-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L3eUvumaWT1anSMB/LKNAG3g+Se+b1FnOjDxy8o2nTzrC2dCAwfzTrerJf/0Mz1/ m5EQhHNXtfSJwfrkdt6z3w== 0000913778-96-000006.txt : 19961120 0000913778-96-000006.hdr.sgml : 19961120 ACCESSION NUMBER: 0000913778-96-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961115 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND IV LP CENTRAL INDEX KEY: 0000913778 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26200 FILM NUMBER: 96667794 BUSINESS ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02210-1232 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02108-4406 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1996 ------------------ or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 0-26200 --------- BOSTON CAPITAL TAX CREDIT FUND IV L.P. - ----------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 04-3208648 - -------------------------------- ----------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Boston Place, Suite 2100, Boston, Massachusetts 02108 - ----------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (617) 624-8900 -------------- - ----------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days. Yes X No ------ ------ BOSTON CAPITAL TAX CREDIT FUND IV L.P. -------------------------------------------------- QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 1996 ----------------------------------------------- TABLE OF CONTENTS ----------------- PART I - FINANCIAL INFORMATION Item 1. Financial Statements.............................. Balance Sheets.................................... Statements of Operations.......................... Statement of Changes in Partners' Capital......... Statements of Cash Flows.......................... Notes to Financial Statements..................... Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..................................... PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K.................. Signatures........................................ Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $144,204,002 $111,836,578 OTHER ASSETS Cash and cash equivalents 14,314,848 19,454,787 Investments 34,470,502 18,461,158 Notes receivable 11,385,105 14,869,904 Deferred acquisition costs 5,106,169 3,989,558 Prepaid expenses 8,932 6,211 Organization costs, net of accumulated amortization (Note B) 464,457 388,935 Other assets 17,532,783 11,054,807 ----------- ----------- $227,486,798 $180,061,938 =========== =========== LIABILITIES Accounts payable & accrued expenses (Note C) $ 1,022,826 $ 323,763 Syndication costs payable 3,756 311,359 Accounts payable affiliates 986,636 481,404 Capital contributions payable (Note D) 37,050,220 34,424,761 ----------- ----------- 39,063,438 35,541,287 ----------- ----------- 1 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS September 30, March 31, 1996 1996 (Unaudited) (Audited) ------------ ------------ Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest, $10 stated value per BAC; 30,000,000 authorized BACs; 23,313,114 issued and outstanding as of September 30, 1996 188,503,948 144,569,903 General Partner (107,562) (76,226) Unrealized gain (loss) on securities available for sale, net 29,974 26,974 ----------- ----------- 188,423,360 144,520,651 ----------- ----------- $227,486,798 $180,061,938 =========== =========== The accompanying notes are an integral part of these statements. 2 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS SERIES 20 --------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $28,085,168 $28,849,038 OTHER ASSETS Cash and cash equivalents 323,252 1,306,675 Investments 177,502 711,761 Notes receivable 945,003 1,808,615 Deferred acquisition costs 98,235 98,231 Prepaid expenses 6,884 4,163 Organization costs, net of accumulated amortization (Note B) 68,818 80,461 Other assets 605,132 341,307 ---------- ---------- $30,309,994 $33,200,251 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 3,756 $ - Syndication costs payable - - Accounts payable affiliates 384,167 194,678 Capital contributions payable (Note D) 1,757,409 3,873,666 ---------- ---------- 2,145,332 4,068,344 ---------- ---------- 3 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 20 ----------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 30,000,000 authorized BACs; 3,866,700 issued and outstanding as of September 30, 1996 28,213,475 29,171,047 General Partner (48,921) (39,248) Unrealized gain (loss) on securities for sale, net 108 108 ---------- ---------- 28,164,662 29,131,907 ---------- ---------- $30,309,994 $33,200,251 ========== ========== The accompanying notes are an integral part of these statements. 4 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS SERIES 21 ---------------------------- September 30 March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $12,980,338 $14,407,266 OTHER ASSETS Cash and cash equivalents 981,420 1,398,907 Investments 679,787 479,502 Notes receivable 321,165 321,165 Deferred acquisition costs 53,731 7,785 Prepaid expenses - - Organization costs, net of accumulated amortization (Note B) 40,959 50,438 Other assets 191,086 228,554 ---------- ---------- $15,248,486 $16,893,617 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ - $ - Syndication costs payable - - Accounts payable affiliates 259,070 146,150 Capital contributions payable (Note D) 1,404,776 2,042,344 ---------- ---------- 1,663,846 2,188,494 ---------- ---------- 5 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 21 ---------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 30,000,000 authorized BACs; 1,892,700 issued and outstanding as of September 30, 1996 13,609,981 14,719,259 General Partner (26,114) (14,909) Unrealized gain (loss) on securities for sale, net 773 773 ---------- ---------- 13,584,640 14,705,123 ---------- ---------- $15,248,486 $16 893,617 ========== ========== The accompanying notes are an integral part of these statements. 6 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS SERIES 22 --------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $18,522,056 $19,895,333 OTHER ASSETS Cash and cash equivalents 1,095,520 1,686,347 Investments 608,548 454,939 Notes receivable 2,669,275 3,709,286 Deferred acquisition costs 220,959 169,557 Prepaid expenses - - Organization costs, net of accumulated amortization (Note B) 41,040 47,308 Other assets 804,438 810,720 ---------- ---------- $23,961,836 $26,773,490 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 729 $ 1,199 Syndication costs payable - - Accounts payable affiliates 162,904 46,722 Capital contributions payable (Note D) 3,861,909 6,337,752 ---------- ---------- 4,025,542 6,385,673 ---------- ----------- 7 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 22 ---------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ------------ --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 30,000,000 authorized BACs; 2,564,400 issued and outstanding as of September 30, 1996 19,955,196 20,402,204 General Partner (19,726) (15,211) Unrealized gain (loss) on securities for sale, net 824 824 ---------- ---------- 19,936,294 20,387,817 ---------- ---------- $23,961,836 $26 773,490 ========== ========== The accompanying notes are an integral part of these statements. 8 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS SERIES 23 -------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $26,829,118 $27,189,858 OTHER ASSETS Cash and cash equivalents 2,900,109 1,313,618 Investments 104,752 5,008,744 Notes receivable 2,587,946 3,902,391 Deferred acquisition costs 143,562 210,876 Prepaid expenses 2,048 2,048 Organization costs, net of accumulated amortization (Note B) 49,614 56,150 Other assets 958,960 859,400 ---------- ---------- $33,576,109 $38,543,085 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ - $ - Syndication costs payable - - Accounts payable affiliates - 9,383 Capital contributions payable (Note D) 8,128,343 10,597,676 ---------- ---------- 8,978,679 10,607,059 ---------- ---------- 9 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 23 --------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 30,000,000 authorized BACs; 3,336,727 issued and outstanding as of September 30, 1996 27,451,570 27,934,947 General Partner (10,435) (5,552) Unrealized gain (loss) on securities for sale, net 6,631 6,631 ---------- ---------- 27,447,766 27,936,026 ---------- ---------- $33,576,109 $38,543,085 ========== ========== The accompanying notes are an integral part of these statements. 