. The Operating General Partner is pushing the management company to reduce expenses as well. The Operating General Partner filed a refinancing applications with a new lender in October 1998, and capital needs are anticipated to be addressed as part of the refinancing package. The Operating General Partner of East Douglas Apartments Limited Partnership (East Douglas Apartments) failed to meet his partnership obligations. As a result, the Operating General Partner and its related management agent were replaced in April, 1998. The new management company is focusing on improving the property's physical occupancy and operations. The property's mortgages have gone into default. The new Operating General Partner has worked out a forbearance agreement with the lenders. The property's refinancing package is expected to close by November 30, 1998. Once complete, the property is expected to remain stable. In August 1996 the Investment General Partner was notified that Virginia Avenue Affordable Limited Partnership (Kristine Apartments) was named as defendant in a land encroachment complaint. Initial efforts to settle the complaint were unsuccessful, but recently a judgment was issued by which the operating partnership would receive an appropriate quit claim deed and other title related documents confirming the partnership's interest in the disputed property. The appropriate title information has been received by the Operating General Partner and is in the process of execution. The delivery of these documents will remove any uncertainty as to the partnership's possession of the land. Series 21 - --------- As of September 30, 1998 and 1997 the average Qualified Occupancy for the series was 93.9% and 90.9%, respectively. The series had a total of 14 properties at September 30, 1998. Out of the total 9 were at 100% qualified occupancy. For the six months being reported Series 21 reflects a net loss from Operating Partnerships of $540,037. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $70,885. This is an interim period estimate; it is not indicative of the final year end results. The Internal Revenue Service is auditing Pinedale II Limited Partnership (Pinedale Apartments II) and Pumphouse Crossing II Limited Partnership's (Pumphouse Crossing II Apartments) compliance with the requirements of the Low-Income Housing Tax Credit Program. At this time management cannot determine the final outcome of the ongoing audit. Series 22 - --------- As of September 30, 1998 and 1997 the average Qualified Occupancy for the series was 99.9% and 98.7% respectively. The series had a total of 29 properties at September 30, 1998. Out of the total, 28 were at 100% qualified occupancy and 1 was in active lease-up. 117 For the six months being reported Series 22 reflects a net loss from Operating Partnerships of $335,853. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $406,844. This is an interim period estimate; it is not indicative of the final year end results. Series 23 - --------- As of September 30, 1998 and 1997 the average Qualified Occupancy for the series was 100% and 99.6%, respectively. The series had a total of 22 properties at September 30, 1998 all of which were at 100% qualified occupancy. For the six months being reported Series 23 reflects a net loss from Operating Partnerships of $514,378. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a positive operations of $405,943. This is an interim period estimate; it is not indicative of the final year end results. Series 24 - --------- As of September 30, 1998 and 1997 the average Qualified Occupancy for the series was 99.8% and 98.8%, respectively. The series had a total of 24 properties at September 30, 1998. Out of the total 23 were at 100% qualified occupancy. For the six months being reported Series 24 reflects a net loss from Operating Partnerships of $714,529. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $219,221. This is an interim period estimate; it is not indicative of the final year end results. In the prior fiscal year the Investment General Partner became aware of the Operating General Partner's intention to not completely fund construction costs of SG Wyandotte L.P. (Wyandotte Apartments). As a result, the Operating General Partner was removed in August 1997. The new Operating General Partner is currently working with a local construction consultant to complete the final payments of the subcontractors. During the first quarter 1997 construction was completed, and the property reached 100% qualified occupancy by December 1997. The new Operating General Partner, in conjunction with the Operating Partnership's lender, successfully converted the partnership's construction loan to permanent status. The property's operations continue to be strong and average physical occupancy remains at 95%. Series 25 - --------- As of September 30, 1998 and 1997 the average Qualified Occupancy for the series was 99.1% and 90.2%, respectively. The series had a total of 22 properties at September 30, 1998. Out of the total 19 were at 100% Qualified Occupancy and 1 was in active lease-up. For the six months being reported Series 25 reflects a net loss from Operating Partnerships of $842,921. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a positive operations of $147,282. This is an interim period estimate; it is not indicative of the final year end results. 118 In the prior fiscal year the Investment General Partner became aware of the Operating General Partner's intention to not completely fund construction costs of SG Wyandotte L.P. (Wyandotte Apartments). As a result, the Operating General Partner was removed in August 1997. The new Operating General Partner is currently working with a local construction consultant to complete the final payments of the subcontractors. During the first quarter 1997 construction was completed, and the property reached 100% qualified occupancy by December 1997. The new Operating General Partner, in conjunction with the Operating Partnership's lender, successfully converted the partnership's construction loan to permanent status. The property's operations continue to be strong and average physical occupancy remains at 95%. Series 26 - --------- As of September 30, 1998 and 1997 the average Qualified Occupancy for the series was 96.4% and 99.4%, respectively. The series had a total of 42 properties at September 30, 1998. Out of the total 35 were at 100% qualified occupancy and 3 were in active lease-up. The series also had 2 properties which were under construction and 1 property with multiple buildings some of which were under construction and some of which were in lease-up at September 30, 1998. For the six months being reported Series 26 reflects a net loss from Operating Partnerships of $646,161. