-----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, PKkGaA+bYQ/bfVNnzX76w5ebbrcrCVta6pAaOGRN8ITng3VFPDQU1q8MUceLvjRu Iw7/Q2IEx+S75CGb8p/hYA== 0000913778-99-000004.txt : 19990715 0000913778-99-000004.hdr.sgml : 19990715 ACCESSION NUMBER: 0000913778-99-000004 CONFORMED SUBMISSION TYPE: 10-K405 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND IV LP CENTRAL INDEX KEY: 0000913778 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 043208648 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-K405 SEC ACT: SEC FILE NUMBER: 000-26200 FILM NUMBER: 99664126 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-K405 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended March 31, 1999 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) Massachusetts 04-3208648 - -------------------------------- - ------------------------------------ (State of other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Boston Place, Suite 2100, Boston, MA 02108-4406 - --------------------------------------------- - ------------------------ (Address of Principal executive offices) (Zip Code) Fund's telephone number, including area code: (617)624-8900 ------------- Securities registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered ------------------- - ------------------- None None --------------------------- - -------------------------- Securities registered pursuant to Section 12(g) of the Act: Beneficial Assignee Certificates ---------------------------------- (Title of Class) Indicate by check mark whether the Fund (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 twelve months (or for such shorter period that the Fund was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ------- ------- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 or Regulation S-K ( 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. __ |XX| DOCUMENTS INCORPORATED BY REFERENCE ----------------------------------- The following documents of the Fund are incorporated by reference: Form 10-K Parts Document --------- -------- Parts I, III January 3, 1994 Prospectus, as supplemented Parts II, IV Form 8-K dated February 1, 1995 Form 8-K dated March 9, 1995 Form 8-K dated October 13, 1995 Form 8-K dated February 29, 1996 Form 8-K dated December 16, 1996 Form 8-K dated December 16, 1996 Form 8-K dated February 11, 1997 Form 8-K dated February 14, 1997 Form 8-K dated March 25, 1997 Form 8-K dated March 25, 1997 Form 8-K dated March 25, 1997 Form 8-K dated March 25, 1997 Form 8-K dated March 25, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 26, 1997 Form 8-K dated March 27, 1997 Form 8-K dated March 27, 1997 Form 8-K dated March 27, 1997 Form 8-K dated April 7, 1997 Form 8-K dated May 21, 1998 Form 8-K dated July 16, 1997 Form 8-K dated July 22, 1997 Form 8-K dated July 22, 1997 Form 8-K dated July 22, 1997 Form 8-K dated July 22, 1997 Form 8-K dated July 22, 1997 Form 8-K dated August 5, 1997 Form 8-K dated August 5, 1997 Form 8-K dated August 5, 1997 Form 8-K dated August 8, 1997 DOCUMENTS INCORPORATED BY REFERENCE - Cont. ------------------------------------------- Form 10-K Parts Document --------- -------- Parts II, IV Form 8-K dated April 23, 1998 Form 8-K dated April 23, 1998 Form 8-K dated April 24, 1998 Form 8-K dated April 27, 1998 Form 8-K dated April 29, 1998 Form 8-K dated April 30, 1998 Form 8-K dated April 30, 1998 Form 8-K dated April 30, 1998 Form 8-K dated May 1, 1998 BOSTON CAPITAL TAX CREDIT FUND IV L.P. Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 1999 TABLE OF CONTENTS PART I Item 1. Business Item 2. Properties Item 3. Legal Proceedings Item 4. Submission of Matters to a Vote of Security Holders PART II Item 5. Market for the Fund's Limited Partnership Interests and Related Partnership Matters Item 6. Selected Financial Data Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Item 8. Financial Statements and Supplementary Data Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure PART III Item 10. Directors and Executive Officers of the Fund Item 11. Executive Compensation Item 12. Security Ownership of Certain Beneficial Owners and Management Item 13. Certain Relationships and Related Transactions PART IV Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K Signatures PART I ------ Item 1. Business Organization - ------------ Boston Capital Tax Credit Fund IV L.P. (the "Fund") is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of October 5, 1993. The General Partner of the Fund is Boston Capital Associates IV L.P., a Delaware limited partnership. C & M Associates, d/b/a 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. The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner will be assigned by the Assignor Limited Partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a Limited Partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund. A Registration Statement on Form S-11 and the related prospectus, as supplemented (the "Prospectus") were filed with the Securities and Exchange Commission and became effective December 16, 1993 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC. On 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. As of March 31, 1999, subscriptions had been received and accepted by the General Partner 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 and Series 35 for 49,998,759 BAC's representing capital contributions of $499,688,500. The Offering, including information regarding the issuance of BACs in series, is described on pages 144 to 149 of the Prospectus, as supplemented, under the caption "The Offering", which is incorporated herein by reference. Description of Business - ----------------------- The Fund's principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships") each of which will own or lease and will operate an Apartment Complex exclusively or 1 partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund will invest will own Apartment Complexes which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive Government Assistance. Each Apartment Complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the "Federal Housing Tax Credit"), thereby providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources. Certain Apartment Complexes may also qualify for the historic rehabilitation tax credit under Section 48 of the Code (the "Rehabilitation Tax Credit"). The Federal Housing Tax Credit and the Government Assistance programs are described on pages 64 to 88 of the Prospectus, as supplemented, under the captions "Tax Credit Programs" and "Government Assistance Programs," which is incorporated herein by reference. Section 236 (f) (ii) of the National Housing Act, as amended, in Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as Tax Credits. The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the Apartment Complexes in which the Partnership has invested are receiving such rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the Apartment Complex, but directly to the individuals. At this time, the Partnership is unable to predict whether Congress will continue rent supplement programs payable directly to owners of the Apartment Complex. As of March 31, 1999 the Fund had invested in 24 Operating Partnerships on behalf of Series 20, 14 Operating Partnership on behalf of Series 21, 29 Operating Partnerships on behalf of Series 22, 22 Operating Partnerships on behalf of Series 23, 24 Operating Partnerships on behalf of Series 24, 22 Operating Partnerships on behalf of Series 25, 45 Operating Partnerships on behalf of Series 26, 14 Operating Partnerships on behalf of Series 27, 26 Operating Partnerships on behalf of Series 28, 22 Operating Partnerships on behalf of Series 29, 18 Operating Partnerships on behalf of Series 30, 26 Operating Partnerships on behalf of Series 31, 14 Operating Partnerships on behalf of Series 32, 8 Operating Partnerships on behalf of Series 33, 9 Operating Partnerships on behalf of Series 34 and 5 Operating Partnerships on behalf of Series 35. A description of these Operating Partnerships is set forth in Item 2 herein. The business objectives of the Fund are to: (1) provide current tax benefits to Investors in the form of Federal Housing Tax Credits and in limited instances, a small amount of Rehabilitation Tax Credits, which an Investor may apply, subject to certain strict limitations, against the investor's federal income tax liability from active, portfolio and passive income; (2) preserve and protect the Fund's capital and provide capital appreciation and cash distributions through increases in value of the Fund's investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the Apartment Complexes. 2 (3) provide tax benefits in the form of passive losses which an Investor may apply to offset his passive income (if any); and (4) provide cash distributions (except with respect to the Fund's investment in certain Non-Profit Operating Partnerships) from Capital Transaction proceeds. The Operating Partnerships intend to hold the Apartment Complexes for appreciation in value. The Operating Partnerships may sell the Apartment Complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions. The business objectives and investment policies of the Fund are described more fully on pages 49 to 61 of the Prospectus, as supplemented, under the caption "Investment Objectives and Acquisition Policies," which is incorporated herein by reference. Employees - --------- The Fund does not have any employees. Services are performed by the General Partner and its affiliates and agents retained by them. Item 2. Properties The Fund has acquired a Limited Partnership interest in 322 Operating Partnerships in 16 series, identified in the table set forth below. The Apartment Complex owned by the 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." The Operating Partnership and the respective Apartment Complex is described more fully in the Prospectus. The General Partner believes that there is adequate casualty insurance on the properties. Please refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships. 3 Boston Capital Tax Credit Fund IV L.P. - Series 20 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Ashbury Sioux Falls, Apartments SD 48 $ 1,267,345 4/94 6/94 100% $ 806,117 Bennetts Bennetsville, Pointe Apts. SC 32 1,346,250 3/94 8/94 100% 281,100 Bradley Bradley, Manor AR 25 800,217 8/94 3/95 100% 182,044 Breeze Port Washington, Cove Apts. WI 64 2,781,163 5/94 10/94 100% 2,601,494 Cascades Sterling, Commons Apts. VA 320 14,749,265 6/94 10/95 100% 7,132,820 Clarksville Clarksville, Estates MO 32 417,085 6/94 9/94 100% 142,639 Club Goldenrod II Orlando, Apartments FL 220 7,518,199 4/94 6/95 100% 3,681,417 College Greene N. Chili, Senior Apts NY 110 3,767,582 3/95 8/95 100% 1,918,496 Concordia St. Croix, Manor I VI 22 1,468,539 8/94 7/95 100% 490,034 Coushatta Seniors II Coushatta, Apartments LA 24 720,804 5/94 3/94 100% 175,182 East Douglas Bloomington, Apartments IL 51 2,215,888 7/94 12/95 100% 1,281,690 Edison Lane Edison, Apartments GA 24 730,682 9/94 10/95 100% 204,561 Evergreen Macedon, Hills Apts. NY 72 2,805,560 8/94 1/95 100% 693,966 4 Boston Capital Tax Credit Fund IV L.P. - Series 20 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Fairoaks Rincon, Lane Apts. GA 44 $ 1,416,124 7/94 5/95 100% $ 339,284 Floral Waggaman, Acres II LA 32 1,035,735 5/94 8/94 100% 228,457 Forest Glen Vidalia, Village GA 46 1,332,974 7/94 2/95 100% 378,777 Gardenview Pasedena, Apartments TX 309 5,182,927 6/94 9/95 100% 2,261,021 Harrisonburg Harrisonburg, Seniors Apts. LA 24 691,445 5/94 1/94 100% 176,621 Hillside Cynthiana, Apartments KY 48 877,617 10/94 4/95 100% 643,850 Kristine Bakersfield, Apartments CA 60 1,341,905 10/94 10/94 100% 311,675 Northfield Jackson, Apts. MS 120 2,948,003 6/94 8/95 100% 3,273,126 Parkside Avondale, Apartments AZ 54 693,659 12/94 1/94 100% 282,547 Riverview Franklinton, Apartments LA 47 1,705,528 4/94 10/94 100% 370,000 Shady Lane Winnfield, Senior