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FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) (X) QUARTERLY REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2001 or ( ) TRANSITION REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ BOSTON CAPITAL TAX CREDIT FUND IV L.P. Delaware 04-3208648 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.)
Commission file number 0-26200
(Exact name of registrant as specified in its charter)
One Boston Place, Suite 2100, Boston, Massachusetts 02108
(Address of principal executive offices) (Zip Code)
Registrants 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 preceeding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes |
X |
No |
_ |
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2001
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION |
||||
Pages |
||||
Item 1. Financial Statements |
||||
Balance Sheets |
1-23 |
|||
Statements of Operations |
24-69 |
|||
Statements of Changes in Partners' Capital |
|
|||
Statements of Cash Flows |
82-127 |
|||
Notes to Financial Statements |
128-153 |
|||
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 |
171 |
|||
Signatures |
172 |
|||
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
13,839,537 |
21,596,216 |
|
Investments |
12,068,076 |
7,839,034 |
|
Notes receivable |
10,206,847 |
9,701,571 |
|
Acquisition costs |
20,802,993 |
18,200,249 |
|
Other assets |
11,777,798 |
13,295,747 |
|
$487,041,353 |
$477,547,823 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
10,717,272 |
8,709,180 |
|
Capital contributions payable |
40,051,210 |
42,458,387 |
|
Line of credit |
2,686,342 |
2,125,548 |
|
54,018,136 |
53,445,738 |
||
PARTNERS' CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(1,229,181) |
(1,084,457) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
83,944 |
83,944 |
|
433,023,217 |
424,102,085 |
||
$487,041,353 |
$477,547,823 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 20
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
193,384 |
179,335 |
|
Investments |
- |
- |
|
Notes receivable |
- |
- |
|
Acquisition costs |
89,305 |
91,091 |
|
Other assets |
951,220 |
877,017 |
|
$ 17,075,083 |
$ 17,885,979 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
2,373,652 |
2,109,761 |
|
Capital contributions payable |
388,026 |
388,026 |
|
Line of credit |
- |
- |
|
2,761,678 |
2,497,787 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(187,431) |
(176,683) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
- |
- |
|
14,313,405 |
15,388,192 |
||
$ 17,075,083 |
$ 17,885,979 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 21
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
257,831 |
235,224 |
|
Investments |
197,655 |
232,896 |
|
Notes receivable |
641,542 |
641,542 |
|
Acquisition costs |
48,846 |
49,823 |
|
Other assets |
402,803 |
403,560 |
|
$ 6,721,521 |
$ 7,276,620 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
588,271 |
475,350 |
|
Capital contributions payable |
689,358 |
689,358 |
|
Line of credit |
- |
- |
|
1,277,629 |
1,164,708 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership 1,892,700 issued and outstanding, |
|
|
|
General Partner |
(107,525) |
(100,845) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
1,196 |
1,196 |
|
5,443,892 |
6,111,912 |
||
$ 6,721,521 |
$ 7,276,620 |
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 22
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
252,459 |
352,021 |
|
Investments |
167,574 |
126,853 |
|
Notes receivable |
450,981 |
450,981 |
|
Acquisition costs |
153,495 |
156,564 |
|
Other assets |
167,501 |
162,615 |
|
$13,083,666 |
$13,775,512 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
1,328,033 |
1,200,739 |
|
Capital contributions payable |
487,655 |
538,769 |
|
Line of credit |
- |
- |
|
1,815,688 |
1,739,508 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(106,408) |
(98,728) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
651 |
651 |
|
11,267,978 |
12,036,004 |
||
$13,083,666 |
$13,775,512 |
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 23
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
288,780 |
293,829 |
|
Investments |
- |
- |
|
Notes receivable |
306,751 |
306,751 |
|
Acquisition costs |
228,269 |
232,834 |
|
Other assets |
303,455 |
303,455 |
|
$19,739,204 |
$20,256,363 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
838,817 |
718,684 |
|
Capital contributions payable |
458,632 |
458,631 |
|
Line of credit |
- |
- |
|
1,297,449 |
1,177,315 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(100,429) |
(94,056) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
- |
- |
|
18,441,755 |
19,079,048 |
||
$19,739,204 |
$20,256,363 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 24
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
0THER ASSETS |
|||
Cash and cash equivalents |
273,265 |
362,301 |
|
Investments |
204,527 |
155,081 |
|
Notes receivable |
534,342 |
534,342 |
|
Acquisition costs |
255,114 |
260,216 |
|
Other assets |
716,434 |
711,871 |
|
$12,322,256 |
$12,988,123 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
1,129,638 |
1,012,963 |
|
Capital contributions payable |
1,214,204 |
1,214,204 |
|
Line of credit |
- |
- |
|
2,343,842 |
2,227,167 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
0eneral Partner |
(85,522) |
(77,697) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
793 |
793 |
|
9,978,416 |
10,760,956 |
||
$12,322,258 |
$12,988,123 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 25
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
412,367 |
494,183 |
|
Investments |
247,498 |
187,522 |
|
Notes receivable |
523,193 |
523,193 |
|
Acquisition costs |
256,206 |
261,330 |
|
Other assets |
1,341,728 |
1,353,754 |
|
$19,784,387 |
$20,379,728 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
$ - |
|
Accounts payable affiliates |
854,366 |
718,028 |
|
Capital contributions payable |
2,073,892 |
2,083,892 |
|
Line of credit |
- |
- |
|
2,928,258 |
2,801,920 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
|
Units of limited partnership |
|
17,658,519 |
General Partner |
(88,893) |
(81,676) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
965 |
965 |
|
16,856,129 |
17,577,808 |
||
$19,784,387 |
$20,379,728 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 26
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
297,689 |
335,066 |
|
Investments |
- |
- |
|
Notes receivable |
571,335 |
571,335 |
|
Acquisition costs |
448,470 |
457,439 |
|
Other assets |
2,200,731 |
2,182,444 |
|
$29,186,380 |
$30,176,812 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
1,347,797 |
1,129,008 |
|
Capital contributions payable |
2,197,433 |
2,199,426 |
|
Line of credit |
- |
- |
|
3,545,320 |
3,328,524 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(83,842) |
(71,770) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
- |
- |
|
25,641,060 |
26,848,288 |
||
$29,186,380 |
$30,176,812 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 27
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
479,033 |
647,352 |
|
Investments |
289,171 |
219,105 |
|
Notes receivable |
- |
- |
|
Acquisition costs |
373,668 |
381,142 |
|
Other assets |
172,632 |
173,250 |
|
$16,653,849 |
$17,184,420 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
1,117,301 |
959,699 |
|
Capital contributions payable |
203,270 |
315,311 |
|
Line of credit |
- |
- |
|
1,320,571 |
1,275,010 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(53,125) |
(47,364) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
1,121 |
1,121 |
|
15,333,278 |
15,909,410 |
||
$16,653,849 |
$17,184,420 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 28
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
852,214 |
1,117,380 |
|
Investments |
988,369 |
1,463,320 |
|
Notes receivable |
- |
- |
|
Acquisition costs |
82,512 |
84,161 |
|
Other assets |
3,510 |
6,074 |
|
$29,060,637 |
$30,554,848 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
- |
- |
|
Capital contributions payable |
148,783 |
744,786 |
|
Line of credit |
- |
- |
|
148,783 |
744,786 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
|
Units of limited partnership |
|
|
General Partner |
(54,674) |
(45,692) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
4,393 |
4,393 |
|
28,911,854 |
29,810,062 |
||
$29,060,637 |
$30,554,848 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 29
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
435,474 |
875,595 |
|
Investments |
420,807 |
311,083 |
|
Notes receivable |
20,935 |
20,935 |
|
Acquisition costs |
82,729 |
84,385 |
|
Other assets |
592 |
573 |
|
$26,758,519 |
$27,909,913 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
140,825 |
- |
|
Capital contributions payable |
304,770 |
596,044 |
|
Line of credit |
- |
- |
|
445,595 |
596,044 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
|
Units of limited partnership |
|
|
General Partner |
(75,578) |
(65,569) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
6,085 |
6,085 |
|
26,312,924 |
27,313,869 |
||
$26,758,519 |
$27,909,913 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 30
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
530,113 |
735,208 |
|
Investments |
321,207 |
237,413 |
|
Notes receivable |
85,438 |
85,438 |
|
Acquisition costs |
530,916 |
541,522 |
|
Other assets |
631,491 |
666,912 |
|
$20,295,161 |
$21,213,834 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
- |
- |
|
Capital contributions payable |
881,506 |
1,034,250 |
|
Line of credit |
- |
- |
|
881,506 |
1,034,250 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
|
Units of limited partnership |
|
|
General Partner |
(32,966) |
(25,307) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
4,661 |
4,661 |
|
19,413,655 |
20,179,584 |
||
$20,295,161 |
$21,213,834 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 31
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
435,186 |
1,118,740 |
|
Investments |
510,510 |
489,108 |
|
Notes receivable |
655,675 |
855,675 |
|
Acquisition costs |
- |
- |
|
Other assets |
634,651 |
259,997 |
|
$31,069,847 |
$32,642,943 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
- |
- |
|
Capital contributions payable |
1,030,019 |
1,350,694 |
|
Line of credit |
- |
- |
|
1,030,019 |
1,350,694 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
|
Units of limited partnership |
|
|
General Partner |
(78,957) |
(66,433) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
9,568 |
9,568 |
|
30,039,828 |
31,292,249 |
||
$31,069,847 |
$32,642,943 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 32
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
783,248 |
1,111,983 |
|
Investments |
426,952 |
483,852 |
|
Notes receivable |
104,000 |
104,000 |
|
Acquisition costs |
759,958 |
764,950 |
|
Other assets |
579,918 |
482,763 |
|
$37,245,285 |
$37,951,029 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
246,217 |
80,152 |
|
Capital contributions payable |
1,050,342 |
1,286,333 |
|
Line of credit |
- |
- |
|
1,296,559 |
1,366,485 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(46,969) |
(40,611) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
9,478 |
9,478 |
|
35,948,726 |
36,584,544 |
||
$37,245,285 |
$37,951,029 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 33
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
768,723 |
1,147,109 |
|
Investments |
81,466 |
623,376 |
|
Notes receivable |
113,575 |
113,575 |
|
Acquisition costs |
681,986 |
695,613 |
|
Other assets |
236,955 |
175,148 |
|
$21,376,357 |
$22,400,888 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
232,401 |
145,515 |
|
Capital contributions payable |
751,366 |
1,557,634 |
|
Line of credit |
- |
- |
|
983,767 |
1,705,685 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(21,977) |
(18,951) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
12,193 |
12,193 |
|
20,392,590 |
20,695,203 |
||
$21,376,357 |
$22,400,888 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 34
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
262,477 |
349,527 |
|
Investments |
- |
- |
|
Notes receivable |
439,562 |
439,562 |
|
Acquisition costs |
1,083,862 |
1,105,542 |
|
Other assets |
555,242 |
513,890 |
|
$27,364,192 |
$28,019,582 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
157,417 |
10,837 |
|
Capital contributions payable |
1,016,412 |
1,051,622 |
|
Line of credit |
- |
- |
|
1,173,829 |
1,062,459 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(38,506) |
(30,838) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
- |
- |
|
26,190,363 |
26,957,123 |
||
$27,364,192 |
$28,019,582 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 35
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
458,042 |
681,948 |
|
Investments |
1,227,238 |
1,047,325 |
|
Notes receivable |
718,319 |
718,318 |
|
Acquisition costs |
3,071,550 |
3,132,994 |
|
Other assets |
134,298 |
768,378 |
|
$26,717,642 |
$28,358,663 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
31,682 |
92 |
|
Capital contributions payable |
1,784,146 |
2,520,290 |
|
Line of credit |
- |
- |
|
1,816,052 |
2,520,606 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(33,109) |
(23,744) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
9,975 |
9,975 |
|
24,901,590 |
25,838,057 |
||
$26,717,642 |
$28,358,663 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 36
|
September 30, |
March 31, |
|||
ASSETS |
|||||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|||
OTHER ASSETS |
|||||
Cash and cash equivalents |
224,169 |
440,801 |
|||
Investments |
- |
- |
|||
Notes receivable |
539,353 |
539,353 |
|||
Acquisition costs |
2,109,007 |
