-----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, APvM92ZGkYeULxzkuOCKRuTwd5mlUUKgMBwiq0fAL+e0M5DYSHBSR4HMz3oZXSSN wdcsRaLpP9RSS+z5ZgBKtg== /in/edgar/work/20000815/0000913778-00-000013/0000913778-00-000013.txt : 20000922 0000913778-00-000013.hdr.sgml : 20000921 ACCESSION NUMBER: 0000913778-00-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND IV LP CENTRAL INDEX KEY: 0000913778 STANDARD INDUSTRIAL CLASSIFICATION: [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: 702604 BUSINESS ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02108 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02108-4406 10-Q 1 0001.txt FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000 -------------- or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 0-26200 --------- BOSTON CAPITAL TAX CREDIT FUND IV L.P. - ----------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 04-3208648 - -------------------------------- ----------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Boston Place, Suite 2100, Boston, Massachusetts 02108 - ----------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (617) 624-8900 -------------- - ----------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days. Yes X No ------ ------ BOSTON CAPITAL TAX CREDIT FUND IV L.P. -------------------------------------------------- QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2000 ----------------------------------------- TABLE OF CONTENTS ----------------- PART I - FINANCIAL INFORMATION Item 1. Financial Statements.............................. Balance Sheets.................................... Statements of Operations.......................... Statement of Changes in Partners' Capital......... Statements of Cash Flows.......................... Notes to Financial Statements..................... Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..................................... PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K.................. Signatures........................................ Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $391,577,737 $387,774,608 OTHER ASSETS Cash and cash equivalents 14,092,420 15,484,389 Investments 29,355,989 33,246,886 Notes receivable 17,484,435 14,280,633 Acquisition costs 14,665,953 13,304,610 Other assets 16,681,870 14,057,243 ----------- - ----------- $483,858,404 $478,148,369 =========== =========== LIABILITIES Accounts payable & accrued expenses (Note C) $ 638,600 $ 427,847 Accounts payable affiliates 7,921,116 7,121,923 Capital contributions payable (Note D) 52,603,153 53,534,052 Line of credit - 976,349 ----------- - ----------- 61,162,869 62,060,171 ----------- - ----------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest, $10 stated value per BAC; 65,000,000 authorized BACs; 54,702,359 issued and outstanding as of June 30, 2000 422,686,135 416,025,620 General Partner (821,115) (767,937) Unrealized gain (loss) on securities available for sale, net 830,515 830,515 ----------- - ----------- 422,695,535 416,088,198 ----------- - ----------- $483,858,404 $478,148,369 =========== =========== The accompanying notes are an integral part of these statements. 1 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 20 - --------------------------- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $18,325,425 $18,752,214 OTHER ASSETS Cash and cash equivalents 300,622 312,723 Investments - - - Notes receivable - - - Acquisition costs 93,770 94,663 Other assets 730,747 694,211 ---------- - ---------- $19,450,564 $19,853,811 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 222 $ - - Accounts payable affiliates 1,806,024 1,711,212 Capital contributions payable (Note D) 388,026 388,026 Line of credit - - - ---------- - ---------- 2,194,272 2,099,238 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,866,700 issued and outstanding as of June 30, 2000 17,414,294 17,907,592 General Partner (158,002) (153,019) Unrealized gain (loss) on securities for sale, net - - - ---------- - ---------- 17,256,292 17,754,573 ---------- - ---------- $19,450,564 $19,853,811 ========== ========== The accompanying notes are an integral part of these statements. 2 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 21 - ---------------------------- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $ 6,366,358 $ 6,653,822 OTHER ASSETS Cash and cash equivalents 352,150 272,223 Investments 516,122 587,397 Notes receivable 641,542 641,542 Acquisition costs 51,289 51,777 Other assets 342,160 343,017 ---------- - ---------- $ 8,269,621 $ 8,549,778 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 111 $ - - Accounts payable affiliates 705,970 649,510 Capital contributions payable (Note D) 683,688 683,688 Line of credit - - - ---------- - ---------- 1,389,769 1,333,198 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 1,892,700 issued and outstanding as of June 30, 2000 6,954,726 7,288,087 General Partner (93,338) (89,971) Unrealized gain (loss) on securities for sale, net 18,464 18,464 ---------- - ---------- 6,879,852 7,216,580 ---------- - ---------- $ 8,269,621 $ 8,549,778 ========== ========== The accompanying notes are an integral part of these statements. 3 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 22 -------- - -------------------- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $13,385,883 $13,754,315 OTHER ASSETS Cash and cash equivalents 330,227 271,654 Investments 273,542 311,407 Notes receivable 450,981 450,981 Acquisition costs 161,169 162,704 Other assets 162,641 163,633 ---------- - ---------- $14,764,443 $15,114,694 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 157 $ - - Accounts payable affiliates 1,109,794 1,046,145 Capital contributions payable (Note D) 538,769 538,769 Line of credit - - - ---------- - ---------- 1,648,720 1,584,914 ---------- - ----------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,564,400 issued and outstanding as of June 30, 2000 13,193,969 13,603,885 General Partner (88,022) (83,881) Unrealized gain (loss) on securities for sale, net 9,776 9,776 ---------- - ---------- 13,115,723 13,529,780 ---------- - ---------- $14,764,443 $15,114,694 ========== ========== The accompanying notes are an integral part of these statements. 4 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 23 ------------------ - -------- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $19,944,281 $20,257,128 OTHER ASSETS Cash and cash equivalents 352,091 339,179 Investments - - - Notes receivable 306,751 306,751 Aquisition costs 163,961 165,523 Other assets 378,455 378,455 ---------- - ---------- $21,145,539 $21,447,036 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 199 $ - - Accounts payable affiliates 588,485 528,418 Capital contributions payable (Note D) 458,632 458,631 Line of credit - - - ---------- - ---------- 1,047,316 987,049 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,336,727 issued and outstanding as of June 30, 2000 20,182,088 20,540,234 General Partner (83,865) (80,247) Unrealized gain (loss) on securities for sale, net - - - ---------- - ---------- 20,098,223 20,459,987 ---------- - ---------- $21,145,539 $21,447,036 ========== ========== The accompanying notes are an integral part of these statements. 5 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 24 --------------------- - ----- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $12,154,665 $12,542,793 OTHER ASSETS Cash and cash equivalents 318,171 294,853 Investments 232,016 264,336 Notes receivable 534,342 534,342 Acquisition costs 267,870 270,421 Other assets 678,370 677,968 ---------- - ---------- $14,185,434 $14,584,713 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 19 $ - - Accounts payable affiliates 837,951 779,611 Capital contributions payable (Note D) 1,214,204 1,259,345 Line of credit - - - ---------- - ---------- 2,052,174 2,038,956 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,169,878 issued and outstanding as of June 30, 2000 12,189,017 12,597,389 General Partner (64,049) (59,924) Unrealized gain (loss) on securities for sale, net 8,292 8,292 ---------- - ---------- 12,133,260 12,545,757 ---------- - ---------- $14,185,434 $14,584,713 ========== ========== The accompanying notes are an integral part of these statements. 6 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 25 -------------------- - ------ June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $18,493,579 $18,948,606 OTHER ASSETS Cash and cash equivalents 609,837 526,832 Investments 531,275 605,151 Notes receivable 523,193 523,193 Acquisition costs 269,017 271,579 Other assets 1,324,046 1,323,125 ---------- - ---------- $21,750,947 $22,198,486 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 3,124 $ - - Accounts payable affiliates 613,521 545,352 Capital contributions payable (Note D) 2,431,112 2,516,436 Line of credit - - - ---------- - ---------- 3,047,757 3,061,788 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,026,109 issued and outstanding as of June 30, 2000 18,754,795 19,183,968 General Partner (70,602) (66,267) Unrealized gain (loss) on securities for sale, net 18,997 18,997 ---------- - ---------- 18,703,190 19,136,698 ---------- - ---------- $21,750,947 $22,198,486 ========== ========== The accompanying notes are an integral part of these statements. 7 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 26 - -------------------------- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $28,412,251 $28,691,064 OTHER ASSETS Cash and cash equivalents 276,331 201,802 Investments 197,083 224,505 Notes receivable 586,335 586,335 Acquisition costs 455,749 460,089 Other assets 2,491,659 2,512,111 ---------- - ---------- $32,419,408 $32,675,906 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 315 $ 90 Accounts payable affiliates 800,820 691,428 Capital contributions payable (Note D) 2,688,369 2,709,059 Line of credit - - - ---------- - ---------- 3,489,504 3,400,577 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,995,900 issued and outstanding as of June 30, 2000 28,973,884 29,315,855 General Partner (51,024) (47,570) Unrealized gain (loss) on securities for sale, net 7,044 7,044 ---------- - ---------- 28,929,904 29,275,329 ---------- - ---------- $32,419,408 $32,675,906 ========== ========== The accompanying notes are an integral part of these statements. 8 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 27 - -------------------------- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $16,131,247 $16,392,639 OTHER ASSETS Cash and cash equivalents 322,709 250,061 Investments 498,323 567,355 Notes receivable 99,549 99,549 Acquisition costs 392,352 396,089 Other assets 890,948 893,060 ---------- - ---------- $18,335,128 $18,598,753 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 129 $ - - Accounts payable affiliates 823,296 744,494 Capital contributions payable (Note D) 1,052,171 1,063,367 Line of credit - - - ---------- - ---------- 1,875,596 1,807,861 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,460,700 issued and outstanding as of June 30, 2000 16,483,737 16,811,783 General Partner (42,030) (38,716) Unrealized gain (loss) on securities for sale, net 17,825 17,825 ---------- - ---------- 16,459,532 16,790,892 ---------- --- - ------- $18,335,128 $18,598,753 ========== ========== The accompanying notes are an integral part of these statements. 9 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 28 -------------------- - ------ June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $29,193,928 $29,621,967 OTHER ASSETS Cash and cash equivalents 1,364,542 1,096,622 Investments 1,709,432 2,018,028 Notes receivable 1,477,458 1,477,458 Acquisition costs 86,636 87,462 Other assets 6,093 3,018 ---------- - ---------- $33,838,089 $34,304,555 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 6,897 $ - - Accounts payable affiliates 104 104 Capital contributions payable (Note D) 2,463,113 2,484,505 Line of credit - - - ---------- - ---------- 2,470,114 2,484,609 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 4,000,738 issued and outstanding as of June 30, 2000 31,335,169 31,782,620 General Partner (30,704) (26,184) Unrealized gain (loss) on securities for sale, net 63,510 63,510 ---------- - ---------- 31,367,975 31,819,946 ---------- - ---------- $33,838,089 $34,304,555 ========== ========== The accompanying notes are an integral part of these statements. 10 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 29 ---------------- - --------- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- - --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $28,453,159 $28,738,405 OTHER ASSETS Cash and cash equivalents 390,333 387,679 Investments 1,629,271 1,706,936 Notes receivable 835,878 835,878 Acquisition costs 85,234 86,047 Other assets 24,123 17,796 ---------- - ---------- $31,417,998 $31,772,741 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 321 $ - - Accounts payable affiliates 36 36 Capital contributions payable (Note D) 2,052,465 2,060,981 Line of credit - - - ---------- - ---------- 2,052,822 2,061,017 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,991,800 issued and outstanding as of June 30, 2000 29,376,552 29,719,635 General Partner (45,334) (41,869) Unrealized gain (loss) on securities for sale, net 33,958 33,958 ---------- - ---------- 29,365,176 29,711,724 ---------- - ---------- $31,417,998 $31,772,741 ========== ========== The accompanying notes are an integral part of these statements. 11 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 30 --------------------- - ----- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- -- - ------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $19,967,972 $20,143,589 OTHER ASSETS Cash and cash equivalents 513,772 403,328 Investments 1,875,101 2,229,119 Notes receivable 85,438 85,438 Acquisition costs 556,839 561,263 Other assets 688,650 609,524 ---------- - ---------- $23,687,772 $24,032,261 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 127 $ - - Accounts payable affiliates 7,524 7,524 Capital contributions payable (Note D) 2,379,537 2,502,751 Line of credit - - - ---------- - ---------- 2,387,188 2,510,275 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,651,000, issued and outstanding as of June 30, 2000 21,252,037 21,471,225 General Partner (14,683) (12,469) Unrealized gain (loss) on securities for sale, net 63,230 63,230 ---------- - ---------- 21,300,584 21,521,986 ---------- - ---------- $23,687,772 $24,032,261 ========== ========== The accompanying notes are an integral part of these statements. 12 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 31 --------------------- - ---- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- --- - ------ ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $32,163,386 $32,353,530 OTHER ASSETS Cash and cash equivalents 830,190 1,449,979 Investments 1,737,933 2,576,842 Notes receivable 905,675 2,361,971 Acquisition costs - - - Other assets 253,023 593,010 ---------- - ---------- $35,890,207 $39,335,332 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 2,067 $ 2,975 Accounts payable affiliates 26,655 26,655 Capital contributions payable (Note D) 1,954,134 4,973,344 Line of credit - - - ---------- - ---------- 1,982,856 5,002,974 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 4,417,857 issued and outstanding as of June 30, 2000 33,877,835 34,298,592 General Partner (40,891) (36,641) Unrealized gain (loss) on securities for sale, net 70,407 70,407 ---------- - ---------- 33,907,351 34,332,358 ---------- - ---------- $35,890,207 $39,335,332 ========== ========== The accompanying notes are an integral part of these statements. 13 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 32 ---------------------- - ----- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- --- - ------ ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $37,404,105 $37,641,580 OTHER ASSETS Cash and cash equivalents 484,121 240,584 Investments 2,585,792 2,832,134 Notes receivable 914,126 914,126 Acquisition costs 786,132 793,104 Other assets 1,297,642 1,680,500 ---------- - ---------- $43,471,918 $44,102,028 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 222 $ - - Accounts payable affiliates 231,527 148,654 Capital contributions payable (Note D) 4,040,039 4,476,034 Line of credit - - - ---------- - ---------- 4,271,788 4,624,688 ---------- - ---------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 4,754,198 issued and outstanding as of June 30, 2000 39,134,958 39,409,396 General Partner (15,164) (12,392) Unrealized gain (loss) on securities for sale, net 80,336 80,336 ---------- - ---------- 39,200,130 39,477,340 ---------- - ---------- $43,471,918 $44,102,028 ========== ========== The accompanying notes are an integral part of these statements. 