Apts. LA 32 948,104 5/94 10/93 100% 197,200 5 Boston Capital Tax Credit Fund IV L.P. - Series 21 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Atlantic Atlantic City, City Apts. NJ 153 $5,495,000 9/94 10/95 96% $2,500,000 Black River Black River Falls, Run WI 48 1,250,942 10/94 12/94 100% 350,531 Cattaraugus Cattaraugus, Manor NY 24 1,096,615 8/94 4/95 95% 263,711 Creekside at Tasker's Frederick, Chance MD 120 4,946,506 10/94 9/95 100% 2,471,093 Forest Glen at Sully Centreville, Station VA 118 5,978,422 11/94 9/95 100% 2,649,450 Fort Winslow, Halifax ME 24 1,161,961 9/94 1/95 100% 389,085 Havelock Havelock, Manor Apts. NC 60 1,854,976 12/94 10/95 100% 347,557 Holly Buchanan, Village GA 24 716,536 8/94 6/95 100% 205,400 Liveoak Union Springs, Village AL 24 767,211 10/94 7/95 100% 176,953 Lookout Covington, Ridge Apts. KY 30 664,785 12/94 12/94 100% 763,038 Pinedale Menomonie, Apartments II WI 60 1,415,959 10/94 12/94 60% 869,798 Pumphouse Chippewa, Crossing II Apartments WI 48 1,288,940 10/94 12/94 68% 692,840 6 Boston Capital Tax Credit Fund IV L.P. - Series 21 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- The Woods Campton, Apartments NH 20 $1,036,107 8/94 10/94 100% $ 269,500 Tower View Tower City, Apartments PA 25 1,132,550 11/94 5/95 96% 268,863 7 Boston Capital Tax Credit Fund IV L.P. - Series 22 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Albemarle Hertford, Village Apts. NC 36 $1,459,669 1/95 9/94 100% $ 321,628 Apple Edmond, Village Apts. OK 160 3,930,633 11/94 3/96 100% 1,572,166 Bayou Riverview, Crossing Apts. FL 290 8,339,117 11/94 1/96 100% 2,854,036 Bellwood Ford City, Gardens PA 28 1,251,162 6/95 9/95 100% 308,152 Black River Black River Falls, Run Apts. WI 48 1,250,942 3/95 12/94 100% 395,279 Clarendon Summerton, Court Apts. SC 40 1,452,521 10/94 4/95 100% 340,737 Club II Orlando, Goldenrod Apts.FL 220 7,518,199 3/95 6/95 100% 2,106,975 Cobblestone Fuquay, Apartments NC 33 1,418,983 1/95 5/94 100% 326,054 Concordia St. Croix, Manor II VI 20 1,496,625 1/95 11/95 100% 259,444 Concordia St. Croix, Manor III VI 20 1,490,053 2/95 12/95 100% 264,007 Drakes Branch Drakes Branch, Elderly Apts. VA 32 1,269,479 1/95 6/95 100% 232,722 Elks Towers Litchfield, Apartments IL 27 805,361 10/95 12/96 100% 698,042 Fonda Fonda, Terrace Apts. NY 24 1,034,037 12/94 10/94 100% 259,387 Highland Boston, House MA 14 715,700 12/96 5/97 100% 571,829 8 Boston Capital Tax Credit Fund IV L.P. - Series 22 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Kimbark Longmont, 1200 Apts. CO 48 $1,994,993 9/95 12/95 100% $ 321,843 Kingsway Swedsboro, Apartments NJ 36 1,484,399 7/95 6/95 100% 46,290 Lake City Lake City, Apartments PA 44 1,172,646 8/98 6/98 100% 238,491 Lake Street Girard, Apartments PA 32 1,362,510 4/95 9/95 100% 342,369 Lost Tree Branson, Apartments MO 88 1,621,224 4/95 6/95 100% 474,948 Maplewood Sacramento, Apartments KY 12 436,306 8/95 9/95 100% 110,881 Marksville Marksville, Square Apts. LA 32 965,120 1/95 1/96 100% 268,848 Neshoba Philadelphia, County Apts. MS 25 850,484 7/95 8/95 100% 251,411 Philadelphia Philadelphia, Square Apts. MS 16 544,309 7/95 8/95 100% 149,950 Quankey Halifax, Hills Apts. NC 24 1,017,140 1/95 3/95 100% 200,496 Richmond Richmond, Square Apts. MO 32 927,143 12/94 2/95 100% 818,770 Salem Wood Salemburg, Apartments NC 24 968,235 1/95 12/94 100% 181,355 The Birches Old Orchard Beach, ME 88 2,817,500 1/95 3/96 100% 1,498,731 Troy Villa Troy, Apartments MO 64 2,028,035 12/94 6/95 100% 1,810,416 9 Boston Capital Tax Credit Fund IV L.P. - Series 22 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Twin City Festus, Villa MO 40 $1,506,500 1/95 11/95 100% $ 679,176 10 Boston Capital Tax Credit Fund IV L.P. - Series 23 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Apple Edmond, Village Apts. OK 160 $3,930,633 11/94 3/96 100% $ 1,572,166 Bayou Riverview, Crossing Apts. FL 290 8,339,117 4/95 1/96 100% 4,281,054 Concordia St. Croix, Manor II VI 20 1,496,625 1/95 11/95 100% 259,445 Concordia St. Croix, Manor III VI 20 1,490,053 2/95 12/95 100% 264,007 Columbia Hempstead, Commons Apts. NY 37 1,259,077 5/95 5/95 100% 1,501,605 Country Hill Cedar Rapids, Apts.Phase II IA 92 2,086,658 8/95 6/96 100% 1,981,495 Great Pines Hurleyville, Apts. NY 26 1,177,666 7/95 12/95 100% - -0- Heatheridge Barling, Estates ** AR 17 829,696 7/95 11/95 100% 748,240 Ithaca Ithaca, Apts. I MI 28 673,332 11/95 7/95 100% 164,008 Kimbark Longmont, 1200 Apts. CO 48 1,994,993 9/95 12/95 100% 965,530 La Pensione Sacramento, K Apts. CA 129 2,428,810 9/95 12/96 100% 2,600,580 Mathis Mathis, Apartments TX 32 915,179 1/95 1/95 100% 219,045 Mid City Jersey City, Apartments NJ 58 3,059,100 9/95 6/94 100% 113,679 Orange Grove Orange Grove, Seniors Apts. TX 24 670,887 5/95 2/95 100% 104,728 11 Boston Capital Tax Credit Fund IV L.P. - Series 23 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Philmont Philmont, Terrace Apts. LA 32 $1,495,903 5/95 5/95 100% $ 370,750 Riverview St. Louis, Apartments MO 42 1,245,046 8/95 12/95 100% 1,160,308 South Hills Bellevue, Apartments NE 72 1,880,356 6/95 2/96 100% 1,686,354 St. Peters St. Peters, Villa MO 54 1,921,279 7/95 3/96 100% 1,495,685 The Birches Old Orchard Beach, ME 88 2,800,000 1/95 3/96 100% 1,400,313 Twin City Festus, Villa MO 40 1,506,500 2/95 11/95 100% 679,176 Village Kansas City, Woods Est. KS 45 1,622,841 5/95 12/95 100% 1,450,000 Vinsett Van Buren, Estates ** AR 10 ** 7/95 11/95 100% ** Woodland Roland, Hills OK 10 319,061 7/95 6/95 100% 274,540 ** Two properties which make up one Operating Partnership named Barlee Properties L.P. with 27 units. Entire mortgage balance and contributions are listed with Heatheridge Estates. 12 Boston Capital Tax Credit Fund IV L.P. - Series 24 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Autumn Ridge Shenandoah Apartments VA 34 $1,541,091 7/96 1/97 100% $ 303,224 Brooks Blue Ridge, Summit Apts. GA 36 1,118,621 12/95 11/96 100% 202,780 Brownsville Brownsville, Apartments TN 36 1,204,345 9/95 9/95 100% 267,091 Century East Bismark, Apts. IV ND 24 630,000 8/95 8/95 100% 399,962 Century Bismark, East V Apts. ND 24 630,000 11/95 9/95 100% 399,962 Centenary Towers St. Louis Apts. MO 100 2,737,500 5/97 12/97 100% 679,577 Cooper's Irving, Crossing TX 93 3,629,820 6/96 12/95 100% 848,708 Edenfield Millen, Apartments GA 48 1,300,004 1/96 12/96 100% 314,827 Elm Street Yonkers, Apartments NY 35 2,095,034 1/96 1/96 100% 407,601 Heritage Coolidge, Glen Apts. AZ 28 1,136,675 4/96 4/96 100% 373,388 Hillridge Los Lunas, Apartments NM 38 1,216,635 8/96 6/96 100% 954,007 Lake Fargo, Apartments I ND 24 615,000 8/95 7/95 100% 399,962 Lakeway Zwolle, Apartments LA 32 874,216 11/95 4/96 100% 110,902 Laurelwood High Point, Park Apts. NC 100 2,399,173 2/96 10/96 100% 1,986,403 Madison Park Boston, IV Apts. MA 143 7,726,691 5/96 3/97 96% 1,155,884 13 Boston Capital Tax Credit Fund IV L.P. - Series 24 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- New Hilltop Laurens, Apartments SC 72 $1,717,672 11/95 11/95 100% $ 424,986 North Columbia, Hampton Pl. MO 36 856,243 11/95 3/96 100% 1,002,996 Northfield Jackson, Housing, L.P. MS 5 194,950 12/96 9/96 100% 217,266 Pahrump Pahrump, Valley Apts. NV 32 1,398,848 7/96 7/96 100% 335,225 Park Meadow Gaylord, Apartments MI 80 1,920,208 9/95 4/97 100% 1,753,158 Shadowcreek Overton, Apartments NV 24 1,229,909 6/96 9/96 100% 310,320 Stanton Stanton, Village Apts. TN 40 1,214,189 9/95 9/95 100% 279,730 Woodlands Elko, Apartments NV 24 1,138,161 11/95 9/95 100% 269,867 Wyandotte Los Angeles, Apartments CA 73 3,394,679 4/96 2/97 100% 952,329 14 Boston Capital Tax Credit Fund IV L.P. - Series 25 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Dogwood Athens, Park Apts. GA 127 $2,629,079 12/95 10/96 100% $3,538,760 Dunlap West Point, Acres MS 50 1,165,949 9/96 4/96 100% 229,797 Century Bismark, East II Apts. ND 24 550,000 8/96 6/96 100% 371,183 Clarke Pokamoke City, Manor Apts. MD 30 1,225,034 2/96 4/96 100% 440,107 Hannah Ethel, Heights Apts. MS 28 815,638 6/96 12/96 100% 321,584 Heartland Green Horse Cave, Cave KY 24 849,814 5/96 11/96 100% 267,177 Hurricane Hurricane, Hills UT 49 1,305,076 9/96 4/97 100% 2,222,394 Laurelwood High Point, Park Apts. NC 100 2,399,173 2/96 10/96 100% 946,539 Lenox Manhattan, Ave. Apts. NY 18 499,999 10/96 9/97 100% 773,364 Madison Boston, Park IV MA 143 7,726,691 5/96 3/97 96% 2,054,904 Main New Rochelle, Everett Apts. NY 11 630,562 6/96 1/97 100% 782,852 Maple New Haven, Hill CT 32 1,108,207 2/97 2/98 96% 199,951 Mary Ryder St. Louis, Home MO 48 283,486 1/97 6/96 100% 1,591,573 Osborne White Plains, Apts. NY 7 435,455 6/96 12/96 100% 522,325 15 Boston Capital Tax Credit Fund IV L.P. - Series 25 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Rose Connellsville, Square PA 11 $ 390,180 10/96 2/97 100% $ 229,168 Rosewood Bladenboro, Estates, II NC 16 681,103 9/96 12/96 100% 96,392 Sandstone Great Falls, Village MT 48 1,233,872 11/95 8/96 100% 1,295,623 Shannon Shannon, Rentals MS 48 1,268,874 4/96 1/97 100% 324,990 Smith Roxbury, House MA 132 2,248,198 4/96 3/97 100% 1,008,690 Sutton Indianopolis, Place IN 360 6,220,000 11/96 10/97 100% 647,751 Washington Dayton, Arms OH 93 2,069,066 2/96 2/95 100% 203,859 Wyandotte Los Angeles, Apts. CA 73 3,394,679 4/96 2/97 100% 1,315,122 16 Boston Capital Tax Credit Fund IV L.P. - Series 26 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- 200 East Rochester, Ave. NY 77 $ -0- 1/99 U/C N/A $ - -0- Apartments Academy West Point, Apts. VA 32 1,168,421 4/97 3/98 100% 237,173 Bradley Estates Meriden, Phase I CT 74 2,664,391 2/97 12/97 100% 661,000 Bradley Estates Meriden, Phase II CT 42 1,546,956 2/97 12/97 100% 486,861 Brookhaven Shrevport, Apts. LA 35 977,346 2/97 1/97 100% 573,912 Butler Leesville, Estates LA 10 175,415 8/96 10/96 100% 77,627 Calgory Bismark, Apts. I ND 24 635,000 2/96 12/95 100% 414,507 Calgory Bismark, Apts. II ND 24 635,000 2/96 12/95 100% 414,507 Calgory Bismark, Apts. III ND 24 635,000 2/96 12/95 100% 414,507 Cameron Cameron, Apts. LA 40 851,948 8/96 10/96 100% 475,965 Country Fargo, Edge Apts. ND 48 1,100,000 7/97 12/97 100% 1,108,905 Devonshire London, II Apts. OH 28 783,986 1/97 12/96 100% 182,070 Devonshire W. Jefferson, West Apts. OH 19 543,370 1/97 1/97 100% 126,983 East Park Dilworth, II Apts. MN 24 580,000 8/96 8/96 100% 525,631 Edgewood Milledgeville, Park Apts. GA 61 1,500,000 5/96 1/97 100% 1,372,023 17 Boston Capital Tax Credit Fund IV L.P. - Series 26 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Edgewood Estates Edgewood, Apts. TX 22 $ 621,607 6/97 11/96 100% $ 173,436 Escher Trenton, Street SRO NJ 104 2,089,791 4/97 5/98 100% 2,718,584 Grandview Fargo, Apartments ND 36 1,180,879 8/96 8/96 100% 1,069,522 Grayson Independence, Manor VA 32 1,076,616 3/98 11/98 56%* 524,925 Hanover Ashland, Apts. VA 40 1,285,628 11/97 4/98 100% 256,109 Hanover Towers Meriden, Apts. CT 100 5,067,320 2/97 11/97 100% 1,053,000 Hazeltine Los Angeles, Apts. CA 35 1,440,000 6/96 1/97 100% 951,693 Holly Heights Bowling Green, Apts. KY 30 1,357,699 5/97 8/97 100% 362,738 Lake Fargo, Apts. IV ND 24 647,000 2/96 12/95 100% 414,507 Lake Fargo, Apts. V ND 24 620,000 2/96 12/95 100% 414,507 Lauderdale County Meriden, Properties MS 48 1,180,629 12/98 U/C N/A 214,742 Liberty Village Liberty, Apts. NY 32 1,742,609 1/97 5/97 100% 437,448 Little Little Valley, Valley Est. NY 24 1,153,534 1/97 4/97 100% 274,257 Maxton Maxton, Green Apts. NC 32 973,210 9/96 12/96 100% 263,281 Madison Miami Beach, Apartments FL 17 1,058,388 3/96 6/97 100% 801,664 18 Boston Capital Tax Credit Fund IV L.P. - Series 26 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Mason Mason, Manor Apts. TN 24 $ 932,851 2/96 1/96 100% $ 229,775 Mosby Littleton, Forest Apts. NC 24 762,585 10/96 10/96 100% 496,753 New Hope Bailey De Ridder, Apts. LA 40 809,746 8/96 9/96 100% 455,212 Nordhoff North Hills, Apts. CA 38 1,988,824 9/96 7/97 100% 1,756,175 Park Ridge Jackson, Apartments TN 136 5,000,000 11/98 U/C N/A 154,824 Powell Valley Jonesville, Village VA 34 672,970 3/98 12/98 100% 853,949 Southwind Jennings, Apts. A LDHA LA 36 787,672 8/96 12/96 100% 428,742 T.R. Bobb New Iberia, Apts. LA 30 747,998 8/96 12/96 100% 428,742 Timmons- ville Timmonsville, Green Apts. SC 32 1,074,368 10/96 2/97 100% 292,587 Tremont Station Tremont, Apartments PA 24 1,056,250 5/96 11/96 100% 338,098 Village Estates Victoria, Apts. VA 32 1,161,980 4/97 10/98 90%* 246,130 Village Green Gloucester, Apts. VA 32 1,154,575 4/97 11/97 100% 229,902 Warrensburg Warrensburg, Heights MO 28 1,120,624 12/96 11/96 100% - -0- 19 Boston Capital Tax Credit Fund IV L.P. - Series 26 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Westside Salem, Apts. AR 29 $1,046,873 8/96 10/96 100% $ 212,016 The Willows Smithville, Apts. TX 32 818,924 5/96 5/96 100% 209,768 * Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999. 