2,146,752 |
|||
Other assets |
598,159 |
583,368 |
|||
$17,884,332 |
$18,463,323 |
||||
LIABILITIES |
|||||
Accounts payable & accrued expenses |
|
|
|||
Accounts payable affiliates |
210,623 |
130,247 |
|||
Capital contributions payable |
1,329,341 |
1,460,200 |
|||
Line of credit |
- |
- |
|||
1,539,964 |
1,594,857 |
||||
PARTNERS CAPITAL |
|||||
Limited Partners |
|||||
Units of limited partnership |
|
|
|||
General Partner |
(15,220) |
(9,979) |
|||
Unrealized gain (loss) on securities |
|||||
available for sale, net |
- |
- |
|||
16,344,368 |
16,868,466 |
||||
$17,884,332 |
$18,463,323 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 37
|
September 30, |
March 31, |
|||
ASSETS |
|||||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|||
OTHER ASSETS |
|||||
Cash and cash equivalents |
446,078 |
1,357,135 |
|||
Investments |
5,382 |
581,399 |
|||
Notes receivable |
2,199,878 |
2,812,196 |
|||
Acquisition costs |
2,339,127 |
2,372,609 |
|||
Other assets |
40,642 |
1,564,777 |
|||
$23,189,679 |
$27,158,190 |
||||
LIABILITIES |
|||||
Accounts payable & accrued expenses |
|
|
|||
Accounts payable affiliates |
25,182 |
85 |
|||
Capital contributions payable |
2,320,748 |
5,838,932 |
|||
Line of credit |
- |
- |
|||
2,346,280 |
5,865,888 |
||||
PARTNERS CAPITAL |
|||||
Limited Partners |
|||||
|
Units of limited partnership |
|
|
||
General Partner |
(8,183) |
(3,694) |
|||
Unrealized gain (loss) on securities |
|||||
available for sale, net |
5,382 |
5,382 |
|||
20,843,399 |
21,292,302 |
||||
$23,189,679 |
$27,158,190 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 38
|
September 30, |
March 31, |
|||
ASSETS |
|||||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|||
OTHER ASSETS |
|||||
Cash and cash equivalents |
1,053,331 |
3,300,784 |
|||
Investments |
1,336,073 |
216,934 |
|||
Notes receivable |
- |
755,920 |
|||
Acquisition costs |
2,636,087 |
2,655,867 |
|||
Other assets |
32,049 |
160,038 |
|||
$23,889,740 |
$25,937,233 |
||||
LIABILITIES |
|||||
Accounts payable & accrued expenses |
$ - |
$ 2,733 |
|||
Accounts payable affiliates |
17,490 |
- |
|||
Capital contributions payable |
2,552,174 |
4,429,476 |
|||
Line of credit |
- |
- |
|||
2,569,664 |
4,432,209 |
||||
PARTNERS CAPITAL |
|||||
Limited Partners |
|||||
Units of limited partnership |
|
|
|||
General Partner |
(4,126) |
(2,277) |
|||
Unrealized gain (loss) on securities |
|||||
available for sale, net |
4,237 |
4,237 |
|||
21,320,076 |
21,505,024 |
||||
$23,889,740 |
$25,937,233 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 39
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
960,280 |
5,907,337 |
|
Investments |
2,700,846 |
1,463,767 |
|
Notes receivable |
312,318 |
228,455 |
|
Acquisition costs |
2,387,682 |
2,337,478 |
|
Other assets |
263,473 |
29,308 |
|
$23,798,582 |
$26,378,304 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
1,668 |
- |
|
Capital contributions payable |
4,511,190 |
6,821,583 |
|
Line of credit |
- |
- |
|
4,512,858 |
6,850,305 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(3,726) |
(1,428) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
13,246 |
13,246 |
|
19,285,724 |
19,527,999 |
||
$23,798,582 |
$26,378,304 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 40
|
September 30, |
March 31, |
|
ASSETS |
|||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
|
OTHER ASSETS |
|||
Cash and cash equivalents |
3,102,112 |
553,358 |
|
Investments |
2,942,801 |
- |
|
Notes receivable |
1,989,650 |
- |
|
Acquisition costs |
2,681,917 |
387,937 |
|
Other assets |
311,698 |
1,916,555 |
|
$27,580,919 |
$10,635,516 |
||
LIABILITIES |
|||
Accounts payable & accrued expenses |
|
|
|
Accounts payable affiliates |
47,619 |
18,020 |
|
Capital contributions payable |
5,088,636 |
5,878,926 |
|
Line of credit |
- |
2,125,548 |
|
5,136,255 |
8,109,531 |
||
PARTNERS CAPITAL |
|||
Limited Partners |
|||
Units of limited partnership |
|
|
|
General Partner |
(1,989) |
(1,115) |
|
Unrealized gain (loss) on securities |
|||
available for sale, net |
- |
- |
|
22,444,664 |
2,525,985 |
||
$27,580,919 |
$10,635,516 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS
Series 41*
|
September 30, |
|
ASSETS |
||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
|
|
OTHER ASSETS |
||
Cash and cash equivalents |
1,073,282 |
|
Investments |
- |
|
Notes receivable |
- |
|
Acquisition costs |
502,287 |
|
Other assets |
1,498,616 |
|
$16,244,115 |
||
LIABILITIES |
||
Accounts payable & accrued expenses |
|
|
Accounts payable affiliates |
28,275 |
|
Capital contributions payable |
9,569,307 |
|
Line of credit |
2,686,342 |
|
12,846,572 |
||
PARTNERS CAPITAL |
||
Limited Partners |
||
Units of limited partnership 87,500,000 authorized BACs; 402,800 issued and outstanding, |
|
|
General Partner |
(26) |
|
Unrealized gain (loss) on securities |
||
available for sale, net |
- |
|
3,397,543 |
||
$16,244,115 |
*Series 41 did not commence operations until after March 31, 2001, therefore, it does not have comparative information to report.
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
|
|
||
Income |
|||
Interest income |
$ 203,726 |
$ 832,357 |
|
Other income |
2,336 |
- |
|
206,062 |
832,357 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
288,297 |
311,429 |
|
Fund management fee (Note C) |
1,311,120 |
1,150,135 |
|
Organization costs |
27,936 |
- |
|
Amortization |
132,981 |
125,293 |
|
General and administrative expenses |
198,762 |
252,461 |
|
1,959,096 |
1,839,318 |
||
NET INCOME (LOSS) |
$(7,424,403) |
$(4,973,262) |
|
Net income (loss) allocated to |
|
|
|
Net income (loss) allocated to |
|
|
|
Net income (loss) per BAC |
$ (2.38) |
$ (1.60) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 20
|
|
||
Income |
|||
Interest income |
$ 646 |
$ 989 |
|
Other income |
2,336 |
- |
|
2,982 |
989 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
15,693 |
16,000 |
|
Fund management fee (Note C) |
91,408 |
73,214 |
|
Organization costs |
- |
- |
|
Amortization |
893 |
893 |
|
General and administrative expenses |
8,296 |
9,364 |
|
|
116,290 |
99,471 |
|
NET INCOME (LOSS) |
$ (611,325) |
$ (600,446) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.16) |
$ (.15) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 21
|
|
||
Income |
|||
Interest income |
$ 3,273 |
$ 8,371 |
|
Other income |
- |
- |
|
3,273 |
8,371 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
11,206 |
1,652 |
|
Fund management fee (Note C) |
55,460 |
54,460 |
|
Organization costs |
- |
- |
|
Amortization |
488 |
488 |
|
General and administrative expenses |
5,189 |
6,846 |
|
|
72,343 |
73,703 |
|
NET INCOME (LOSS) |
$ (314,480) |
$ (263,299) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.16) |
$ (.14) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 22
|
|
||
Income |
|||
Interest income |
$ 2,833 |
$ 4,702 |
|
Other income |
- |
- |
|
2,833 |
4,702 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
16,518 |
16,982 |
|
Fund management fee (Note C) |
61,548 |
61,336 |
|
Organization costs |
- |
- |
|
Amortization |
1,535 |
1,535 |
|
General and administrative expenses |
6,552 |
8,157 |
|
86,153 |
88,010 |
||
NET INCOME (LOSS) |
$ (394,279) |
$ (383,380) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.15) |
$ (.15) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 23
|
|
||
Income |
|||
Interest income |
$ 1,254 |
$ 2,487 |
|
Other income |
- |
- |
|
1,254 |
2,487 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
15,663 |
16,000 |
|
Fund management fee (Note C) |
60,066 |
60,066 |
|
Organization costs |
- |
- |
|
Amortization |
2,283 |
1,562 |
|
General and administrative expenses |
7,562 |
9,129 |
|
85,574 |
86,757 |
||
NET INCOME (LOSS) |
$ (320,842) |
$ (359,119) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.10) |
$ (.11) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 24
|
|
||
Income |
|||
Interest income |
$ 3,369 |
$ 4,150 |
|
Other income |
- |
- |
|
3,369 |
4,150 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
22,383 |
21,052 |
|
Fund management fee (Note C) |
58,338 |
58,338 |
|
Organization costs |
- |
- |
|
Amortization |
2,551 |
2,551 |
|
General and administrative expenses |
5,591 |
6,171 |
|
88,863 |
88,112 |
||
NET INCOME (LOSS) |
$ (360,938) |
$ (444,183) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.16) |
$ (.20) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 25
|
|
||
Income |
|||
Interest income |
$ 4,430 |
$ 9,926 |
|
Other income |
- |
- |
|
4,430 |
9,926 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
16,414 |
18,705 |
|
Fund management fee (Note C) |
66,769 |
64,969 |
|
Organization costs |
- |
- |
|
Amortization |
3,805 |
3,805 |
|
General and administrative expenses |
7,114 |
6,927 |
|
94,102 |
94,406 |
||
NET INCOME (LOSS) |
$ (378,070) |
$ (428,789) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
$ (3,781) |
$ (4,288) |
|
Net income (loss) per BAC |
$ (.12) |
$ (.14) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 26
|
|
||
Income |
|||
Interest income |
$ 1,093 |
$ 2,918 |
|
Other income |
- |
- |
|
1,093 |
2,918 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
23,266 |
23,919 |
|
Fund management fee (Note C) |
103,219 |
87,243 |
|
Organization costs |
- |
- |
|
Amortization |
4,485 |
4,340 |
|
General and administrative expenses |
8,375 |
8,597 |
|
139,345 |
124,099 |
||
NET INCOME (LOSS) |
$ (624,883) |
$ (375,114) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.14) |
$ (.09) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 27
|
|
||
Income |
|||
Interest income |
$ 4,811 |
$ 7,258 |
|
Other income |
- |
- |
|
4,811 |
7,258 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
13,328 |
13,821 |
|
Fund management fee (Note C) |
73,451 |
64,601 |
|
Organization costs |
- |
- |
|
Amortization |
3,914 |
3,914 |
|
General and administrative expenses |
5,943 |
5,752 |
|
96,636 |
88,088 |
||
NET INCOME (LOSS) |
$ (309,838) |
$ (268,593) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.12) |
$ (.11) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 28
|
|
||
Income |
|||
Interest income |
$ 15,280 |
$ 41,602 |
|
Other income |
- |
- |
|
15,280 |
41,602 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
19,731 |
19,914 |
|
Fund management fee (Note C) |
83,021 |
83,529 |
|
Organization costs |
- |
- |
|
Amortization |
825 |
825 |
|
General and administrative expenses |
9,619 |
12,128 |
|
113,196 |
116,396 |
||
NET INCOME (LOSS) |
$ (416,751) |
$ (340,957) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.10) |
$ (.08) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 29
|
|
||
Income |
|||
Interest income |
$ 7,370 |
$ 39,241 |
|
Other income |
- |
- |
|
7,370 |
39,241 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
16,465 |
17,557 |
|
Fund management fee (Note C) |
84,495 |
73,895 |
|
Organization costs |
- |
- |
|
Amortization |
828 |
813 |
|
General and administrative expenses |
9,601 |
8,318 |
|
111,389 |
100,583 |
||
NET INCOME (LOSS) |
$ (447,043) |
$ (390,890) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.11) |
$ (.10) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 30
|
|
||
Income |
|||
Interest income |
$ 6,926 |
$ 109,838 |
|
Other income |
- |
- |
|
6,926 |
109,838 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
14,346 |
16,605 |
|
Fund management fee (Note C) |
54,579 |
50,479 |
|
Organization costs |
- |
- |
|
Amortization |
5,309 |
5,303 |
|
General and administrative expenses |
6,426 |
23,909 |
|
80,660 |
96,296 |
||
NET INCOME (LOSS) |
$ (427,803) |
$ (159,714) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.16) |
$ (.06) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 31
|
|
||
Income |
|||
Interest income |
$ 19,516 |
$ 76,724 |
|
Other income |
- |
- |
|
19,516 |
76,724 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
18,000 |
19,263 |
|
Fund management fee (Note C) |
94,359 |
86,876 |
|
Organization costs |
- |
- |
|
Amortization |
- |
- |
|
General and administrative expenses |
9,772 |
8,919 |
|
122,131 |
115,058 |
||
NET INCOME (LOSS) |
$ (680,178) |
$ (469,220) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.15) |
$ (.11) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 32
|
|
||
Income |
|||
Interest income |
$ 8,844 |
$ 79,193 |
|
Other income |
- |
- |
|
8,844 |
79,193 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
16,376 |
19,615 |
|
Fund management fee (Note C) |
78,588 |
75,375 |
|
Organization costs |
- |
- |
|
Amortization |
9,181 |
9,074 |
|
General and administrative expenses |
10,961 |
10,393 |
|
115,106 |
114,457 |
||
NET INCOME (LOSS) |
$ (368,522) |
$ (210,565) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.08) |
$ (.04) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 33
|
|
||
Income |
|||
Interest income |
$ 4,571 |
$ 85,943 |
|
Other income |
- |
- |
|
4,571 |
85,943 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
7,351 |
11,176 |
|
Fund management fee (Note C) |
33,443 |
42,333 |
|
Organization costs |
- |
- |
|
Amortization |
6,820 |
6,770 |
|
General and administrative expenses |
6,465 |
32,341 |
|
54,079 |
92,620 |
||
NET INCOME (LOSS) |
$ (127,246) |
$ (39,803) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.05) |
$ (.01) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 34
|
|
||
Income |
|||
Interest income |
$ 1,513 |
$ 53,814 |
|
Other income |
- |
- |
|
1,513 |
53,814 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
12,707 |
16,454 |
|
Fund management fee (Note C) |
68,290 |
73,155 |
|
Organization costs |
- |
- |
|
Amortization |
10,984 |
10,789 |
|
General and administrative expenses |
7,600 |
8,687 |
|
99,581 |
109,085 |
||