10 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS SERIES 24 -------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $16,202,190 $10,012,941 OTHER ASSETS Cash and cash equivalents 1,364,256 4,796,487 Investments 2,013,608 2,939,231 Notes receivable 1,798,363 1,800,402 Deferred acquisition costs 331,437 961,514 Prepaid expenses - - Organization costs, net of accumulated amortization (Note B) 51,919 58,409 Other assets 1,937,127 2,131,218 ---------- ---------- $23,698,900 $22,700,202 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 2,688 $ 236,334 Syndication costs payable - - Accounts payable affiliates - 33,597 Capital contributions payable (Note D) 5,375,905 4,039,833 ---------- ---------- 5,378,593 4,309,764 ---------- ---------- 11 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 24 ---------------------------- September 30 March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 30,000,000 authorized BACs; 2,169,878 issued and outstanding as of September 30, 1996 18,317,902 18,387,332 General Partner (2,140) (1,439) Unrealized gain (loss) on securities for sale, net 4,545 4,545 ---------- ---------- 18,320,307 18,390,438 ---------- ---------- $23,698,900 $22,700,202 ========== ========== The accompanying notes are an integral part of these statements. 12 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS SERIES 25 -------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $20,385,002 $ 7,863,180 OTHER ASSETS Cash and cash equivalents 2,610,558 7,307,862 Investments 5,929,583 7,981,391 Notes receivable 489,633 1,924,960 Deferred acquisition costs 469,089 1,902,287 Prepaid expenses - - Organization costs, net of accumulated amortization (Note B) 44,574 49,818 Other assets 5,107,613 3,686,254 ---------- ---------- $35,036,052 $30,715,752 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 4,042 $ 591 Syndication costs payable - - Accounts payable affiliates 250 1,459 Capital contributions payable (Note D) 9,154,777 4,911,886 ---------- ---------- 9,159,069 4,913,936 ---------- ---------- 13 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 25 --------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 30,000,000 authorized BACs; 3,026,109 issued and outstanding as of September 30, 1996 25,863,026 25,788,647 General Partner 1,193 405 Unrealized gain (loss) on securities for sale, net 12,764 12,764 ---------- ---------- 25,876,983 25,801,816 ---------- ---------- $35,036,052 $30,715,752 ========== ========== The accompanying notes are an integral part of these statements. 14 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS SERIES 26 -------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $13,494,316 $ 3,618,962 OTHER ASSETS Cash and cash equivalents 2,967,430 1,644,891 Investments 17,434,598 885,590 Notes receivable 1,712,646 1,403,085 Deferred acquisition costs 2,448,039 639,308 Prepaid expenses - - Organization costs, net of accumulated amortization (Note B) 89,922 46,351 Other assets 2,497,532 2,997,354 ---------- ---------- $40,644,483 $11,235,541 ========== ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 13,577 $ 85,639 Syndication costs payable - 301,976 Accounts payable affiliates 435 58,798 Capital contributions payable (Note D) 6,692,455 2,621,604 ---------- ---------- 6,706,467 3,068,017 ---------- ---------- 15 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 26 --------------------------- September 30, March 31, 1996 1996 (Unaudited) (Audited) ----------- --------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 30,000,000 authorized BACs; 3,995,900 issued and outstanding as of September 30, 1996 33,938,271 8,166,467 General Partner (1,584) (272) Unrealized gain (loss) on securities for sale, net 1,329 1,329 ---------- ---------- 33,938,016 8,167,524 ---------- ---------- $40,644,483 $11,235,541 ========== ========== The accompanying notes are an integral part of these statements. 16 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS SERIES 27 ------------- September 30, 1996 (Unaudited) ------------- ASSETS INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) $13,494,316 OTHER ASSETS Cash and cash equivalents 2,967,430 Investments 17,434,598 Notes receivable 1,712,646 Deferred acquisition costs 2,448,039 Prepaid expenses - Organization costs, net of accumulated amortization (Note B) 89,922 Other assets 2,497,532 ---------- $40,644,483 ========== LIABILITIES Accounts payable and accrued expenses (Note C) $ 13,577 Syndication costs payable - Accounts payable affiliates 435 Capital contributions payable (Note D) 6,692,455 ---------- 6,706,467 ---------- 17 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS Series 27 ------------- September 30, 1996 (Unaudited) -------------- Continued - --------- PARTNERS' CAPITAL Limited Partners Units of limited partnership interest; $10 stated value per BAC; 30,000,000 authorized BACs; 2,460,700 issued and outstanding as of September 30, 1996 21,154,527 General Partner 165 Unrealized gain (loss) on securities for sale, net - ---------- 21,154,692 ---------- $25,010,938 ========== * Series 27 did not commence operations until after march 31, 1996 therefore, it does not have comparative information to report. The accompanying notes are an integral part of these statements. 18 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) 1996 1995 ---- ---- Income Interest income $ 585,913 $ 273,191 ---------- -------- 585,913 273,191 ---------- -------- Share of loss from Operating Expenses (808,694) (287,334) ---------- -------- Expenses Professional fees 122,810 77,997 Fund management fee (Note C) 385,876 255,697 Amortization 27,563 17,016 General and administrative expenses 265,433 91,580 ---------- -------- 801,682 442,560 ---------- -------- NET INCOME (LOSS) $(1,024,463) $ (456,703) ========== ======== Net income (loss) allocated to limited partners $(1,014,218) $ (452,136) ========== ======== Net income (loss) allocated to general partner $ (10,245) $ (4,567) ========== ======== Net income (loss) per BAC $ (.59) $ (.21) ========== ======== The accompanying notes are an integral part of these statements. 19 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) SERIES 20 ----------------------- 1996 1995 ---- ---- Income Interest income $ 11,538 $ 53,351 -------- -------- 11,538 53,351 -------- -------- Share of loss from Operating Partnerships 113,151 (261,297) -------- -------- Expenses Professional fees 15,923 22,200 Fund management fee (Note C) 86,239 90,726 Amortization 5,821 5,821 General and administrative expense 10,201 9,590 -------- -------- 118,184 128,337 -------- -------- NET INCOME (LOSS) $ 6,505 $(336,283) ======== ======== Net income (loss) allocated to limited partners $ 6,440 $(332,920) ======== ======== Net income (loss) allocated to general partner $ 65 $ (3,363) ======== ======== Net income (loss) per BAC $ (.04) $ (.09) ======== ======== The accompanying notes are an integral part of these statements. 20 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) SERIES 21 ----------------------- 1996 1995 ---- ---- Income Interest income $ 16,136 $ 31,952 -------- -------- 16,136 31,952 -------- -------- Share of loss from Operating Partnerships (460,985) (121,331) -------- -------- Expenses Professional fees 14,218 29,888 Fund management fee (Note C) 54,872 59,730 Amortization 4,739 4,739 General and administrative expense 12,327 4,369 -------- -------- 86,156 98,726 -------- -------- NET INCOME (LOSS) $(531,005) $(188,105) ======== ======== Net income (loss) allocated to limited partners $(525,695) $(186,224) ======== ======== Net income (loss) allocated to general partner $ (5,310) $ (1,881) ======== ======== Net income (loss) per BAC $ (.36) $ (.10) ======== ======== The accompanying notes are an integral part of these statements. 21 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) SERIES 22 ----------------------- 1996 1995 ---- ---- Income Interest income $ 15,145 $ 26,818 -------- ------- 15,145 26,818 -------- ------- Share of loss from Operating Partnerships (144,547) (19,803) -------- ------- Expenses Professional fees 15,879 19,360 Fund management fee (Note C) 57,973 57,503 Amortization 3,135 3,188 General and administrative expense 18,577 5,667 -------- ------- 95,564 85,718 -------- ------- NET INCOME (LOSS) $(224,966) $ (78,703) ======== ======= Net income (loss) allocated to limited partners $(222,716) $ (77,916) ======== ======= Net income (loss) allocated to general partner $ (2,250) $ (787) ======== ======= Net income (loss) per BAC $ (.08) $ (.03) ======== ======= The accompanying notes are an integral part of these statements. 