14 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 33 --------------------- - ----- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- ---- - ------ ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $20,885,306 $20,996,032 OTHER ASSETS Cash and cash equivalents 578,621 597,735 Investments 2,916,985 3,156,657 Notes receivable 291,212 40,825 Acquisition costs 706,508 705,560 Other assets 8,652 4,378 ---------- --- - ------- $25,387,284 $25,501,187 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 119 $ - - Accounts payable affiliates 114,068 71,735 Capital contributions payable (Note D) 3,242,693 3,272,919 Line of credit - - - ---------- --- - ------- 3,356,880 3,344,654 ---------- --- - ------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,636,533 issued and outstanding as of June 30, 2000 21,947,386 22,072,254 General Partner (6,371) (5,110) Unrealized gain (loss) on securities for sale, net 89,389 89,389 ---------- --- - ------- 22,030,404 22,156,533 ---------- --- - ------- $25,387,284 $25,501,187 ========== ========== The accompanying notes are an integral part of these statements. 15 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 34 --------------------- - ----- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- ---- - ------ ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $27,527,544 $27,688,578 OTHER ASSETS Cash and cash equivalents 589,674 672,010 Investments 2,487,823 3,361,452 Notes receivable 439,562 1,390,612 Acquisition costs 1,126,921 1,117,212 Other assets 1,563,825 1,222,417 ---------- --- - ------- $33,735,349 $35,452,281 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 12,021 $ - - Accounts payable affiliates 10,656 10,656 Capital contributions payable (Note D) 4,448,643 5,964,656 Line of credit - - - ---------- --- - ------- 4,471,320 5,975,312 ---------- --- - ------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,529,319 respectively, issued and outstanding as of June 30, 2000 29,177,399 29,388,210 General Partner (8,722) (6,593) Unrealized gain (loss) on securities for sale, net 95,352 95,352 ---------- --- - ------- 29,264,029 29,476,969 ---------- --- - ------- $33,735,349 $35,452,281 ========== ========== The accompanying notes are an integral part of these statements. 16 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 35 --------------------- - ----- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- ---- - ------ ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $22,495,015 $22,595,066 OTHER ASSETS Cash and cash equivalents 1,025,811 701,756 Investments 4,164,685 6,015,592 Notes receivable 753,068 650,000 Acquisition costs 3,182,449 3,210,646 Other assets 25,548 447,482 ---------- --- - ------- $31,646,576 $33,620,542 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 381 $ 1,943 Accounts payable affiliates 92,199 78,795 Capital contributions payable (Note D) 3,705,183 5,528,412 Line of credit - - - ---------- --- - ------- 3,797,763 5,609,150 ---------- --- - ------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 3,300,463 respectively, issued and outstanding as of June 30, 2000 27,776,346 7,937,304 General Partner (4,305) (2,684) Unrealized gain (loss) on securities for sale, net 76,772 76,772 ---------- --- - ------- 27,848,813 28,011,392 ---------- --- - ------- $31,646,576 $33,620,542 ========== ========== The accompanying notes are an integral part of these statements. 17 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 36 --------------------- - ----- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- ---- - ------ ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $15,253,237 $15,225,618 OTHER ASSETS Cash and cash equivalents 342,374 328,095 Investments 1,874,881 2,430,792 Notes receivable 1,469,373 1,635,636 Acquisition costs 2,172,213 2,132,600 Other assets 1,190,047 1,407,708 ---------- --- - ------- $22,302,125 $23,160,449 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 27,095 $ - - Accounts payable affiliates 42,032 30,944 Capital contributions payable (Note D) 4,628,388 5,509,534 Line of credit - - - ---------- --- - ------- 4,697,515 5,540,478 ---------- --- - ------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,106,837 respectively, issued and outstanding as of June 30, 2000 17,554,485 17,569,744 General Partner (3,150) (3,048) Unrealized gain (loss) on securities for sale, net 53,275 53,275 ---------- --- - ------- 17,604,610 17,619,971 ---------- --- - ------- $22,302,125 $23,160,449 ========== ========== The accompanying notes are an integral part of these statements. 18 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 37 --------------------- - ----- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- ---- - ------ ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $13,325,744 $13,325,744 OTHER ASSETS Cash and cash equivalents 1,054,511 5,952,947 Investments 4,413,933 4,359,183 Notes receivable 6,605,952 1,745,996 Acquisition costs 2,311,301 2,313,395 Other assets 876,975 317,829 ---------- --- - ------- $28,588,416 $28,015,094 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 446 $ 350 Accounts payable affiliates 25,092 29,802 Capital contributions payable (Note D) 6,790,177 6,239,395 Line of credit - - - ---------- --- - ------- 6,815,715 6,269,547 ---------- --- - ------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 2,512,500 respectively, issued and outstanding as of June 30, 2000 21,648,983 21,622,194 General Partner (170) (535) Unrealized gain (loss) on securities for sale, net 123,888 123,888 ---------- --- - ------- 21,772,701 21,745,547 ---------- --- - ------- $28,588,416 $28,015,094 ========== ========== The accompanying notes are an integral part of these statements. 19 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 38 --------------------- - ----- June 30, March 31, 2000 2000 (Unaudited) (Audited) ----------- ---- - ------ ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $11,694,652 $ 3,451,918 OTHER ASSETS Cash and cash equivalents 4,056,333 1,184,327 Investments 1,711,792 - - Notes receivable 564,000 - - Acquisition costs 1,796,543 424,476 Other assets 3,748,266 768,001 ---------- --- - ------- $23,571,586 $ 5,828,722 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 584,628 $ 422,489 Accounts payable affiliates 85,362 20,848 Capital contributions payable (Note D) 7,443,810 904,200 Line of credit - 976,349 ---------- --- - ------- 8,113,800 2,323,886 ---------- --- - ------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 65,000,000 authorized BACs; 1,832,000 respectively, issued and outstanding as of June 30, 2000 15,458,475 3,505,653 General Partner (689) (817) Unrealized gain (loss) on securities for sale, net - - - ---------- --- - ------- 15,457,786 3,504,836 ---------- --- - ------- $23,571,586 $ 5,828,722 ========== ========== The accompanying notes are an integral part of these statements. 20 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) 2000 1999 ---- ---- Income Interest income $ 660,856 $ 777,280 Other income - 5,550 ---------- ---------- 660,856 782,830 ---------- ---------- Share of income (loss) from Operating Partnerships (4,435,838) (3,374,833) ---------- ---------- Expenses Professional fees 71,094 140,502 Fund management fee (Note C) 1,080,541 913,482 Organization Costs - - Amortization 125,429 69,261 General and administrative expenses 265,763 322,582 ---------- ---------- 1,542,827 1,445,827 ---------- ---------- NET INCOME (LOSS) $(5,317,809) $(4,037,830) ========== ========== Net income (loss) allocated to limited partners $(5,264,631) $(3,997,452) ========== ========== Net income (loss) allocated to general partner $ (53,178) $ (40,378) ========== ========== Net income (loss) per BAC $ (1.68) $ (1.34) ========== ========== The accompanying notes are an integral part of these statements. 21 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30 (Unaudited) Series 20 - ----------------------- 2000 1999 ---- - ---- Income Interest income $ 1,376 $ 8,442 Other income - 5,550 -------- - -------- 1,376 13,992 -------- - -------- Share of income (loss) from Operating Partnerships (413,953) (382,179) -------- - -------- Expenses Professional fees 2,188 8,522 Fund management fee (Note C) 74,533 74,288 Organization Costs - - - Amortization 893 6,714 General and administrative expense 8,090 8,211 -------- - -------- 85,704 97,735 -------- - -------- NET INCOME (LOSS) $(498,281) $(465,922) ======== ======== Net income (loss) allocated to limited partners $(493,298) $(461,263) ======== ======== Net income (loss) allocated to general partner $ (4,983) $ (4,659) ======== ======== Net income (loss) per BAC $ (.13) $ (.12) ======== ======== The accompanying notes are an integral part of these statements. 22 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 21 - ----------------------- 2000 1999 ---- - ---- Income Interest income $ 13,265 $ 14,855 Other income - - - -------- - -------- 13,265 14,855 -------- - -------- Share of income (loss) from Operating Partnerships (288,778) (309,934) -------- - -------- Expenses Professional fees 1,652 6,976 Fund management fee (Note C) 52,820 56,460 Organization Costs - - - Amortization 488 488 General and administrative expense 6,255 9,601 -------- - -------- 61,215 73,525 -------- - -------- NET INCOME (LOSS) $(336,728) $(368,604) ======== ======== Net income (loss) allocated to limited partners $(333,361) $(364,918) ======== ======== Net income (loss) allocated to general partner $ (3,367) $ (3,686) ======== ======== Net income (loss) per BAC $ (.18) $ (.20) ======== ======== The accompanying notes are an integral part of these statements. 23 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 22 - ----------------------- 2000 1999 ---- - ---- Income Interest income $ 7,424 $ 5,346 Other income - - - -------- - - ------- 7,424 5,346 -------- - - ------- Share of income (loss) from Operating Partnerships (365,988) (193,654) -------- - - ------- Expenses Professional fees 1,965 8,122 Fund management fee (Note C) 45,219 59,867 Organization Costs - - - Amortization 1,535 3,135 General and administrative expense 6,774 7,731 -------- - - ------- 55,493 78,855 -------- - - ------- NET INCOME (LOSS) $(414,057) $(267,163) ======== ======== Net income (loss) allocated to limited partners $(409,916) $(264,491) ======== ======== Net income (loss) allocated to general partner $ (4,141) $ (2,672) ======== ======== Net income (loss) per BAC $ (.16) $ (.10) ======== ======== The accompanying notes are an integral part of these statements. 24 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 23 - ----------------------- 2000 1999 ---- - ---- Income Interest income $ 2,759 $ 2,717 Other income - - - -------- - - ------- 2,759 2,717 -------- - - ------- Share of income (loss) from Operating Partnerships (312,848) (268,288) -------- - - ------- Expenses Professional fees 1,332 5,824 Fund management fee (Note C) 41,566 50,336 Organization Costs - - - Amortization 1,562 4,830 General and administrative expense 7,215 7,401 -------- - - ------- 51,675 68,391 -------- - - ------- NET INCOME (LOSS) $(361,764) $(333,962) ======== ======== Net income (loss) allocated to limited partners $(358,146) $(330,622) ======== ======== Net income (loss) allocated to general partner $ (3,618) $ (3,340) ======== ======== Net income (loss) per BAC $ (.11) $ (.10) ======== ======== The accompanying notes are an integral part of these statements. 25 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 24 - ----------------------- 2000 1999 ---- - ---- Income Interest income $ 6,535 $ 4,399 Other income - - - -------- - - ------- 6,535 4,399 -------- - - ------- Share of income (loss) from Operating Partnerships (342,989) (436,704) -------- - - ------- Expenses Professional fees 10,126 6,674 Fund management fee (Note C) 57,213 20,982 Organization Costs - - - Amortization 2,551 5,796 General and administrative expense 6,153 9,991 - -------- -------- 76,043 43,443 -------- - - ------- NET INCOME (LOSS) $(412,497) $(475,748) ======== ======== Net income (loss) allocated to limited partners $(408,372) $(470,991) ======== ======== Net income (loss) allocated to general partner $ (4,125) $ (4,757) ======== ======== Net income (loss) per BAC $ (.19) $ (.22) ======== ======== The accompanying notes are an integral part of these statements. 26 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 25 - ----------------------- 2000 1999 ---- - ---- Income Interest income $ 15,721 $ 12,633 Other income - - - -------- - - ------- 15,721 12,633 -------- - - ------- Share of income (loss) from Operating Partnerships (371,060) (483,594) -------- - - ------- Expenses Professional fees 5,884 6,502 Fund management fee (Note C) 59,889 51,169 Organization Costs - - - Amortization 3,805 6,427 General and administrative expense 8,591 9,895 -------- - - ------- 78,169 73,993 -------- - - ------- NET INCOME (LOSS) $(433,508) $(544,954) ======== ======== Net income (loss) allocated to limited partners $(429,173) $(539,504) ======== ======== Net income (loss) allocated to general partner $ (4,335) $ (5,450) ======== ======== Net income (loss) per BAC $ (.14) $ (.17) ======== ======== The accompanying notes are an integral part of these statements. 27 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 26 - ----------------------- 2000 1999 ---- - ---- Income Interest income $ 49,905 $ 22,811 Other income - - - -------- - - ------- 49,905 22,811 -------- - - ------- Share of income (loss) from Operating Partnerships (276,125) (216,215) -------- - - ------- Expenses Professional fees 2,825 13,592 Fund management fee (Note C) 103,295 72,271 Organization Costs - - - Amortization 4,340 9,073 General and administrative expense 8,745 14,498 -------- - - ------- 119,205 109,434 -------- - - ------- NET INCOME (LOSS) $(345,425) $(302,838) ======== ======== Net income (loss) allocated to limited partners $(341,971) $(299,810) ======== ======== Net income (loss) allocated to general partner $ (3,454) $ (3,028) ======== ======== Net income (loss) per BAC $ (.09) $ (.08) ======== ======== The accompanying notes are an integral part of these statements. 28 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30 (Unaudited) Series 27 - ----------------------- 2000 1999 ---- - ---- Income Interest income $ 12,292 $ 6,510 Other income - - - -------- - - ------- 12,292 6,510 -------- - - ------- Share of income (loss) from Operating Partnerships (262,316) (169,095) -------- - - ------- Expenses Professional fees 1,683 5,716 Fund management fee (Note C) 69,171 64,115 Organization Cost - - - Amortization 3,914 3,881 General and administrative expense 6,568 5,946 -------- - - ------- 81,336 79,658 -------- - - ------- NET INCOME (LOSS) $(331,360) $(242,243) ======== ======== Net income (loss) allocated to limited partners $(328,046) $(239,821) ======== ======== Net income (loss) allocated to general partner $ (3,314) $ (2,422) ======== ======== Net income (loss) per BAC $ (.13) $ (.10) ======== ======== The accompanying notes are an integral part of these statements. 29 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 28 --------------- - ----------- 2000 1999 ---- ---- Income Interest income $ 48,756 $ 71,064 Other income - - -------- -------- 48,756 71,064 -------- -------- Share of income (loss) from Operating Partnerships (404,086) (153,678) -------- -------- Expenses Professional fees 3,729 10,222 Fund management fee (Note C) 78,194 76,077 Organization Costs - - Amortization 825 5,081 General and administrative expense 13,893 32,306 -------- -------- 96,641 123,686 -------- -------- NET INCOME (LOSS) $(451,971) $(206,300) ======== ======== Net income (loss) allocated to limited partners $(447,451) $(204,237) ======== ======== Net income (loss) allocated to general partner $ (4,520) $ (2,063) ======== ======== Net income (loss) per BAC $ (.11) $ (.05) ======== ======== The accompanying notes are an integral part of these statements. 30 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 29 --------------- - ----------- 2000 1999 ---- ---- Income Interest income $ 27,124 $ 66,196 Other income - - -------- -------- 27,124 66,196 -------- -------- Share of income (loss) from Operating Partnerships (284,198) (263,726) -------- -------- Expenses Professional fees 2,657 9,436 Fund management fee (Note C) 72,629 66,710 Organization Costs - - Amortization 813 3,804 General and administrative expense 13,375 30,839 -------- -------- 89,474 110,789 -------- -------- NET INCOME (LOSS) $(346,548) $(308,319) ======== ======== Net income (loss) allocated to limited partners $(343,083) $(305,236) ======== ======== Net income (loss) allocated to general partner $ (3,465) $ (3,083) ======== ======== Net income (loss) per BAC $ (.09) $ (.06) ======== ======== The accompanying notes are an integral part of these statements. 