NET INCOME (LOSS) |
$ (429,458) |
$ (22,687) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.12) |
$ (.01) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 35
|
|
||
Income |
|||
Interest income |
$ 17,868 |
$ 55,955 |
|
Other income |
- |
- |
|
17,868 |
55,955 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
6,364 |
11,966 |
|
Fund management fee (Note C) |
52,651 |
49,660 |
|
Organization costs |
- |
- |
|
Amortization |
32,310 |
30,433 |
|
General and administrative expenses |
10,515 |
9,549 |
|
101,840 |
101,608 |
||
NET INCOME (LOSS) |
$ (405,741) |
$ (160,957) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.12) |
$ (.05) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 36
|
|
||
Income |
|||
Interest income |
$ 1,047 |
$ 20,140 |
|
Other income |
- |
- |
|
1,047 |
20,140 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
6,974 |
24,841 |
|
Fund management fee (Note C) |
39,313 |
40,189 |
|
Organization costs |
- |
- |
|
Amortization |
22,116 |
20,817 |
|
General and administrative expenses |
6,587 |
14,979 |
|
74,990 |
100,826 |
||
NET INCOME (LOSS) |
$ (225,975) |
$ (134,909) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.11) |
$ (.06) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 37
|
|
||
Income |
|||
Interest income |
$ 1,719 |
$ 121,445 |
|
Other income |
- |
- |
|
1,719 |
121,445 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
7,240 |
10,216 |
|
Fund management fee (Note C) |
43,956 |
26,697 |
|
Organization costs |
- |
- |
|
Amortization |
23,306 |
21,381 |
|
General and administrative expenses |
6,747 |
29,421 |
|
81,249 |
87,715 |
||
NET INCOME (LOSS) |
$ (226,239) |
$ 33,730 |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.09) |
$ .01 |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 38
|
|
||
Income |
|||
Interest income |
$ 17,980 |
$ 105,717 |
|
Other income |
- |
- |
|
17,980 |
105,717 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
7,830 |
5,434 |
|
Fund management fee (Note C) |
40,533 |
23,720 |
|
Organization costs |
- |
- |
|
Amortization |
712 |
- |
|
General and administrative expenses |
10,704 |
17,817 |
|
59,779 |
46,971 |
||
NET INCOME (LOSS) |
$ (103,993) |
$ 58,746 |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.04) |
$ - |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 39
|
2000 |
||
Income |
|||
Interest income |
$ 43,360 |
$ 1,944 |
|
Other income |
- |
- |
|
43,360 |
1,944 |
||
Share of loss from Operating |
(164,392) |
- |
|
Expenses |
|||
Professional fees |
13,439 |
- |
|
Fund management fee (Note C) |
29,484 |
- |
|
Organization costs |
- |
- |
|
Amortization |
636 |
- |
|
General and administrative expenses |
16,160 |
15,057 |
|
59,719 |
15,057 |
||
NET INCOME (LOSS) |
$ (180,751) |
$ (13,113) |
|
Net income (loss) allocated to limited |
$ (178,943) |
|
|
Net income (loss) allocated to general |
$ (1,808) |
|
|
Net income (loss) per BAC |
$ (0.08) |
$ - |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 40*
|
||
Income |
||
Interest income |
$ 32,850 |
|
Other income |
- |
|
32,850 |
||
Share of loss from Operating |
|
|
Expenses |
||
Professional fees |
7,003 |
|
Fund management fee (Note C) |
38,149 |
|
Organization costs |
27,936 |
|
Amortization |
- |
|
General and administrative expenses |
27,228 |
|
100,316 |
||
NET INCOME (LOSS) |
$ (67,466) |
|
Net income (loss) allocated to limited |
|
|
Net income (loss) allocated to general |
|
|
Net income (loss) per BAC |
$ (.03) |
|
*Series 40 did not commence operations until after September 30,2000, therefore it does not have comparative information to report.
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 41*
|
||
Income |
||
Interest income |
$ 3,173 |
|
Other income |
- |
|
3,173 |
||
Share of loss from Operating |
- |
|
Expenses |
||
Professional fees |
- |
|
Fund management fee (Note C) |
- |
|
Organization costs |
- |
|
Amortization |
- |
|
General and administrative expenses |
5,755 |
|
5,755 |
||
NET INCOME (LOSS) |
$ (2,582) |
|
Net income (loss) allocated to limited |
|
|
Net income (loss) allocated to general |
|
|
Net income (loss) per BAC |
$ (.01) |
|
*Series 41 did not commence operations until after September 30,2000, therefore it does not have comparative information to report
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
|
|
||
Income |
|||
Interest income |
$ 422,197 |
$ 1,493,215 |
|
Other income |
2,336 |
- |
|
424,533 |
1,493,215 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
425,184 |
383,274 |
|
Fund management fee (Note C) |
2,431,897 |
2,230,676 |
|
Organization costs |
27,936 |
- |
|
Amortization |
266,660 |
250,721 |
|
General and administrative expenses |
292,047 |
603,082 |
|
3,443,724 |
3,467,753 |
||
NET INCOME (LOSS) |
$(14,472,528) |
$(10,376,677) |
|
Net income (loss) allocated to |
|
|
|
Net income (loss) allocated to |
|
|
|
Net income (loss) per BAC |
$ (4.65) |
$ (3.32) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 20
|
|
||
Income |
|||
Interest income |
$ 1,419 |
$ 2,365 |
|
Other income |
2,336 |
- |
|
3,755 |
2,365 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
20,539 |
18,188 |
|
Fund management fee (Note C) |
157,221 |
147,747 |
|
Organization costs |
- |
- |
|
Amortization |
1,786 |
1,786 |
|
General and administrative expenses |
12,069 |
17,455 |
|
|
191,615 |
185,176 |
|
NET INCOME (LOSS) |
$(1,074,787) |
$(1,098,728) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.28) |
$ (.28) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 21
|
|
||
Income |
|||
Interest income |
$ 6,699 |
$ 21,637 |
|
Other income |
- |
- |
|
6,699 |
21,637 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
14,718 |
13,560 |
|
Fund management fee (Note C) |
110,600 |
107,280 |
|
Organization costs |
- |
- |
|
Amortization |
977 |
977 |
|
General and administrative expenses |
8,126 |
13,101 |
|
|
134,421 |
134,918 |
|
NET INCOME (LOSS) |
$ (668,020) |
$ (600,026) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.35) |
$ (.31) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 22
|
|
||
Income |
|||
Interest income |
$ 6,013 |
$ 12,126 |
|
Other income |
- |
- |
|
6,013 |
12,126 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
21,656 |
18,947 |
|
Fund management fee (Note C) |
110,357 |
106,555 |
|
Organization costs |
- |
- |
|
Amortization |
3,070 |
3,070 |
|
General and administrative expenses |
10,271 |
14,931 |
|
145,354 |
143,503 |
||
NET INCOME (LOSS) |
$ (768,026) |
$ (797,437) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.30) |
$ (.31) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 23
|
|
||
Income |
|||
Interest income |
$ 3,191 |
$ 5,246 |
|
Other income |
- |
- |
|
3,191 |
5,246 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
19,661 |
17,332 |
|
Fund management fee (Note C) |
101,789 |
101,632 |
|
Organization costs |
- |
- |
|
Amortization |
4,565 |
3,123 |
|
General and administrative expenses |
11,361 |
16,344 |
|
137,376 |
138,431 |
||
NET INCOME (LOSS) |
$ (637,293) |
$ (720,882) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.19) |
$ (.21) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 24
|
|
||
Income |
|||
Interest income |
$ 6,905 |
$ 10,686 |
|
Other income |
- |
- |
|
6,905 |
10,686 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
39,381 |
31,179 |
|
Fund management fee (Note C) |
112,476 |
115,551 |
|
Organization costs |
- |
- |
|
Amortization |
5,102 |
5,102 |
|
General and administrative expenses |
10,802 |
13,647 |
|
167,761 |
165,479 |
||
NET INCOME (LOSS) |
$ (782,540) |
$ (858,003) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.36) |
$ (.39) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 25
|
|
||
Income |
|||
Interest income |
$ 8,984 |
$ 25,647 |
|
Other income |
- |
- |
|
8,984 |
25,647 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
21,622 |
24,589 |
|
Fund management fee (Note C) |
125,638 |
124,858 |
|
Organization costs |
- |
- |
|
Amortization |
7,609 |
7,609 |
|
General and administrative expenses |
10,988 |
17,337 |
|
165,857 |
174,393 |
||
NET INCOME (LOSS) |
$ (721,679) |
$ (864,115) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
$ (7,217) |
$ (8,641) |
|
Net income (loss) per BAC |
$ (.24) |
$ (.28) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 26
|
|
||
Income |
|||
Interest income |
$ 2,614 |
$ 52,823 |
|
Other income |
- |
- |
|
2,614 |
52,823 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
31,289 |
26,744 |
|
Fund management fee (Note C) |
203,214 |
190,538 |
|
Organization costs |
- |
- |
|
Amortization |
8,969 |
8,681 |
|
General and administrative expenses |
12,460 |
17,892 |
|
255,932 |
243,855 |
||
NET INCOME (LOSS) |
$(1,207,228) |
$ (721,090) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.30) |
$ (.18) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 27
|
|
||
Income |
|||
Interest income |
$ 9,607 |
$ 19,550 |
|
Other income |
- |
- |
|
9,607 |
19,550 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
20,342 |
15,505 |
|
Fund management fee (Note C) |
135,147 |
133,772 |
|
Organization costs |
- |
- |
|
Amortization |
7,827 |
7,827 |
|
General and administrative expenses |
9,219 |
13,099 |
|
172,535 |
170,203 |
||
NET INCOME (LOSS) |
$ (576,132) |
$ (600,732) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.23) |
$ (.24) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 28
|
|
||
Income |
|||
Interest income |
$ 36,876 |
$ 90,358 |
|
Other income |
- |
- |
|
36,876 |
90,358 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
31,082 |
23,643 |
|
Fund management fee (Note C) |
147,750 |
161,723 |
|
Organization costs |
- |
- |
|
Amortization |
1,650 |
1,650 |
|
General and administrative expenses |
16,116 |
26,021 |
|
196,598 |
213,037 |
||
NET INCOME (LOSS) |
$ (898,208) |
$ (792,928) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.22) |
$ (.20) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 29
|
|
||
Income |
|||
Interest income |
$ 16,080 |
$ 66,365 |
|
Other income |
- |
- |
|
16,080 |
66,365 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
25,619 |
20,214 |
|
Fund management fee (Note C) |
163,643 |
146,524 |
|
Organization costs |
- |
- |
|
Amortization |
1,656 |
1,626 |
|
General and administrative expenses |
14,711 |
30,314 |
|
205,629 |
198,678 |
||
NET INCOME (LOSS) |
$(1,000,945) |
$ (746,059) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.25) |
$ (.19) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 30
|
|
||
Income |
|||
Interest income |
$ 15,226 |
$ 144,566 |
|
Other income |
- |
- |
|
15,226 |
144,566 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
23,683 |
21,421 |
|
Fund management fee (Note C) |
96,308 |
96,158 |
|
Organization costs |
- |
- |
|
Amortization |
10,618 |
10,601 |
|
General and administrative expenses |
9,933 |
38,290 |
|
140,542 |
166,470 |
||
NET INCOME (LOSS) |
$ (765,929) |
$ (381,116) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.29) |
$ (.14) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 31
|
|
||
Income |
|||
Interest income |
$ 32,218 |
$ 91,957 |
|
Other income |
- |
- |
|
32,218 |
91,957 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
29,686 |
23,604 |
|
Fund management fee (Note C) |
156,670 |
143,052 |
|
Organization costs |
- |
- |
|
Amortization |
- |
- |
|
General and administrative expenses |
15,810 |
38,262 |
|
202,166 |
204,918 |
||
NET INCOME (LOSS) |
$(1,252,421) |
$ (906,065) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.28) |
$ (.20) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 32
|
|
||
Income |
|||
Interest income |
$ 22,039 |
$ 125,026 |
|
Other income |
- |
- |
|
22,039 |
125,026 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
29,262 |
23,889 |
|
Fund management fee (Note C) |
154,463 |
157,750 |
|
Organization costs |
- |
- |
|
Amortization |
18,263 |
18,140 |
|
General and administrative expenses |
16,796 |
52,176 |
|
218,784 |
251,955 |
||
NET INCOME (LOSS) |
$ (635,818) |
$ (508,988) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.13) |
$ (.11) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 33
|
|
||
Income |
|||
Interest income |
$ 14,172 |
$ 139,785 |
|
Other income |
- |
- |
|
14,172 |
139,785 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
12,545 |
16,697 |
|
Fund management fee (Note C) |
59,574 |
80,246 |
|
Organization costs |
- |
- |
|
Amortization |
13,640 |
13,472 |
|
General and administrative expenses |
9,799 |
51,450 |
|
95,558 |
161,865 |
||
NET INCOME (LOSS) |
$ (302,613) |
$ (165,932) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.11) |
$ (.06) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 34
|
|
||
Income |
|||
Interest income |
$ 4,008 |
$ 106,810 |
|
Other income |
- |
- |
|
4,008 |
106,810 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
16,275 |
21,246 |
|
Fund management fee (Note C) |
137,980 |
146,310 |
|
Organization costs |
- |
- |
|
Amortization |
21,971 |
21,426 |
|
General and administrative expenses |
10,789 |
42,630 |
|
187,015 |
231,612 |
||
NET INCOME (LOSS) |
$ (766,760) |
$ (249,787) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.22) |
$ (.07) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 35
|
|
||
Income |
|||
Interest income |
$ 36,515 |
$ 153,739 |
|
Other income |
- |
- |
|
36,515 |
153,739 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
10,152 |
16,254 |
|
Fund management fee (Note C) |
104,702 |
104,320 |
|
Organization costs |
- |
- |
|
Amortization |
64,629 |
60,729 |
|
General and administrative expenses |
15,591 |
78,782 |
|
195,074 |
260,085 |
||
NET INCOME (LOSS) |
$ (936,467) |
$ (340,564) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.28) |