22 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) SERIES 23 ----------------------- 1996 1995 ---- ---- Income Interest income $ 59,668 $ 144,325 -------- ------- 59,668 144,325 -------- ------- Share of loss from Operating Partnerships (237,187) 5,897 -------- ------- Expenses Professional fees 13,837 6,549 Fund management fee (Note C) 59,814 47,738 Amortization 3,268 3,268 General and administrative expense 19,850 52,733 -------- ------- 96,769 110,288 -------- ------- NET INCOME (LOSS) $(274,288) $ 39,934 ======== ======= Net income (loss) allocated to limited partners $(271,545) $ 39,535 ======== ======= Net income (loss) allocated to general partner $ (2,743) $ 399 ======== ======= Net income (loss) per BAC $ (.08) $ .01 ======== ======= The accompanying notes are an integral part of these statements. 23 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) SERIES 24 ----------------------- 1996 1995 ---- ---- Income Interest income $ 61,439 $ 16,744 -------- ------- 61,439 16,744 -------- ------- Share of loss from Operating Partnerships (24,955) - -------- ------- Expenses Professional fees 13,359 - Fund management fee (Note C) 46,603 - Amortization 3,245 - General and administrative expense 25,329 19,491 -------- ------- 88,536 19,491 -------- ------- NET INCOME (LOSS) $ (52,052) $ (2,747) ======== ======= Net income (loss) allocated to limited partners $ (51,531) $ (2,720) ======== ======= Net income (loss) allocated to general partner $ (521) $ (27) ======== ======= Net income (loss) per BAC $ (.02) $ - ======== ======= The accompanying notes are an integral part of these statements. 24 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Three Months Ended September 30, (Unaudited) SERIES 25* SERIES 26* SERIES 27* ----------- ------------ ----------- 1996 1996 1996 ---- ---- ---- Income Interest income $ 118,959 $ 272,805 $ 30,223 -------- ------- ------- 118,959 272,805 30,223 -------- ------- ------- Share of loss from Operating Partnerships 35,788 (89,959) - -------- ------- ------- Expenses Professional fees 15,455 31,393 2,746 Fund management fee (Note C) 44,759 35,616 - Amortization 2,622 4,733 - General and administrative expense 51,492 116,671 10,986 -------- ------- ------- 114,328 188,413 13,732 -------- ------- ------- NET INCOME (LOSS) $ 40,419 $ (5,567) $ 16,491 ======== ======= ======= Net income (loss) allocated to limited partners $ 40,015 $ (5,511) $ 16,326 ======== ======= ======= Net income (loss) allocated to general partner $ 404 $ (56) $ 165 ======== ======= ======= Net income (loss) per BAC $ - $ - $ - ======== ======= ======= * Series 25, 26, and 27 did not commence operations until after September 30, 1995, therefore they do not have comparative information to report. The accompanying notes are an integral part of these statements. 25 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) 1996 1995 ---- ---- Income Interest income $ 961,886 $ 374,007 ---------- --------- 961,886 374,007 ---------- --------- Share of loss from Operating Expenses (2,676,267) (911,180) ---------- --------- Expenses Professional fees 202,150 82,060 Fund management fee (Note C) 701,890 449,260 Amortization 50,393 28,669 General and administrative expenses 464,706 159,253 ---------- --------- 1,419,139 719,242 ---------- --------- NET INCOME (LOSS) $(3,133,520) $(1,256,415) ========== ========= Net income (loss) allocated to limited partners $(3,102,185) $(1,243,852) ========== ========= Net income (loss) allocated to general partner $ (31,335) $ (12,563) ========== ========= Net income (loss) per BAC $ (1.45) $ (.45) ========== ========= The accompanying notes are an integral part of these statements. 26 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) SERIES 20 ----------------------- 1996 1995 ---- ---- Income Interest income $ 29,153 $ 93,580 -------- -------- 29,153 93,580 -------- -------- Share of loss from Operating Partnerships (763,849) (574,421) -------- -------- Expenses Professional fees 22,737 22,777 Fund management fee (Note C) 179,465 156,210 Amortization 11,642 11,642 General and administrative expense 18,705 28,535 -------- -------- 232,549 219,164 -------- -------- NET INCOME (LOSS) $(967,245) $(700,005) ======== ======== Net income (loss) allocated to limited partners $(957,572) $(693,005) ======== ======== Net income (loss) allocated to general partner $ (9,673) $ (7,000) ======== ======== Net income (loss) per BAC $ (.39) $ (.18) ======== ======== The accompanying notes are an integral part of these statements. 27 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) SERIES 21 ----------------------- 1996 1995 ---- ---- Income Interest income $ 37,198 $ 48,775 --------- -------- 37,198 48,775 --------- -------- Share of loss from Operating Partnerships (991,807) (298,219) --------- -------- Expenses Professional fees 24,966 32,618 Fund management fee (Note C) 111,332 114,966 Amortization 9,479 7,490 General and administrative expense 20,097 14,926 --------- -------- 165,874 170,000 --------- -------- NET INCOME (LOSS) $(1,120,483) $(419,444) ========= ======== Net income (loss) allocated to limited partners $(1,109,278) $(415,250) ========= ======== Net income (loss) allocated to general partner $ (11,205) $ (4,194) ========= ======== Net income (loss) per BAC $ (.67) $ (.22) ========= ======== The accompanying notes are an integral part of these statements. 28 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) SERIES 22 ----------------------- 1996 1995 ---- ---- Income Interest income $ 27,750 $ 42,245 -------- ------- 27,750 42,245 -------- ------- Share of loss from Operating Partnerships (308,116) (44,437) -------- ------- Expenses Professional fees 23,190 19,903 Fund management fee (Note C) 110,349 114,808 Amortization 6,269 6,269 General and administrative expense 31,349 18,243 -------- ------- 171,157 159,223 -------- ------- NET INCOME (LOSS) $(451,523) $(161,415) ======== ======= Net income (loss) allocated to limited partners $(447,008) $(159,801) ======== ======= Net income (loss) allocated to general partner $ (4,515) $ (1,614) ======== ======= Net income (loss) per BAC $ (.17) $ (.06) ======== ======= The accompanying notes are an integral part of these statements. 29 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) SERIES 23 ----------------------- 1996 1995 ---- ---- Income Interest income $ 115,575 $ 172,663 -------- ------- 115,575 172,663 -------- ------- Share of loss from Operating Partnerships (396,783) 5,897 -------- ------- Expenses Professional fees 17,878 6,762 Fund management fee (Note C) 118,878 63,276 Amortization 6,536 3,268 General and administrative expense 63,760 78,058 -------- ------- 207,052 151,364 -------- ------- NET INCOME (LOSS) $(488,260) $ 27,196 ======== ======= Net income (loss) allocated to limited partners $(483,377) $ 26,924 ======== ======= Net income (loss) allocated to general partner $ (4,883) $ 272 ======== ======= Net income (loss) per BAC $ (.14) $ .01 ======== ======= The accompanying notes are an integral part of these statements. 30 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) SERIES 24 ----------------------- 1996 1995 ---- ---- Income Interest income $ 113,829 $ 16,744 -------- ------- 113,829 16,744 -------- ------- Share of loss from Operating Partnerships (27,682) - -------- ------- Expenses Professional fees 22,335 - Fund management fee (Note C) 77,551 - Amortization 6,490 - General and administrative expense 49,902 19,491 -------- ------- 156,278 19,491 -------- ------- NET INCOME (LOSS) $ (70,131) $ (2,747) ======== ======= Net income (loss) allocated to limited partners $ (69,430) $ (2,720) ======== ======= Net income (loss) allocated to general partner $ (701) $ (27) ======== ======= Net income (loss) per BAC $ (.02) $ - ======== ======= The accompanying notes are an integral part of these statements. 31 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Six Months Ended September 30, (Unaudited) SERIES 25* SERIES 26* SERIES 27* ----------- ------------ ----------- 1996 1996 1996 ---- ---- ---- Income Interest income $ 239,992 $ 368,166 $ 30,223 -------- ------- ------- 239,992 368,166 30,223 -------- ------- ------- Share of loss from Operating Partnerships 35,788 (223,818) - -------- ------- ------- Expenses Professional fees 26,603 61,695 2,746 Fund management fee (Note C) 64,256 40,059 - Amortization 5,244 4,733 - General and administrative expense 100,860 169,047 10,986 -------- ------- ------- 196,963 275,534 13,732 -------- ------- ------- NET INCOME (LOSS) $ 78,817 $(131,186) $ 16,491 ======== ======= ======= Net income (loss) allocated to limited partners $ 78,029 $(129,874) $ 16,326 ======== ======= ======= Net income (loss) allocated to general partner $ 788 $ (1,312) $ 165 ======== ======= ======= Net income (loss) per BAC $ .03 $ (.03) $ - ======== ======= ======= * Series 25, 26, and 27 did not commence operations until after September 30, 1995, therefore they do not have comparative information to report. The accompanying notes are an integral part of these statements. 