20 Boston Capital Tax Credit Fund IV L.P. - Series 27 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- AHAB Rental Units Springfield, Phase II MO 17 $ 494,868 6/97 11/97 100% $ 578,458 Angelou Court New York, Apts. NY 23 926,657 10/97 U/C N/A 1,515,042 Canisteo Canisteo, Manor NY 24 892,863 4/98 4/98 91%* 564,068 The Casa San Juan Rosa PR 97 1,031,000 9/97 4/98 54%* 887,936 Forest Glen at Sulluy Station Phase II Centreville, Atps. VA 119 6,770,597 8/96 6/97 61%* 1,339,550 Harrison Heights Harrisonville, Apts. MO 48 1,372,881 1/98 12/96 100% 245,516 Harbor Towers Meriden, Apts. CT 202 12,736,321 2/97 11/97 100% 2,880,000 Holly Heights Storm Lake, Apts. IA 32 497,613 4/97 8/98 81%* 614,058 Lake Apts. Fargo, II ND 24 615,000 1/97 12/95 100% 396,024 Magnolia Place Gautier, Apts. MS 40 1,073,134 11/97 1/98 100% 800,027 Pear Village Leitchfile, Apts. KY 16 618,097 8/96 2/97 100% 488,822 Randolph Silver Spring, Village MD 130 4,687,928 9/96 8/97 100% 2,233,554 Summer Hill Sr. Wayne, Apts. NJ 164 9,541,853 11/96 4/98 100% 1,800,000 21 Boston Capital Tax Credit Fund IV L.P. - Series 27 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Sunday Bowling Green, Sun Apts. KY 30 $ 942,936 10/96 12/96 100% $ 714,938 * Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999. 22 Boston Capital Tax Credit Fund IV L.P. - Series 28 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- 1374 Boston New York, Road L.P. NY 15 $ 446,203 2/97 6/97 100% $ 495,811 Ashberry Manor Bardstown, Apts. KY 24 645,895 2/97 3/97 100% 561,330 Bienville Ringold, III Apts. LA 32 964,205 2/97 2/97 100% 349,186 Blanchard Blanchard, Apts. LA 32 916,014 7/97 7/97 100% 266,129 Chandler Village Chandler, Apts OK 32 912,673 4/97 7/97 100% 250,639 Cottonwood Cottonwood, Apts. LA 24 739,211 7/97 7/97 100% 213,740 Cottonwood Holly Grove, Apts. AR 24 489,729 2/97 4/97 100% 254,856 Evangeline Lake Arthur, Apts. LA 32 976,124 11/97 1/98 100% 311,341 Fairway Marlette, Apts. II MI 48 1,076,426 12/96 3/97 100% 255,353 Falcon Rosenburg, Pointe Apts. TX 102 540,000 4/98 U/C N/A 1,477,559 Jackson Place Jackson, Apts. LA 40 983,934 7/97 10/97 100% 983,615 Mapelwood Winnfield Apts. LA 40 917,025 3/98 8/98 100% 881,056 Milton Village Milton, Apts. NY 32 1,167,648 2/97 6/97 100% 1,192,184 Neighborhood Restorations West Philadelphia, VII PA 72 2,542,075 2/98 2/98 100% 3,809,335 23 Boston Capital Tax Credit Fund IV L.P. - Series 28 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Park Plaza West Memphis, I & II AR 128 $3,059,678 12/97 11/96 100% $ 553,954 Park Village Athens, Apts. TN 80 827,090 10/98 U/C N/A 1,595,517 Pin Oak Bowie, Village MD 110 8,699,907 11/97 1/96 100% 3,593,219 Southern Villa Russellville Apts. KY 32 1,344,937 11/97 4/98 100% 294,384 Randolph Silver Spring, Village MD 130 5,962,928 12/97 8/97 100% 906,823 Sand Lane Manor Henderson, Apts. KY 24 694,312 8/97 4/98 100% 545,203 Senior Suites of Chicago, Chicago IL 84 4,141,826 12/97 12/98 45%* 2,887,301 Sumner Hartford, House CT 79 1,110,358 1/98 7/98 100% 1,784,869 Terraceview Townhomes Litchfield Apts. MN 22 802,031 7/97 10/97 100% 726,402 Tilghman Dunn, Square NC 20 822,387 11/97 10/97 100% 307,605 Wellston Village Wellston, Apts. OK 14 376,687 4/97 8/97 100% 102,258 Yale Village Yale, Apts. OK 8 109,446 2/98 7/98 100% 42,873 * Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999. 24 Boston Capital Tax Credit Fund IV L.P. - Series 29 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- The Arbor Jackson, Park Apts. MS 160 $5,700,000 12/96 6/98 100% $2,809,826 The Richmond, Arbors VA 85 2,966,000 7/97 11/98 34%* 1,869,683 Barrington Cove Barrington, Apts. RI 60 2,100,951 4/97 5/97 100% 3,449,887 Bent Tree Jacksboro, Apts. TX 24 615,208 12/97 1/98 100% 94,604 Colonial Poplarville, Apts. MS 16 396,563 10/97 7/97 100% 83,458 Dogwood Appomattox, Apts. VA 48 1,379,697 10/98 U/C N/A 382,291 Emerald Trace Ruston, Apts. LA 48 768,105 8/98 U/C N/A 735,792 Edgewood Baker, Apts. LA 72 1,830,328 3/97 9/98 100% 1,764,112 Glenbrook Saint Jo, Apts. TX 24 522,374 12/97 3/97 100% 142,954 Harbor Benton Pointe Harbor, Apts. MI 84 -0- 1/99 U/C N/A 1,040,739 The Lincoln San Diego, Hotel CA 41 808,545 2/97 7/97 100% 676,576 Lombard Heights Springfield, Apts. MO 24 800,000 10/98 7/98 100% 233,973 Lutkin Bayou Drew, Apts. MS 36 831,804 11/97 6/97 100% 186,515 25 Boston Capital Tax Credit Fund IV L.P. - Series 29 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ---------- Nacogdoches Plaza Nacodgoches, Apts. TX 70 $1,553,475 4/97 3/98 100% $2,793,695 Newcastle Collins, Apts. MS 36 692,637 9/97 6/98 100% 176,599 Park Crest Sherwood, Apts. AZ 216 9,200,000 2/98 U/C 23%* 2,559,616 Palmetto Place Benton, Apts. LA 40 209,518 10/98 U/C N/A 865,408 Pecan Hill Bryson, Apts. TX 16 392,037 8/97 1/98 100% 64,331 Regency Poplarville, Apts. MS 16 460,655 10/97 7/97 100% 102,419 Rhome Rhome, Apts. TX 24 526,587 12/97 2/97 100% 157,340 Westfield Welsh, Apts. LA 40 890,878 11/97 8/98 100% 874,491 Willow Point Jackson, Apts. III MS 120 4,300,000 12/96 2/98 100% 2,035,596 * Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999. 26 Boston Capital Tax Credit Fund IV L.P. - Series 30 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Byam Village Waterbury, Apts. CT 46 $1,564,585 2/97 2/98 100% $ 420,000 Country Estates Farmville, Apts. VA 24 538,782 3/98 U/C N/A - -0- Emerald Trace II Ruston, 24 357,933 7/98 12/98 100% 579,893 Apts. LA Farewell Mills Lisbon, Apts. ME 27 759,878 8/97 3/98 100% 662,864 Hillside Terrace Poughkeepsie Apts. NY 64 -0- 1/99 U/C N/A - -0- Lakewood Clarksville, Apts. VA 52 1,007,722 3/98 U/C N/A - -0- Lone Oak Graham, Apts. TX 64 1,556,465 8/97 9/98 100% 240,444 Mesa Grande Carlsbad, Apts. NM 72 1,608,384 2/98 12/98 36%* 1,658,125 Millwood Park Douglasville, Apts. GA 172 8,360,000 12/98 U/C N/A 631,257 New Garden Radford, Gardens VA 48 1,480,549 10/98 U/C N/A 382,393 Nocona Terrace Nocona, Apts. TX 36 858,872 8/97 12/98 100% 152,858 Park Trace Jackson, Apts. TN 84 1,322,015 11/97 3/99 67%* 2,682,643 Pine Forest Dahlgren, Apts. VA 40 1,349,893 3/98 2/99 42%* - -0- Riverbend Swanzey, Apts. NH 24 622,092 7/97 2/98 100% 1,313,371 27 Boston Capital Tax Credit Fund IV L.P. - Series 30 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Royal Crest Bowie, Apts. TX 48 $1,157,279 8/97 10/98 100% $ 202,014 Sunrise Homes Apts/ Broadway Place Hobbs, Apts. NM 44 801,564 2/98 12/98 54%* 1,397,994 Western Trails Council Bluffs, Apts. IA 30 292,215 7/98 U/C N/A 397,686 Whistle Stop Gentry, Apts. AR 27 702,587 9/97 5/98 100% 580,687 * Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999. 28 Boston Capital Tax Credit Fund IV L.P. - Series 31 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Bent Tree San Angelou, Apts. TX 112 $ 494,256 12/97 U/C N/A $2,667,992 Brittney Square Bowling Green, Apts. KY 20 796,621 7/98 7/98 100% 617,319 Canton Manor Canton, Apts. MS 32 818,567 11/97 7/98 100% 176,349 Canton Village Canton, Apts. MS 42 1,138,943 11/97 7/98 100% 236,312 Double Springs Manor II Bowling Green, Apts. KY 25 367,455 9/98 3/99 44%* 689,802 Eagles Ridge Decatur, Terrace TX 89 1,869,433 12/97 5/98 100% 291,598 Elmwood Ellisville, Apts. MS 32 676,873 12/97 6/98 100% 170,436 Giles Amelia, Apts. VA 16 489,254 3/98 2/99 25%* - -0- Henderson Terrace Bridgeport, Apts. TX 24 184,581 11/97 9/98 100% 77,506 Hurricane Hurricane, Hills UT 28 800,000 9/97 8/98 100% 1,800,271 Level Creek Sugar Hill, Apts. GA 218 12,790,000 5/98 U/C 59%* 1,508,362 Madison Height Canton Apts. MS 80 2,261,400 11/97 7/98 100% 511,300 Lakeview City of Little Elm, Court TX 24 225,091 11/97 1/99 100% 53,444 Mesquite Jacksboro, Trails TX 35 145,957 11/97 11/98 100% 124,803 29 Boston Capital Tax Credit Fund IV L.P. - Series 31 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Munjoy South Townhouse Portland, Apts. ME 140 $ 3,877,898 9/97 10/98 95%* $ 706,503 Nottoway Blackstone, Manor VA 28 580,879 3/98 U/C N/A - -0- Parktowne Cleveland Apts. TN 84 1,800,000 11/97 6/98 100% 3,363,097 Park Ridge McKee, Apts. KY 22 896,719 10/97 5/98 100% 338,464 Pilot Pilot Point, Point Apts. VA 40 327,757 11/97 2/99 90%* 95,774 Riverbend Bedford, Apts. ME 28 797,590 10/97 7/98 100% 1,478,500 Roth Mechanicsburg, Village PA 61 2,343,375 10/97 9/98 100% 2,420,993 Royal Estates Canton, Apts. MS 32 842,584 11/97 7/98 100% 183,641 Silver Creek Flat Rock Apts. MI 112 1,823,139 3/98 U/C 15%* 3,762,218 Springs Manor Rawls Spring, Apts. MS 32 834,213 12/97 6/98 100% 230,087 Summerdale Commons Atlanta, Phase II GA 108 5,068,501 12/98 4/99 100% - -0- Windsor Park Jackson, Apts. MS 279 7,800,000 11/97 3/99 92%* 2,179,024 * Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999. 30 Boston Capital Tax Credit Fund IV L.P. - Series 32 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- 200 East Avenue Rochester, Apts. NY 77 $ -0- 1/99 U/C N/A $ -0- Carriage Pointe Old Bridge, Apts. NJ 18 8,093,201 1/98 1/97 100% 3,051,011 Chardonnay Oklahoma City, Apts. OK 14 87,745 1/98 1/97 100% 385,826 Cogic Village Benton Harbor, Apts. MI 136 2,487,954 4/98 U/C 18%* 4,698,604 Courtside Cottonwood, Apts. AZ 44 1,151,907 6/98 7/98 100% 1,083,672 Clear Creek North Manchester, Apts. IN 64 -0- 7/98 U/C N/A - -0- Columbia Dallas, Luxar TX 125 138,369 8/98 U/C N/A 3,157,685 Colony Park Pearl, Apts. MS 192 8,000,000 6/98 U/C N/A 1,356,323 Gilette Sayreville, Manor NJ 100 ** 1/98 1992 100% ** Park Ridge Jackson, Apts. TN 136 5,000,000 11/98 U/C N/A 303,234 Park Village Athens, Apts. TN 80 827,090 10/98 U/C N/A 1,530,209 Pearlwood Pearl, Apts. MS 40 1,434,000 2/98 5/98 100% 710,676 Pecan Natchitoches, Manor Apts. LA 40 780,278 7/98 10/98 100% 1,126,436 Pineridge Franklinton, Apts. LA 40 426,207 7/98 1/99 82%* 1,126,436 31 Boston Capital Tax Credit Fund IV L.P. - Series 32 PROPERTY PROFILE AS OF MARCH 31, 1999 Continued - --------- Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Sterling Independence, Creek Apts. MO 48 $ 42,975 5/98 U/C N/A $1,693,431 Woodhaven S. Brunswick, Apts. NJ 80 ** 1/98 1995 100% ** * Property was in lease-up phase as of March 31, 1999. ** 3 properties which make up one Operating Partnership named FFLP Associates LP with 194 units. Entire mortgage balance and capital contributions paid reported with Carriage Pointe Apartments LP. U/C=Property was under construction as of March 31,1999. 32 Boston Capital Tax Credit Fund IV L.P. - Series 33 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Bradford Park Southhaven, Apts. MS 208 $9,790,000 10/98 U/C N/A $ -0- Bradford Sqare Jefferson City, North Apts. TN 50 234,374 10/98 U/C N/A 1,031,156 Carriage Pointe Old Bridge, Apts. NJ 18 8,093,201 3/98 1/97 100% 3,051,011 Columbia Dallas, Luxar TX 125 138,369 8/98 U/C N/A 3,157,685 Foxridge Durham, Apts. NC 92 205,517 3/98 U/C N/A 2,805,748 Gilette Sayreville, Manor NJ 100 ** 1/98 1992 100% ** Harbor Benton Harbor, Pointe Apts. MI 84 -0- 1/99 U/C N/A 375,232 Merchant Dallas, Court Apts. GA 192 -0- 10/98 U/C N/A 619,166 Stonewall Retirement Stonewall, Village LA 40 593,385 7/98 U/C 70%* 1,126,436 Woodhaven S. Brunswick, Apts. NJ 80 ** 1/98 1995 100% ** * Property was in lease-up phase as of March 31, 1999. ** 3 properties which make up one Operating Partnership named FFLP Associates LP with 194 units. Entire mortgage balance and capital contributions paid reported with Carriage Pointe Apartments LP. U/C=Property was under construction as of March 31,1999. 