$ (.10) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 36
|
|
||
00 |
|||
Income |
|||
Interest income |
$ 2,776 |
$ 54,104 |
|
Other income |
- |
- |
|
2,776 |
54,104 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
9,761 |
27,689 |
|
Fund management fee (Note C) |
74,519 |
77,614 |
|
Organization costs |
- |
- |
|
Amortization |
44,231 |
42,307 |
|
General and administrative expenses |
8,811 |
26,016 |
|
137,322 |
173,626 |
||
NET INCOME (LOSS) |
$ (524,098) |
$ (145,101) |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.25) |
$ (.07) |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 37
|
|
||
Income |
|||
Interest income |
$ 9,006 |
$ 233,634 |
|
Other income |
- |
- |
|
9,006 |
233,634 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
10,743 |
15,639 |
|
Fund management fee (Note C) |
79,894 |
53,394 |
|
Organization costs |
- |
- |
|
Amortization |
47,320 |
42,595 |
|
General and administrative expenses |
10,843 |
51,762 |
|
148,800 |
163,390 |
||
NET INCOME (LOSS) |
$ (448,903) |
$ 70,244 |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.18) |
$ .03 |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 38
|
|
||
Income |
|||
Interest income |
$ 42,061 |
$ 134,847 |
|
Other income |
- |
- |
|
42,061 |
134,847 |
||
Share of loss from Operating |
|
|
|
Expenses |
|||
Professional fees |
11,015 |
6,184 |
|
Fund management fee (Note C) |
81,066 |
35,652 |
|
Organization costs |
- |
- |
|
Amortization |
1,505 |
- |
|
General and administrative expenses |
14,762 |
28,516 |
|
108,348 |
70,352 |
||
NET INCOME (LOSS) |
$ (184,912) |
$ 64,495 |
|
Net income (loss) allocated to limited |
|
|
|
Net income (loss) allocated to general |
|
|
|
Net income (loss) per BAC |
$ (.07) |
$ .02 |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 39
|
2000 |
||
Income |
|||
Interest income |
$ 104,530 |
$ 1,944 |
|
Other income |
- |
- |
|
104,530 |
1,944 |
||
Share of loss from Operating |
(228,500) |
- |
|
Expenses |
|||
Professional fees |
19,150 |
750 |
|
Fund management fee (Note C) |
58,968 |
- |
|
Organization costs |
- |
- |
|
Amortization |
1,272 |
- |
|
General and administrative expenses |
26,441 |
15,057 |
|
105,831 |
15,807 |
||
NET INCOME (LOSS) |
$ (229,801) |
$ (13,863) |
|
Net income (loss) allocated to limited |
$ (227,503) |
|
|
Net income (loss) allocated to general |
$ (2,298) |
|
|
Net income (loss) per BAC |
$ (.10) |
$ - |
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 40*
|
||
Income |
||
Interest income |
$ 38,085 |
|
Other income |
- |
|
38,085 |
||
Share of loss from Operating |
|
|
Expenses |
||
Professional fees |
7,003 |
|
Fund management fee (Note C) |
59,918 |
|
Organization costs |
27,936 |
|
Amortization |
- |
|
General and administrative expenses |
30,594 |
|
125,451 |
||
NET INCOME (LOSS) |
$ (87,366) |
|
Net income (loss) allocated to limited |
|
|
Net income (loss) allocated to general |
|
|
Net income (loss) per BAC |
$ (.03) |
|
*Series 40 did not commence operations until after September 30,2000, therefore it does not have comparative information to report.
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 41*
|
||
Income |
||
Interest income |
$ 3,173 |
|
Other income |
- |
|
3,173 |
||
Share of loss from Operating |
|
|
Expenses |
||
Professional fees |
- |
|
Fund management fee (Note C) |
- |
|
Organization costs |
- |
|
Amortization |
- |
|
General and administrative expenses |
5,755 |
|
5,755 |
||
NET INCOME (LOSS) |
$ (2,582) |
|
Net income (loss) allocated to limited |
|
|
Net income (loss) allocated to general |
|
|
Net income (loss) per BAC |
$ (.01) |
|
*Series 41 did not commence operations until after September 30,2000, therefore it does not have comparative information to report.
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
26,918,800 |
- |
- |
26,918,800 |
Selling commissions and |
|
|
|
|
Net income (loss) |
(14,327,804) |
(144,724) |
- |
(14,472,528) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(1,064,039) |
(10,748) |
- |
(1,074,787) |
Partners' capital |
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(661,340) |
(6,680) |
- |
(668,020) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(760,346) |
(7,680) |
- |
(768,026) |
Partners' capital |
|
|
|
|
Partners' capital |
|
|
|
|
|
||||
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(630,920) |
(6,373) |
- |
(637,293) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(417,387) |
(4,216) |
- |
(421,603) |
Partners' capital |
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(714,462) |
(7,217) |
- |
(721,679) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(1,195,156) |
(12,072) |
- |
(1,207,228) |
Partners' capital |
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(570,371) |
(5,761) |
- |
(576,132) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(889,226) |
(8,982) |
- |
(898,208) |
Partners' capital |
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(990,936) |
(10,009) |
- |
(1,000,945) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(758,270) |
(7,659) |
- |
(765,929) |
Partners' capital |
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(1,239,897) |
(12,524) |
- |
(1,252,421) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(629,460) |
(6,358) |
- |
(635,818) |
Partners' capital |
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(299,587) |
(3,026) |
- |
(302,613) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(759,092) |
(7,668) |
- |
(766,760) |
Partners' capital |
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
- |
Net income (loss) |
(927,102) |
(9,365) |
- |
(936,467) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
- |
Net income (loss) |
(518,857) |
(5,241) |
- |
(524,098) |
Partners' capital |
|
|
|
|
Partners' capital |
|
$ (3,694) |
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
- |
Net income (loss) |
(444,414) |
(4,489) |
- |
(448,903) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(183,063) |
(1,849) |
- |
(184,912) |
Partners' capital |
|
|
|
|
Partners' capital |
|
|
|
|
Capital contributions |
- |
- |
- |
- |
Selling commissions and |
|
|
|
|
Net income (loss) |
(227,503) |
(2,298) |
- |
(229,801) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 2001
(Unaudited)
|
|
|
|
|
Series 40 |
||||
Partners' capital |
|
|
|
|
Capital contributions |
22,890,800 |
- |
- |
22,890,800 |
Selling commissions and |
(2,884,755) |
|
|
(2,884,755) |
Net income (loss) |
(86,492) |
(874) |
- |
(87,366) |
Partners' capital |
|
|
|
|
Series 41 |
||||
Partners' capital |
|
|
|
|
Capital contributions |
4,028,000 |
- |
- |
4,028,000 |
Selling commissions and |
(627,875) |
|
|
(627,875) |
Net income (loss) |
(2,556) |
(26) |
- |
(2,582) |
Partners' capital |
|
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$(14,472,528) |
$(10,376,677) |
|||
Adjustments |
|||||
Amortization |
266,660 |
250,721 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in prepaid |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
560,794 |
3,329,810 |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
(448,375) |
494,883 |
|||
Investments |
(4,285,943) |
17,419,975 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
(3,525,140) |
(3,469,742) |
||
Capital contributions received |
26,918,800 |
25,518,000 |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
21,596,216 |
15,484,389 |
||
Cash and cash equivalents, ending |
$ 13,839,537 |
$ 18,996,195 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$(1,074,787) |
$(1,098,728) |
|||
Adjustments |
|||||
Amortization |
1,786 |
1,786 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
- |
- |
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
- |
- |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 20
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
179,335 |
312,723 |
||
Cash and cash equivalents, ending |
$ 193,384 |
$ 257,860 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (668,020) |
$ (600,026) |
|||
Adjustments |
|||||
Amortization |
977 |
977 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
35,241 |
8,643 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 21
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
235,224 |
272,223 |
||
Cash and cash equivalents, ending |
257,831 |
281,732 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (768,026) |
$ (797,437) |
|||
Adjustments |
|||||
Amortization |
3,070 |
3,070 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in prepaid |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
(51,114) |
|
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
(40,721) |
4,541 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 22
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
352,021 |
271,654 |
||
Cash and cash equivalents, ending |
$ 252,459 |
$ 278,996 |
||
Supplemental schedule of non-cash |
|
|
||
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (637,293) |
$ (720,882) |
|||
Adjustments |
|||||
Amortization |
4,565 |
3,123 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in prepaid |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
- |
|
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
- |
- |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 23
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
293,829 |
339,179 |
||
Cash and cash equivalents, ending |
$ 288,780 |
$ 329,250 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (782,540) |
$ (858,003) |
|||
Adjustments |
|||||
Amortization |
5,102 |
5,102 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
(49,446) |
3,967 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 24
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
362,301 |
294,853 |
||
Cash and cash equivalents, ending |
$ 273,265 |
$ 264,143 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (721,679) |
$ (864,115) |
|||
Adjustments |
|||||
Amortization |
7,609 |
7,609 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
(59,976) |
8,921 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 25
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
494,183 |
526,832 |
||
Cash and cash equivalents, ending |
$ 412,367 |
$ 482,871 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 26
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$(1,207,228) |
$ (721,090) |
|||
Adjustments |
|||||
Amortization |
8,969 |
8,681 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
- |
217,461 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 26
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
335,066 |
201,802 |
||
Cash and cash equivalents, ending |
$ 297,689 |
$ 316,318 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 27
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (576,132) |
$ (600,732) |
|||
Adjustments |
|||||
Amortization |
7,827 |
7,827 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
(552,764) |
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
(70,066) |
193,831 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 27
2001 |
2000 |
||
Continued |
|||
Cash flows from financing activities: |
|||
Sales and registration costs paid |
- |
- |
|
Capital contributions received |
- |
- |
|
Net cash (used in) provided by |
|
- |
|
INCREASE (DECREASE) IN CASH AND |
|
|
|
Cash and cash equivalents, beginning |
647,352 |
250,061 |
|
Cash and cash equivalents, ending |
$ 479,033 |
$ 451,920 |
|
Supplemental schedule of non-cash |
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 28
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (898,208) |
$ (792,928) |
|||
Adjustments |
|||||
Amortization |
1,650 |
1,650 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
474,951 |
560,178 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 28
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
1,117,380 |
1,096,622 |
||
Cash and cash equivalents, ending |
$ 852,214 |
$ 1,537,984 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 29
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (1,000,945) |
$ (746,059) |
|||
Adjustments |
|||||
Amortization |
1,656 |
1,626 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
(283,919) |
|
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
(109,725) |
1,091,789 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 29
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
875,595 |
387,679 |
||
Cash and cash equivalents, ending |
$ 435,474 |
$ 762,332 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 30
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (765,929) |
$ (381,116) |
|||
Adjustments |
|||||
Amortization |
10,618 |
10,601 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
- |
- |
|||
Investments |
(83,794) |
880,131 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 30
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
735,208 |
403,328 |
||
Cash and cash equivalents, ending |
$ 530,113 |
$ 864,714 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 31
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$(1,252,421) |
$ (906,065) |
|||
Adjustments |
|||||
Amortization |
- |
- |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
200,000 |
1,706,296 |
|||
Investments |
(21,402) |
1,737,280 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 31
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
1,118,740 |
1,449,979 |
||
Cash and cash equivalents, ending |
$ 435,186 |
$ 1,260,463 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 32
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (635,818) |
$ (508,988) |
|||
Adjustments |
|||||
Amortization |
18,263 |
18,140 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
- |
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
56,900 |
- |
|||
Investments |
- |