32 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1996 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- ----- Partners' capital (deficit) April 1, 1996 $144,569,903 $ (76,226) $ 26,974 $144,520,651 Capital contribu- tions 54,620,000 - - 54,620,000 Selling commissions and registration costs (7,583,771) - - (7,583,771) Net income (loss) (3,102,184) (31,336) - (3,133,520) ---------- ------- ------- ----------- Partners' capital (deficit), September 30, 1996 $188,503,948 $(107,562) $ 26,974 $188,423,360 =========== ======= ======= =========== The accompanying notes are an integral part of these statements. 33 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1996 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- ----- Series 20 - -------- Partners' capital (deficit), April 1, 1996 $29,171,047 $ (39,248) $ 108 $29,131,907 Capital contribu- tions - - - - Selling commissions and registration costs - - - - Net income (loss) (957,572) (9,673) - (967,245) ---------- -------- ------- ---------- Partners' capital (deficit), September 30, 1996 $28,213,475 $ (48,921) $ 108 $28,164,662 =========== ======== ======= ========== Series 21 - -------- Partners' capital (deficit), April 1, 1996 $14,719,259 $ (14,909) $ 773 $14,705,123 Capital contribu- tions - - - - Selling commissions and registration costs - - - - Net income (loss) (1,109,278) (11,205) - (1,120,483) ---------- -------- ------- ---------- Partners' capital (deficit), September 30, 1996 $13,609,981 $ (26,114) $ 773 $13,584,640 ========== ======== ======== ========== The accompanying notes are an integral part of these statements. 34 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1996 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- ----- Series 22 - -------- Partners' capital (deficit), April 1, 1996 $20,402,204 $ (15,211) $ 824 $20,387,817 Capital contribu- tions - - - - Selling commissions and registration costs - - - - Net income (loss) (447,008) (4,515) - (451,523) ---------- -------- ------ ---------- Partners' capital (deficit), September 30, 1996 $19,955,196 $ (19,726) $ 824 $19,936,294 ========== ======== ======= ========== Series 23 - -------- Partners' capital (deficit), April 1, 1996 $27,934,947 $ (5,552) $ 6,631 $27,936,026 Capital contribu- tions - - - - Selling commissions and registration costs - - - - Net income (loss) (483,377) (4,883) - (488,260) ---------- -------- ------- ---------- Partners' capital (deficit), September 30, 1996 $27,451,570 $ (10,435) $ 6,631 $27,447,766 ========== ======== ======= ========== The accompanying notes are an integral part of these statements 35 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1996 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- ----- Series 24 - -------- Partners' capital (deficit), April 1, 1996 $18,387,332 $ (1,439) $ 4,545 $18,390,438 Capital contribu- tions - - - - Selling commissions and registration costs - - - - Net income (loss) (69,430) (701) - (70,131) ---------- -------- ------- ---------- Partners' capital (deficit), September 30, 1996 $18,317,902 $ (2,140) $ 4,545 $18,320,307 ========== ======== ======= ========== Series 25 - -------- Partners' capital (deficit), April 1, 1996 $25,788,647 $ 405 $ 12,764 $25,801,816 Capital contribu- tions - - - - Selling commissions and registration costs (3,650) - - (3,650) Net income (loss) 78,029 788 - 78,817 ---------- ------- ------- ---------- Partners' capital (deficit), September 30, 1996 $25,863,026 $ 1,193 $ 12,764 $25,876,983 ========== ======= ======= ========== The accompanying notes are an integral part of these statements. 36 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Six Months Ended September 30, 1996 (Unaudited) Unrealized gain (loss) on securities available General for Assignees Partner sale, net Total --------- ------- --------- ----- Series 26 - -------- Partners' capital (deficit), April 1, 1996 $ 8,166,467 $ (272) $ 1,329 $ 8,167,524 Capital contribu- tions 30,013,000 - - 30,013,000 Selling commissions and registration costs (4,111,322) - - (4,111,322) Net income (loss) (129,874) (1,312) - (131,186) --------- ------ ------- ---------- Partners' capital (deficit), September 30, 1996 $33,938,271 $(1,584) $ 1,329 $33,938,016 ========== ====== ======= ========== Series 27 - -------- Partners' capital (deficit), April 1, 1996 $ - $ - $ - $ - Capital contribu- tions 24,607,000 - - 24,607,000 Selling commissions and registration costs (3,468,799) - - (3,468,799) Net income (loss) 16,326 165 - 16,491 --------- ------ ------- ---------- Partners' capital (deficit), September 30, 1996 $21,154,527 $ 165 $ - $21,154,692 ========== ====== ======= ========== The accompanying notes are an integral part of these statements. 37 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) 1996 1995 ---- ---- Cash flows from operating activities: Net income (loss) $ (3,133,520) $(1,256,415) Adjustments Amortization 50,393 28,669 Distributions from Operating Partnerships 18 - Share of loss from Operating Partnerships 2,676,267 911,180 Changes in assets and liabilities Decrease (Increase) in organization costs (125,915) (57,801) (Decrease) Increase in accounts payable and accrued expenses 400,842 94,210 Decrease (Increase) in prepaid expenses (2,721) (19,713) Decrease (Increase) in accounts receivable (6,432,675) (2,795,546) (Decrease) Increase in accounts payable affiliates 495,845 19,438 ----------- ---------- Net cash (used in) provided by operating activities (6,071,466) (3,075,978) ----------- ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to be acquired (5,706,148) (4,569,841) Capital contributions paid to Operating Partnerships (27,874,008) (10,672,260) Advances to Operating Partnerships 3,484,799 (8,301,793) Investments (16,009,344) (8,886,252) ------------ ----------- Net cash (used in) provided by investing activities (46,104,701) (32,430,146) ----------- ---------- 38 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) 1996 1995 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (7,583,772) (6,361,012) Capital contributions received 54,620,000 46,035,000 Net cash (used in) provided by ----------- ---------- financing activities 47,036,228 39,673,988 ----------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (5,139,939) 4,167,864 Cash and cash equivalents, beginning 19,454,787 9,627,086 ----------- ---------- Cash and cash equivalents, ending $ 14,314,848 $13,794,950 =========== ========== Supplemental schedule of noncash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 18,155,562 $15,727,198 =========== ========== The accompanying notes are an integral part of these statements. 39 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 20 --------------------- 1996 1995 ---- ---- Cash flows from operating activities: Net income (loss) $ (967,245) $ (700,005) Adjustments Amortization 11,642 11,642 Distributions from Operating Partnerships 18 - Share of loss from Operating Partnerships 763,849 574,421 Changes in assets and liabilities Decrease (Increase) in organization costs - - (Decrease) Increase in accounts payable and accrued expenses 3,756 - Decrease (Increase ) in prepaid expenses (2,721) (14,623) Decrease (Increase) in accounts receivable (263,825) (50,680) (Decrease) Increase in accounts payable affiliates 189,489 14,120 ---------- ---------- Net cash (used in) provided by operating activities (265,037) (165,125) ---------- ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - (35,955) Capital contributions paid to Operating Partnerships (2,116,257) (1,033,313) Advances to Operating Partnerships 863,612 (815,504) Investments 534,259 256,377 ---------- ---------- Net cash (used in) provided by investing activities (718,386) (1,628,395) ---------- ---------- 40 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 20 ------------------------- 1996 1995 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (271) Capital contributions received - - Net cash (used in) provided by ---------- ---------- financing activities - (271) ---------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (983,423) (1,793,791) Cash and cash equivalents, beginning 1,306,675 3,453,823 ---------- ---------- Cash and cash equivalents, ending $ 323,252 $ 1,660,032 ========== ========== Supplemental schedule of noncash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - ========== ========== The accompanying notes are an integral part of these statements. 