33 Boston Capital Tax Credit Fund IV L.P. - Series 34 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Allsion Mt. Washington, Apts. KY 24 $ 922,563 11/98 U/C N/A $ 595,009 Belmont Affordable Housing Two Philadelphia, Apts. PA 20 -0- 1/99 U/C N/A 1,526,181 Boerne Creekside Boerne, Apts. TX 71 91,968 11/98 U/C N/A 861,121 Bradford Southaven, Park Apts. MS 208 9,790,000 3/99 U/C N/A - -0- Hillside Club Bear Creek Township, Apts. MI 56 827,112 10/98 U/C N/A - -0- Kerrville Meadows Kerrville, Apts. TX 72 98,275 11/98 U/C N/A 1,589,319 Merchant Court Dallas, Apts. GA 192 -0- 10/98 U/C N/A 1,178,317 Millwood Park Douglasville, Apts. GA 172 8,360,000 12/98 U/C N/A 1,215,874 Romeo Village Montour Falls, Apts. NY 24 18,000 10/98 U/C N/A 682,928 * Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999. 34 Boston Capital Tax Credit Fund IV L.P. - Series 35 PROPERTY PROFILE AS OF MARCH 31, 1999 Mortgage Cap Con Balance Qualified paid Property As of Acq. Const Occupancy thru Name Location Units 12/31/98 Date Comp. 3/31/99 3/31/99 - ----------------------------------------------------------------- - ----------- Ashton Cove Kingsland, Apts. GA 72 $ -0- 10/98 U/C N/A $ -0- Country Walk Mulvane, Apts. KS 68 -0- 12/98 U/C N/A 1,072,587 Garden Gates New Caney, Apts. II TX 32 -0- 3/99 U/C N/A - -0- Hillside Terrace Poughkeepsie, Apts. NY 64 -0- 1/99 U/C N/A - -0- Riverwalk Apt. Homes, Sheboygan, Phase II WI 20 -0- 12/98 U/C N/A 758,616 * Property was in lease-up phase as of March 31, 1999. U/C=Property was under construction as of March 31,1999. 35 Item 3. Legal Proceedings None. Item 4. Submission of Matters to a Vote of Security Holders None. 36 PART II ------- Item 5. Market for the Fund's Interests and Related Fund Matters (a) Market Information The Fund is classified as a limited partnership and thus has no common stock. There is no established public trading market for the BACs and it is not anticipated that any public market will develop. (b) Approximate number of security holders As of March 31, 1999, the Fund has 28,116 BAC holders for an aggregate of 49,998,759 BACs, at a subscription price of $10 per BAC, received and accepted. The BACs were issued in series. Series 20 consists of 2,442 investors holding 3,866,700 BACs, Series 21 consists of 1,203 investors holding 1,892,700 BACs, Series 22 consists of 1,699 investors holding 2,564,400 BACs, Series 23 consists of 2,160 investors holding 3,336,727 BACs, Series 24 consists of 1,331 investors holding 2,169,878 BACs, Series 25 consists of 1,803 investors holding 3,026,109 BACs, Series 26 consists of 2,415 investors holding 3,995,900 BACs, Series 27 consists of 1,390 investors holding 2,460,700 BACs, Series 28 consists of 2,115 investors holding 4,000,738 BACs, Series 29 consists of 2,311 investors holding 3,991,800 BACs, Series 30 consists of 1,360 investors holding 2,651,000 BACs, Series 31 consists of 2,118 investors holding 4,417,857 BACs, Series 32 consists of 2,381 investors holding 4,754,198 BACs, Series 33 consists of 1,276 investors holding 2,636,533 BACs, Series 34 consists of 1,761 investors holding 3,529,319 BACs, and Series 35 consists of 351 investors holding 704,200 BACs at March 31, 1999. (c) Dividend history and restriction The Fund has made no distributions of Net Cash Flow to its BAC Holders from its inception, October 5, 1993 through March 31, 1999. The Fund Agreement provides that Profits, Losses and Credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of Profits, Losses and Credits among BAC Holders will be made in proportion to the number of BACs held by each BAC Holder. Any distributions of Net Cash Flow or Liquidation, Sale or Refinancing Proceeds will be made within 180 days of the end of the annual period to which they relate. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by such Person on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month. Fund allocations and distributions are described on pages 99 to 101 of the Prospectus, as supplemented, under the caption "Sharing Arrangements: Profits, Credits, Losses, Net Cash Flow and Residuals", which is incorporated herein by reference. 37 Item 6. Selected Financial Data The information set forth below presents selected financial data of the Fund. Additional detailed financial information is set forth in the audited financial statements listed in Item 14 hereof. Selected financial data for year and Periods ended March 31, Operations 1999 1998 1997 1996 1995 - ---------- ---- ---- ---- ---- - ---- Interest Income $ 4,604,150 $ 4,007,240 $ 2,498,953 $ 1,027,956 $ 344,043 Share of Loss of Operating Partnerships (16,178,884) (12,821,176) (10,783,903) (5,472,852) (884,379) Operating Expenses (5,902,620) (4,654,485) (3,283,551) (1,839,647) (800,135) ----------- ----------- ----------- ---------- - ---------- Net Income (Loss) $(17,477,354)$(13,468,421)$(11,568,501) $(6,284,543) $(1,340,471) =========== =========== =========== ========== ========== Net Income (Loss) per BAC $ (.36)$ (.36)$ (.50) $ (.41) $ (.36) =========== =========== =========== ========== ========== Balance Sheet 1999 1998 1997 1996 1995 - ------------- ---- ---- ---- ---- - ---- Total Assets $456,501,585 $386,072,953 $259,200,587 $180,061,938 $102,047,029 =========== =========== =========== =========== =========== Total Liabilities $ 79,434,074 $ 79,763,815 $ 36,568,416 $ 35,541,287 $ 25,581,723 =========== =========== =========== =========== =========== Partners' Capital $377,067,511 $306,309,138 $222,632,171 $144,520,651 $ 76,465,306 =========== =========== =========== =========== =========== Other Data - ---------- Tax Credits per BAC for the Investors Tax Year, the Twelve Months Ended December 31, 1998, 1997, 1996, 1995, and 1994* $ .71 $ .61 $ .52 $ .35 $ -0- =========== ========== =========== =========== ========== * Credit per BAC is a weighted average of all the Series. Since each Series has invested as a limited partner in different Operating Partnerships the Credit per BAC will vary slightly from series to series. For more detailed information refer to Item 7 Results of Operations. 38 Item 7. Management's Discussion 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 or on working capital reserves (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit. All sources of liquidity are available to meet the obligations of the Fund. The Fund does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships. The Fund has entered into a line of credit financing agreement with Fleet National Bank whereby the Fund can borrow up to $35 million for up to 90 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. The Fund invests in short-term tax-exempt municipal bonds to decrease the amount of taxable interest income that flows through to it's investors. The Fund anticipates that the investments it purchases will be held to maturity, but periodically the Fund must sell investments to meet certain obligations. Many of the investments sold during the years ended March 31, 1998 and 1999 were yielding coupon rates higher than market rates. A premature sale of these investments may have resulted in realized losses, but when combined with the higher coupon yields the resulting actual yields were consistent with market rates. In selecting investments to purchase and sell the general partner and it's advisors stringently monitor the ratings of the investments and safety of principal. Capital Resources - ----------------- The Fund is offering BACs in a Public Offering originally declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received and accepted subscriptions for $499,688,500 representing 49,998,759 BACs from investors admitted as BAC Holders in Series 20 through 35 of the Fund. As of March 31, 1999 the Fund is continuing to offer BACs in Series 35. (Series 20). The Fund commenced offering BACs in Series 20 on January 21, 1994. The Fund received and accepted subscriptions for $38,667,000 representing 3,866,700 BACs from investors admitted as BAC Holders in Series 20. Offers and sales of BACs in Series 20 were completed and the last of the BACs in Series 20 were issued by the Fund on June 24, 1994. During the fiscal year ended March 31, 1999, the Fund used $97,459 of Series 20 net offering proceeds to pay installments of its capital contributions to 3 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 20 had been used to invest in 24 Operating Partnerships in an aggregate amount of $28,614,472 and the Fund had completed payment of all installments of its capital contributions to 23 of the Operating Partnerships. Series 20 has $388,026 in capital contributions that remain to be paid to the other Operating Partnership. 39 (Series 21). The Fund commenced offering BACs in Series 21 on July 5, 1994. The Fund received and accepted subscriptions for $18,927,000 representing 1,892,700 BACs from investors admitted as BAC Holders in Series 21. Offers and sales of BACs in Series 21 were completed and the last of the BACs in Series 21 were issued by the Fund on September 30, 1994. During the fiscal year ended March 31, 1999, the Fund used $30,147 of Series 21 net offering proceeds to pay installments of its capital contributions to 2 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 21 had been used to invest in 14 Operating Partnerships in an aggregate amount of $13,872,728 and the Fund had completed payment of all installments of its capital contributions to 11 of the Operating Partnerships. Series 21 has $709,193 in capital contributions that remain to be paid to the other 3 Operating Partnerships. (Series 22). The Fund commenced offering BACs in Series 22 on October 12, 1994. The Fund received and accepted subscriptions for $25,644,000 representing 2,564,400 BACs from investors admitted as BAC Holders in Series 22. Offers and sales of BACs in Series 22 were completed and the last of the BACs in Series 22 were issued by the Fund on December 28, 1994. During the fiscal year ended March 31, 1999, the Fund used $238,491 of Series 22 net offering proceeds to pay installments of its capital contributions to 3 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 22 had been used to invest in 29 Operating Partnerships in an aggregate amount of $18,758,748 and the Fund had completed payment of all installments of its capital contributions to 23 of the Operating Partnerships. Series 22 has $550,641 in capital contributions that remain to be paid to the other 6 Operating Partnerships. (Series 23). The Fund commenced offering BACs in Series 23 on January 10, 1995. The Fund received and accepted subscriptions for $33,366,000 representing 3,336,727 BACs from investors admitted as BAC Holders in Series 23. Offers and Sales of BACs in Series 23 were completed and the last of the BACs in Series 23 were issued by the Fund on June 23, 1995. During the fiscal year ended March 31, 1999, the Fund used $370,254 of Series 23 net offering proceeds to pay installments of its capital contributions to 3 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 23 had been used to invest in 22 Operating Partnerships in an aggregate amount of $24,352,278 and the Fund had completed payment of all installments of its capital contributions to 16 of the Operating Partnerships. Series 23 has $772,817 in capital contributions that remain to be paid to the other 6 Operating Partnerships. (Series 24). The Fund commenced offering BACs in Series 24 on June 9, 1995. The Fund received and accepted subscriptions for $21,697,000 representing 2,169,878 BACs from investors admitted as BAC Holders in Series 24. Offers and Sales of BACs in Series 24 were completed and the last of the BACs in Series 24 were issued by the Fund on