1,261,712 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 32
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
1,111,983 |
240,584 |
||
Cash and cash equivalents, ending |
$ 783,248 |
$ 1,418,974 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 33
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (302,613) |
$ (165,932) |
|||
Adjustments |
|||||
Amortization |
13,640 |
13,472 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
- |
(113,575) |
|||
Investments |
541,910 |
1,265,009 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 33
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
1,147,109 |
597,735 |
||
Cash and cash equivalents, ending |
$ 768,723 |
$ 1,378,020 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 34
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (766,760) |
$ (249,787) |
|||
Adjustments |
|||||
Amortization |
21,971 |
21,426 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
- |
751,050 |
|||
Investments |
- |
2,540,178 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 34
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
- |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
349,527 |
672,010 |
||
Cash and cash equivalents, ending |
$ 262,477 |
$ 1,197,700 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 35
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (936,467) |
$ (340,564) |
|||
Adjustments |
|||||
Amortization |
64,629 |
60,729 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
- |
(274,342) |
|||
Investments |
(179,913) |
2,740,173 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 35
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
(500) |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
681,948 |
701,756 |
||
Cash and cash equivalents, ending |
$ 458,042 |
$ 484,207 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 36
2001 |
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (524,098) |
$ (145,101) |
|||
Adjustments |
|||||
Amortization |
44,231 |
42,307 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
- |
829,067 |
|||
Investments |
- |
2,105,011 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 36
2001 |
2000 |
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
(5,171) |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
440,801 |
328,095 |
||
Cash and cash equivalents, ending |
$ 224,169 |
$ 473,199 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 37
|
2000 |
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (448,903) |
$ 70,244 |
|||
Adjustments |
|||||
Amortization |
47,320 |
42,595 |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
- |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
612,318 |
(2,403,613) |
|||
Investments |
576,017 |
3,501,711 |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 37
|
|
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
- |
(9,436) |
||
Capital contributions received |
- |
- |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
1,357,135 |
5,952,947 |
||
Cash and cash equivalents, ending |
$ 446,078 |
$ 3,046,721 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 38
|
|
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (184,912) |
$ 64,495 |
|||
Adjustments |
|||||
Amortization |
1,505 |
- |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
(416,169) |
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
(976,349) |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
755,920 |
(10,983,672) |
|||
Investments |
(1,119,139) |
(700,561) |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 38
|
|
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
(36) |
(2,742,732) |
||
Capital contributions received |
- |
20,968,000 |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
3,300,784 |
1,184,327 |
||
Cash and cash equivalents, ending |
$ 1,053,331 |
$ 3,826,359 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 39
|
|
||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (229,801) |
$ (13,863) |
|||
Adjustments |
|||||
Amortization |
1,272 |
- |
|||
Distributions from Operating |
|
|
|||
Share of Loss from Operating |
|
|
|||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Decrease (Increase) in accounts |
|
|
|||
(Decrease) Increase in accounts |
|
|
|||
Line of credit |
- |
4,306,159 |
|||
Net cash (used in) provided by |
|
|
|||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
|
|||
Capital contributions paid to |
|
|
|||
Advances to Operating Partnerships |
(83,863) |
- |
|||
Investments |
(1,237,079) |
- |
|||
Net cash (used in) provided by |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 39
|
|
|||
Continued |
||||
Cash flows from financing activities: |
||||
Sales and registration costs paid |
(12,474) |
(711,903) |
||
Capital contributions received |
- |
4,550,000 |
||
Net cash (used in) provided by |
|
|
||
INCREASE (DECREASE) IN CASH AND |
|
|
||
Cash and cash equivalents, beginning |
5,907,337 |
- |
||
Cash and cash equivalents, ending |
$ 930,280 |
$ 100,432 |
||
Supplemental schedule of non-cash |
|
|
||
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 40* 2001 |
|||||
Cash flows from operating activities: |
|||||
Net income (loss) |
$ (87,366) |
||||
Adjustments |
|||||
Amortization |
- |
||||
Distributions from Operating |
|
||||
Share of Loss from Operating |
|
||||
Changes in assets and liabilities |
|||||
Decrease (Increase) in |
|
||||
(Decrease) Increase in accounts |
|
||||
Decrease (Increase) in accounts |
|
||||
(Decrease) Increase in accounts |
|
||||
Line of credit |
(2,125,548) |
||||
Net cash (used in) provided by |
|
||||
Cash flows from investing activities: |
|||||
Acquisition costs repaid (paid) for |
|
||||
Capital contributions paid to |
|
||||
Advances to Operating Partnerships |
(1,989,650) |
||||
Investments |
(2,942,801) |
||||
Net cash (used in) provided by |
|
*Series 40 did not commence operations until after September 30, 2000,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 40* |
|||
Continued |
|||
Cash flows from financing activities: |
|||
Sales and registration costs paid |
(2,884,755) |
||
Capital contributions received |
22,890,800 |
||
Net cash (used in) provided by |
|
||
INCREASE (DECREASE) IN CASH AND |
|
||
Cash and cash equivalents, beginning |
553,358 |
||
Cash and cash equivalents, ending |
$ 3,102,112 |
||
Supplemental schedule of non-cash |
|
||
*Series 40 did not commence operations until after September 30, 2000,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 41* 2001 |
||||
Cash flows from operating activities: |
||||
Net income (loss) |
$ (2,582) |
|||
Adjustments |
||||
Amortization |
- |
|||
Distributions from Operating |
|
|||
Share of Loss from Operating |
|
|||
Changes in assets and liabilities |
||||
Decrease (Increase) in |
|
|||
(Decrease) Increase in accounts |
|
|||
Decrease (Increase) in accounts |
|
|||
(Decrease) Increase in accounts |
|
|||
Line of credit |
2,686,342 |
|||
Net cash (used in) provided by |
|
|||
Cash flows from investing activities: |
||||
Acquisition costs repaid (paid) for |
|
|||
Capital contributions paid to |
|
|||
Advances to Operating Partnerships |
- |
|||
Investments |
- |
|||
Net cash (used in) provided by |
|
*Series 41 did not commence operations until after September 30, 2000,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 41* |
|||
Continued |
|||
Cash flows from financing activities: |
|||
Sales and registration costs paid |
(627,875) |
||
Capital contributions received |
4,028,000 |
||
Net cash (used in) provided by |
|
||
INCREASE (DECREASE) IN CASH AND |
|
||
Cash and cash equivalents, beginning |
- |
||
Cash and cash equivalents, ending |
$ 1,073,282 |
||
Supplemental schedule of non-cash |
|
||
*Series 41 did not commence operations until after September 30, 2000,
therefore it does not have comparative information to report.
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(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").
Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The General Partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the General Partner is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partne rs, Inc. 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 now wholly-owned by 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. On August 31, 1999 an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series became effective. On July 26, 2000 an amendment to Form S-11, which regi
stered an additional 7,500,000 BACs for sale to the public in one or more series became effective. On July 24, 2001 an amendment to Form S-11, which registered an additional 7,000,000 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 the date of this filing:
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 |
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2001
(Unaudited)
NOTE A - ORGANIZATION (continued)
Series |
Closing Date |
BACs Sold |
Equity Raised |
Series 29 |
June 10, 1997 |
3,991,800 |
$39,918,000 |
Series 30 |
September 10, 1997 |
2,651,000 |
$26,490,750 |
Series 31 |
January 18, 1998 |
4,417,857 |
$44,057,750 |
Series 32 |
June 23, 1998 |
4,754,198 |
$47,431,000 |
Series 33 |
September 21, 1998 |
2,636,533 |
$26,362,000 |
Series 34 |
February 11, 1999 |
3,529,319 |
$35,273,000 |
Series 35 |
June 28, 1999 |
3,300,463 |
$33,004,630 |
Series 36 |
September 28, 1999 |
2,106,837 |
$21,068,375 |
Series 37 |
January 28, 2000 |
2,512,500 |
$25,125,000 |
Series 38 |
July 31, 2000 |
2,543,100 |
$25,431,000 |
Series 39 |
January 31, 2001 |
2,292,152 |
$22,921,000 |
Series 40 |
July 31, 2001 |
2,630,257 |
$26,629,250 |
Series 41 |
N/A |
802,800 |
$ 4,028,000 |
The Fund is continuing to offer BACs in Series 41.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements herein as of September 30, 2001 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.
The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.
Investment Securities
The Fund has determined that all of its investment securities are to be categorized as securities available for sale. Securities classified as available for sale are those debt securities that the Fund purchased that may be liquidated prior to the maturity date should the need arise. These securities are carried at approximate fair market value. All of the investments held by the Fund are tax-exempt municipal bonds and Certificates of Deposit.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2001
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued)
The amortized cost of securities available for sale as of September 30, 2001 by contractual maturity are as follows:
Due in one year or less |
$ 8,075,334 |
Due after one year |
3,908,798 |
Total |
$11,984,132 |
The fair market value of the securities is $12,068,076. The difference being an unrealized gain on securities available for sale of $83,944, as of September 30, 2001.
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 September 30, 2001 and 2000 is as follows:
2001 |
2000 |
|
Series 20 |
$ 8,931 |
$ 5,358 |
Series 21 |
4,885 |
2,931 |
Series 22 |
15,350 |
9,210 |
Series 23 |
18,500 |
9,369 |
Series 24 |
25,511 |
15,307 |
Series 25 |
25,620 |
15,372 |
Series 26 |
43,982 |
26,043 |
Series 27 |
37,367 |
22,420 |
Series 28 |
8,251 |
4,951 |
Series 29 |
8,133 |
4,830 |
Series 30 |
52,966 |
31,740 |
Series 32 |
74,811 |
44,713 |
Series 33 |
67,284 |
40,051 |
Series 34 |
106,603 |
63,279 |
Series 35 |
303,446 |
180,626 |
Series 36 |
203,921 |
120,129 |
Series 37 |
131,715 |
42,596 |
$1,137,276 |
$638,925 |
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2001
(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 September 30, 2001, Boston Capital Services, Inc. received $201,522 and $75,510, respectively, for Series 40 and Series 41 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, Series 38 and Series 39 completed payment of all Dealer-Manager fees prior to the quarter ended September 30, 2001.
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 September 30, 2001, Series 40 and Series 41 paid $778,472 and $342,380, respectively, 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, Series 37, Series 38 and Series 39 completed payment of all acquisition fees prior to the quarter ended September 30, 2001.
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 September 30, 2001 and 2000 are as follows:
2001 |
2000 |
|
Series 20 |
94,812 |
$94,811 |
Series 21 |
56,460 |
56,460 |
Series 22 |
63,648 |
63,648 |
Series 23 |
60,066 |
60,066 |
Series 24 |
58,338 |
58,338 |
Series 25 |
68,170 |
68,170 |
Series 26 |
109,395 |
109,395 |
Series 27 |
78,801 |
78,801 |
Series 29 |
84,495 |
- |
Series 32 |
83,187 |
82,875 |
Series 33 |
43,443 |
42,333 |
Series 34 |
73,290 |
- |
Series 35 |
15,794 |
54,660 |
Series 36 |
40,188 |
13,852 |
Series 38 |
8,745 |
13,124 |
Series 39 |
834 |
- |
Series 40 |
27,203 |
- |
$966,869 |
$796,533 |
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2001
(Unaudited)
NOTE C - RELATED PARTY TRANSACTIONS (continued)
The fund management fees paid for the quarters ended September 30, 2001 and 2000 are as follows:
2001 |
2000 |
|
Series 28 |
$ 83,529 |
$ 83,502 |
Series 29 |
28,165 |
84,495 |
Series 30 |
55,179 |
55,179 |
Series 31 |
99,360 |
98,676 |
Series 32 |
- |
- |
Series 33 |
- |
- |
Series 34 |
- |
73,155 |
Series 35 |
41,256 |
41,253 |
Series 36 |
- |
26,337 |
Series 37 |
31,407 |
31,407 |
Series 38 |
31,788 |
10,596 |
Series 39 |
28,650 |
- |
Series 40 |
10,946 |
- |
$ 410,280 |
$ 504,600 |
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At September 30, 2001 and 2000 the Fund has limited partnership interests in 397 and 368 Operating Partnerships, respectively, which own or are constructing apartment complexes.