41 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 21 --------------------- 1996 1995 ---- ---- Cash flows from operating activities: Net income (loss) $(1,120,483) $ (419,444) Adjustments Amortization 9,479 7,490 Distributions from Operating Partnerships - - Share of loss from Operating Partnerships 991,807 298,219 Changes in assets and liabilities Decrease (Increase) in organization costs - - (Decrease) Increase in accounts payable and accrued expenses - 40,533 Decrease (Increase ) in prepaid expenses - (5,090) Decrease (Increase) in accounts receivable 37,468 (36,124) (Decrease) Increase in accounts payable affiliates 112,920 31,768 ---------- ---------- Net cash (used in) provided by operating activities 31,191 (82,648) ---------- ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire - (19,201) Capital contributions paid to Operating Partnerships (248,393) (2,120,293) Advances to Operating Partnerships - 687,829 Investments (200,285) 1,362,878 ---------- ---------- Net cash (used in) provided by investing activities (448,678) (88,787) ---------- ---------- 42 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 21 ----------------------- 1996 1995 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (267) Capital contributions received - - Net cash (used in) provided by ---------- --------- financing activities - (267) ---------- --------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (417,487) (171,702) Cash and cash equivalents, beginning 1,398,907 1,697,368 ---------- ---------- Cash and cash equivalents, ending $ 981,420 $ 1,525,666 ========== ========== Supplemental schedule of noncash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - ========= ========== The accompanying notes are an integral part of these statements. 43 Boston Capital Tax Credit Fund IV L.P STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 22 --------------------- 1996 1995 ---- ---- Cash flows from operating activities: Net income (loss) $ (451,523) $ (161,415) Adjustments Amortization 6,269 6,269 Distributions from Operating Partnerships - - Share of loss from Operating Partnerships 308,116 44,437 Changes in assets and liabilities Decrease (Increase) in organization costs - (5,337) (Decrease) Increase in accounts payable and accrued expenses (470) 6,589 Decrease (Increase ) in prepaid expenses - (9,855) Decrease (Increase) in accounts receivable (23,417) 1,569,823 (Decrease) Increase in accounts payable affiliates 116,182 (7,989) ---------- ---------- Net cash (used in) provided by operating activities (44,843) 1,442,522 ---------- ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (8,276) (75,462) Capital contributions paid to Operating Partnerships (1,424,110) (1,796,576) Advances to Operating Partnerships 1,040,011 723,441 Investments (153,609) (896,945) ---------- ---------- Net cash (used in) provided by investing activities (545,984) (2,045,542) ---------- ---------- 44 Boston Capital Tax Credit Fund IV L.P STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 22 --------------------------- 1996 1995 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (12,514) Capital contributions received - - Net cash (used in) provided by ---------- ---------- financing activities - (12,514) ---------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (590,827) (615,534) Cash and cash equivalents, beginning 1,686,347 3,002,412 ---------- ---------- Cash and cash equivalents, ending $ 1,095,520 $ 2,386,878 ========== ========== Supplemental schedule of noncash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $ - =========== ========== The accompanying notes are an integral part of these statements. 45 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 23 --------------------- 1996 1995 ---- ---- Cash flows from operating activities: Net income (loss) $ (488,260) $ 27,196 Adjustments Amortization 6,536 3,268 Distributions from Operating Partnerships - - Share of loss from Operating Partnerships 396,783 (5,897) Changes in assets and liabilities Decrease (Increase) in organization costs - (8,494) (Decrease) Increase in accounts payable and accrued expenses - (224,614) Decrease (Increase ) in prepaid expenses - (59,048) Decrease (Increase) in accounts receivable (24,560) (1,389,361) (Decrease) Increase in accounts payable affiliates (9,387) (18,461) ---------- ---------- Net cash (used in) provided by operating activities (118,888) (1,675,411) ---------- ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (7,686) (2,475,740) Capital contributions paid to Operating Partnerships (4,505,372) (5,722,078) Advances to Operating Partnerships 1,314,445 (2,530,369) Investments 4,903,992 (7,377,646) ---------- ---------- Net cash (used in) provided by investing activities 1,705,379 (18,105,833) ---------- ---------- 46 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 23 ---------------------------- 1996 1995 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (3,370,411) Capital contributions received - 24,338,000 Net cash (used in) provided by ---------- ---------- financing activities - 20,967,589 ---------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,586,491 1,186,345 Cash and cash equivalents, beginning 1,313,618 1,473,483 ---------- ---------- Cash and cash equivalents, ending $ 2,900,109 $ 2,659,828 ========== ========== Supplemental schedule of noncash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ - $13,493,159 ========== ========== The accompanying notes are an integral part of these statements. 47 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 24 --------------------- 1996 1995 ---- ---- Cash flows from operating activities: Net income (loss) $ (70,131) $ (2,747) Adjustments Amortization 6,490 - Distributions from Operating Partnerships - - Share of loss from Operating Partnerships 27,682 - Changes in assets and liabilities Decrease (Increase) in organization costs - (43,970) (Decrease) Increase in accounts payable and accrued expenses (233,647) 271,702 Decrease (Increase ) in prepaid expenses - (24,796) Decrease (Increase) in accounts receivable 194,091 (2,795,505) (Decrease) Increase in accounts payable affiliates (33,597) - ---------- ---------- Net cash (used in) provided by operating activities (109,112) (2,595,316) ---------- ---------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (151,691) (1,963,483) Capital contributions paid to Operating Partnerships (4,099,090) - Advances to Operating Partnerships 2,039 (6,367,190) Investments 925,623 (2,230,916) ---------- ---------- Net cash (used in) provided by investing activities (3,323,119) (10,561,589) ---------- ---------- 48 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 24 ---------------------------- 1996 1995 ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid - (2,977,549) Capital contributions received - 21,697,000 Net cash (used in) provided by ---------- ---------- financing activities - 18,719,451 ---------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,432,231) 5,562,546 Cash and cash equivalents, beginning 4,796,487 - ---------- ---------- Cash and cash equivalents, ending $ 1,364,256 $ 5,562,546 ========== ========== Supplemental schedule of noncash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 3,194,309 $ 2,303,504 ========== ========== The accompanying notes are an integral part of these statements. 