31 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 30 ------------------------ 2000 1999 ---- ---- Income Interest income $ 34,728 $ 69,427 Other income - - -------- -------- 34,728 69,427 -------- -------- Share of income (loss) from Operating Partnerships (185,956) (51,871) -------- -------- Expenses Professional fees 4,816 10,224 Fund management fee (Note C) 45,679 38,013 Organization Costs - - Amortization 5,298 3,464 General and administrative expense 14,381 27,816 -------- -------- 70,174 79,517 -------- -------- NET INCOME (LOSS) $(221,402) $ (61,961) ======== ======== Net income (loss) allocated to limited partners $(219,188) $ (61,341) ======== ======== Net income (loss) allocated to general partner $ (2,214) $ (620) ======== ======== Net income (loss) per BAC $ (.08) $ (.03) ======== ======== The accompanying notes are an integral part of these statements. 32 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 31 ------------------------ 2000 1999 ---- ---- Income Interest income $ 15,234 $ 65,774 Other income - - -------- -------- 15,234 65,774 -------- -------- Share of income (loss) from Operating Partnerships (362,218) (609,284) -------- -------- Expenses Professional fees 4,341 10,710 Fund management fee (Note C) 56,176 89,724 Organization Costs - - Amortization - 3,426 General and administrative expense 17,506 24,700 -------- -------- 78,023 128,560 -------- -------- NET INCOME (LOSS) $(425,007) $(672,070) ======== ======== Net income (loss) allocated to limited partners $(420,757) $(665,349) ======== ======== Net income (loss) allocated to $ (4,250) $ (6,721) general partner ======== ======== Net income (loss) per BAC $ (.10) $ (.15) ======== ======== The accompanying notes are an integral part of these statements. 33 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 32 --------------------- - ------ 2000 1999 ---- -- - -- Income Interest income $ 45,833 $ 130,803 Other income - - - -------- ---- - ---- 45,833 130,803 -------- ---- - ---- Share of income (loss) from Operating Partnerships (206,758) 86,007 -------- ---- - ---- Expenses Professional fees 4,273 12,004 Fund management fee (Note C) 82,375 68,046 Organization Costs - - - Amortization 9,066 2,966 General and administrative expense 20,571 38,275 ------- ---- - ---- 116,285 121,291 ---- - ---- -------- NET INCOME (LOSS) $(277,210) $ 95,519 ======== ======== Net income (loss) allocated to limited partners $(274,438) $ 94,564 ======== ======== Net income (loss) allocated to general partner $ (2,772) $ 955 ======== ======== Net income (loss) per BAC $ (.06) $ .02 ======== ======== The accompanying notes are an integral part of these statements. 34 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 33 --------------------- - ----- 2000 1999 ---- -- - -- Income Interest income $ 53,842 $ 101,468 Other income - - - -------- ---- - ---- 53,842 101,468 -------- ---- - ---- Share of income (loss) from Operating Partnerships (110,726) 77,382 -------- ---- - ---- Expenses Professional fees 5,521 9,470 Fund management fee (Note C) 37,913 54,717 Organization Costs - - - Amortization 6,702 4,654 General and administrative expense 19,109 37,877 ------- ---- - ---- 69,245 106,718 -------- ---- - ---- NET INCOME (LOSS) $(126,129) $ 72,132 ======== ======== Net income (loss) allocated to limited partners $(124,868) $ 71,411 ======== ======== Net income (loss) allocated to general partner $ (1,261) $ 721 ======== ======== Net income (loss) per BAC $ (.05) $ .03 ======== ======== The accompanying notes are an integral part of these statements. 35 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 34 -------------------- 2000 1999 ---- - - --- Income Interest income $ 52,996 $ 122,951 Other income - - - -------- --- - ------ 52,996 122,951 -------- --- - ------ Share of income (loss) from Operating Partnerships (157,569) - - -------- --- - ------ Expenses Professional fees 4,792 11,565 Fund management fee (Note C) 73,155 47,660 Organization Costs - - - Amortization 10,637 5,522 General and administrative expense 19,783 42,876 -------- --- - ------ 108,367 107,623 -------- --- - ------ NET INCOME (LOSS) $(212,940) $ 15,328 ======== ========= Net income (loss) allocated to limited partners $(210,811) $ 15,175 ======== ========= Net income (loss) allocated to $ (2,129) $ 153 general partner ======== ========= Net income (loss) per BAC $ (.06) $ - - ======== ========= The accompanying notes are an integral part of these statements. 36 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 35 -------------------- 2000 1999 ---- - - --- Income Interest income $ 97,784 $ 71,884 Other income - - - -------- --- - ------ 97,784 71,884 -------- --- - ------ Share of income (loss) from Operating Partnerships (118,914) - - -------- --- - ------ Expenses Professional fees 4,289 4,943 Fund management fee (Note C) 54,660 23,047 Organization Costs - - - Amortization 30,296 - - General and administrative expense 51,704 14,619 -------- --- - ------ 140,949 42,609 -------- --- - ------ NET INCOME (LOSS) $(162,079) $ 29,275 ======== ========= Net income (loss) allocated to limited partners $(160,458) $ 28,982 ======== ========= Net income (loss) allocated to $ (1,621) $ 293 general partner ======== ========= Net income (loss) per BAC $ (.04) $ - - ======== ========= The accompanying notes are an integral part of these statements. 37 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30, (Unaudited) Series 36* Series 37* --------- --------- 2000 2000 ---- - - --- Income Interest income $ 33,963 $ 112,190 Other income - - - -------- --- - ------ 33,963 112,190 -------- --- - ------ Share of income (loss) from Operating Partnerships 28,644 - - -------- --- - ------ Expenses Professional fees 2,847 5,424 Fund management fee (Note C) 37,425 26,697 Organization Costs - - - Amortization 21,490 21,214 General and administrative expense 11,036 22,341 -------- --- - ------ 72,798 75,676 -------- --- - ------ NET INCOME (LOSS) $ (10,191) $ 36,514 ======== ========= Net income (loss) allocated to limited partners $ (10,089) $ 36,149 ======== ========= Net income (loss) allocated to $ (102) $ 365 general partner ======== ========= Net income (loss) per BAC $ - $ - - ======== ========= * Series 36 and 37 did not commence operations until after June 30, 1999 therefore they do not have comparative information to report. The accompanying notes are an integral part of these statements. 38 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended June 30 (Unaudited) Series 38* ---------- 2000 ------ Income Interest income $ 29,129 Other income - -------- 29,129 -------- Share of income (loss) from Operating Partnerships - -------- Expenses Professional fees 750 Fund management fee (Note C) 11,932 Organization Costs - Amortization - General and administrative expense 3,673 -------- 16,355 -------- NET INCOME (LOSS) $ 12,774 ======== Net income (loss) allocated to limited partners $ 12,646 ======== Net income (loss) allocated to $ 128 general partner ======== Net income (loss) per BAC $ .03 ======== * Series 38 did not commence operations until after June 30, 1999, therefore it does not have comparative information to report. The accompanying notes are an integral part of these statements. 39 STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- -------------- - ----- Partners' capital (deficit), April 1, 2000 $416,025,620 $(767,937) $830,515 $416,088,198 Capital contribu- tions 13,857,000 - - 13,857,000 Selling commissions and registration costs (1,931,854) - - (1,931,854) Net income (loss) (5,264,631) (53,178) (5,317,809) ----------- -------- - ------- ----------- Partners' capital (deficit), June 30, 2000 $422,686,135 $(821,115) $830,515 $422,695,535 =========== ======== ======= =========== The accompanying notes are an integral part of these statements. 40 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- -------------- - ----- Series 20 - -------- Partners' capital (deficit), April 1, 2000 $17,907,592 $(153,019) $ - $17,754,573 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (493,298) (4,983) - (498,281) ---------- -------- ------- - ---------- Partners' capital (deficit), June 30, 2000 $17,414,294 $(158,002) $ - $17,256,292 ========== ======== ======= ========== Series 21 - -------- Partners' capital (deficit), April 1, 2000 $ 7,288,087 $ (89,971) $ 18,464 $ 7,216,580 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (333,361) (3,367) - (336,728) ---------- -------- -------- - ---------- Partners' capital (deficit), June 30, 2000 $ 6,954,726 $ (93,338) $ 18,464 $ 6,879,852 ========== ======== ======== ========== The accompanying notes are an integral part of these statements. 41 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- -------------- - ----- Series 22 - -------- Partners' capital (deficit), April 1, 2000 $13,603,885 $ (83,881) $ 9,776 $13,529,780 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (409,916) (4,141) - (414,057) ---------- -------- ------ - ---------- Partners' capital (deficit), June 30, 2000 $13,193,969 $ (88,022) $ 9,776 $13,115,723 ========== ======== ======= ========== Series 23 - -------- Partners' capital (deficit), April 1, 2000 $20,540,234 $ (80,247) $ - $20,459,987 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (358,146) (3,618) - (361,764) ---------- -------- ------- - ---------- Partners' capital (deficit), June 30, 2000 $20,182,088 $ (83,865) $ - $20,098,223 ========== ======== ======= ========== The accompanying notes are an integral part of these statements 42 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- -------------- - ----- Series 24 - -------- Partners' capital (deficit), April 1, 2000 $12,597,389 $ (59,924) $ 8,292 $12,545,757 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (408,372) (4,125) - (412,497) ---------- -------- ------- - ---------- Partners' capital (deficit), June 30, 2000 $12,189,017 $ (64,049) $ 8,292 $12,133,260 ========== ======== ======= ========== Series 25 - -------- Partners' capital (deficit), April 1, 2000 $19,183,968 $ (66,267) $ 18,997 $19,136,698 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (429,173) (4,335) - (433,508) ---------- -------- ------- - ---------- Partners' capital (deficit), June 30, 2000 $18,754,795 $ (70,602) $ 18,997 $18,703,190 ========== ======== ======= ========== The accompanying notes are an integral part of these statements. 43 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- ------------- - ----- Series 26 - -------- Partners' capital (deficit), April 1, 2000 $29,315,855 $(47,570) $ 7,044 $29,275,329 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (341,971) (3,454) - (345,425) ---------- ------- ------- - ---------- Partners' capital (deficit), June 30, 2000 $28,973,884 $ (51,024) $ 7,044 $28,929,904 ========== ======= ======= ========== Series 27 - -------- Partners' capital (deficit), April 1, 2000 $16,811,783 $ (38,716) $ 17,825 $16,790,892 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (328,046) (3,314) - (331,360) --------- ------- ------- - ---------- Partners' capital (deficit), June 30, 2000 $16,483,737 $(42,030) $ 17,825 $16,459,532 ========== ======= ======= ========== The accompanying notes are an integral part of these statements. 44 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- ------------- - ----- Series 28 - -------- Partners' capital (deficit), April 1, 2000 $31,782,620 $(26,184) $ 63,510 $31,819,946 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (447,451) (4,520) - (451,971) ---------- ------ ------- - ---------- Partners' capital (deficit), June 30, 2000 $31,335,169 $(30,704) $ 63,510 $31,367,975 ========== ======== ======= ========== Series 29 - -------- Partners' capital (deficit), April 1, 2000 $29,719,635 $(41,869) $ 33,958 $29,711,724 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (343,083) (3,465) - (346,548) ---------- ------ ------- - ---------- Partners' capital (deficit), June 30, 2000 $29,376,552 $(45,334) $ 33,958 $29,365,176 ========== ====== ======= ========== The accompanying notes are an integral part of these statements. 45 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- ------------- - ----- Series 30 - -------- Partners' capital (deficit), April 1, 2000 $21,471,225 $(12,469) $ 63,230 $21,521,986 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (219,188) (2,214) - (221,402) ---------- ------ ------- - ---------- Partners' capital (deficit), June 30, 2000 $21,252,037 $(14,683) $ 63,230 $21,300,584 ========== ====== ======= ========== Series 31 - -------- Partners' capital (deficit), April 1, 2000 $34,298,592 $(36,641) $ 70,407 $34,332,358 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (420,757) (4,250) - (425,007) ---------- ------ ------- - ---------- Partners' capital (deficit), June 30, 2000 $33,877,835 $(40,891) $ 70,407 $ 33,907,351 ========== ======= ======= ========== The accompanying notes are an integral part of these statements. 46 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- ------------ - ----- Series 32 - -------- Partners' capital (deficit), April 1, 2000 $39,409,396 $(12,392) $ 80,336 $39,477,340 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (274,438) (2,772) - (277,210) ---------- ------ ------- - ---------- Partners' capital (deficit), June 30, 2000 $39,134,958 $(15,164) $ 80,336 $39,200,130 ========== ====== ======= ========== Series 33 - -------- Partners' capital (deficit), April 1, 2000 $22,072,254 $(5,110) $ 89,389 $22,156,533 Capital contribu- tions - - - - - Selling commissions and registration costs - - - - - Net income (loss) (124,868) (1,261) - (126,129) ---------- ------ ------- - ---------- Partners' capital (deficit), June 30, 2000 $21,947,386 $(6,371) $ 89,389 $22,030,404 ========== ====== ======= ========== The accompanying notes are an integral part of these statements. 47 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- -------------- - ----- Series 34 - -------- Partners' capital (deficit), April 1, 2000 $29,388,210 $(6,593) $ 95,352 $ 29,476,969 Capital contribu- tions Selling commissions and registration costs - - - - - Net income (loss) (210,811) (2,129) - (212,940) ---------- ------ - ------- ---------- Partners' capital (deficit), June 30, 2000 $29,177,399 $(8,722) $ 95,352 $29,264,029 ========== ====== ======= ========== Series 35 - -------- Partners' capital (deficit), April 1, 2000 $27,937,304 $(2,684) $ 76,772 $28,011,392 Capital contribu- - - - - - tions Selling commissions and registration costs (500) - - (500) Net income (loss) (160,458) (1,621) - (162,079) ---------- ------ - ------- ---------- Partners' capital (deficit), June 30, 2000 $27,776,346 $(4,305) $ 76,772 $27,848,813 ========== ====== ======= ========== 48 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- -------------- - ----- Series 36 - -------- Partners' capital (deficit), April 1, 2000 $17,569,744 $(3,048) $ 53,275 $ 17,619,971 Capital contribu- tions - - - - - Selling commissions and registration costs (5,170) - - (5,170) Net income (loss) (10,089) (102) - (10,191) ---------- ------ - ------- ---------- Partners' capital (deficit), June 30 2000 $17,554,485 $(3,150) $ 53,275 $17,604,610 ========== ====== ======= ========== Series 37 - -------- Partners' capital (deficit), April 1, 2000 $21,622,194 $ (535) $ 123,888 $ 21,745,547 Capital contribu- tions - - - - - Selling commissions and registration costs (9,360) - - (9,360) Net income (loss) 36,149 365 - 36,514 ---------- ------ - ------- ---------- Partners' capital (deficit), June 30, 2000 $21,648,983 $ (170) $123,888 $21,772,701 ========== ====== ======= ========== 49 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Three Months Ended June 30, 2000 (Unaudited) Accumulated or other General comprehensive Assignees Partner income Total --------- ------- -------------- - ----- Series 38 - -------- Partners' capital (deficit), April 1, 2000 $ 3,505,653 $ (817) $ - $ 3,504,836 Capital contribu- tions 13,857,000 - - 13,857,000 Selling commissions and registration costs (1,916,824) - - (1,916,824) Net income (loss) 12,646 128 - 12,774 ---------- ------ - ------- ---------- Partners' capital (deficit), June 30 2000 $15,458,475 $ (689) $ - $15,457,786 ========== ====== ======= ========== 50 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (5,317,809) $(4,037,830) Adjustments Amortization 125,429 69,261 Distributions from Operating Partnerships 27,656 51,451 Share of loss from Operating Partnerships 4,435,838 3,374,833 Changes in assets and liabilities Decrease (Increase) in organization costs - (105,282) (Decrease) Increase in accounts payable and accrued expenses 210,753 (274,623) Decrease (Increase) in accounts receivable (1,771,963) (3,934,007) (Decrease) Increase in accounts payable affiliates 799,192 60,880 Line of credit (976,349) 782,678 ----------- - - ---------- Net cash (used in) provided by operating activities (2,467,253) (4,012,639) ----------- - - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired (1,503,429) (2,822,030) Capital contributions paid to Operating Partnerships (10,033,529) (15,543,112) Advances to Operating Partnerships (3,203,802) 1,048,591 Investments 3,890,898 (1,725,661) ----------- - - ---------- Net cash (used in) provided by investing activities (10,849,862) (19,042,212) ----------- - - ---------- 51 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (1,931,854) (3,574,876) Capital contributions received 13,857,000 25,962,625 Net cash (used in) provided by ----------- - - ---------- financing activities 11,925,146 22,387,749 ----------- - - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,391,969) (667,102) Cash and cash equivalents, beginning 15,484,389 14,152,267 - ----------- ----------- Cash and cash equivalents, ending $ 14,092,420 $ 13,485,165 =========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 20,231,450 $ 15,269,423 =========== =========== The accompanying notes are an integral part of these statements. 