The breakdown of Operating Partnerships within the Fund at September 30, 2001 and 2000 is as follows:
2001 |
2000 |
|
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 |
16 |
Series 28 |
26 |
26 |
Series 29 |
22 |
22 |
Series 30 |
20 |
20 |
Series 31 |
27 |
27 |
Series 32 |
16 |
16 |
Series 33 |
10 |
10 |
Series 34 |
14 |
14 |
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
2001 |
2000 |
|
Series 35 |
11 |
10 |
Series 36 |
11 |
11 |
Series 37 |
7 |
5 |
Series 38 |
10 |
8 |
Series 39 |
9 |
3 |
Series 40 |
12 |
- |
Series 41 |
6 |
- |
397 |
368 |
Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at September 30, 2001 and 2000 are as follows:
2001 |
2000 |
|
Series 20 |
$ 388,026 |
$ 388,026 |
Series 21 |
689,358 |
683,688 |
Series 22 |
487,655 |
538,770 |
Series 23 |
458,632 |
458,631 |
Series 24 |
1,214,204 |
1,214,204 |
Series 25 |
2,073,892 |
2,384,755 |
Series 26 |
2,197,433 |
2,527,938 |
Series 27 |
203,270 |
514,918 |
Series 28 |
148,783 |
2,463,113 |
Series 29 |
304,770 |
1,410,987 |
Series 30 |
881,506 |
2,249,961 |
Series 31 |
1,030,019 |
1,633,203 |
Series 32 |
1,050,342 |
3,495,858 |
Series 33 |
751,366 |
2,932,896 |
Series 34 |
1,016,412 |
3,293,777 |
Series 35 |
1,784,146 |
2,595,358 |
Series 36 |
1,329,341 |
2,600,709 |
Series 37 |
2,320,748 |
5,941,684 |
Series 38 |
2,552,174 |
7,368,505 |
Series 39 |
4,838,964 |
6,500,884 |
Series 40 |
5,088,636 |
- |
Series 41 |
9,569,307 |
- |
$40,378,984 |
$51,197,865 |
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2001
(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, 2001.
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 20
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 4,588,131 |
$ 4,328,267 |
|
Interest and other |
241,094 |
238,506 |
|
4,829,225 |
4,566,773 |
||
Expenses |
|||
Interest |
1,563,779 |
1,509,732 |
|
Depreciation and amortization |
1,485,021 |
1,477,846 |
|
Operating expenses |
2,714,247 |
2,519,126 |
|
5,763,047 |
5,506,704 |
||
NET LOSS |
$ (933,822) |
$ (939,931) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other partners |
|
|
|
Net loss suspended |
$ (37,557) |
$ (14,615) |
The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnerships results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 21
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 2,512,551 |
$ 2,490,223 |
|
Interest and other |
59,334 |
60,444 |
|
2,571,885 |
2,550,667 |
||
Expenses |
|||
Interest |
973,662 |
938,616 |
|
Depreciation and amortization |
557,402 |
592,248 |
|
Operating expenses |
1,586,577 |
1,511,465 |
|
3,117,641 |
3,042,329 |
||
NET LOSS |
$ (545,756) |
$ (491,662) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 22
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 2,474,963 |
$ 2,384,013 |
|
Interest and other |
131,574 |
121,065 |
|
2,606,537 |
2,505,078 |
||
Expenses |
|||
Interest |
676,003 |
670,911 |
|
Depreciation and amortization |
962,424 |
916,440 |
|
Operating expenses |
1,603,145 |
1,590,514 |
|
3,241,572 |
3,177,865 |
||
NET LOSS |
$ (635,035) |
$ (672,787) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 23
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 2,880,147 |
$ 2,722,948 |
|
Interest and other |
122,828 |
126,555 |
|
3,002,975 |
2,849,503 |
||
Expenses |
|||
Interest |
879,931 |
880,494 |
|
Depreciation and amortization |
957,898 |
929,560 |
|
Operating expenses |
1,673,336 |
1,633,082 |
|
3,511,165 |
3,443,136 |
||
NET LOSS |
$ (508,190) |
$ (593,633) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 2,443,550 |
$ 2,597,125 |
|
Interest and other |
75,403 |
63,010 |
|
2,518,953 |
2,660,135 |
||
Expenses |
|||
Interest |
811,025 |
904,759 |
|
Depreciation and amortization |
878,787 |
941,994 |
|
Operating expenses |
1,457,104 |
1,523,695 |
|
3,146,916 |
3,370,448 |
||
NET LOSS |
$ (627,963) |
$ (710,313) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 3,689,276 |
$ 3,631,993 |
|
Interest and other |
78,286 |
99,903 |
|
3,767,562 |
3,731,896 |
||
Expenses |
|||
Interest |
1,181,322 |
1,124,804 |
|
Depreciation and amortization |
1,063,451 |
1,046,345 |
|
Operating expenses |
2,267,904 |
2,359,114 |
|
4,512,677 |
4,530,263 |
||
NET LOSS |
$ (745,115) |
$ (798,367) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Net loss suspended |
$ (172,858) |
$ (75,014) |
|
The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnerships results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 4,373,330 |
$ 4,331,411 |
|
Interest and other |
263,443 |
175,450 |
|
4,636,773 |
4,506,861 |
||
Expenses |
|||
Interest |
1,460,427 |
1,050,955 |
|
Depreciation and amortization |
1,444,569 |
1,430,418 |
|
Operating expenses |
2,757,819 |
2,560,901 |
|
5,662,815 |
5,042,274 |
||
NET LOSS0 |
$(1,026,042) |
$ (535,413) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Net loss suspended |
$ (61,872) |
$ - |
|
The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnerships results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 3,313,264 |
$ 4,067,240 |
|
Interest and other |
66,703 |
127,990 |
|
3,379,967 |
4,195,230 |
||
Expenses |
|||
Interest |
1,476,698 |
1,574,413 |
|
Depreciation and amortization |
766,630 |
1,177,082 |
|
Operating expenses |
1,582,432 |
1,898,359 |
|
3,825,760 |
4,649,854 |
||
NET LOSS |
$ (445,793) |
$ (454,624) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Net loss suspended |
$ (28,813) |
$ - |
The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnerships results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 2,820,569 |
$ 2,790,619 |
|
Interest and other |
78,999 |
80,868 |
|
2,899,568 |
2,871,487 |
||
Expenses |
|||
Interest |
841,149 |
819,054 |
|
Depreciation and amortization |
1,026,787 |
1,100,088 |
|
Operating expenses |
1,777,578 |
1,629,364 |
|
3,645,514 |
3,548,506 |
||
NET LOSS |
$ (745,946) |
$ (677,019) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 3,243,058 |
$ 3,247,636 |
|
Interest and other |
141,204 |
163,583 |
|
3,384,262 |
3,411,219 |
||
Expenses |
|||
Interest |
1,005,721 |
1,021,279 |
|
Depreciation and amortization |
1,231,414 |
1,115,038 |
|
Operating expenses |
1,966,719 |
1,894,848 |
|
4,203,854 |
4,031,165 |
||
NET LOSS |
$ (819,593) |
$ (619,946) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 2,318,464 |
$ 1,952,042 |
|
Interest and other |
89,191 |
58,224 |
|
2,407,655 |
2,010,266 |
||
Expenses |
|||
Interest |
685,026 |
588,033 |
|
Depreciation and amortization |
779,600 |
592,021 |
|
Operating expenses |
1,590,112 |
1,193,052 |
|
3,054,738 |
2,373,106 |
||
NET LOSS |
$ (647,083) |
$ (362,840) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 4,630,319 |
$ 4,372,741 |
|
Interest and other |
250,481 |
157,988 |
|
4,880,800 |
4,530,729 |
||
Expenses |
|||
Interest |
1,286,712 |
1,355,819 |
|
Depreciation and amortization |
1,836,047 |
1,449,992 |
|
Operating expenses |
2,851,448 |
2,526,033 |
|
5,974,207 |
5,331,844 |
||
NET LOSS |
$(1,093,407) |
$ (801,115) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 2,600,176 |
$ 1,984,635 |
|
Interest and other |
182,189 |
111,430 |
|
2,782,365 |
2,096,065 |
||
Expenses |
|||
Interest |
757,876 |
690,779 |
|
Depreciation and amortization |
923,151 |
642,485 |
|
Operating expenses |
1,587,223 |
1,148,719 |
|
3,268,250 |
2,481,983 |
||
NET LOSS |
$ (485,885) |
$ (385,918) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Net loss suspended |
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 1,496,811 |
$ 1,013,424 |
|
Interest and other |
90,006 |
28,976 |
|
1,586,817 |
1,042,400 |
||
Expenses |
|||
Interest |
511,982 |
400,084 |
|
Depreciation and amortization |
417,811 |
229,125 |
|
Operating expenses |
880,486 |
558,496 |
|
1,810,279 |
1,187,705 |
||
NET LOSS |
$ (223,462) |
$ (145,305) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 2,731,042 |
$ 1,921,102 |
|
Interest and other |
181,250 |
75,095 |
|
2,912,292 |
1,996,197 |
||
Expenses |
|||
Interest |
999,496 |
663,197 |
|
Depreciation and amortization |
1,080,809 |
438,615 |
|
Operating expenses |
1,421,637 |
1,020,633 |
|
3,501,942 |
2,122,445 |
||
NET LOSS |
$ (589,650) |
$ (126,248) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
Series 35
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 1,551,721 |
$ 315,403 |
|
Interest and other |
70,358 |
97,315 |
|
1,622,079 |
412,718 |
||
Expenses |
|||
Interest |
736,315 |
192,508 |
|
Depreciation and amortization |
659,525 |
132,586 |
|
Operating expenses |
1,012,005 |
324,208 |
|
2,407,845 |
649,302 |
||
NET LOSS |
$ (785,766) |
$ (236,584) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 36
2001 |
2000 |
||
Revenues |
|||
Rental |
$ 1,319,699 |
$ 1,027,722 |
|
Interest and other |
76,458 |
55,647 |
|
1,396,157 |
1,083,369 |
||
Expenses |
|||
Interest |
533,840 |
402,480 |
|
Depreciation and amortization |
543,241 |
160,183 |
|
Operating expenses |
712,563 |
546,544 |
|
1,789,644 |
1,109,207 |
||
NET LOSS |
$ (393,487) |
$ (25,838) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2001
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 37* |
Series 38* |
||
Revenues |
|||
Rental |
$ 1,073,512 |
$ 463,007 |
|
Interest and other |
46,055 |
2,691 |
|
1,119,567 |
465,698 |
||
Expenses |
|||
Interest |
269,788 |
149,524 |
|
Depreciation and amortization |
445,436 |
171,073 |
|
Operating expenses |
716,574 |
264,925 |
|
1,431,798 |
585,522 |
||
NET LOSS |
$ (312,231) |
$ (119,824) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
|
Net loss allocated to other Partners |
|
|
|
*The Operating Partnerships in Series 37 and 38 did not commence operations until after June 30, 2000 therefore, they do not have comparative information to report.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 39* 2001 |
||
Revenues |
||
Rental |
$ 96,454 |
|
Interest and other |
298 |
|
96,752 |
||
Expenses |
||
Interest |
130,154 |
|
Depreciation and amortization |
115,200 |
|
Operating expenses |
82,207 |
|
327,561 |
||
NET LOSS |
$ (230,809) |
|
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. |
|
|
Net loss allocated to other Partners |
|
|
*The Operating Partnerships in Series 39 did not commence operations until after June 30, 2000 therefore, they do not have comparative information to report.
**The Operating Partnerships in Series 40 and Series 41 did not commence operations until after June 30, 2001, therefore, they do not have current or comparative information to report.
Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2001
(Unaudited)
NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED
When comparing the results of operations from the Operating Partnerships for the six months ended September 30, 2001 and 2000 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, 2002 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.
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 $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. As of September 30, 2001 $2,686,342 had been drawn from the line of credit.