49 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 25* Series 26* Series 27* ---------------------------------------- 1996 1996 1996 ---- ---- ---- Cash flows from operating activities: Net income (loss) $ 78,817 $ (131,186) $ (16,491) Adjustments Amortization 5,244 4,733 - Distributions from Operating Partnerships - - - Share of (income) loss from operating partnerships (35,788) 223,818 - Changes in assets and liabilities Decrease (Increase) in organization costs - (48,304) (77,611) (Decrease) Increase in accounts payable and accrued expenses 3,451 (374,038) 1,001,790) Decrease (Increase ) in prepaid expenses - - - Decrease (Increase) in accounts receivable (1,421,359) 499,822 (5,430,895) (Decrease) Increase in accounts payable affiliates (1,209) (58,363) 179,810 ---------- ---------- ----------- Net cash (used in) provided by operating activities (1,370,844) 116,482 (4,310,415) ---------- ---------- ----------- Cash flows from investing activity: Acquisition costs repaid (paid) for Operating Partnerships acquired or to acquire (149,478) (3,078,904) (2,310,113) Capital contributions paid to Operating Partnerships (6,660,466) (4,758,148) (4,062,172) Advances to Operating Partnerships 1,435,327 (309,561) (861,074) Investments 2,051,808 (16,549,008) (7,522,124) ---------- ---------- ----------- Net cash (used in) provided by investing activities (3,322,809) (24,695,621) (14,755,483) ---------- ---------- ----------- 50 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Six Months Ended September 30, (Unaudited) Series 25* Series 26* Series 27* ---------- ---------- ---------- 1996 1996 1996 ---- ---- ---- Continued - --------- Cash flows from financing activities: Sales and registration costs paid (3,651) (4,111,322) (3,468,799) Capital contributions received - 30,013 000 24,607,000 Net cash (used in) provided by ---------- ---------- ----------- financing activities (3,651) 25,901,678 21,138,201 ---------- ---------- ----------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (4,697,304) 1,322,539 2,072,303 Cash and cash equivalents, beginning 7,307,862 1,644,891 - ---------- ---------- ----------- Cash and cash equivalents, ending $ 2,610,558 $ 2,967,430 $ 2,072,303 ========== ========== =========== Supplemental schedule of noncash investing and financing activities The fund has increased its investments for unpaid capital contributions due to the Operating Partnerships $ 6,572,876 $ 5,713,731 $ 2,674,646 ========== ========== =========== *Series 25, 26 and 27 did not commence operation until after September 30, 1995, therefore they do not have comparative information to report. The accompanying notes are an integral part of these statements. 51 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS September 30, 1996 (Unaudited) NOTE A - ORGANIZATION Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in Operating Partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates IV L.P., a Delaware limited Partnership. Boston Capital Associates, a Massachusetts general partnership, whose only two partners are Herbert F. Collins and John P. Manning, the principals of Boston Capital Partners, Inc., is the sole general partner of the general partner. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates. The Assignor Limited Partner is BCTC IV Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning. Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the Assignor Limited Partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. One April 18, 1996 an amendment to Form S-16 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective offers and sales of BACs in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26 and Series 27 were completed and the last of the BACs in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26 and Series 27 were issued by the Fund on June 24, 1994, September 30, 1994, December 28, 1994, June 23, 1995, September 22, 1995, December 29, 1995, June 25, 1996, and September 17, 1996 respectively. The Fund sold 3,866,700 of Series 20 BACs, for a total of $38,667,000; 1,892,700 of Series 21 BACs for a total of $18,927,000; 2,564,400 of Series 22 BACs for a total of $25,644,000; 3,336,727 of Series 23 BACs for a total of $33,366,000; 2,169,878 of Series 24 BACs for a total of $21,697,000; 3,026,109 of Series 25 BACs for a total of $30,248,000; 3,995,900 of Series 26 BACs for a total of $39,959,000; and 2,460,700 of Series 27 BACS for a total of $24,607,000. The Fund is currently offering BACs for Series 28. NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES The condensed financial statements herein as of September 30, 1996 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 52 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1996 (Unaudited) NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued) 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 it's 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. The amortized cost of securities available for sale as of September 30, 1996 by contractual maturity are as follows: Amortized Cost ---------- Due in one year or less $26,081,556 Due after one year 8,361,972 ---------- Total $34,443,528 ========== The fair market value of the securities is $34,470,502. The difference being an unrealized gain on securities available for sale of $26,974, as of September 30, 1996. Amortization - ------------ The Fund amortizes organizational costs over 60 months. As of September 30, 1996 and 1995 the Fund has accumulated amortization of $146,540 and $53,829, respectively. 53 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1996 (Unaudited) NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES The breakdown of accumulated amortization within the fund is as follows: 1996 1995 ---- ---- Series 20 $ 50,397 $27,112 Series 21 31,842 12,885 Series 22 23,103 10,564 Series 23 16,340 3,268 Series 24 12,259 - Series 25 7,866 - Series 26 4,733 - ------- ------ $146,540 $53,829 ======= ====== Series 27 organization costs will be amortized over 60 months beginning October 1, 1996. NOTE C - RELATED PARTY TRANSACTIONS The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., and Boston Capital Asset Management L.P. (formerly Boston Capital Communications Limited Partnership) as follows: For the quarter ended September 30, 1996, Boston Capital Services, Inc. received $365,585 for Series 27 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 and Series 26 completed payment of all Dealer-Manager fees prior to the quarter ended September 30, 1996. Boston Capital Partners, Inc. is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the Fund's acquisition of interest in the Operating Partnerships. During the quarter ended September 30, 1996, Series 27 paid $1,639,055 for acquisition fees to Boston Capital Partners, Inc. Series 20, Series 21, Series 22, Series 23, Series 24, Series 25 and Series 26 completed payment of all acquisition fees prior to the quarter ended September 30, 1996. Of the total acquisition fees and expenses incurred, $98,235, $7,785, $220,959, $143,562, $331,437, $469,089, $2,448,039 and $1,341,117 for Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26 and Series 27, respectively, related to costs incurred in connection with the purchase of interests in Operating Partnerships not finalized as of September 30, 1996. 54 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1996 (Unaudited) NOTE C - RELATED PARTY TRANSACTIONS - (cont.) An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships, less the amount of certain partnership management and reporting fees paid or payable by the Operating Partnerships, has been paid or accrued to Boston Capital Asset Management L.P. (formerly Boston Capital Communications Limited Partnership). The fund management fees charged to operations for the quarters ended September 30, 1996 and 1995 are as follows: 1996 1995 ---- ---- Series 20 $ 86,239 $ 90,726 Series 21 54,872 59,730 Series 22 57,973 57,503 Series 23 59,814 47,738 Series 24 46,603 - Series 25 44,759 - Series 26 35,616 - ------- ------- $385,876 $255,697 ======= ======= NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS At September 30, 1996 and 1995, the Fund has limited partnership interests in 147 and 90 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at September 30, 1996 and 1995 is as follows: 1996 1995 ---- ---- Series 20 24 24 Series 21 14 14 Series 22 27 28 Series 23 22 21 Series 24 21 3 Series 25 16 - Series 26 20 - Series 27 3 - --- -- 147 90 === == 55 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1996 (Unaudited) NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (Cont.) 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, 1996 and 1995 are as follows: 1996 1995 ---- ---- Series 20 $ 1,757,409 $ 7,042,823 Series 21 1,724,211 3,383,718 Series 22 3,861,909 7,621,277 Series 23 6,128,343 15,563,594 Series 24 5,375,905 2,303,504 Series 25 9,154,777 - Series 26 6,692,455 - Series 27 2,674,646 - ---------- ---------- $37,369,655 $35,914,916 ========== ========== The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar Year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 1996. 