52 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 20 --- - ------------------------ 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (498,281) $ (465,922) Adjustments Amortization 893 6,714 Distributions from Operating Partnerships 12,836 16,315 Share of loss from Operating Partnerships 413,953 382,179 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 222 - - Decrease (Increase) in accounts receivable (36,536) 98,410 (Decrease) Increase in accounts payable affiliates 94,812 94,812 Line of credit - - - ---------- - ---------- Net cash (used in) provided by operating activities (12,101) 132,508 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - - - Capital contributions paid to Operating Partnerships - - - Advances to Operating Partnerships - - - Investments - - - ---------- - ---------- Net cash (used in) provided by investing activities - - - ---------- - ---------- 53 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 20 -- - -------------------------- 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - - - Capital contributions received - - - Net cash (used in) provided by ---------- - ---------- financing activities - - - ---------- - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (12,101) 132,508 Cash and cash equivalents, beginning 312,723 223,286 ---------- - ---------- Cash and cash equivalents, ending $ 300,622 $ 355,794 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - - ========== ========== The accompanying notes are an integral part of these statements. 54 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 21 --- - ----------------------- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $(336,728) $ (368,604) Adjustments Amortization 488 488 Distributions from Operating Partnerships 436 - - Share of loss from Operating Partnerships 288,778 309,934 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 111 - - Decrease (Increase) in accounts receivable (893) (1,006) (Decrease) Increase in accounts payable affiliates 56,460 56,460 Line of credit - - - ---------- - ---------- Net cash (used in) provided by operating activities 8,652 (2,728) ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - - - Capital contributions paid to Operating Partnerships - - - Advances to Operating Partnerships - - - Investments 71,275 (55,423) ---------- - ---------- Net cash (used in) provided by investing activities 71,275 (55,423) ---------- - ---------- 55 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 21 -- - ----------------------- 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - - - Capital contributions received - - - Net cash (used in) provided by ---------- - - --------- financing activities - - - ---------- - - --------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 79,927 (58,151) Cash and cash equivalents, beginning 272,223 204,141 ---------- - ---------- Cash and cash equivalents, ending $ 352,150 $ 145,990 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - - ========== ========== The accompanying notes are an integral part of these statements. 56 Boston Capital Tax Credit Fund IV L.P STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 22 ------------------------ - -- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (414,057) $ (267,163) Adjustments Amortization 1,535 3,135 Distributions from Operating Partnerships 3,910 - - Share of loss from Operating Partnerships 365,988 193,654 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 157 - - Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable (475) (350) (Decrease) Increase in accounts payable affiliates 63,650 63,648 Line of credit - - - ---------- - ---------- Net cash (used in) provided by operating activities 20,708 (7,076) ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - - - Capital contributions paid to Operating Partnerships - (2,409) Advances to Operating Partnerships - 11,705 Investments 37,865 (19,422) ---------- - ---------- Net cash (used in) provided by investing activities 37,865 (10,126) ---------- - ---------- 57 Boston Capital Tax Credit Fund IV L.P STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 22 - --------------------------- 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - - - Capital contributions received - - - Net cash (used in) provided by ---------- - --------- financing activities - - - ---------- - --------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 58,573 (17,202) Cash and cash equivalents, beginning 271,654 319,333 ---------- - ---------- Cash and cash equivalents, ending $ 330,227 $ 302,131 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - - ========== ========== The accompanying notes are an integral part of these statements. 58 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 23 --- - ----------------------- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (361,764) $ (333,962) Adjustments Amortization 1,562 4,830 Distributions from Operating Partnerships - - - Share of loss from Operating Partnerships 312,848 268,288 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 199 - - Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable - 12,063 (Decrease) Increase in accounts payable affiliates 60,067 60,066 Line of credit - - - ---------- - ---------- Net cash (used in) provided by operating activities 12,912 11,285 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - - - Capital contributions paid to Operating Partnerships - (274,928) Advances to Operating Partnerships - 150,000 Investments - - - ---------- - ---------- Net cash (used in) provided by investing activities - (124,928) - ---------- ---------- 59 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 23 - ---------------------------- 2000 1999 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - - - Capital contributions received - - - Net cash (used in) provided by ---------- - ---------- financing activities - - - ---------- - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 12,912 (113,643) Cash and cash equivalents, beginning 339,179 610,758 ---------- - ---------- Cash and cash equivalents, ending $ 352,091 $ 497,115 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - - ========== ========== The accompanying notes are an integral part of these statements. 60 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 24 --- - ----------------------- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (412,497) $ (475,748) Adjustments Amortization 2,551 5,796 Distributions from Operating Partnerships - 14,010 Share of loss from Operating Partnerships 342,989 436,704 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 19 12,000 Decrease (Increase) in accounts receivable (402) (1,412) (Decrease) Increase in accounts payable affiliates 58,338 58,341 Line of credit - - - ---------- - ---------- Net cash (used in) provided by operating activities (9,002) 49,691 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - (23) Capital contributions paid to Operating Partnerships - (16,242) Advances to Operating Partnerships - (165) Investments 32,320 (13,399) ---------- - ---------- Net cash (used in) provided by investing activities 32,320 (29,829) - ---------- ---------- 61 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 24 - ---------------------------- 2000 1999 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - - - Capital contributions received - - - Net cash (used in) provided by ---------- - ---------- financing activities - - - ---------- - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 23,318 19,862 Cash and cash equivalents, beginning 294,853 304,564 ---------- - ---------- Cash and cash equivalents, ending $ 318,171 $ 324,426 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - - ========== ========== The accompanying notes are an integral part of these statements. 62 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 25 --- - ----------------------- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (433,508) $ (544,954) Adjustments Amortization 3,805 6,427 Distributions from Operating Partnerships 355 4,971 Share of loss from Operating Partnerships 371,060 483,594 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 3,124 - - Decrease (Increase) in accounts receivable (921) (2,306) (Decrease) Increase in accounts payable affiliates 68,169 68,169 Line of credit - - - ---------- - ---------- Net cash (used in) provided by operating activities 12,084 15,901 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - (23) Capital contributions paid to Operating Partnerships (2,955) (27,913) Advances to Operating Partnerships - 4,507 Investments 73,876 (37,740) ---------- - ---------- Net cash (used in) provided by investing activities 70,921 (61,169) ---------- - ---------- 63 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 25 - ---------------------------- 2000 1999 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - - - Capital contributions received - - - Net cash (used in) provided by ---------- - ---------- financing activities - - - ---------- - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 83,005 (45,268) Cash and cash equivalents, beginning 526,832 660,000 ---------- - ---------- Cash and cash equivalents, ending $ 609,837 $ 614,732 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - - ========== ========== The accompanying notes are an integral part of these statements. 64 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 26 --- - ----------------------- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (345,425) $ (302,838) Adjustments Amortization 4,340 9,073 Distributions from Operating Partnerships 2,791 8,521 Share of (income) loss from Operating Partnerships 276,125 216,215 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 225 - - Decrease (Increase) in accounts receivable 20,452 204,148 (Decrease) Increase in accounts payable affiliates 109,392 99,567 Line of credit - - - ---------- - ---------- Net cash (used in) provided by operating activities 67,900 234,686 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - (2,439) Capital contributions paid to Operating Partnerships (20,793) (285,821) Advances to Operating Partnerships - 70,239 Investments 27,422 (439,015) ---------- - - ---------- Net cash (used in) provided by investing activities 6,629 (657,036) ---------- - - ---------- 65 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30 (Unaudited) Series 26 - ---------------------------- 2000 1999 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (3,245) Capital contributions received - - - Net cash (used in) provided by ---------- - ---------- financing activities - (3,245) - ---------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 74,529 (425,595) Cash and cash equivalents, beginning 201,802 1,190,003 ---------- - ---------- Cash and cash equivalents, ending $ 276,331 $ 764,408 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - - ========== ========== The accompanying notes are an integral part of these statements. 66 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 27 --- - ----------------------- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (331,360) $ (242,243) Adjustments Amortization 3,914 3,881 Distributions from Operating Partnerships 3,214 2,871 Share of (income) loss from Operating Partnerships 262,316 169,095 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 129 - - Decrease (Increase) in accounts receivable (864) 17,324 (Decrease) Increase in accounts payable affiliates 78,802 77,115 Line of credit - - - ---------- - ---------- Net cash (used in) provided by operating activities 16,151 28,043 ---------- - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - - - Capital contributions paid to Operating Partnerships (12,535) (337,503) Advances to Operating Partnerships - 42,839 Investments 69,032 (10,018) ---------- - - ---------- Net cash (used in) provided by investing activities 56,497 (304,682) ---------- - - ---------- 67 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30 (Unaudited) Series 27 - ---------------------------- 2000 1999 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (1,565) Capital contributions received - - - Net cash (used in) provided by ---------- - ---------- financing activities - (1,565) ---------- - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 72,648 (278,204) Cash and cash equivalents, beginning 250,061 1,328,141 ---------- - ---------- Cash and cash equivalents, ending $ 322,709 $ 1,049,937 ========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 152,592 $ 333,396 ========== ========== The accompanying notes are an integral part of these statements. 68 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 28 --------------- - ---------- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (451,971) $ (206,300) Adjustments Amortization 825 5,081 Distributions from Operating Partnerships 2,561 - - Share of (income) loss from Operating Partnerships 404,086 153,678 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 6,897 - - Decrease (Increase) in accounts receivable (3,075) 135,271 (Decrease) Increase in accounts payable affiliates - (255,793) Line of credit - - - ---------- - ----------- Net cash (used in) provided by operating activities (40,677) (168,063) ---------- - ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - (23) Capital contributions paid to Operating Partnerships - (443,578) Advances to Operating Partnerships - - - Investments 308,597 615,169 ---------- - ----------- Net cash (used in) provided by investing activities 308,597 171,568 ---------- - ----------- 69 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 28 -- - ------------------------ 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (1,977) Capital contributions received - - - Net cash (used in) provided by ---------- - ----------- financing activities - (1,977) ---------- - ----------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 267,920 1,528 Cash and cash equivalents, beginning 1,096,622 569,820 ---------- - ----------- Cash and cash equivalents, ending $ 1,364,542 $ 571,348 ========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - - ========== =========== The accompanying notes are an integral part of these statements. 70 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 29 -------------------- - ---------- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (346,548) $ (308,319) Adjustments Amortization 813 3,804 Distributions from Operating Partnerships 1,050 - - Share of (income) loss from Operating Partnerships 284,198 263,726 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 321 - - Decrease (Increase) in accounts receivable (6,329) (7,523) (Decrease) Increase in accounts payable affiliates - - - Line of Credit - - - ---------- - ----------- Net cash (used in) provided by operating activities (66,495) (48,312) ---------- - ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - (28,857) Capital contributions paid to Operating Partnerships (8,516) (1,377,856) Advances to Operating Partnerships - - - Investments 77,665 1,613,132 ---------- - ----------- Net cash (used in) provided by investing activities 69,149 206,419 ---------- - - ---------- 71 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 29 ----------------- - ----------- 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (2,256) Capital contributions received - - - Net cash (used in) provided by --------- - ----------- financing activities - (2,256) --------- - ----------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,654 155,851 Cash and cash equivalents, beginning 387,679 1,066,404 ----------- - ----------- Cash and cash equivalents, ending $ 390,333 $ 1,222,255 =========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - - =========== =========== The accompanying notes are an integral part of these statements. 