September 22, 1995. During the fiscal year ended March 31, 1999, the Fund used $306,593 of Series 24 net offering proceeds to pay initial and additional installments of its capital contributions to 9 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 24 had been used to invest in 24 Operating Partnerships in an aggregate amount of $15,980,237 and the Fund had completed payment of all installments of its 40 capital contributions to 16 of the Operating Partnerships. Series 24 has $1,285,736 in capital contributions that remain to be paid to the other 8 Operating Partnerships. (Series 25). The Fund commenced offering BACs in Series 25 on September 30, 1995. The Fund received and accepted subscriptions for $30,248,000 representing 3,026,109 BACs from investors admitted as BAC Holders in Series 25. Offers and Sales of BACs in Series 25 were completed and the last of the BACs in Series 25 were issued by the Fund on December 29, 1995. During the fiscal year ended March 31, 1999, the Fund used $298,607 of Series 25 net offering proceeds to pay installments of its capital contributions to 9 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 25 had been used to invest in 22 Operating Partnerships in an aggregate amount of $22,449,722 and the Fund had completed payment of all installments of its capital contributions to 9 of the Operating Partnerships. Series 25 has $2,704,223 in capital contributions that remain to be paid to the other 13 Operating Partnerships. (Series 26). The Fund commenced offering BACs in Series 26 on January 18, 1996. The Fund received and accepted $39,959,000 representing 3,995,900 BACs from investors admitted as BAC Holders in Series 26. Offers and sales of BACs in Series 26 were completed and the last of the BACS in Series 26 were issued by the Fund on June 14, 1996. During the fiscal year ended March 31, 1999, the Fund used $1,946,670 of Series 26 net offering proceeds to pay initial and additional installments of its capital contributions to 21 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 26 had been used to invest in 45 Operating Partnerships in an aggregate amount of $29,373,269 and the Fund had completed payment of all installments of its capital contributions to 20 of the Operating Partnerships. Series 26 has $5,548,536 in capital contributions that remain to be paid to the other 25 Operating Partnerships. (Series 27). The Fund commenced offering BACs in Series 27 on June 17, 1996. The Fund received and accepted $24,607,000 representing 2,460,700 BACs from investors admitted as BAC Holders in Series 27. Offers and sales of BACs in Series 27 were completed and the last of the BACS in Series 27 were issued by the Fund on September 27, 1996. During the fiscal year ended March 31, 1999, the Fund used $1,198,896 of Series 27 net offering proceeds to pay initial and additional installments of its capital contributions to 10 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 27 had been used to invest in 14 Operating Partnerships in an aggregate amount of $17,175,371 and the Fund had completed payment of all installments of its capital contributions to 5 of the Operating Partnerships. Series 27 has $1,645,618 in capital contributions that remain to be paid to the other 9 Operating Partnerships. (Series 28). The Fund commenced offering BACs in Series 28 on September 30, 1996. The Fund received and accepted $39,999,000 representing 4,000,738 BACs from investors admitted as BAC Holders in Series 28. Offers and sales of BACs in Series 28 were completed and the last of the BACS in Series 28 were issued by the Fund on January 31, 1997. 41 During the fiscal year ended March 31, 1999, the Fund used $4,170,336 of Series 28 net offering proceeds to pay initial and additional installments of its capital contributions to 21 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 28 had been used to invest in 26 Operating Partnerships in an aggregate amount of $29,261,233 and the Fund had completed payment of all installments of its capital contributions to 9 of the Operating Partnerships. Series 28 has $4,440,923 in capital contributions that remain to be paid to the other 17 Operating Partnerships. (Series 29). The Fund commenced offering BACs in Series 29 on February 10, 1997. The Fund received and accepted $39,918,000 representing 3,991,800 BACs from investors admitted as BAC Holders in Series 29. Offer and sales of BACs in Series 29 were completed on June 20, 1997. During the fiscal year ended March 31, 1999, the Fund used $7,473,413 of Series 29 net offering proceeds to pay initial and additional installments of its capital contributions to 20 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 29 had been used to invest in 22 Operating Partnerships in an aggregate amount of $29,130,617 and the Fund had completed payment of all installments of its capital contributions to 4 of the Operating Partnerships. Series 29 has $5,800,186 in capital contributions that remain to be paid to the other 18 Operating Partnerships. (Series 30). The Fund commenced offering BACs in Series 30 on June 23, 1997. The Fund received and accepted $26,490,750 representing 2,651,000 BACs from investors admitted as BAC Holders in Series 30. Offer and sales of BACs in Series 30 were completed on September 10, 1997. During the fiscal year ended March 31, 1999, the Fund used $4,549,243 of Series 30 net offering proceeds to pay initial and additional installments of its capital contributions to 11 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 30 had been used to invest in 18 Operating Partnerships in an aggregate amount of $16,530,745 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Series 30 has $5,188,387 in capital contributions that remain to be paid to the 18 Operating Partnerships. (Series 31). The Fund commenced offering BACs in Series 31 on September 11, 1997. The Fund had received and accepted $44,057,750 representing 4,417,857 BACs from investors admitted as BAC Holders in Series 31. Offer and sales of BACs in Series 31 were completed on January 18, 1998. During the fiscal year ended March 31, 1999, the Fund used $9,130,091 of Series 31 net offering proceeds to pay initial and additional installments of its capital contributions to 14 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 31 had been used to invest in 26 Operating Partnerships in an aggregate amount of $32,268,563 and the Fund had completed payment of all installments of its capital contributions to 2 of the Operating Partnerships. Series 31 has $8,010,788 in capital contributions that remain to be paid to the other 24 Operating Partnerships. 42 (Series 32). The Fund commenced offering BACs in Series 32 on January 19, 1998. As of March 31, 1999, the Fund had received and accepted $47,431,000 representing 4,754,198 BACs from investors admitted as BAC Holders in Series 32. Offer and sales of BACs in Series 32 were completed on June 23, 1998. During the fiscal year ended March 31, 1999, the Fund used $16,991,915 of Series 32 net offering proceeds to pay initial and additional installments of its capital contributions to 11 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 32 had been used to invest in 14 Operating Partnerships in an aggregate amount of $30,077,192 and the Fund had completed payment of all installments of its capital contributions to one of the Operating Partnerships. Series 32 has $10,155,068 in capital contributions that remain to be paid to the other 13 Operating Partnerships. During the fiscal year ended March 31, 1999, the Fund 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 Fund utilized $1,092,847 of Series 32 net offering proceeds to invest in Operating Partnerships for this investment. These investments are reported in the Investment in Operating Limited Partnerships line item on the balance sheet. (Series 33). The Fund commenced offering BACs in Series 33 on June 22, 1998. The Fund received and accepted $26,362,000 representing 2,636,533 BACs from investors admitted as BAC Holders in Series 33. Offer and sales of BACs in Series 33 were completed on September 21, 1998. During the fiscal year ended March 31, 1999, the Fund used $12,028,598 of Series 33 net offering proceeds to pay initial and additional installments of its capital contributions to 7 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 33 had been used to invest in 8 Operating Partnerships in an aggregate amount of $17,673,585 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Series 33 has $5,507,151 in capital contributions that remain to be paid to the 8 Operating Partnerships. (Series 34). The Fund commenced offering BACs in Series 34 on September 22, 1998. The Fund had received and accepted $35,273,000 representing 3,529,319 BACs from investors admitted as BAC Holders in Series 34. Offer and sales of BACs in Series 34 were completed on February 11, 1999. During the fiscal year ended March 31, 1999, the Fund used $7,648,749 of Series 34 net offering proceeds to pay initial and additional installments of its capital contributions to 7 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 34 had been used to invest in 9 Operating Partnerships in an aggregate amount of $19,681,149 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Series 34 has $12,032,400 in capital contributions that remain to be paid to the 9 Operating Partnerships. 43 (Series 35). The Fund commenced offering BACs in Series 35 on February 22, 1999. As of March 31, 1999, the Fund had received and accepted $7,042,000 representing 704,200 BACs from investors admitted as BAC Holders in Series 35. As of March 31, 1999 the Fund was continuing to offer BACs in Series 35. Offer and sales of BACs in Series 35 were completed on June 25, 1999. A total of $33,002,000 was received and accepted representing 3,300,463 BACs. During the fiscal year ended March 31, 1999, the Fund used $1,072,587 of Series 35 net offering proceeds to pay initial and additional installments of its capital contributions to 2 Operating Partnerships. As of March 31, 1999 proceeds from the offer and sale of BACs in Series 35 had been used to invest in 5 Operating Partnerships in an aggregate amount of $10,632,978 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships. Although the amount invested in Operating Partnerships at March 31, 1999 was in excess of the amount collected from investors, proceeds from sales of BACs in Series 35 were received subsequent to March 31, 1999. Part of those proceeds will be used by Series 35 to pay the $8,801,775 in capital contributions that remained to be paid to the 5 Operating Partnerships at March 31, 1999. Results of Operations - --------------------- The Fund incurs a fund management fee to the General Partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the Apartment Complexes owned by the Operating Partnerships, less the amount of certain partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred for the fiscal years ended March 31, 1999 and 1998 was $3,702,096 and $2,454,590, respectively. The amount is anticipated to increase in subsequent fiscal years as additional Operating Partnerships are acquired. The Fund's investment objectives do not include receipt of significant cash flow 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. As funds are utilized by the individual series for payment of fund management fees, operating expenses and capital contributions to the Operating Partnerships, it is anticipated that the combination of the cash and cash equivalents and investments available for sale amounts for each series will decrease. It is expected that interest income reported by each series will begin to decrease after the first full year of operations, as a result. With one exception, interest income reported by Series 20 through Series 30 decreased in fiscal year 1999 as expected. The increase in total interest income reported by the Fund, from fiscal year 1998 to 1999, was primarily a result of interest reported from loans to two of the operating partnerships in Series 31. (Series 20). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 100%. The series had a total of 24 Operating Partnerships at March 31, 1999, all of which were at 100% qualified occupancy. 44 For the tax years ended December 31, 1998 and 1997, the series, in total, generated $2,626,847 and $2,743,341, respectively in passive income tax losses that were passed through to the investors and also provided $1.33 for both 1998 and 1997, in tax credits per BAC to the investors. As of March 31, 1999 and 1998 the Investments in Operating Partnerships for Series 20 was $20,817,668 and $23,307,328, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the years ended March 31, 1999 and 1998, the net loss of the series was $2,811,432 and $2,844,245, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. In fiscal year 1999 there was also an increase in the fund management fee. It was the result of a reduction of reporting fee collections in fiscal year 1999 from fiscal year 1998. In fiscal year 1998, approximately $50,000 of fees due for prior years was collected. The amount collected in fiscal year 1999 more accurately reflects the anticipated collections for future years. It is anticipated that the net loss will for Series 20 will remain relatively consistent in future years since the series has finished acquiring Operating Partnerships and they are now fully operational. Breeze Cove Limited Partnership (Breeze Cove Apartments) experienced financial difficulties in 1997 due to vacancy issues and high expenses. The management company has steadily improved occupancies throughout 1997 and 1998, and occupancy stands at 96% as of March 31, 1999. The Operating General Partner has pushed the management company to reduce expenses as well. The Operating General Partner has submitted a debt restructure proposal to the Lender and a response is expected to be received next quarter. A new Operating General Partner was admitted on March 1, 1999, and this Operating General Partner is responsible for negative cash flow over $3,800 per month. The Operating General Partner of East Douglas Apartments Limited Partnership (East Douglas Apartments) failed to meet its partnership obligations. As a result, the Operating General Partner and its related management agent were replaced in April 1998. The new management company is focusing on improving the property's physical occupancy and operations. During 1998, the property's mortgages went into default. The new Operating General Partner worked out a forbearance agreement with the lenders, and had completed a refinance of the loan as of December 31, 1998. As of March 1999, physical occupancy had increased to 94%, and the property's operations were exceeding budgeted projections. In August 1996 the Investment General Partner was notified that Virginia Avenue Affordable Limited Partnership (Kristine Apartments) was named as defendant in a land encroachment complaint. Initial efforts to settle the complaint were unsuccessful, but a judgment was issued by which the operating partnership would receive an appropriate quit claim deed and other title related documents confirming the partnership's interest in the disputed property. The appropriate title information has been received and is in the process of execution. The delivery of these documents will remove any uncertainty as to the partnership's possession of the land. Additionally, occupancy began to drop in the fourth quarter of 1998, with a year-end occupancy of 78%. At this time occupancy has improved, and the Investment General Partner is working with the Operating General Partner to select a new management agent. 45 (Series 21). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 93.9% and 93.6%, respectively. The series had a total of 14 properties at March 31, 1999. Out of the total, 9 were at 100% qualified occupancy. For the tax years ended December 31, 1998 and 1997, the series, in total, generated $2,002,299 and $1,282,891, respectively, in passive income tax losses that were passed through to the investors and also provided $1.19 and $1.13, respectively, in tax credits per BAC to the investors. As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 21 was $7,984,415 and $9,560,326, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the years ended March 31, 1999 and 1998, the net loss of the series was $1,653,386 and $2,098,068, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, and the fund management fee. It is anticipated that the net loss will become more stable in future years as the series has finished acquiring Operating Partnerships and most were in full operations as of December 31, 1998. Atlantic City Housing Urban Renewal Associates L.P. has reported a net loss net of depreciation, a non-cash item, for the year ended December 31, 1998 of approximately $260,000. The property's operations have been impacted by high costs for security and maintenance, while the Section 8 Rental Assistance Contract has seen small incremental increases over the past few years. The Operating General Partner has been funding expenses, though outstanding payables remain high. The Investment General Partner is monitoring the situation closely through quarterly inspections and is working with the Operating General Partner on curing the operational issues. (Series 22). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 100%. The series had total of 29 properties at March 31, 1999, all or which were at 100% qualified occupancy. For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,635,853 and $1,646,323, respectively, in passive income tax losses that were passed through to the investors and also provided $1.25 and $1.19, respectively, in tax credit per BAC to the investors. As of March 31, 1999 and 1998 the Investments in Operating Partnerships for Series 22 was $14,961,440 and $16,104,712, respectively. The decrease is primarily a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Investments in Operating Partnerships was also affected by the acquisition of one additional Operating Partnership. For the years ended March 31, 1999 and 1998, the net loss of the series was $1,658,012 and $1,654,264, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will be relatively consistent in future years as the series has finished acquiring Operating Partnerships and most were fully operational as of December 31, 1998. 46 (Series 23). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at March 31, 1999, all of which were at 100% qualified occupancy. For the tax years ended December 31, 1998 and 1997, the series, in total, generated $2,081,592 and $2,328,388, respectively, in passive income tax losses that were passed through to investors and also provided $1.31 and $1.29, respectively in tax credits per BAC to the investors. As of March 31, 1999 and 1998 the Investments in Operating Partnerships for Series 23 was $21,681,096 and $23,271,914, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the years ended March 31, 1999 and 1998 the net loss of the series was $1,860,174 and $1,927,661, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will be relatively consistent in future years as the series has finished acquiring Operating Partnerships and all were fully operational as of December 31, 1998. (Series 24). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 99.8% and 99.9%, respectively. The series had a total of 24 properties at March 31, 1999. Out of the total, 23 were at 100% qualified occupancy. For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,500,322 and $1,556,521, respectively, in passive income tax losses that were passed through to investors and also provided $1.27 and $1.12, respectively in tax credits per BAC to the investors. As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 24 was $13,973,053 and $15,422,126, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the years ended March 31, 1999 and 1998 the net loss of the Series was $1,723,705 and $1,575,358, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net will loss begin to stabilize in future years as the series has completed investing in Operating Partnerships and all are fully operational. (Series 25). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 99.6% and 98.7%, respectively. The series had a total of 22 properties at March 31, 1999. Out of the total, 20 were at 100% qualified occupancy. For the tax year ended December 31, 1998 and 1997, the series, in total, generated $1,877,709 and $2,174,096, respectively in passive income tax losses that were passed through to investors and also provided $1.25 and $1.08 in tax credits per BAC to the investors. 47 As of March 31, 1999 and 1998 the Investments in Operating Partnerships for Series 25 was $20,921,953 and $22,681,362, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the year ended March 31, 1999 and March 31, 1998 the net loss of the series was $1,926,105 and $1,793,365, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will begin to stabilize in future years as the series has finished acquiring Operating Partnerships and most are fully leased-up. (Series 26). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 98.8% and 95.5%, respectively. The series had a total of 45 properties at March 31, 1999. Out of the total, 40 were at 100% qualified occupancy and 2 were in initial lease-up. The series also had 3 properties that were under construction at March 31, 1999. For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,664,159 and $1,535,837, respectively, in passive income tax losses that were passed through to investors and also provided $1.00 and $.59 in tax credits per BAC to the investors. As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 26 was $29,938,230 and $29,729,194, respectively. The change is a result of the Fund acquiring 3 additional interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the years ended March 31, 1999 and 1998 the net loss of the series was $1,719,368 and $1,016,127, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will continue to fluctuate in future years until the Operating Partnerships complete construction, lease-up and stabilize operations. (Series 27). As of March 31, 1999 and 1998 the average Qualified Occupancy for the series was 91.3% and 90.1%, respectively. The series had a total of 14 properties at March 31, 1999. Out of the total, 9 were at 100% qualified occupancy and 4 were in initial lease-up. The series also had 1 property that was still under construction as of March 31, 1999. For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,202,881 and $748,300, respectively, in passive income tax losses that were passed through to investors and also provided $.68 and $.20 in tax credits per BAC to the investors. As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 27 was $16,996,406 and $18,158,317, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. 48 By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Investments in Operating Partnerships was also affected by the Fund acquiring 1 additional interest in Operating Partnerships and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. For the year ended March 31, 1999 and 1998 the net loss of the series was $1,716,151 and $787,105, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee and interest income earned on Offering proceeds to be used for acquisitions. It is anticipated that the net loss will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations. (Series 28). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 97.7% and 94.9%, respectively. The series had a total of 26 properties at March 31, 1999. Out of the total, 23 were at 100% qualified occupancy and 1 was in initial lease-up . The series also had 2 properties that were still under construction at March 31, 1999. For the tax years ended December 31, 1998 and 1997, the series, in total, generated $1,193,820 and $483,903, respectively, in passive income tax losses that were passed through to investors and also provided $.49 and $.066 in tax credits per BAC to the investors. As of March 31, 1999 and 1998 the Investments in Operating Partnerships for Series 28 was $32,194,644 and $28,144,829, respectively. The increase is a result of the Fund acquiring 2 additional investments in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Investments in Operating Partnerships was also affected by the removal of one Operating Partnership, and the removal of costs capitalized to the investment account which were incurred by the Fund in acquiring that Operating Partnerships. For the year ended March 31, 1999 and 1998 the net income (loss) of the series was $(724,209) and $264,071, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that operations will continue to fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations. (Series 29). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 92.1% and 85.3%, respectively. The series had a total of 22 properties at March 31, 1999. Out of the total, 16 were at 100% qualified occupancy and 1 was in initial lease-up. The series also had 4 properties that were still under construction, and 1 property with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1999. 49 For the tax years ended December 31, 1998 and 1997 the series, in total, generated $1,776,772 and $393,806, respectively in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors of $.49 for 1998 and from $.154 to $.241 for 1997 depending on the investors' date of admission. As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 29 was $31,006,270 and $24,760,987, respectively. The increase is a result of the Fund acquiring 5 additional interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships, was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the year ended March 31, 1999 and 1998, the net loss of the series was $1,414,244 and $276,745, respectively. The major components of these amounts are the Fund's share of losses from Operating Partnerships, the fund management fee, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations. (Series 30). As of March 31, 1999 and 1998 the average Qualified Occupancy for the series was 83.2% and 66.0%, respectively. The series had a total of 18 properties at March 31, 1999. Out of the total, 8 were at 100% qualified occupancy and 4 were in initial lease-up. The series also had 6 properties that were still under construction at March 31, 1999. For the tax years ended December 31, 1998 and 1997, the series, in total, generated $562,671 and $42,545, respectively, in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors of $.19 for 1998 and from $.011 to $.016 for 1997 depending I the investors' date of admission. As of March 31, 1999 and 19988, the Investments in Operating Partnerships for Series 30 was $18,385,611 and $14,400,077, respectively. The increase is a result of the Fund acquiring 5 additional interests in Operating Partnerships and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the year ended March 31, 1999 and for the period ended March 31, 1998 the net income (loss) of the series was $(304,871) and $331,331, respectively. The major components of these amounts are the Fund's share of income (loss) from Operating Partnerships, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the the net loss will decrease in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations. 50 (Series 31). As of March 31, 1998 and 1998, the average Qualified Occupancy for the series was 88.3% and 39.9%, respectively. The series had a total of 26 properties at March 31, 1999. Out of the total 17 were at 100 % qualified occupancy and 5 were in initial lease-up. The series also had 2 properties that were still under construction, and 2 properties with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1999. For the tax years ended December 31, 1998 and 1997, the series, in total, generated $699,651 and $140,296, respectively, in passive income tax losses to pass through to the investors and also provided $.28 and $.001 in tax credits per BAC to the investors. As of March 31, 1999 and 1998, Investments in Operating Partnerships for Series 31 was $35,524,458 and $29,042,410. The increase is a result of the Fund acquiring 4 additional interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the year ended March 31, 1999 and for the period ended March 31, 1998 the net loss of the series was $462,813 and $69,689, respectively. The major components of these amounts are the Fund's share of income (loss) from Operating Partnerships, the fund management fee, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the net loss will decrease in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations. (Series 32). As of March 31, 1999 and 1998, the average Qualified Occupancy for the series was 85.71 and 91.3%, respectively. The series had a total of 14 properties at March 31, 1999. Out of the total, 5 were at 100% qualified occupancy and 1 was in initial lease-up. The series also had 7 properties that were still under construction, and 1 property with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1999. For the tax year ended December 31, 1998, the series, in total, generated $447,366 in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors, below is a summary of tax credit per BAC by month of admission. February $.25 March $.23 April $.21 May $.19 June $.16 The series had not admitted any investors as of December 31, 1997, therefore, it has no comparative information to report. 51 As of March 31, 1999 and 1998, the Investments in Operating Partnerships for Series 32 was $35,492,664 and $8,571,676, respectively. The increase is a result of the Fund acquiring 6 assignments in Massachusetts LLC's, 11 additional interests in Operating Partnerships, and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships, is also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the year ended March 31, 1999 and for the period ended March 31, 1998 the net income (loss) of the series was $269,836 and $(21,196), respectively. The major component of this amount is general and administrative expenses. It is anticipated that the net loss will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations. (Series 33). As of March 31, 1999 the average Qualified Occupancy for the series was 85.0%. The series had a total of 8 properties at March 31, 1999, one of which was at 100% qualified occupancy. The series also had 6 properties that were still under construction at March 31, 1999, and one property with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 1999. For the tax year ended December 31, 1998, the series, in total, generated $66,964 in passive income tax losses that were passed through to investors. The series also provided tax credits to the investors, below is a summary of tax credit per BAC by month of admission. July $.023 August $.020 September $.016 As of March 31, 1999, the Investments in Operating Partnerships for Series 33 was $19,871,865. The amount is a result of the Fund acquiring 8 interests in Operating Partnerships and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the period ended March 31, 1999 the net income of the Series was $194,098. The major components of this amount are the Fund's share of income from Operating Partnerships, the fund management fee, general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the operations will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations. Since Series 33 did not commence operations until after March 31, 1998, it does not have any comparative information to report. 52 (Series 34). As of March 31, the series had a total of 9 properties all of which were still under construction. For the tax year ended December 31, 1998, the series, in total, generated $190,488 in passive income that were passed through to investors, but did not generate any tax credit to pass though to the investors. As of March 31, 1999, the Investments in Operating Partnerships for Series 34 was $22,247,242. The amount is a result of the Fund acquiring 9 interests in Operating Partnerships and costs capitalized to the investment account which were incurred by the Fund in acquiring the Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the period ended March 31, 1999 the net income of the Series was $39,949. The major components of this amount are the general and administrative expenses and interest income earned on Offering proceeds to be used for acquisitions and working capital reserves that have yet to be expended. It is anticipated that the operations will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, and they become fully leased-up and stabilize operations. Since Series 34 did not commence operations until after March 31, 1998, it does not have any comparative information to report. (Series 35). As of March 31, 1999 the series had a total of 5 properties all of which were still under construction. The series had not admitted any investors as of December 31, 1998, therefore, it had no passive income tax losses or tax credits to pass through to investors for the tax year ended December 31, 1998. As of March 31, 1999, the Investments in Operating Partnerships for Series 35 was $10,632,978. The amount is a result of the Fund acquiring 5 interests in Operating Partnerships. In the future, Investments in Operating Partnerships, will also be affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. For the period ended March 31, 1999 the net loss of the series was $6,767. The major component of this amount is general and administrative expenses and the fund management fee. It is anticipated that the net loss will increase in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations. Since the Series did not commence operations until after March 31, 1998, it does not have any comparative information to report. 53 Recent Accounting Statements Not Yet Adopted - -------------------------------------------- On March 31, 1997, the Partnership adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share" and SFAS No. 129, "Disclosure of Information about Capital Structure." SFAS No. 128 provides accounting and reporting standards for the amount of earnings per share. SFAS No. 129 requires the disclosure in summary form within the financial statements of pertinent rights and privileges of the various securities outstanding. On March 31, 1998, the Fund adopted SFAS No. 130, "Reporting Comprehensive Income;" SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information;" and SFAS No. 132, "Employers' Disclosures about Pensions and Other Postretirement Benefits." SFAS No. 130 establishes standards for reporting and display of comprehensive income and its components, SFAS NO. 131 establishes standards for how public business enterprises report information about operating segments and SFAS No. 132 revises employers' disclosures about pension and other portetirement benefit plans. The implementation of these standards has not materially affected the Fund's financial statements. In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." In October 1998, the FASB issued SFAS No. 134, "Accounting for Mortgage-backed Securities Retained after the Securitization of Mortgage Loans Held for Sale by a Mortgage Banking Enterprise." In February 1999, the FASB issued SFAS No. 135, "Rescission of FASB Statement 75 and Technical Corrections." SFAS No. 133 is effective for all the fiscal quarters of years beginning after June 15, 1999; SFAS No. 134 is effective for the first fiscal quarter beginning after December 31, 1998; and SFAS No. 135 is effective for years ending after February 15, 1999. Early adoption is encouraged for SFAS No. 133, 134 and 135. The Fund does not have any derivative or hedging activities and does not have any mortgage-backed securities. FASB Statement 75, "Deferral of the Effective Date of Certain Accounting Requirements for Pension Plans of State and Local Governmental Units," does not apply to the fund. Consequently, these pronouncements are expected to have no effect on the Funds's financial statements. Year 2000 Compliance - -------------------- Boston Capital and its management have reviewed the potential computer problems that may arise from the century date change known as the "Year 2000"or "Y2K" problem. We are currently in the process of taking the necessary precautions to minimize any disruptions. The majority of Boston Capital's systems are "Y2K" compliant. For all remaining systems we have contacted the vendors to provide us with the necessary upgrades and replacements. Boston Capital is committed to ensuring that the "Y2K" issue will have no impact on our investors. Item 7A. Quantitative and Qualitative Disclosure About Market Risk Not Applicable Item 8. Financial Statements and Supplementary Data The information required by this item is contained in Part IV, Item 14 of this Annual Report on Form 10-K. 