56 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1996 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 20 --------------------------- 1996 1995 ---- ---- Revenues Rental $ 3,789,462 $ 1,193,034 Interest and other 170,227 102,344 --------- --------- 3,959,689 1,295,378 --------- --------- Expenses Interest 1,660,989 480,932 Depreciation and amortization 1,039,678 418,476 Operating expenses 2,030,585 976,193 --------- --------- 4,731,252 1,875,601 --------- --------- NET LOSS $ (771,563) $ (580,223) ========== ========== Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (763,849) $ (574,421) ========== ========== Net loss allocated to other partners $ (7,714) $ (5,802) ========== ========== 57 Boston Capital Tax Credit Fund IV L.P NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1996 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 21 -------------------------- 1996 1995 ---- ---- Revenues Rental $ 1,874,941 $ 294,663 Interest and other 86,456 30,452 --------- --------- 1,961,397 325,115 --------- --------- Expenses Interest 1,116,344 207,824 Depreciation and amortization 390,003 217,297 Operating expenses 1,476,826 201,226 --------- --------- 2,983,173 626,347 --------- --------- NET INCOME (LOSS) $(1,021,776) $ (301,232) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $(1,011,558) $ (298,219) ========= ========= Net loss allocated to other partners $ (10,218) $ (3,013) ========= ========= 58 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30. 1996 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six Months ended June 30, (Unaudited) Series 22 -------------------------- 1996 1995 Revenues ---- ---- Rental $1,694,295 $ 299,417 Interest and other 87,912 54,586 --------- --------- 1,782,207 354,003 --------- --------- Expenses Interest 490,855 79,151 Depreciation and amortization 604,748 154,162 Operating expenses 1,002,476 165,576 --------- --------- 2,098,079 398,889 --------- --------- NET INCOME (LOSS) $ (315,872) $ (44,886) ========= ========= Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (312,712) $ (44,437) ========= ========= Net loss allocated to other partners $ (3,160) $ (449) ========= ========= 59 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1996 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 23 ---------------------------- 1996 1995 Revenues ---- ---- Rental $ 1,368,625 $ 18,032 Interest and other 87,378 810 ---------- ---------- 1,456,003 18,842 ---------- ---------- Expenses Interest 634,015 - Depreciation and amortization 313,510 - Operating expenses 909,269 12,885 ---------- ---------- 1,856,794 12,885 ---------- ---------- NET INCOME (LOSS) $ (400,791) $ 5,957 ========== ========== Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (396,783) $ 5,897 ========== ========== Net income (loss) allocated to other partners $ (4,008) $ 60 ========== ========== 60 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30. 1996 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six Months ended June 30, (Unaudited) Series 24* ------------------ 1996 Revenues ---- Rental $ 631,753 Interest and other 50,169 --------- 681,922 --------- Expenses Interest 206,953 Depreciation and amortization 151,628 Operating expenses 374,791 --------- 733,372 --------- NET INCOME (LOSS) $ (51,450) ========== Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (50,935) ========== Net loss allocated to other partners $ (515) ========== *Series 24 had not acquired any Operating Partnerships as of June 30, 1995, therefore it does not have comparative information to report. 61 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1996 (Unaudited) NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Six months ended June 30, (Unaudited) Series 25* Series 26* ----------- ----------- 1996 1995 Revenues ---- ---- Rental $ 145,776 $ 202,498 Interest and other 15,558 3,882 --------- --------- 161,334 206,380 --------- --------- Expenses Interest 33,543 155,633 Depreciation and amortization 16,003 151,320 Operating expenses 75,639 125,506 --------- --------- 125,185 432,459 --------- --------- NET INCOME (LOSS) $ 36,149 $ (226,079) ========= ========= Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ 35,788 $ (223,818) ========= ========= Net income (loss) allocated to other partners $ 361 $ (2,261) ========= ========= * Series 25 and Series 26 did not commence operations until after June 30, 1995, therefore they do not have comparative information to report. 62 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED September 30, 1996 (Unaudited) NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED When comparing the results of operations from the Operating Partnerships for the six months ended June 30, 1996 and June 30, 1995 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. In prior quarters three Operating Partnerships were admitted to the Fund without an initial outlay of capital. One was admitted to Series 21 and Series 22, and two were admitted solely to Series 22. These short form admissions were an agreement between the Operating Partnership General Partners and the General Partner, that upon further due diligence, the Fund had the Option to purchase the Operating Partnerships if it was in the best interest of the Fund. Subsequent studies indicated that the Operating Partnerships would not generate the originally anticipated amount of credits, and the General Partner elected to have the Fund's interest repurchased. As a result the number of Operating Partnerships has decreased from the quarter ended June 30, 1996 by one for Series 21 and by three for Series 22. NOTE E - TAXABLE LOSS The Fund's taxable loss for the fiscal year ended March 31, 1997 is expected to differ from its loss for financial reporting purposes primarily due to accounting differences in depreciation incurred by the Operating Partnerships. 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. 63 Item 2. Management's Discussions and Analysis of Financial Condition and Results of Operations Liquidity - --------- The Fund's primary source of funds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships. The Fund is currently accruing the fund management fee for Series 20, Series 21 and Series 22. Pursuant to the Partnership Agreement, such liabilities will be deferred until the Fund receives sales of refinancing proceeds from Operating partnerships which will be used to satisfy such liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware if any trends which would create insufficient liquidity to meet future third party obligations. Capital Resources - ----------------- The Fund offered BACs in a Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000 and $24,607,000 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900 and $2,460,700 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26 and Series 27, respectively. As of September 30, 1996 the Fund was offering BACs in Series 28 but had not admitted any investors as BAC holders. 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 $28,227,695. During the quarter ended September 30, 1996, $1,506,369 of Series 20 net offering proceeds had been used to pay capital contributions. Series 20 net offering proceeds in the amount of $500,754 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 20 has invested in as of September 30, 1996. 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 $13,809,563. 64 During the quarter ended September 30, 1996, $38,080 of Series 21 net offering proceeds had been used to pay capital contributions. Series 21 net offering proceeds in the amount of $1,661,207 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 21 has invested in as of September 30, 1996. 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 27 Operating Partnerships in the amount of $17,650,471. During the quarter ended September 30, 1996, $1,055,786 of Series 22 net offering proceeds had been used to pay capital contributions. Series 22 net offering proceeds in the amount of $1,704,068 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 22 has invested in as of September 30, 1996. 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 June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,272,151. During the quarter ended September 30, 1996, $2,920,147 of Series 23 net offering proceeds had been used to pay capital contributions. Series 23 net offering proceeds in the amount of $3,004,861 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 23 has invested in as of September 30, 1996. 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 21 Operating Partnerships in the amount of $14,330,502. During the quarter ended September 30, 1996, $1,716,675 of Series 24 net offering proceeds had been used to pay initial and additional capital contributions. Series 24 net offering proceeds in the amount of $3,377,864 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 24 has invested in as of September 30, 1996. 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 16 Operating Partnerships in the amount of $17,780,580. 