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $511,094. This is an interim period estimate; it is not indicative of the final year end results. In the prior fiscal year the Investment General Partner became aware of the Operating General Partner's intention to not completely fund construction costs of SG Hazeltine Limited Partnership (Hazeltine Apartments). As a result, the Operating General Partner was removed in August 1997. The new Operating General Partner is currently working with a local construction consultant to complete the final payments of the subcontractors. In addition, the new Operating General Partner is currently working with the Operating Partnership's mortgage lender to convert to permanent loan status by the end of the year. Operations are strong, and as of the end of the second quarter, occupancy had increased to 94%. Series 27 - --------- As of September 30, 1998 and 1997 the average Qualified Occupancy for the series was 80.4% and 72.1%, respectively. The series had a total of 14 properties at September 30, 1998. Out of the total 8 were at 100% qualified occupancy and 4 were in active lease-up. The series also had 2 properties which were under construction September 30, 1998. For the six months being reported Series 27 reflects a net loss from Operating Partnerships of $318,909. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $31,723. This is an interim period estimate; it is not indicative of the final year end results. Series 28 - --------- As of September 30, 1998 and 1997 the average Qualified Occupancy for the series was 95.9% and 100%, respectively. The series had a total of 25 119 properties at September 30, 1998. Out of the total 19 were at 100% qualified occupancy and 4 were in active lease-up. The series also had 2 properties which were under construction at September 30, 1998. For the six months being reported Series 28 reflects a net loss from Operating Partnerships of $134,173. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $178,930. This is an interim period estimate; it is not indicative of the final year end results. Series 29 - --------- As of September 30, 1998 and 1997 the average qualified occupancy for the Series was 92% and 53%, respectively. The series had a total of 19 properties at September 30, 1998. Out of the total 12 were at 100% qualified occupancy and 3 were in active lease- up. The series also had 4 properties which were under construction at September 30, 1998 For the six months being reported Series 29 reflects a net loss from Operating Partnerships of $203,504. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss of $94,392. This is an interim period estimate; it is not indicative of the final year end results. Series 30 - --------- As of September 30, 1998 the average qualified occupancy for the series was 72.5%. The series had a total of 15 properties at September 30, 1998. Out of the total 2 were at 100% qualified occupancy and 4 were in active lease-up. The series also had 7 properties that were under construction and 2 properties with multiple buildings some of which were in lease-up and some of which were under construction at September 30, 1998. Since all of the properties in Series 30 were under construction at September 30, 1997, there is no comparative information to report. For the six months being reported Series 30 reflects a net income from Operating Partnerships of $34,123. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $69,950. This is an interim period estimate; it is not indicative of the final year end results. Series 31 - --------- As of September 30, 1998 the average qualified occupancy for the series was 89.9%. The series had a total of 25 properties at September 30, 1998. Out of the total 6 were at 100% qualified occupancy and 10 were in active lease-up. The series also had 4 properties that were under construction and 5 properties with multiple buildings some of which were in lease-up and some of which were under construction at September 30, 1998. Since all of the properties in Series 31 were under construction September 30, 1997, there is no comparative information to report. For the six months being reported Series 31 reflects a net loss from Operating Partnerships of $157,949. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss of $79,376. This is an interim period estimate; it is not indicative of the final year end results. 120 Series 32 - --------- As of September 30, 1998 the average qualified occupancy for the series was 88%. The series had a total of 11 properties at September 30, 1998. Out of the total 3 were at 100% qualified occupancy and 1 was in active lease-up. The series also had 7 properties that were under construction at September 30, 1998. Since all of the properties in Series 32 were acquired after September 30, 1997, there is no comparative information to report. For the six months being reported Series 32 reflects a net loss from Operating Partnerships of $21,663. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $4,003. This is an interim period estimate; it is not indicative of the final year end results. Series 33 - --------- The Series had a total of 3 properties as of September 30, 1998, all of which were under construction. Since all of the properties were acquired after September 30, 1998, there is no comparative information to report. 121 PART II - OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Defaults upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits None (b) Reports on Form 8-K None 122 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BOSTON CAPITAL TAX CREDIT FUND IV L.P. By: Boston Capital Associates IV L.P. By: C&M Associates d/b/a Boston Capital Associates Date: November 20, 1998 By: /s/ John P. Manning ------------------- John P. Manning, Partner & Principal Financial Officer 123 EX-27 2
CT 0000913778 BOSTON CAPITAL TAX CREDIT FUND IV LP 6-MOS MAR-31-1999 APR-01-1998 SEP-30-1998 430,328,146 0 0 0 0 430,328,146 2,246,265 0 (8,344,368) 0 0 0 (6,098,103) 0 0
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