72 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 30 ------------------ - ---------- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (221,402) $ (61,961) Adjustments Amortization 5,298 3,464 Distributions from Operating Partnerships - 4,321 Share of (income) loss from Operating Partnerships 185,956 51,871 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 127 - - Decrease (Increase) in accounts receivable (83,092) (335,059) (Decrease) Increase in accounts payable affiliates - - - Line of credit - - - ----------- - - ----------- Net cash (used in) provided by operating activities (113,113) (337,364) - - ---------- ------------ Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (874) (25,277) Capital contributions paid to Operating Partnerships (129,587) (2,897,137) Advances to Operating Partnerships - 1,309,758 Investments 354,018 1,298,836 ----------- - - ----------- Net cash (used in) provided by investing activities 223,557 (313,820) ----------- - - ----------- 73 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 30 ----- - ---------------------- 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (1,821) Capital contributions received - - - Net cash (used in) provided by ----------- - ---------- financing activities - (1,821) -- - --------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 110,444 (653,005) Cash and cash equivalents, beginning 403,328 1,339,143 ----------- - ---------- Cash and cash equivalents, ending $ 513,772 $ 686,138 =========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $1,730,322 =========== ========== The accompanying notes are an integral part of these statements. 74 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 31 ----------------- - ---------- 2000 1999 ---- - ---- Cash flows from operating activities: Net income (loss) $ (425,007) $ (672,070) Adjustments Amortization - 3,426 Distributions from Operating Partnerships - 442 Share of (income) loss from Operating Partnerships 362,218 609,284 Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses (908) - - Decrease (Increase) in accounts receivable 271,628 (273,877) (Decrease) Increase in accounts payable affiliates - - - Line of credit - - - ----------- - - ----------- Net cash (used in) provided by operating activities 207,931 (332,795) ----------- - - ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (12,404) (9,817) Capital contributions paid to Operating Partnerships (3,110,521) (1,048,324) Advances to Operating Partnerships 1,456,296 317,142 Investments 838,909 609,466 ----------- - - ----------- Net cash (used in) provided by investing activities (827,720) (131,533) ----------- - - ----------- 75 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 31 ---------------- - ----------- 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (2,836) Capital contributions received - - - Net cash (used in) provided by ----------- - ---------- financing activities - (2,836) ----------- - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (619,789) (467,164) Cash and cash equivalents, beginning 1,449,979 1,294,456 ----------- - ---------- Cash and cash equivalents, ending $ 830,190 $ 827,292 =========== ========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 22,855 $ - - =========== ========== The accompanying notes are an integral part of these statements. 76 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 32 --- - ------------------------- 2000 1999 ------ - ------ Cash flows from operating activities: Net income (loss) $ (277,210) $ 95,519 Adjustments Amortization 9,066 2,966 Distributions from Operating Partnerships 503 - - Share of (income) loss from Operating Partnerships 206,758 (86,007) Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 222 - - Decrease (Increase) in accounts receivable 382,858 482,380 (Decrease) Increase in accounts payable affiliates 82,873 - - Line of credit - - - ----------- - ----------- Net cash (used in) provided by operating activities 405,070 494,858 ----------- - ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (512) (217,994) Capital contributions paid to Operating Partnerships (407,363) (3,355,387) Advances to Operating Partnerships - 1,121,948 Investments 246,342 1,065,594 ----------- - ----------- Net cash (used in) provided by investing activities (161,533) (1,385,839) ----------- - ----------- 77 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 32 ------------------ - ------------ 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (4,732) Capital contributions received - - - Net cash (used in) provided by ----------- - ----------- financing activities - (4,732) ----------- - ----------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 243,537 (895,713) Cash and cash equivalents, beginning 240,584 1,625,906 ----------- - ----------- Cash and cash equivalents, ending $ 484,121 $ 730,193 =========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ 3,071,781 =========== =========== The accompanying notes are an integral part of these statements. 78 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 33 --- - ------------------------ 2000 1999 ------ - ------ Cash flows from operating activities: Net income (loss) $ (126,129) $ 72,132 Adjustments Amortization 6,702 4,654 Distributions from Operating Partnerships - - - Share of (income) loss from Operating Partnerships 110,726 (77,382) Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 119 - - Decrease (Increase) in accounts receivable (4,274) 655,226 (Decrease) Increase in accounts payable affiliates 42,333 - - Line of credit - - - ----------- - - ---------- Net cash (used in) provided by operating activities 29,477 654,630 ----------- - - ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (7,650) (16,850) Capital contributions paid to Operating Partnerships (30,226) (1,616,659) Advances to Operating Partnerships (250,387) - - Investments 239,672 1,108,151 ----------- - - ---------- Net cash (used in) provided by investing activities (48,591) (525,358) ----------- - - ---------- 79 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 33 ------------------ - ---------- 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (4,980) Capital contributions received - - - Net cash (used in) provided by ----------- - ----------- financing activities - (4,980) ----------- - ----------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (19,114) 124,292 Cash and cash equivalents, beginning 597,735 685,857 ----------- - ----------- Cash and cash equivalents, ending $ 578,621 $ 810,149 =========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ 619,163 =========== =========== The accompanying notes are an integral part of these statements. 80 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 34 -------------- - --------- 2000 1999 ------ - ------ Cash flows from operating activities: Net income (loss) $ (212,940) $ 15,328 Adjustments Amortization 10,637 5,522 Distributions from Operating Partnerships - - - Share of (income) loss from Operating Partnerships 157,569 - - Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 12,021 - - Decrease (Increase) in accounts receivable (341,406) 1,645,480 (Decrease) Increase in accounts payable affiliates - - - Line of credit - - - ----------- -- - --------- Net cash (used in) provided by operating activities (374,119) 1,666,330 ----------- -- - --------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (20,346) (96,706) Capital contributions paid to Operating Partnerships (1,512,550) (2,313,656) Advances to Operating Partnerships 951,050 (1,196,704) Investments 873,629 348,889 ----------- -- - --------- Net cash (used in) provided by investing activities 291,783 (3,258,177) ----------- -- - --------- 81 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 34 -------------- - -------- 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (47,658) Capital contributions received - - - Net cash (used in) provided by ----------- - - ---------- financing activities - (47,658) ----------- - - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (82,336) (1,639,505) Cash and cash equivalents, beginning 672,010 2,482,579 ----------- - - ---------- Cash and cash equivalents, ending $ 589,674 $ 843,074 =========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ 1,363,303 =========== =========== The accompanying notes are an integral part of these statements. 82 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 35 -------------- - --------- 2000 1999 ------ - ------ Cash flows from operating activities: Net income (loss) $ (162,079) $ 29,275 Adjustments Amortization 30,296 - - Distributions from Operating Partnerships - - - Share of (income) loss from Operating Partnerships 118,914 - - Changes in assets and liabilities Decrease (Increase) in organization costs - (105,282) (Decrease) Increase in accounts payable and accrued expenses (1,562) (286,623) Decrease (Increase) in accounts receivable 421,933 (6,562,776) (Decrease) Increase in accounts payable affiliates 13,404 (261,505) Line of credit - 782,678 ----------- -- - --------- Net cash (used in) provided by operating activities 420,906 (6,404,233) ----------- -- - --------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (2,099) (2,424,021) Capital contributions paid to Operating Partnerships (1,842,091) (1,545,699) Advances to Operating Partnerships (103,068) (782,678) Investments 1,850,907 (7,809,881) ----------- -- - --------- Net cash (used in) provided by investing activities (96,351) (12,562,279) ----------- -- - --------- 83 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 35 -------------- - -------- 2000 1999 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (500) (3,503,806) Capital contributions received - 25,962,625 Net cash (used in) provided by ----------- - - ---------- financing activities (500) 22,458,819 ----------- - - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 324,055 3,492,307 Cash and cash equivalents, beginning 701,756 247,876 ----------- - - ---------- Cash and cash equivalents, ending $ 1,025,811 $ 3,740,183 =========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ 8,151,458 =========== =========== The accompanying notes are an integral part of these statements. 84 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 36* Series 37* ------------ - ------------ 2000 2000 ------ - ------ Cash flows from operating activities: Net income (loss) $ (10,191) $ 36,514 Adjustments Amortization 21,490 21,214 Distributions from Operating Partnerships - - - Share of (income) loss from Operating Partnerships (28,644) - - Changes in assets and liabilities Decrease (Increase) in organization costs - - - (Decrease) Increase in accounts payable and accrued expenses 27,095 96 Decrease (Increase) in accounts receivable 217,661 372,037 (Decrease) Increase in accounts payable affiliates 11,088 (4,710) Line of credit - - - ----------- -- - --------- Net cash (used in) provided by operating activities 238,499 425,151 ----------- -- - --------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (60,078) (19,120) Capital contributions paid to Operating Partnerships (881,146) (380,401) Advances to Operating Partnerships 166,263 (4,859,956) Investments 555,911 (54,750) ----------- -- - --------- Net cash (used in) provided by investing activities (219,050) (5,314,227) ----------- -- - --------- Series 36 and 37 did not commence operation until after June 30, 1999, therefore they do not have comparative information to report. 85 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 36* Series 37* ------------- - ------------ 2000 2000 ---- - ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (5,170) (9,360) Capital contributions received - - - Net cash (used in) provided by ----------- - - ---------- financing activities (5,170) (9,360) ----------- - - ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 14,279 (4,898,436) Cash and cash equivalents, beginning 328,095 5,952,947 ----------- - - ---------- Cash and cash equivalents, ending $ 342,374 $ 1,054,511 =========== =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - - =========== =========== *Series 36 and 37 did not commence operation until after June 30, 1999, therefore they do not have comparative information to report. The accompanying notes are an integral part of these statements. 86 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 38* ------------ 2000 ------ Cash flows from operating activities: Net income (loss) $ 12,774 Adjustments Amortization - Distributions from Operating Partnerships - Share of (income) loss from Operating Partnerships - Changes in assets and liabilities Decrease (Increase) in organization costs - (Decrease) Increase in accounts payable and accrued expenses 162,139 Decrease (Increase) in accounts receivable (2,980,265) (Decrease) Increase in accounts payable affiliates 64,514 Line of credit (976,349) ----------- Net cash (used in) provided by operating activities (3,717,187) ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (1,380,346) Capital contributions paid to Operating Partnerships (1,694,845) Advances to Operating Partnerships (564,000) Investments (1,711,792) ----------- Net cash (used in) provided by investing activities (5,350,983) ----------- * Series 38 did not commence operation until after June 30, 1999, therefore it does not have comparative information to report. 87 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Three Months Ended June 30, (Unaudited) Series 38* ------------- 2000 ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (1,916,824) Capital contributions received 13,857,000 Net cash (used in) provided by ----------- financing activities 11,940,176 ----------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,872,006 Cash and cash equivalents, beginning 1,184,327 ----------- Cash and cash equivalents, ending $ 4,056,333 =========== Supplemental schedule of non-cash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 6,710,244 =========== *Series 38 did not commence operation until after June 30, 1999, therefore it does not have comparative information to report. The accompanying notes are an integral part of these statements. 88 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS June 30, 2000 (Unaudited) NOTE A - ORGANIZATION Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in Operating Partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates IV L.P., a Delaware limited Partnership. Boston Capital Associates, a Massachusetts general partnership, whose only two partners are Herbert F. Collins and John P. Manning, the principals of Boston Capital Partners, Inc., is the sole general partner of the general partner. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates. The Assignor Limited Partner is BCTC IV Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning. Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the Assignor Limited Partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. One April 18, 1996 an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998 an amendment to Form S- 11, which registered an additional 25,000,000 BACs for sale to the public in one or more series became effective. Below is a summary of the BACs sold and total equity raised by series as of August 15, 2000: Series Closing Date BACs Sold Equity Raised ------ ------------ --------- ------------ - - Series 20 June 24, 1994 3,866,700 $38,667,000 Series 21 September 30, 1994 1,892,700 $18,927,000 Series 22 December 28, 1994 2,564,400 $25,644,000 Series 23 June 23, 1995 3,336,727 $33,366,000 Series 24 September 22, 1995 2,169,878 $21,697,000 Series 25 December 29, 1995 3,026,109 $30,248,000 Series 26 June 25, 1996 3,995,900 $39,959,000 Series 27 September 17, 1996 2,460,700 $24,607,000 Series 28 January 29, 1997 4,000,738 $39,999,000 Series 29 June 10, 1997 3,991,800 $39,918,000 Series 30 September 10, 1997 2,651,000 $26,490,750 Series 31 January 18, 1998 4,417,857 $44,057,750 Series 32 June 23, 1998 4,754,198 $47,431,000 Series 33 September 21, 1998 2,636,533 $26,362,000 Series 34 February 11, 1999 3,529,319 $35,273,000 89 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE A - ORGANIZATION (continued) Series Closing Date BACs Sold Equity Raised ------ ------------ --------- ------------ - - Series 35 June 28, 1999 3,300,463 $33,004,630 Series 36 September 28, 1999 2,106,837 $21,068,375 Series 37 January 28, 2000 2,512,500 $25,125,000 Series 38 July 31, 2000 2,543,100 $25,431,000 The Fund commenced offering BACs in Series 39 on August 1, 2000 but had not admitted any investors as BAC holders as of the date of this filing. NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES The condensed financial statements herein as of June 30, 2000 and for the three months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account. The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K. Investment Securities - --------------------- The Fund has determined that all of its investment securities are to be categorized as securities available for sale. Securities classified as available for sale are those debt securities that the Fund purchased that may be liquidated prior to the maturity date should the need arise. These securities are carried at approximate fair market value. All of the investments held by the Fund are tax-exempt municipal bonds and Certificates of Deposit. 