65 During the quarter ended September 30, 1996, $4,278,051 of Series 25 net offering proceeds had been used to pay initial and additional capital contributions. Series 25 net offering proceeds in the amount of $8,540,141 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 25 has invested in as of September 30, 1996. 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 20 Operating Partnerships in the amount of $11,994,610. During the quarter ended September 30, 1996, $3,826,281 of Series 26 net offering proceeds had been used to pay initial and additional capital contributions. Series 26 net offering proceeds in the amount of $6,692,455 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 26 has invested in as of September 30, 1996. 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 3 Operating Partnerships in the amount of $6,736,818. During the quarter ended September 30, 1996, $4,062,172 of Series 27 net offering proceeds had been used to pay initial and additional capital contributions. Series 27 net offering proceeds in the amount of $2,674,646 remain to be used by the Fund to pay remaining capital contributions to the Operating Partnerships that Series 27 has invested in as of September 30, 1996. Results of Operations - --------------------- As of September 30, 1996 and 1995 the Fund held limited partnership interests in 147 and 90 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. 66 The Fund's results of operations for future periods will vary significantly from those for the period ended September 30, 1996 as Series 22, Series 23, Series 24, Series 25, Series 26 and Series 27 continue to use the funds raised to invest in partnership interests of additional Operating Partnerships and the Fund begins to offer BACs in Series 28. The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership (formerly Boston Communications Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred for the quarter ended September 30, 1996 for Series 20, Series 21, Series 22, Series 23, Series 24, Series 25 and Series 26 were $89,239, $54,872, $57,973, $59,814, $46,603, $44,759 and $35,616 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, 1996 and 1995 the average Qualified Occupancy for the series was 99.8% and 90.5%, respectively. The series had a total of 24 properties at September 30, 1996. Out of the total 23 were at 100% qualified occupancy. For the six months being reported Series 20 reflects a net loss from Operating Partnerships of $771,563. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $268,115. This is an interim period estimate; it is not indicative of the final year end results. During 1996, the Operating General Partner of Breeze Cove Limited Partnership experienced financial difficulties. Shortly thereafter, the Operating General Partner and its affiliated management company were replaced. The new Operating General Partner and management company have conducted extensive research and prepared budgets and summaries of the physical condition of the Operating Partnership with the goal of improving the overall operations and appearance of the property. Operations are anticipated to improve with the change in management. In August 1996, the General Partner was notified that Virginia Avenue Housing Limited Partnership was named as defendant in a land encroachment complaint. The Operating General Partner and its council are confident that the partnership owns a clean title to all property in question, however, research is being conducted into the title and title insurance. 67 Series 21 - --------- As of September 30, 1996 and 1995 the average Qualified Occupancy for the series was 91.5% and 69.4%, respectively. The series had a total of 14 properties at September 30, 1996. Out of the total 11 were at 100% qualified occupancy and 2 were in active lease-up. For the six months being reported Series 21 reflects a net loss from Operating Partnerships of $525,514. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss of $325,090. This is an interim period estimate; it is not indicative of the final year end results. Series 22 - --------- As of September 30, 1996 and 1995 the average Qualified Occupancy for the series was 96.6% and 74.8% respectively. The series had a total of 27 properties at September 30, 1996. Out of the total 24 were at 100% qualified occupancy and 2 were in active lease-up. The series also had 1 property which was under construction at September 30, 1996. For the six months being reported Series 22 reflects a net loss from Operating Partnerships of $308,116. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $296,632. This is an interim period estimate; it is not indicative of the final year end results. Series 23 - --------- As of September 30, 1996 and 1995 the average Qualified Occupancy for the series was 97% and 80.5%, respectively. The series had a total of 22 properties at September 30, 1996. Out of the total 19 were at 100% qualified occupancy and 2 were in active lease-up. The series also had 1 property which was under construction at September 30, 1996. For the three months being reported Series 23 reflects a net loss from Operating Partnerships of $400,791. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss of $87,281. This is an interim period estimate; it is not indicative of the final year end results. Series 24 - --------- As of September 30, 1996 the average Qualified Occupancy for the series was 91.9% and 87.5%, respectively. The series had a total of 21 properties at September 30, 1996. Out of the total 14 were at 100% qualified occupancy and 1 was in active lease-up. The series also had 4 properties which were under construction and 2 properties with multiple buildings, some of which were in lease-up and some of which were under construction at September 30, 1996. 68 For the three months being reported Series 24 reflects a net loss from Operating Partnerships of $51,450. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect positive operations of $100,178. This is an interim period estimate; it is not indicative of the final year end results. Series 25 - --------- As of September 30, 1996 the average Qualified Occupancy for the series was 77.9%. The series had a total of 16 properties at September 30, 1996. Out of the total 3 were at 100% Qualified Occupancy and 2 were in active lease-up. The series also had 9 properties which were under construction and 2 properties with multiple buildings, some of which were in lease-up and some of which were under construction at September 30, 1996. Since all of the properties in Series 25 were acquired after September 30, 1995 there is no comparative information to report. For the six months being reported Series 25 reflects positive operations from the Operating Partnerships of $36,149. This is an interim period estimate; it is not indicative of the final year end results. Series 26 - --------- As of September 30, 1996 the average Qualified Occupancy for the series was 83.7%. The series had a total of 20 properties at September 30, 1996. Out of the total 6 were at 100% qualified occupancy and 3 were in active lease-up. The series also had 11 properties which was under construction at September 30, 1996. Since all of the properties in Series 26 were acquired after September 30, 1995 there is no comparative information to report. For the Six months being reported Series 26 reflects a net loss from Operating Partnerships of $223,818. When adjusted for depreciation which is a non-cash item, the Operating Partnerships reflect a net loss of $72,498. This is an interim period estimate; it is not indicative of the final year end results. Series 27 - --------- As of September 30, 1996 the series was had a total of 3 properties all of which were under construction. Since all of the properties in Series 27 were acquired after September 30, 1995 there is no comparative information to report. 69 PART II - OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities None Item 3. Defaults upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits None (b) Reports on Form 8-K None 70 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BOSTON CAPITAL TAX CREDIT FUND IV L.P. By: Boston Capital Associates IV L.P. By: C&M Associates d/b/a Boston Capital Associates Date: November 14, 1996 By: ------------------- John P. Manning, Partner & Principal Financial Officer 71 EX-27 2
CT 0000913778 BOSTON CAPITAL TAX CREDIT FUND IV L.P. 6-MOS MAR-31-1997 APR-01-1996 SEP-30-1996 227,486,798 0 0 0 0 227,486,798 961,886 0 (4,095,406) 0 0 0 (3,133,520) 0 0
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