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 29, Series 32, Series 33, Series 34 and Series 36. The fund is also accruing a portion of the fund management fee for Series 35, Series 37, Series 38, Series 39 and Series 40. Pursuant to the Partnership Agreement, such liabilities will be deferred until the Fund receives sales or refinancing proceeds from the 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 of 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, $25,431,000, $22,921,000, $26,629,250 and $4,028,000 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, 2,543,100, 2,292,152, 2,630,257 and 402,800 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, Series 38, Series 39, Series 40 and Series 41, respectively as of September 30, 2001
.
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.
During the quarter ended September 30, 2001, Series 20 did not record any releases of capital contributions. Series 20 has outstanding contributions payable in the amount of $388,026 as of September 30, 2001. Of the amount outstanding, $222,120 has been advanced to the Operating Partnerships. The advances 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 September 30, 2001, Series 21 did not record any releases of capital contributions. Series 21 has outstanding contributions payable in the amount of $689,358 as of September 30, 2001. 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 $47,818 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 September 30, 2001, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable in the amount of $487,655 as of September 30, 2001. 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 $36,674 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 September 30, 2001, Series 23 did not record any releases of capital contributions. Series 23 has outstanding contributions payable of $458,632 as of September 30, 2001, 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.
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 September 30, 2001, 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 September 30, 2001. Of the amount outstanding, $1,099,467 has been advanced or loaned to the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $114,737 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 $22,461,222.
During the quarter ended September 30, 2001, Series 25 recorded capital contribution releases of $10,000. Series 25 has outstanding contributions payable in the amount of $2,073,892 as of September 30, 2001. 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 $401,927, 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 September 30, 2001, Series 26 did not record any releases of capital contributions. Series 26 has outstanding contributions payable in the amount of $2,197,433 as of September 30, 2001. Of the amount outstanding, $2,072,146 has been advanced or loaned to some of the Operating Partnerships. In addition, $30,031 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 $125,287, 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 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 September 30, 2001, Series 27 did not record any capital contribution releases. Series 27 has outstanding contributions payable in the amount of $203,270 as of September 30, 2001. Of the amount outstanding, $6,500 has been advanced to the Operating Partnerships. The advances will be converted to capital and the remaining contributions of $196,770 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 September 30, 2001, Series 28 recorded capital contribution releases of $5,000. Series 28 has outstanding contributions payable in the amount of $148,783 as of September 30, 2001. The remaining contributions 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 September 30, 2001, Series 29 recorded capital contribution releases of $15,000. Series 29 has outstanding contributions payable in the amount of $304,770 as of September 30, 2001. Of the amount outstanding, $20,935 has been loaned to the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $283,835 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 $19,492,770.
During the quarter ended September 30, 2001, Series 30 recorded capital contribution releases of $10,702. Series 30 has outstanding contributions payable in the amount of $881,506 as of September 30, 2001. Of the amount outstanding, $341,750 has been advanced or loaned to the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $539,756, will be released from 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 September 30, 2001, Series 31 recorded capital contribution releases of $327,137. Series 31 has outstanding contributions payable in the amount of $1,030,019 as of September 30, 2001. Of the amount outstanding, $655,675 has been 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 $374,344, 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 $35,161,453. 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 September 30, 2001, Series 32 recorded capital contribution releases of $127,969. Series 32 has outstanding contributions payable in the amount of $1,050,342 as of September 30, 2001. Of the amount outstanding, $407,898 has been loaned or advanced the Operating Partnerships. In addition, $125,000 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 $642,444, 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 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 $19,614,594.
During the quarter ended September 30, 2001, Series 33 did not record any capital contribution releases. Series 33 has outstanding contributions payable in the amount of $751,366 as of September 30, 2001. Of the amount outstanding, $113,575 has been loaned to the Operating Partnerships. In addition, $125,000 has been funded into an escrow account on behalf of other Operating Partnerships. The loans will be converted to capital and the remaining contributions of $637,791, 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 $25,754,977.
During the quarter ended September 30, 2001, Series 34 recorded capital contribution releases of $8,491. Series 34 has outstanding contributions payable the Operating Partnerships in the amount of $1,016,412 as of September 30, 2001. Of the amount outstanding, $658,250 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 $358,162, will be released from 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 11 Operating Partnerships in the amount of $24,147,034.
During the quarter ended September 30, 2001, Series 35 recorded capital contribution releases of $319,152. Series 35 has outstanding contributions payable in the amount of $1,784,146 as of September 30, 2001. Of the amount outstanding, $817,708 has been loaned to some of the Operating Partnerships. In addition, $10,855 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 $966,438, 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 36
The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 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 September 30, 2001, Series 36 recorded capital contribution releases of $2,225. Series 36 has outstanding contributions payable in the amount of $1,329,341 as of September 30, 2001. Of the amount outstanding, $1,120,966 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 $208,375, 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 7 Operating Partnerships in the amount of $18,719,332.
During the quarter ended September 30, 2001, Series 37 recorded capital contribution releases of $1,543,975. Series 37 has outstanding contributions payable in the amount of $2,320,748 as of September 30, 2001. Of the amount outstanding, $1,814,212 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $506,536, will be released from 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 10 Operating Partnerships in the amount of $18,609,448. In addition the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.
During the quarter ended September 30, 2001, Series 38 recorded capital contribution releases of $472,084. Series 38 has outstanding contributions payable in the amount of $2,552,174 as of September 30, 2001. The remaining contributions will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.
Series 39
The fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,130,124 as of September 30, 2001. In addition the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.
During the quarter ended September 30, 2001, Series 39 recorded capital contribution releases of $1,787,858. Series 39 has outstanding contributions
payable in the amount of $4,511,190 as of September 30, 2001. Of the amount outstanding, $546,598 has been advanced or loaned to the Operating Partnerships and $263,473 has been funded into an escrow account on behalf of other Operating Partnerships. The advances will be converted to capital and the remaining contributions of $3,964,592 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 40
The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 12 Operating Partnerships in the amount of $15,869,884 as of September 30, 2001. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.
During the quarter ended September 30, 2001, Series 40 recorded capital contribution releases of $5,929,582. Series 40 has outstanding contributions payable in the amount of $5,088,636 as of September 30, 2001. Of the amount outstanding, $2,255,452 has been loaned or advanced to some of the Operating Partnerships and $16,803 has been funded into an escrow account on behalf of other Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $2,833,184 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 41
The Fund commenced offering BACs in Series 41 on February 1, 2001 and is still offering BACs as of the date of this filing. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 6 Operating Partnerships in the amount of $13,161,964 as of September 30, 2001.
During the quarter ended September 30, 2001, Series 41 recorded capital contribution releases of $3,592,658. Of the total releases, $2,686,342 was funded off of a line of credit. Series 41 has outstanding contributions payable in the amount of $9,569,307 as of September 30, 2001. The remaining contributions will be released from the available net offering proceeds and future offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.
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. As of September 30, 2001 $2,686,342 had been drawn from the line of credit.
Results of Operations
As of September 30, 2001 and 2000 the Fund held limited partnership interests in 397 and 368 Operating Partnerships, respectively. In each instance the Apartment Complex owned by the applicable Operating Partnership is eligible for the Federal Housing Tax Credit. Occupancy of a unit in each Apartment Complex which initially complied with the Minimum Set-Aside Test (i.e., occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective Apartment Complexes are described more fully in the Prospectus or applicable report on Form 8-K. The General Partner believes that there is adequate casualty insurance on the properties.
The Fund's results of operations for future periods will vary significantly from those for the period ended September 30, 2001 as Series 32, Series 35, Series 37, Series 38, Series 39 and Series 40 continue to use the funds raised to invest in partnership interests of additional Operating Partnerships, and the Fund continues to offer BACs in Series 41.
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 September 30, 2001 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, Series 38, Series 39 and Series 40 were $91,408, $55,460, $61,548, $60,066, $58,338, $66,769, $103,219, $73,451, $83,021, $84,495, $54,579, $94,359, $78,588, $33,443, $68,290, $52,651, $39,313, $43,956, $40,533, $29,484 and $38,149, respectively.
The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.
Series 20
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100%. The series had a total of 24 properties at September 30, 2001, all of which were at 100% Qualified Occupancy.
For the six months being reported Series 20 reflects a net loss from Operating Partnerships of $933,822. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $551,199. 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). Average occupancy for the first nine months of 2001 remained stable at 90%. The management company is marketing the property aggressively, using methods including newspaper advertising and oversized property signage visible from the interstate highway. The Operating General Partner continues to encourage the management company to reduce operating expenses to improve operations and cash flow. This will be beneficial to the refinancing of the property in order to reduce the debt service, which is also an issue. The 2001 operating budget projects operating expenses to decline by approximately 10% as a result of decreased unit turnover. During the first nine months of 2001, operating expenses decreased 11% and cash flow increased by 10% versus the same period in 2000. The management company is being more select ive with tenant applications, which should help to stabilize operations. The Operating General Partner and Investment Limited Partner have continued to fund operating deficits as needed, and the mortgage, property taxes, insurance and accounts payable are all current.
Effective November 28, 2000, East Douglas Apartments Limited Partnership (East Douglas Apartments) retained Van Rooy Properties for property management. The Operating General Partner replaced the prior management company due to poor managerial performance and untimely reporting. Several occupancy and financial issues have been addressed since the management agent transfer. The average occupancy through October 2001 was 96%. The accounts payable balance as of 9/30/01 was approximately $41,000. The Operating Partnership expects to reduce the payables balance to approximately $9,000 from a reimbursement of the 2001 tax payments expected early in the fourth quarter of 2001. Also, the Operating General Partner is currently negotiating a transfer of interest to the current management company. The current management company will not enter into the partnership until the partnership has received approval from HUD to increase rents and the company can sustain breakeven operations. There was a Form 8823, Low Incom e Housing Credit Agencies Report of Non-compliance, filed against the property in 1999. The management agent has successfully worked with Illinois Housing Development Authority to withdraw the Form 8823.
Series 21
As of the September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100% and 99.6%, respectively. The series had a total of 14 properties at September 30, 2001. All of which were at 100% Qualified Occupancy.
For the six months being reported Series 21 reflects a net loss from Operating Partnerships of $545,756. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss from operations of $11,646. This is an interim period estimate; it is not indicative of the final year end results.
Atlantic City Housing Urban Renewal Associates L.P. continued to operate below breakeven for the third quarter of 2001. The property's operations were impacted by high security and maintenance costs and an increase in insurance premiums. Additionally the Section 8 Rental Assistance Contract has increased only slightly over the past few years. The Investment General Partner is monitoring the situation closely through quarterly inspections. However, Atlantic City Housing Urban Renewal Associates LP will continue to show deficits with respect to operational issues for the foreseeable future. As a result the Operating Partnership filed for protection under Chapter 11 of the Bankruptcy Code in June of 2001. The Operating General Partner had until September 2001 to present a work out plan to the court that will reduce the debt service and allow the property to become economically viable. An extension has been granted through December 31, 2001. In addition, a capital needs assessment has been performed in an attempt to identify the scope of deferred maintenance that needs to be completed. The US Trustee has approved the payment of the capital needs assessment. The bankruptcy court has authorized a cash collateral account to ensure the payment of the property operating expenses. Occupancy for the third quarter of 2001 decreased to 88%. HUD has not approved nor will approve any further rental of the vacant units until some minor safety code violations are addressed. The Operating General Partner is diligently working toward resolving these violations.
Series 22
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100%. The series had a total of 29 properties at September 30, 2000, all of which were at 100% Qualified Occupancy.
For the six months being reported Series 22 reflects a net loss from Operating Partnerships of $635,035. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $327,389. This is an interim period estimate; it is not indicative of the final year end results.
Series 23
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at September 30, 2001, all of which were at 100% Qualified Occupancy.
For the six months being reported Series 23 reflects a net loss from Operating Partnerships of $508,190. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $449,708. This is an interim period estimate; it is not indicative of the final year end results.
Series 24
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 99.9%. The series had a total of 24 properties at September 30, 2001. Out of the total 23 were at 100% Qualified Occupancy.
For the six months being reported Series 24 reflects a net loss from Operating Partnerships of $627,963. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $250,824. This is an interim period estimate; it is not indicative of the final year end results.
Elm Street Associates Limited Partnership (Elm Street Apartments) is located in Yonkers, New York. The neighborhood has been a difficult one in which to operate and poor tenancy has resulted in operating deficits. Management issues, including poor rent collections and deferred maintenance, continue to effect the partnership. Evergreen took over management of the property in October 1999, but they were not successful in sustaining improved operations. Evergreen was replaced by Apartment and Investment Management Company (AIMCO) on January 1, 2001. The eviction process includes an effort to re-rent the newly vacant units, and at month-end September physical occupancy was 91% and there were three applications with deposits in hand. The 91% physical occupancy translates into 32 of the 35 units occupied, compared to 31 at month-end August. Economic occupancy for the month dropped from 94% in August to 87% in September. The general partner has reported for several months that $20,500 in back rent being he ld by the Yonkers Housing Authority is soon to be released to the property. The Housing Authority has been withholding rents due to the past physical condition of certain units. The units have been restored to good condition and negotiations with the Housing Authority to secure the back rents are being handled by a consultant to the general partner. The consultant has contacted the director of the Housing Authority in order to gain more information on this issue, but no information has been forthcoming as of this date. The general partner forwarded to Boston Capital and the consultant an offer from a potential non-profit replacement general partner, Greyston Foundation, and another tax credit syndicator, Enterprise, to replace the general partner and "buy out" Boston Capital's interest in the property. The economic aspects of the offer were sub-par. The general
partner, Boston Capital and the consultant are now seeking alternatives to Greyston among potential non-profit replacement general partners.