90 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued) The amortized cost of securities available for sale as of June 30, 2000 by contractual maturity are as follows: Amortized Cost ---------- Due in one year or less $19,155,666 Due after one year 9,349,808 ---------- Total $28,505,474 ========== The fair market value of the securities is $29,355,989. The difference being an unrealized gain on securities available for sale of $830,515, as of June 30, 2000. Amortization - ------------ The Fund began amortizing unallocated and deferred acquisition costs over 330 months as of June 1999. Each Series begins amortizing costs once they have completed investing in operating partnerships. Accumulated amortization of acquisition costs by Series as of June 30, 2000 and 1999 is as follows: 2000 1999 ---- ---- Series 20 4,465 $ 893 Series 21 2,442 488 Series 22 7,675 - Series 23 7,808 1,526 Series 24 12,756 2,551 Series 25 12,810 2,562 Series 26 21,702 4,350 Series 27 18,683 - Series 28 4,126 - Series 29 4,018 - Series 30 26,436 - Series 32 37,222 - Series 33 33,281 - Series 34 52,491 - Series 35 150,192 - Series 36 106,247 - Series 37 21,214 - --------- ------- $ 523,568 $ 12,370 ========= ======= 91 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE C - RELATED PARTY TRANSACTIONS The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management L.P. as follows: For the quarter ended June 30, 2000, Boston Capital Services, Inc. received $260,170 for Series 38 as Dealer-Manager fees for marketing advice and investment banking services performed at the time of the Fund's offering of BACs. Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36 and Series 37 completed payment of all Dealer-Manager fees prior to the quarter ended June 30, 2000. Boston Capital Holdings L.P. is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the Fund's acquisition of interest in the Operating Partnerships. During the quarter ended June 30, 2000, Series 38 paid $1,177,845 for acquisition fees to Boston Capital Holdings Limited Partnership. Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29 Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36 and Series 37 completed payment of all acquisition fees prior to the quarter ended June 30, 2000. An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued or paid to Boston Capital Asset Management L.P. The fund management fees accrued for the quarters ended June 30, 2000 and 1999 are as follows: 2000 1999 ---- ---- Series 20 $ 94,812 $ 94,812 Series 21 56,460 56,460 Series 22 63,648 63,648 Series 23 60,066 60,066 Series 24 58,338 58,341 Series 25 68,169 68,169 Series 26 109,395 99,567 Series 27 78,801 77,115 Series 32 82,875 - Series 33 42,333 - Series 35 54,660 23,047 Series 36 37,425 - Series 38 11,932 - ------- ------- $818,914 $601,225 ======= ======= 92 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE C - RELATED PARTY TRANSACTIONS - (continued) The fund management fees paid for the quarters ended June 30, 2000 and 1999 are as follows: 2000 1999 ---- ---- Series 28 $ 83,502 $ 83,502 Series 29 84,629 84,860 Series 30 55,179 44,113 Series 31 98,676 89,724 Series 32 - 68,046 Series 33 - 54,717 Series 34 73,155 47,660 Series 35 41,256 - Series 36 26,337 - Series 37 31,407 - ------- ------- $494,141 $472,622 ======= ======= NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS At June 30, 2000 and 1999 the Fund has limited partnership interests in 363 and 332 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at June 30, 2000 and 1999 is as follows: 2000 1999 ---- ---- Series 20 24 24 Series 21 14 14 Series 22 29 29 Series 23 22 22 Series 24 24 24 Series 25 22 22 Series 26 45 45 Series 27 16 15 Series 28 26 26 Series 29 22 22 Series 30 20 20 Series 31 27 26 Series 32 16 15 Series 33 10 9 Series 34 14 11 93 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) 2000 1999 ---- ---- Series 35 10 8 Series 36 11 - Series 37 5 - Series 38 6 - --- --- 363 332 === === Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at June 30, 2000 and 1999 are as follows: 2000 1999 ---- ---- Series 20 $ 388,026 $ 388,026 Series 21 683,688 709,193 Series 22 538,770 548,232 Series 23 458,631 487,851 Series 24 1,214,204 1,269,494 Series 25 2,431,112 2,673,557 Series 26 2,688,369 5,189,760 Series 27 1,052,171 1,913,594 Series 28 2,463,113 3,992,036 Series 29 2,052,465 4,474,755 Series 30 2,379,537 5,115,010 Series 31 1,954,134 6,976,731 Series 32 4,040,039 9,883,422 Series 33 3,242,693 5,024,026 Series 34 4,448,643 11,606,431 Series 35 3,705,183 15,407,534 Series 36 4,628,388 - Series 37 6,790,177 - Series 38 7,443,810 - ---------- ---------- $52,603,153 $75,659,652 ========== ========== 94 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued) The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the three months ended March 31, 2000. COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 20 - --------------------------- 2000 1999 ---- - ---- Revenues Rental $2,165,392 $2,099,269 Interest and other 117,433 107,098 --------- - --------- 2,282,825 2,206,367 --------- - --------- Expenses Interest 760,268 781,818 Depreciation and amortization 738,982 765,608 Operating expenses 1,209,658 1,052,354 --------- - --------- 2,708,908 2,599,780 --------- - --------- NET LOSS $ (426,083) $ (393,413) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (413,953) $ (382,179) ========= ========= Net loss allocated to other partners $ (4,260) $ (3,934) ========= ========= Net Loss Suspended $ (7,870) $ (7,300) ========= ========= 95 Boston Capital Tax Credit Fund IV L.P NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 21 --------------------------- - - 2000 1999 ---- ---- Revenues Rental $1,258,022 $1,216,390 Interest and other 30,616 31,558 --------- - --------- 1,288,638 1,247,948 --------- - --------- Expenses Interest 468,487 477,392 Depreciation and amortization 294,997 304,681 Operating expenses 816,850 778,940 --------- - --------- 1,580,334 1,561,013 --------- - --------- NET INCOME (LOSS) $ (291,696) $ (313,065) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (288,778) $ (309,934) ========= ========= Net loss allocated to other partners $ (2,918) $ (3,131) ========= ========= 96 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 22 - -------------------------- 2000 1999 Revenues ---- ---- Rental $1,193,477 $1,177,196 Interest and other 59,545 62,335 --------- - --------- 1,253,022 1,239,531 --------- - --------- Expenses Interest 346,594 332,004 Depreciation and amortization 458,028 447,678 Operating expenses 818,084 655,459 --------- - --------- 1,622,706 1,435,141 --------- - --------- NET INCOME (LOSS) $ (369,684) $ (195,610) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (365,988) $ (193,654) ========= ========= Net loss allocated to other partners $ (3,696) $ (1,956) ========= ========= 97 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 23 - ---------------------------- 2000 1999 Revenues ---- ---- Rental $1,387,053 $1,328,724 Interest and other 60,987 71,823 --------- - --------- 1,448,040 1,400,547 --------- - --------- Expenses Interest 453,506 446,101 Depreciation and amortization 490,997 455,401 Operating expenses 819,545 770,043 --------- - --------- 1,764,048 1,671,545 --------- - --------- NET LOSS $ (316,008) $ (270,998) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (312,848) $ (268,288) ========= ========= Net loss allocated to other partners $ (3,160) $ (2,710) ========= ========= 98 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 24 ---------------------------- 2000 1999 Revenues ---- ---- Rental $1,303,421 $1,282,608 Interest and other 24,884 33,989 --------- --------- 1,328,305 1,316,597 --------- --------- Expenses Interest 446,403 467,591 Depreciation and amortization 483,672 484,953 Operating expenses 744,684 805,168 --------- --------- 1,674,759 1,757,712 --------- --------- NET INCOME (LOSS) $ (346,454) $ (441,115) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (342,989) $ (436,704) ========= ========= Net loss allocated to other partners $ (3,465) $ (4,411) ========= ========= 99 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 25 --------------------- - ----- 2000 1999 Revenues ---- - - --- Rental $1,810,478 $1,781,862 Interest and other 46,877 34,640 --------- ---- - ----- 1,857,355 1,816,502 --------- ---- - ----- Expenses Interest 565,721 564,104 Depreciation and amortization 514,044 502,427 Operating expenses 1,152,398 1,238,450 --------- ---- - ----- 2,232,163 2,304,981 --------- ---- - ----- NET INCOME (LOSS) $ (374,808) $ (488,479) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (371,060) $ (483,594) ========= ========= Net loss allocated to other partners $ (3,748) $ (4,885) ========= ========= 100 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 26 --------------------------- 2000 1999 Revenues ---- ---- Rental $2,063,633 $2,032,064 Interest and other 83,365 52,874 --------- - --------- 2,146,998 2,084,938 --------- - --------- Expenses Interest 509,751 510,444 Depreciation and amortization 707,004 700,574 Operating expenses 1,209,157 1,092,319 --------- - --------- 2,425,912 2,303,337 --------- - --------- NET INCOME (LOSS) $ (278,914) $ (218,399) ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (276,125) $ (216,215) ========= ========= Net income (loss) allocated to other partners $ (2,789) $ (2,184) ========= ========= 101 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 27 -------------------------- - - 2000 1999 Revenues ---- ---- Rental $2,025,734 $1,492,967 Interest and other 51,314 33,278 --------- - --------- 2,077,048 1,526,245 --------- - --------- Expenses Interest 792,354 639,885 Depreciation and amortization 594,541 417,810 Operating expenses 955,119 639,353 --------- - --------- 2,342,014 1,697,048 --------- - --------- NET INCOME (LOSS) $ (264,966) $ (170,803) ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (262,316) $ (169,095) ========= ========= Net income (loss) allocated to other partners $ (2,650) $ (1,708) ========= ========= 102 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 28 -------------------------- - - 2000 1999 Revenues ---- ---- Rental $1,385,125 $ 930,905 Interest and other 43,922 27,121 --------- - --------- 1,429,047 958,026 --------- - --------- Expenses Interest 411,038 297,776 Depreciation and amortization 581,296 286,662 Operating expenses 844,880 528,819 --------- - --------- 1,837,214 1,113,257 --------- - --------- NET LOSS $ (408,167) $ (155,231) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (404,086) $ (153,678) ========= ========= Net loss allocated to other partners $ (4,081) $ (1,553) ========= ========= 103 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 29 -------------------------- 2000 1999 Revenues ---- ---- Rental $1,611,949 $ 968,337 Interest and other 79,820 31,039 --------- -------- - - 1,691,769 999,376 --------- -------- - - Expenses Interest 519,129 327,210 Depreciation and amortization 552,216 349,806 Operating expenses 907,493 588,750 --------- -------- - - 1,978,838 1,265,766 --------- -------- - - NET INCOME (LOSS) $ (287,069) $ (266,390) ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (284,198) $ (263,726) ========= ========= Net income (loss) allocated to other partners $ (2,871) $ (2,664) ========= ========= 104 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 30 -------------------------- - - 2000 1999 Revenues ---- ---- Rental $ 864,905 $ 425,290 Interest and other 30,525 17,235 --------- --------- 895,430 442,525 --------- --------- Expenses Interest 285,891 85,136 Depreciation and amortization 283,369 106,712 Operating expenses 514,004 303,072 -------- --------- 1,083,264 494,920 --------- --------- NET INCOME (LOSS) $ (187,834) $ (52,395) ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (185,956) $ (51,871) ========= ========= Net income (loss) allocated to other partners $ (1,878) $ (524) ========= ========= 105 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 31 -------------------------- - - 2000 1999 Revenues ---- ---- Rental $2,152,593 $1,125,301 Interest and other 79,282 40,312 --------- --------- 2,231,875 1,165,613 --------- --------- Expenses Interest 642,415 576,013 Depreciation and amortization 724,335 377,527 Operating expenses 1,231,002 827,511 --------- --------- 2,597,752 1,781,051 --------- --------- NET INCOME (LOSS) $ (365,877) $ (615,438) ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (362,218) $ (609,284) ========= ========= Net income (loss) allocated to other partners $ (3,659) $ (6,154) ========= ========= 106 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 32 -------------------------- - - 2000 1999 Revenues ---- ---- Rental $ 834,495 $ 656,122 Interest and other 66,128 26,492 --------- --------- 900,623 682,613 --------- --------- Expenses Interest 285,950 189,075 Depreciation and amortization 317,962 175,030 Operating expenses 505,558 231,632 --------- --------- 1,109,470 595,737 --------- --------- NET INCOME (LOSS) $ (208,847) $ 86,876 ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (206,758) $ 86,007 ========= ========= Net income (loss) allocated to other partners $ (2,089) $ 869 ========= ========= 107 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 33 -------------------------- - - 2000 1999 Revenues ---- ---- Rental $ 426,391 $ 491,344 Interest and other 13,532 58,024 --------- --------- 439,923 549,368 --------- --------- Expenses Interest 164,663 170,716 Depreciation and amortization 114,676 135,361 Operating expenses 272,428 165,127 --------- --------- 551,767 471,204 --------- --------- NET INCOME (LOSS) $ (111,844) $ 78,164 ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (110,726) $ 77,382 ========= ========= Net income (loss) allocated to other partners $ (1,118) $ 782 ========= ========= 108 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 34* Series 35* ----------- - ----------- 2000 2000 Revenues ---- - ---- Rental $ 692,238 $ 121,705 Interest and other 28,022 56,713 --------- - --------- 720,260 178,418 --------- - --------- Expenses Interest 273,563 90,725 Depreciation and amortization 219,289 66,293 Operating expenses 386,569 141,515 --------- - --------- 879,421 298,533 --------- - --------- NET INCOME (LOSS $ (159,161) $ (120,115) ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (157,569) $ (118,914) ========= ========= Net income (loss) allocated to other partners $ (1,592) $ (1,201) ========= ========= * The Operating Partnerships in Series 34 and Series 35 did not commence operations until after March 31, 1999 therefore they do not have comparative information to report. 109 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Three months ended March 31, (Unaudited) Series 36* ----------- 2000 Revenues ---- Rental $ 397,770 Interest and other 18,250 --------- 416,020 --------- Expenses Interest 176,967 Depreciation and amortization 45,369 Operating expenses 164,751 --------- 387,087 - --------- NET INCOME (LOSS $ 28,933 ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ 28,644 ========= Net income (loss) allocated to other partners $ 289 ========= * The Operating Partnerships in Series 36 did not commence operations until after March 31, 1999 therefore they do not have comparative information to report. ** The Operating Partnerships in Series 37 and Series 38 did not commence operations until after March 31, 2000 therefore they do not have current or comparative information to report. 110 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 2000 (Unaudited) NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED When comparing the results of operations from the Operating Partnerships for the three months ended March 31, 2000 and 1999 numerous variances, some material in nature, exist. The variances are the result of a number of factors including an increase in the number of Operating Partnerships owned, an increase in the number which have completed construction, and an increase in the number which have completed the lease-up phase. NOTE E - TAXABLE LOSS The Fund's taxable loss for the fiscal year ended March 31, 2001 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually. 111 Item 2. Management's Discussions and Analysis of Financial Condition and Results of Operations Liquidity - --------- The Fund's primary source of funds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships. The Fund has entered into a line of credit financing agreement with Fleet National Bank whereby the Fund can borrow up to $35 million for up to 90 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. The Fund is currently accruing the fund management fee for Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 32, Series 33 and Series 38. The fund is also accruing a portion of the fund management fee for Series 35, Series 36 and Series 37. Pursuant to the Partnership Agreement, such liabilities will be deferred until the Fund receives sales or refinancing proceeds from Operating partnerships which will be used to satisfy such liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware if any trends which would create insufficient liquidity to meet future third party obligations. Capital Resources - ----------------- The Fund offered BACs in a Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000 and $25,431,000 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500 and 2,543,100. BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37 and Series 38 respectively. Series 20 - --------- The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $28,614,472. 112 During the quarter ended June 30, 2000, Series 20 did not record any releases of capital contributions. Series 20 has outstanding contributions payable in the amount of $388,026 as of June 30, 2000. Of the amount outstanding, $222,120 has been advanced to the Operating Partnerships. The advance will be converted to capital and the remaining contributions of $165,906 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 21 - --------- The Fund commenced offering BACs in Series 21 on July 1, 1994. Offers and sales of BACs in Series 21 were completed on December 31, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,730. During the quarter ended June 30, 2000, Series 21 did not record any releases of capital contributions. Series 21 has outstanding contributions payable in the amount of $683,688 as of June 30, 2000. Of the amount outstanding, $641,540 has been loaned to the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $42,148 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 22 - --------- The Fund commenced offering BACs in Series 22 on October 10, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. During the quarter ended June 30, 2000, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable in the amount of $538,769 as of June 30, 2000. Of the amount outstanding, $450,981 has been loaned to the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $87,788 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 23 - --------- The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on September 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. During the quarter ended June 30, 2000, Series 23 did not record any releases of capital contributions. Series 23 has outstanding contributions payable of $458,632 as of June 30, 2000, all of which has previously been advanced or loaned to the Operating Partnerships. The advances and loans will be converted to capital when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. 113 Series 24 - --------- The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,980,237. During the quarter ended June 30, 2000, Series 24 did not record any releases of capital contributions. Series 24 has outstanding contributions payable in the amount of $1,214,204 as of June 30, 2000. Of the amount outstanding, $1,059,896 has been advanced or loaned to the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $154,308 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 25 - --------- The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,449,722. During the quarter ended June 30, 2000, Series 25 recorded capital contribution releases of $2,955. Series 25 has outstanding contributions payable in the amount of $2,431,112 as of June 30, 2000. Of the amount outstanding, $1,671,965 has been advanced or loaned to some of the Operating Partnerships. In addition, $20,000 has been funded into and escrow account on behalf of one of the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $759,147, will be released from the escrow account and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 26 - --------- The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 25, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,390,862. During the quarter ended June 30, 2000, Series 26 recorded capital contribution releases of $20,793. Series 26 has outstanding contributions payable in the amount of $2,688,369 as of June 30, 2000. Of the amount outstanding, $2,053,953 has been advanced or loaned to some of the Operating Partnerships. In addition, $338,855 has been funded into escrow accounts on behalf of other Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $634,416, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. 114 Series 27 - --------- The Fund commenced offering BACs in Series 27 on June 24, 1996. Offers and sales of BACs in Series 27 were completed on September 17, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,901,046. During the quarter ended June 30, 2000, Series 27 recorded capital contribution releases of $12,535. Series 27 has outstanding contributions payable in the amount of $1,052,171 as of June 30, 2000. Of the amount outstanding, $543,500 has been advanced to the Operating Partnerships. The advances will be converted to capital and the remaining contributions of $508,671 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 28 - --------- The Fund commenced offering BACs in Series 28 on September 30,1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,261,233. During the quarter ended June 30, 2000, Series 28 did not record any releases of capital contributions. Series 28 has outstanding contributions payable in the amount of $2,463,113 as of June 30, 2000. Of the amount outstanding, $1,477,759 has been loaned to the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $985,354 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 29 - --------- The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. During the quarter ended June 30, 2000, Series 29 recorded capital contribution releases of $8,516. Series 29 has outstanding contributions payable in the amount of $2,052,465 as of June 30, 2000. Of the amount outstanding, $835,878 has been loaned to the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $1,216,587 will be released from available net offering proceeds when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 30 - --------- The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,457,335. 115 During the quarter ended June 30, 2000, Series 30 recorded capital contribution releases of $129,587. Series 30 has outstanding contributions payable in the amount of $2,502,751 as of June 30, 2000. Of the amount outstanding, $425,046 has been advanced or loaned to the Operating Partnerships. In addition, $343,443 has been funded into escrow accounts on behalf of the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $2,077,705, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 31 - --------- The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. During the quarter ended June 30, 2000, Series 31 recorded capital contribution releases of $3,110,521. Series 31 has outstanding contributions payable in the amount of $1,954,134 as of June 30, 2000. Of the amount outstanding, $946,675 has been advanced or loaned to some of the Operating Partnerships. In addition, $25,000 has been funded into an escrow account on behalf of one of the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $1,007,459, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 32 - --------- The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $34,962,199. The series has also purchased assignments in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. Under the terms of the Assignments of Membership Interests dated December 1, 1998 the series is entitled to certain profits, losses, tax credits, cash flow, proceeds from capital transactions and capital account as defined in the individual Operating Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment. During the quarter ended June 30, 2000, Series 32 recorded capital contribution releases of $407,363. Series 32 has outstanding contributions payable in the amount of $4,040,039 as of June 30, 2000. Of the amount outstanding, $144,825 has been loaned the Operating Partnerships. In addition, $1,291,386 has been funded into escrow accounts on behalf of other Operating Partnerships. The loans will be converted to capital and the remaining contributions of $3,895,214, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. 116 Series 33 - --------- The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,591,285. During the quarter ended June 30, 2000, Series 33 recorded capital contribution releases of $30,226. Series 33 has outstanding contributions payable in the amount of $3,242,693 as of June 30, 2000. Of the amount outstanding, $292,212 has been loaned to the Operating Partnerships. In addition, $1,295 has been funded into an escrow account on behalf of another Operating Partnership. The loans will be converted to capital and the remaining contributions of $2,950,481, will be released from the escrow account and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 34 - --------- The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,640,408. During the quarter ended June 30, 2000, Series 34 recorded capital contribution releases of $1,512,550. Series 34 has outstanding contributions payable the Operating Partnerships in the amount of $4,448,643 as of June 30, 2000. Of the amount outstanding, $1,583,576 has been loaned or advanced to some of the Operating Partnerships. In addition, $404,090 has been funded into escrow accounts on behalf of other Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $2,865,067, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 35 - --------- The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 25, 1999. The fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $22,871,561. During the quarter ended June 30, 2000, Series 35 recorded capital contribution releases of $1,842,091. Series 35 has outstanding contributions payable in the amount of $3,705,183 as of June 30, 2000. Of the amount outstanding, $753,068 has been loaned to one of the Operating Partnerships. In addition, $10,855 has been funded into escrow accounts on behalf of other Operating Partnerships. The loans will be converted to capital and the remaining contributions of $2,952,115, will be released from the escrow accounts and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. 117 Series 36 - --------- The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 35 were completed on September 28, 1999. The fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,273,148. During the quarter ended June 30, 2000, Series 36 recorded capital contribution releases of $881,146. Series 36 has outstanding contributions payable to in the amount of $4,628,388 as of June 30, 2000. Of the amount outstanding, $2,568,422 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $2,059,966, will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 37 - --------- The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 1999. The fund has committed proceeds to pay initial and additional installments of capital contributions to 5 Operating Partnerships in the amount of $13,237,736. During the quarter ended June 30, 2000, Series 37 recorded capital contribution releases of $380,401. Series 37 has outstanding contributions payable in the amount of $6,790,177 as of June 30, 2000. Of the amount outstanding, $1,909,723 has been loaned to the Operating Partnerships. In addition, $842,464 has been funded into an escrow account on behalf of another Operating Partnership. The loans will be converted to capital and the remaining contributions of $4,799,454, will be released from the escrow account and available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. Series 38 - --------- The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The fund has committed proceeds to pay initial and additional installments of capital contributions to 6 Operating Partnerships in the amount of $11,677,353. During the quarter ended June 30, 2000, Series 38 recorded capital contribution releases of $1,694,845. Series 38 has outstanding contributions payable to in the amount of $7,443,810 as of June 30, 2000. Of the amount outstanding, $564,000 has been loaned to one of the Operating Partnerships. The loan will be converted to capital and the remaining contributions of $6,879,810, will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements. 118 Line of Credit - -------------- The Fund has entered into a line of credit financing agreement with Fleet National Bank whereby the Fund can borrow up to $5 million for up to 90 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. Results of Operations - --------------------- As of June 30, 2000 and 1999 the Fund held limited partnership interests in 363 and 332 Operating Partnerships, respectively. In each instance the Apartment Complex owned by the applicable Operating Partnership is eligible for the Federal Housing Tax Credit. Occupancy of a unit in each Apartment Complex which initially complied with the Minimum Set-Aside Test (i.e., occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective Apartment Complexes are described more fully in the Prospectus or applicable report on Form 8-K. The General Partner believes that there is adequate casualty insurance on the properties. The Fund's results of operations for future periods will vary significantly from those for the period ended June 30, 2000 as Series 32, Series 34, Series 35, Series 37 and Series 38 continue to use the funds raised to invest in partnership interests of additional Operating Partnerships, and the Fund begins to offer BACs in Series 39. The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred for the quarter ended June 30, 2000 for Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37 and Series 38 were $74,553, $52,820, $45,219, $41,566, $57,213, $59,889, $103,296, $69,171, $78,194, $72,629, $45,679, $56,176, $82,375, $37,913, $73,155, $54,660, $37,425, $26,697 and $11,932, respectively. The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders. 119 Series 20 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 99.9% and 100%, respectively. The series had a total of 24 properties at June 30, 2000. Out of the total 23 were at 100% Qualified Occupancy. For the three months being reported Series 20 reflects a net loss from Operating Partnerships of $426,083. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $312,899. This is an interim period estimate; it is not indicative of the final year end results. The Operating General Partner, Investment Limited Partner and the management company are working diligently to maintain a strong occupancy at Breeze Cove Limited Partnership (Breeze Cove Apartments). The average occupancy during the first half of 2000 remained above 90%. The Operating General Partner continues to encourage the management company to reduce operating expenses to establish a stable operating history so that a debt restructuring will be possible in the future. In addition, the Operating General Partner and Investment Limited Partner have funded operating deficits as needed. The physical occupancy rate for East Douglas Apartments Limited Partnership (East Douglas Apartments) for the five months ended May 31, 2000 was 96%. Realty & Mortgage Company, the management agent has been successful in maintaining a high occupancy rate. The property's continued strong occupancy has enabled the new management company to significantly reduce the high accounts payable balance and generate positive cash flow. The partnership obtained approval for the reimbursement from the replacement reserve account for capital expense items that were originally funded from operations in May 2000. Additionally, the management agent will be applying for a $20 increase in monthly rents for all apartment units in the building in the third quarter 2000. There was a Form 8823, Low Income Housing Credit Agencies Report of Noncompliance, filed against the property in 1999. While the files are presently in good condition, there were a number of compliance issues that occurred during the initial occupancy of the building. The non-compliance items are being researched and the management agent is presently working with the state agency to rectify the situation. Parkside Housing Limited Partnership (Parkside Apartments) operated with a net loss during 1999 primarily as a result of capital improvements that were made during the year. None of the capital expenditures for 1999 were reimbursed from the replacement reserve account, but were instead funded through operations. However, a request to withdraw funds from the replacement reserve was granted during the first quarter of 2000, and a deposit has since been made into the operating account. These funds should alleviate some of the outstanding payables. Since the reserves are under-funded due to low occupancy in previous years, the approved withdrawal was minimal. As a result of increased marketing efforts, physical occupancy for 1999 averaged 91.2% and continues its upward trend as evidenced with a strong 98.15% average for the first six months of 2000. 120 Series 21 - --------- As of the June 30, 2000 and 1999 the average Qualified Occupancy for the series was 99.2% and 99.1%, respectively. The series had a total of 14 properties at June 30, 2000. Out of the total 11 were at 100% Qualified Occupancy. For the three months being reported Series 21 reflects a net loss from Operating Partnerships of $291,696. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $3,301. This is an interim period estimate; it is not indicative of the final year end results. Atlantic City Housing Urban Renewal Associates L.P. reported a net loss net of depreciation, which is a non-cash item, for the year ended December 31, 1999 of approximately $185,000. The property's operations were impacted by high costs for security and maintenance, while the Section 8 Rental Assistance Contract had only seen small incremental increases over the past few years. The Operating General Partner funded most of the deficits, though outstanding payables remained high. The Operating General Partner is committed to seeing through the problems by continuing to fund deficits as needed. A new management company was contracted on June 1, 2000 and has kept the site staff in place. This local company is in a good position to add value by providing better site supervision, better vendor relations and discounted bulk purchasing of services and supplies. In addition, most of the expense reduction has come from the security line item. The new management company has reduced security hours through better management of the actual security schedule. They are also presently researching the cost of security equipment such as monitors and cameras. The Investment General Partner is monitoring the situation closely through quarterly inspections and is working with the Operating General Partner on curing the operational issues. Atlantic City Housing Urban Renewal Associates LP will continue to show deficits for the foreseeable future. Occupancy remains stable at 98% as the subject property has a project based Section 8 HAP contract, which protects it from much of the market rate competition. Applicants come from an ample Housing Authority waiting list. However, the investment will remain viable only so long as the Operating General Partner is willing and able to continue to fund operating deficits. Series 22 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 100%. The series had a total of 29 properties at June 30, 2000, all of which were at 100% Qualified Occupancy. For the three months being reported Series 22 reflects a net loss from Operating Partnerships of $369,684. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $88,344. This is an interim period estimate; it is not indicative of the final year end results. 121 Series 23 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at June 30, 2000, all of which were at 100% Qualified Occupancy. For the three months being reported Series 23 reflects a net loss from Operating Partnerships of $316,008. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a positive operations of $174,989. This is an interim period estimate; it is not indicative of the final year end results. Series 24 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 99.9 % and 99.8%, respectively. The series had a total of 24 properties at June 30, 2000. Out of the total 23 were at 100% Qualified Occupancy. For the three months being reported Series 24 reflects a net loss from Operating Partnerships of $346,454. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $137,218. This is an interim period estimate; it is not indicative of the final year end results. Los Lunas Apartments Limited (Hillridge Apartments) suffered from decreased occupancy during 1999 and, as a result operated below break-even. Due to negative cash flow, debt service payments fell behind and the New Mexico Mortgage Finance Authority issued a notice of default to the Operating General Partner for non- payment of the debt service. Due to the mortgage default, the Investment Limited Partner removed the Operating General Partner, however, the Operating General Partner was allowed to remain in control of property management. During a February 2000 meeting with the Investment Limited Partner and the New Mexico Mortgage Finance Authority, the former Operating General Partner was able to cure the mortgage default. However a Stipulated Order was simultaneously filed with the court allowing for management agreement to be terminated if certain conditions, including a prompt payment of the monthly mortgage obligation were not met. The June mortgage payment is delinquent. As a result of the mortgage delinquency, the Investment Limited Partner removed the former Operating General Partner as management agent and appointed a third-party management agent. Several days after the appointment of the third-party manager, the former Operating General Partner filed a Temporary Restraining Order against the newly appointed management company and the Investment Limited Partner. A hearing regarding the temporary restraining order was conducted on July 14, 2000 and the restraining order was lifted. Due to the continued mortgage delinquency, on July 21, 2000 the mortgage lender filed a motion to place the property in receivership. The motion was granted and Monarch Properties was appointed as the new managing agent. The Investment Limited Partner is now working with Monarch Properties. Series 25 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 99.8%. The series had a total of 22 properties at June 30, 2000. Out of the total 21 were at 100% Qualified Occupancy. 122 For the three months being reported Series 25 reflects a net loss from Operating Partnerships of $374,808. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a positive operations of $139,236. This is an interim period estimate; it is not indicative of the final year end results. Series 26 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 99.9% and 99.3%, respectively. The series had a total of 45 properties at June 30, 2000. Out of the total 44 properties were at 100% Qualified Occupancy. Series 26 also had 1 property with multiple buildings some buildings in lease-up and some which were under construction at June 30, 2000. For the three months being reported Series 26 reflects a net loss from Operating Partnerships of $278,914. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $428,090. This is an interim period estimate; it is not indicative of the final year end results. Series 27 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 99.4% and 97.0%, respectively. The series had a total of 16 properties at June 30, 2000. Out of the total 15 were at 100% Qualified Occupancy and 1 was in active lease-up. For the three months being reported Series 27 reflects a net loss from Operating Partnerships of $264,966. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $329,575. This is an interim period estimate; it is not indicative of the final year end results. Centrum-Fairfax II Limited Partnership (Forest Glen at Sulley Station Phase II) continues to experience high payables and negative cash flow as a result of low occupancy during the first six months of 2000. The Operating General Partner has been funding shortfalls as needed. The average physical occupancy increased from 73% in the first quarter of 2000 to 76% in the second quarter of 2000. Centrum Management LLC, an affiliate of the Operating General Partner, and the management agent have instituted various marketing and sales initiatives that continue to increase the occupancy. Additionally, recent staffing changes were made to place a heavier focus on tax credit qualifying the remaining unqualified units. Centrum Management LLC expects to have the project tax credit qualified by the first quarter of 2001. Series 28 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 100% and 97.9%, respectively. The series had a total of 26 properties at June 30, 2000, all of which were at 100% Qualified Occupancy. For the three months being reported Series 28 reflects a net loss from Operating Partnerships of $408,167. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of 123 $173,129. This is an interim period estimate; it is not indicative of the final year end results. Series 29 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the Series was 100% and 94.6%, respectively. The series had a total of 22 properties at June 30, 2000 all of which were at 100% Qualified Occupancy. For the three months being reported Series 29 reflects a net loss from Operating Partnerships of $287,069. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $265,147. This is an interim period estimate; it is not indicative of the final year end results. Series 30 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 99.6% and 89.1%, respectively. The series had a total of 20 properties at June 30, 2000. Out of the total 17 were at 100% Qualified Occupancy and 2 were in active lease-up. The series also had 1 property that was still under construction at June 30, 2000. For the three months being reported Series 30 reflects a net loss from Operating Partnerships of $187,834. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $95,535. This is an interim period estimate; it is not indicative of the final year end results. Series 31 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 100% and 92.0%, respectively. The series had a total of 27 properties at June 30, 2000. Out of the total 26 were at 100% Qualified Occupancy and 1 was under construction. For the three months being reported Series 31 reflects a net loss from Operating Partnerships of $365,877. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a positive operations of $358,458. This is an interim period estimate; it is not indicative of the final year end results. Series 32 - --------- As of June 30, 2000 and 1999, the average Qualified Occupancy for the series was 95.8% and 89.0%, respectively. The series had a total of 16 properties at June 30, 2000. Out of the total 12 were at 100% Qualified Occupancy and 1 was in active lease-up. The series also had 1 property that was under construction and 2 properties with multiple buildings, some of which were under construction and some of which were in active lease-up, at June 30, 2000. For the three months being reported Series 32 reflects a net loss from Operating Partnerships of $208,847. When adjusted for depreciation which is a 124 non-cash item, the Operating Partnerships reflect positive operations of $109,115. This is an interim period estimate; it is not indicative of the final year end results. Series 33 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 96.5% and 100%, respectively. The series had a total of 10 properties as of June 30, 2000. Out of the total 7 were at 100% Qualified Occupancy and 2 were in active lease-up. The series also had 1 property that was under construction at June 30, 2000. For the three months being reported Series 33 reflects a net loss from Operating Partnerships of $111,844. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $2,832. This is an interim period estimate; it is not indicative of the final year end results. Series 34 - --------- As of June 30, 2000 and 1999 the average Qualified Occupancy for the series was 91.6% and 45.3%, respectively. The series had a total of 14 properties as of June 30, 2000. Out of the total 7 were at 100% qualified occupancy and 6 were in active lease-up. The series also had 1 property which was still under construction at June 30, 2000. For the three months being reported Series 34 reflects a net loss from Operating Partnerships of $159,161. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $60,128. This is an interim period estimate; it is not indicative of the final year end results. Series 35 - --------- As of June 30, 2000 the average Qualified Occupancy for the series was 61.8%. The series had a total of 10 properties as of June 30, 2000. Out of the total 2 were at 100% qualified occupancy and 4 were in active lease-up. The series also had 3 properties which were still under construction, and 1 property with multiple buildings some or which were in lease-up and some of which were under construction at June 30, 2000. Since all of the properties acquired as of June 30, 1999 were under construction, there is no comparative information to report. For the three months being reported Series 35 reflects a net loss from Operating Partnerships of $120,115. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss of $53,822. This is an interim period estimate; it is not indicative of the final year end results. 125 Series 36 - --------- As of June 30, 2000 the average Qualified Occupancy for the series was 89.5%. The series had a total of 11 properties as of June 30, 2000. Out of the total 7 were at 100% qualified occupancy. The series also had 3 properties which were under construction, and 1 property with multiple buildings some of which were in lease-up and some of which were under construction at June 30, 2000. Since all of the properties were acquired after June 30, 1999, there is no comparative information to report. For the three months being reported Series 36 reflects a net income from Operating Partnerships of $28,933. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $74,302. This is an interim period estimate; it is not indicative of the final year end results. Series 37 - --------- As of June 30, 2000 the average Qualified Occupancy for the series was 55.1%. The series had a total of 5 properties as of June 30, 2000, 1 of which were was in active lease-up and 4 of which were under construction. Since all of the properties were acquired after June 30, 1999, there is no comparative information to report. Series 38 - --------- As of June 30, 2000 the average Qualified Occupancy for the series was 50.0%. The series had a total of 6 properties as of June 30, 2000, 1 of which was at 100% Qualified Occupancy and 1 of which was in active lease-up. The series also had 4 properties which were under construction under construction at June 30, 2000. Since all of the properties were acquired after June 30, 1999, there is no comparative information to report. Year 2000 - --------- As previously stated in the Partnership's 10-K, Boston Capital and its management have reviewed the potential computer problems that may arise from the century date change known as the "Year 2000" or "Y2K" problem. We are happy to announce that we did not experience any computer-related problems as a result of this date change and therefore, there was no impact on our investors. 126 PART II - OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Defaults upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits None (b) Reports on Form 8-K None 127 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BOSTON CAPITAL TAX CREDIT FUND IV L.P. By: Boston Capital Associates IV L.P. By: C&M Associates d/b/a Boston Capital Associates Date: August 15, 2000 By: /s/ John P. Manning ------------------- John P. Manning, Partner & Principal Financial Officer 128 EX-27 2 0002.txt
CT 0000913778 BOSTON CAPITAL TAX CREDIT FUND IV L.P. 3-MOS MAR-31-2001 APR-01-2000 JUN-30-2000 483,858,404 0 0 0 0 483,858,404 660,856 0 (5,978,665) 0 0 0 (5,317,809) 0 0
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