Los Lunas Apartments Limited (Hillridge Apartments) continues to suffer from low rents in the market, and excessive mortgage debt. As a result, the property has been operating below break-even. Due to negative cash flow, debt service payments fell behind and the New Mexico Mortgage Finance Authority (NMFA) issued a notice of default to the Operating General Partner. The Investment General Partner removed the Operating General Partner, as he was unable to effectively deal with the mortgage default. The mortgage lender placed the property in receivership in 2000 at which time Monarch Properties was appointed as the new managing agent without our consent. Though the Investment General Partner continued to work with Monarch Properties to stabilize operations and with the lender to restructure the debt, in December 1, 2000 the New Mexico Mortgage Finance Authority accelerated the mortgage for reason of non-payment. As a result of the mortgage acceleration the New Mexico Mortgage Finance Authority filed form
8823 with the Internal Revenue Service indicating certain instances of non-compliance with the IRS Section 42 code and regulations. All debt restructure proposals made by the Investment General Partner to date have been rejected by NMFA/HUD. The Investment General Partner will continue to negotiate with MNFA/HUD to achieve an acceptable debt restructure agreement. One of the plans currently being discussed is to purchase the first mortgage from NMFA/HUD for the appraised value of the property. However, if these proposals continue to prove unacceptable to the lenders, the property will face foreclosure. In the event of foreclosure a portion of the credits previously taken will be recaptured by the Internal Revenue Service with interest and penalties.
North Hampton Place, Limited Partnership, located in Columbia, Missouri, operated significantly below breakeven during 2000 and has continued to operate below breakeven for the first nine months of 2001. The main reason for its continuing cash expenditure is low occupancy, which currently averages 76% for 2001, and large debt service payments. The property has suffered from its location in rural Missouri, lying on the outskirts of Columbia and off of any public transportation routes. In addition, the property lies outside of the Columbia school district, further deterring possible tenants from moving to the property. Current management is marketing the property to possible tenants through newspapers, churches and civic groups. Management believes the occupancy issue will continue to be a problem until the city expands outwardly and eventually incorporates the property into its city limits. The property's debt payments currently amount to 55% of gross potential revenue because the loan was written with a 2 0 year amortization. The management company is currently working to refinance the mortgage and expects to complete it by June 2002, when the mortgage matures. The property's mortgage, taxes and insurance are all current for 2001.
Series 25
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 99.9% and 99.8%, respectively. The series had a total of 22 properties at September 30, 2001. Out of the total 21 were at 100% Qualified Occupancy.
For the six months being reported Series 25 reflects a net loss from Operating Partnerships of $745,115. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $318,336. This is an interim period estimate; it is not indicative of the final year end results.
Sutton Place Apartments, L.P. owns and operates a 360 - unit complex in Indianapolis, Indiana. The property operated with an average occupancy of 93% for the first nine months of 2001. However, the property suffers from high maintenance expenses as a result of tenant abuse and high unit turnover. The area has experienced an increase in crime, which has contributed to the unit turnover. The Operating General Partner continues to fund operating deficits and the Investment Limited Partner continues to monitor this property.
On October 5, 2001, a triple murder occurred within a unit. Management is assessing the impact from the incident and how it will affect the economic viability of the community. The partnership recently received a grant to be used for crime prevention and other on-site programs. The General Partner will be meeting with the local police and the city commissioner to determine if there is anything additional the property can do to improve security. At this time the property hires uniformed and off duty police officers as security.
Series 26
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100%. The series had a total of 45 properties at September 30, 2001, all of which were at 100% Qualified Occupancy.
For the six months being reported Series 26 reflects a net loss from Operating Partnerships of $1,026,042. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $418,527. This is an interim period estimate; it is not indicative of the final year end results.
On October 18, 2000, A.V.A. Limited Partnership (Hanover Apartments), a property consisting of five buildings and forty units, sustained major fire damage. Due to the fire damage, one building containing eight units is currently uninhabitable. The property is insured for both repair costs and loss of rental income, and claims to repair the property and collect insurance proceeds for the lost income were submitted to the insurance company. Repair and replacement costs have been reimbursed to the property, and the lost rental income is being paid by the insurance company on a monthly basis. The repairs have been completed. The units have been leased with all residences expected to take occupancy by mid-November, 2001.
Series 27
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100% and 99.9%, respectively. The series had a total of 16 properties at September 30, 2001, all of which were at 100% Qualified Occupancy.
For the six months being reported Series 27 reflects a net loss from Operating Partnerships of $445,793. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $320,837. This is an interim period estimate; it is not indicative of the final year end results.
Centrum-Fairfax II Limited Partnership's (Forest Glen at Sulley Station Phase II) operations remained stable in the third quarter of 2001. The average physical occupancy was 94% in the third quarter of 2001. Centrum Management LLC, an affiliate of the Operating General Partner, and the management agent, continues to use various marketing and sales initiatives which has stabilized the physical occupancy. The Operating General Partners continue to fund operating deficits as required by the Amended and Restated Certificate and Agreement of Limited Partnership. The mortgage and real estate tax payments are current.
Holly Heights Limited Partnership (Holly Heights Apartments) continues to incur operating deficits due to rental concessions. In May of 2001 rental concessions were discontinued. The property operated with an average occupancy of 96% for the nine months ended September 30, 2001, up from 2000's occupancy of 84%. Although occupancy has increased, the property continues to incur operating deficits due to high operating expenses, which management is working to reduce. Breakeven operations are anticipated by December 2001.
Series 28
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at September 30, 2001, all of which were at 100% Qualified Occupancy.
For the six months being reported Series 28 reflects a net loss from Operating Partnerships of $745,946. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $280,841. This is an interim period estimate; it is not indicative of the final year end results.
Series 29
As of September 30, 2001 and 2000 the average Qualified Occupancy for the Series was 100% and 99.9%, respectively. The series had a total of 22 properties at September 30, 2001 all of which were 100% Qualified Occupancy.
For the six months being reported Series 29 reflects a net loss from Operating Partnerships of $819,593. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $411,821. This is an interim period estimate; it is not indicative of the final year end results.
Series 30
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at September 30, 2001 all of which were at 100% Qualified Occupancy.
For the six months being reported Series 30 reflects a net loss from Operating Partnerships of $647,083. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $132,517. This is an interim period estimate; it is not indicative of the final year end results.
Series 31
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100%. The series had a total of 27 properties at September 30, 2001 all of which were at 100% Qualified Occupancy.
For the six months being reported Series 31 reflects a net loss from Operating Partnerships of $1,093,407. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $742,640. This is an interim period estimate; it is not indicative of the final year end results.
Series 32
As of September 30, 2001 and 2000, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at September 30, 2001. Out of the total 15 were at 100% Qualified Occupancy and one was still under construction.
For the six months being reported Series 32 reflects a net loss from Operating Partnerships of $485,885. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $437,266. This is an interim period estimate; it is not indicative of the final year end results.
FFLM Associates is an Operating Partnership which purchased the Investment Limited Partner interest in Carriage Pointe Investors, LP, Sayerville Housing Investors LP, and Woodhaven at SouthBrunswick LP in 1998. Carriage Pointe investors, LP suffers from negative cash flow and under-funded replacement reserves and tax liability account. The Investment General Partner will continue to address these issues with the Operating General Partners.
Martinsville I, Ltd. is a 13-unit property located in Shelbyville, Kentucky. The property operated above breakeven for the third quarter of 2001 with an average occupancy of 90%. The Operating General Partner has refused to settle outstanding costs related to construction cost overruns. In addition a lawsuit has been filed against the Operating General Partner, the construction company and the Partnership by unpaid construction vendors. Both the Operating General Partner and the Investment Limited Partner have engaged legal counsel to resolve these issues.
Series 33
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 97.5% and 99.9%, respectively. The series had a total of 10 properties at September 30, 2001. Out of the total 9 were at 100% Qualified Occupancy and one was in initial lease-up.
For the six months being reported Series 33 reflects a net loss from Operating Partnerships of $223,462. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $194,349. This is an interim period estimate; it is not indicative of the final year end results.
FFLM Associates is an Operating Partnership which purchased the Investment Limited Partner interest in Carriage Pointe Investors, LP, Sayerville Housing Investors LP, and Woodhaven at SouthBrunswick LP in 1998. Carriage Pointe investors, LP suffers from negative cash flow and under-funded replacement reserves and tax liability account. The Investment General Partner will continue to address these issues with the Operating General Partners.
Series 34
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100% and 92.9%, respectively. The series had a total of 14 properties at September 30, 2001 all of which were at 100% Qualified Occupancy.
For the six months being reported Series 34 reflects a net loss from Operating Partnerships of $589,650. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $491,159. This is an interim period estimate; it is not indicative of the final year end results.
Series 35
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 98.5% and 73.6%, respectively. The series had a total of 11 properties at September 30, 2001. Out of the total 9 were at 100% qualified occupancy and 1 was in active lease-up. The series also had 1 property which was still under construction at September 30, 2001.
For the six months being reported Series 35 reflects a net loss from Operating Partnerships of $785,766. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss from operations of ($126,241). This is an interim period estimate; it is not indicative of the final year end results.
Series 36
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 100% and 79.3%, respectively. The series had a total of 11 properties at September 30, 2001 all of which were at 100% Qualified Occupancy.
For the six months being reported Series 36 reflects a net loss from Operating Partnerships of $393,487. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $149,754. This is an interim period estimate; it is not indicative of the final year end results.
Series 37
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 94.7% and 40.7%, respectively. The series had a total of 7 properties at September 30, 2001. Out of the total 4 were at 100% Qualified Occupancy and 1 was in active lease-up. The series also had 1 property that was under construction and 1 property with multiple buildings, some of which were in lease-up and some of which were under construction at September 30, 2001
For the six months being reported Series 37 reflects a net loss from Operating Partnerships of $312,231. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $133,205. This is an interim period estimate; it is not indicative of the final year end results.
Series 38
As of September 30, 2001 and 2000 the average Qualified Occupancy for the series was 85.0% and 66.7%, respectively. The series had a total of 10 properties at September 30, 2001. Out of the total 5 were at 100% Qualified Occupancy and 1 was in active lease-up. The series also had 3 properties that were under construction and 1 property with multiple buildings, some of which were in lease-up and some of which were under construction at September 30, 2001.
For the six months being reported Series 38 reflects a net loss from Operating Partnerships of $119,824. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $51,249. This is an interim period estimate; it is not indicative of the final year end results.
Series 39
As of September 30, 2001 the average Qualified Occupancy for the series was 81.4%. The series had a total of 9 properties at September 30, 2001. Out of the total 5 were at 100% Qualified Occupancy and 1 was in active lease-up. The Series also had one property that was under construction and 1 property with multiple buildings, some of which were in lease-up and some of which were under construction at September 30, 2001. Since all of the properties were
acquired as of September 30, 2000, were under construction there is no comparative information to report.
For the six months being reported Series 39 reflects a net loss from Operating Partnerships of $230,809. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss from operations of $(115,609). This is an interim period estimate; it is not indicative of the final year end results.
Series 40
As of September 30, 2001 the average Qualified Occupancy for the series was 54.2%. The series had a total of 12 properties at September 30, 2001. Out of the total 1 was in active lease-up and 7 were under construction. Since all of the properties were acquired after September 30, 2000, there is no comparative information to report.
Series 41
Series 41 had a total of 6 properties at September 30, 2001, all of which were still under construction. Since all of the properties were acquired after September 30, 2000, there is no comparative information to report.
PART II - OTHER INFORMATION
Item 1. |
Legal Proceedings |
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None |
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Item 2. |
Changes in Securities |
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None |
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Item 3. |
Defaults upon Senior Securities |
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None |
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Item 4. |
Submission of Matters to a Vote of Security Holders |
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None |
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Item 5. |
Other Information |
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None |
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Item 6. |
Exhibits and Reports on Form 8-K |
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(a)Exhibits |
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None |
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(b)Reports on Form 8-K |
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None |
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. |
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By: |
Boston Capital Associates IV L.P. General Partner |
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By: |
BCA Associates Limited Partnership General Partner |
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By: |
C&M Management, Inc. General Partner |
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Date: November 20, 2001 |
By: |
/s/ John P. Manning John P. Manning |
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