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. PART III -------- Item 10. Directors and Executive Officers of the Registrant (a), (b), (c), (d) and (e) The Partnership has no directors or executives officers of its own. The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. ("Boston Capital")) with principal responsibility for the Partnership's affairs. Herbert F. Collins, age 68, is co-founder and Chairman of the Board of Boston Capital Corporation. Nominated by President Clinton and confirmed by the United States Senate, Mr. Collins served as the Republican private sector member of the Thrift Depositor Protection Oversight Board. During 1990 and 1991 he served as Chairman of the Board of Directors for the Federal Home Loan Bank of Boston, a 314-member, $12 billion central bank in New England. Mr. Collins is the co-founder and past President of the Coalition for Rural Housing and Development. In the 1980s he served as Chairman of the Massachusetts Housing Policy Commission to evaluate current programs and recommend future housing policy. Additionally, he served as a member of the Board of Directors of the Metropolitan Boston Housing Partnership and on the Mitchell- Danforth Task Force, which helped structure the 1990 federal Tax Credit legislation. Mr. Collins also is a past Member of the Board of Directors of the National Leased Housing Association and has served as a member of the U. S. Conference of Mayors Task Force on "HUD and the cities: 1995 and Beyond." Mr. Collins also was a member of the Fannie Mae Housing Impact Advisory Council and the Republican Housing Opportunity Caucus. He is Chairman of the Business Advisory Council and a member of the National Council of State Housing Agencies Tax Credit Commission. Mr. Collins graduated from Harvard College. President Bush appointed him to the President's Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. He is a leader in the civic community, serving on the Boards of Youthbuild Boston, the Pine Inn and I Have a Dream Foundation. John P. Manning, age 51, is co-founder, President and Chief Executive Officer of Boston Capital Corporation where he is responsible for strategic planning and business development. In addition to his responsibilities at Boston Capital, Mr. Manning is a proactive leader in the industry. He served in 1990 as a member of the Mitchell-Danforth Task Force, to review and reform the Low Income Housing Tax Credit. He was the founding President of the Affordable Housing Tax Credit Coalition, is a member of the board of the National Leased Housing Association and sits on the Advisory Board of the publication Housing and Development Reporter. During the 1980s he served as a member of the Massachusetts Housing Policy Committee, as an appointee of the Governor of Massachusetts. In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee, on the critical role of the private sector in the success of the Low Income Housing Tax Credit Program. In 1996, President Clinton appointed him to the President's Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton also appointed Mr. Manning to the President's Export Council, which is the premier committee comprised of major corporate CEOs to advise the President in matters 55 of foreign trade. Mr. Manning is also a member of the Board of Directors of the John F. Kennedy Presidential Library in Boston. In the civic community, Mr. Manning is a leader, serving on the Board of Youthbuild Boston. Mr. Manning is a graduate of Boston College. Richard J. DeAgazio, age 54, is Executive Vice President of Boston Capital Partners, Inc., and is President of Boston Capital Services, Inc., Boston Capital's NASD registered broker/dealer. Mr. DeAgazio formerly served on the national Board of Governors of the National Association of Securities Dealers (NASD), was the Vice Chairman of the NASD's District 11 Committee, and served as Chairman of the NASD's Statutory Disqualification Subcommittee of the National Business Conduct Committee. He also served on the NASD State Liaison Committee and the Direct Participation Program Committee. He presently serves as a member of the National Adjudicatory Council on NASD. He is a founder and past President of the National Real Estate Investment Association, past President of the Real Estate Securities and Syndication Institute (Massachusetts Chapter) and the Real Estate Investment Association. Prior to joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and Director of the Brokerage Division of Dresdner Securities (USA), Inc., an international investment banking firm owned by four major European banks, and was a Vice President of Burgess & Leith/Advest. He has been a member of the Boston Stock Exchange since 1967. He is a leader in the community and serves on the Business Leaders Council of the Boston Symphony, Board of Directors for Junior Achievement of Massachusetts, the Board of Advisors for the Ron Burton Training Village and is on the Board of Corporators of Northeastern University. He graduated from Northeastern University. Christopher W. Collins, age 43, is an Executive Vice President and a principal of Boston Capital Partners, Inc., and is responsible for, among other areas, overseeing the investment portfolio of funds sponsored by Boston Capital and the acquisition of real estate investments on behalf of such funds. Mr. Collins has had extensive experience in real estate development activities, having founded and directed the American Development Group, a comprehensive real estate development firm, and has also had extensive experience in the area of acquiring real estate investments. He is on the Board of Directors of the National Multi-Housing Council and a member of the Massachusetts Housing Finance Agency Multi-Family Advisory Committee. He graduated from the University of New Hampshire. Anthony A. Nickas, age 38, is Chief Financial Officer of Boston Capital Partners, Inc., and serves as Chairman of the firm's Operating Committee. He has fifteen years of experience in the accounting and finance field and has supervised the financial aspects of Boston Capital's project development and property management affiliates. Prior to joining Boston Capital in 1987, he was Assistant Director of Accounting and Financial Reporting for the Yankee Companies, Inc., and was an Audit Supervisor for Wolf & Company of Massachusetts, P.C., a regional certified public accounting firm based in Boston. He graduated with honors from Norwich University. (f) Involvement in certain legal proceedings. None. (g) Promoters and control persons. None. 56 Item 11. Executive Compensation (a), (b), (c), (d) and (e) The Fund has no officers or directors. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the General Partner and its affiliates for the following fees during the 1998 fiscal year: 1. An annual fund management fee based on .5 percent of the aggregate cost of all Apartment Complexes acquired by the Operating Partnerships has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fees charged to operations for the year ended March 31, 1999 was $3,702,096. 2. The Fund has reimbursed an affiliate of the General Partner a total of $243,615 for amounts charged to operations during the year ended March 31, 1999. The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations. 3. The Fund has reimbursed affiliates of the General Partner a total of $396,541 for amounts charged to syndication during the year ended March 31, 1999. The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations. 4. The General Partner has the right to charge acquisition fees and expenses in connection with the purchase of Operating Partnership interests. During the 1999 fiscal year, the Fund accrued or paid $8,818,410 of acquisition fees and expenses to the General Partner or its affiliates. 5. Dealer Manager fees of $2,049,000 were accrued or paid to Boston Capital Services, Inc. during the 1999 fiscal year in respect to the sale of units. Item 12. Security Ownership of Certain Beneficial Owners and Management (a) Security ownership of certain beneficial owners. As of March 31, 1999, 49,998,759 BACs had been issued. No person is known to own beneficially in excess of 5% of the outstanding BACs in any of the series. (b) Security ownership of management. The General Partner has a 1% interest in all Profits, Losses, Credits and distributions of the Fund. The Fund's response to Item 12(a) is incorporated herein by reference. 57 (c) Changes in control. There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund. There is a provision in the Limited Partnership Agreement which allows, under certain circumstances, the ability to change control. Item 13. Certain Relationships and Related Transactions (a) Transactions with management and others. The Fund has no officers or directors. However, under the terms of the public offering, various kinds of compensation and fees are payable to the General Partner and its Affiliates during the organization and operation of the Fund. Additionally, the General Partner will receive distributions from the partnership if there is cash available for distribution or residual proceeds as defined in the Fund Agreement. The amounts and kinds of compensation and fees are described on page 43 of the Prospectus, as supplemented, under the caption "Compensation and Fees", which is incorporated herein by reference. See Note B of Notes to Financial Statements in Item 14 of this Annual Report on Form 10-K for amounts accrued or paid to the General Partner and its affiliates for the period April 1, 1995 through March 31, 1999. (b) Certain business relationships. The Fund response to Item 13(a) is incorporated herein by reference. (c) Indebtedness of management. None. (d) Transactions with promoters. Not applicable. 58 PART IV ------- Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K (a) 1 and 2. Financial Statements and Financial Statement Schedules Independent Auditors' Report Balance Sheets, March 31, 1999 and 1998 Statements of Operations for the years or periods ended March 31, 1999, 1998 and 1997 Statements of Changes in Partners' Capital for the years or periods ended March 31, 1999, 1998, and 1997 Statements of Cash Flows for the years or periods ended March 31, 1999, 1998 and 1997 Notes to Financial Statements, March 31, 1999, 1998, and 1997 Schedule III - Real Estate and Accumulated Depreciation Notes to Schedule III Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto. (a) 3. Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K) Exhibit No. 3 - Organization Documents. a. Certificate of Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporated by reference from Exhibit 3 to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993. Exhibit No. 4 - Instruments defining the rights of security holders, including indentures. a. Agreement of Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporated by reference from Exhibit 4 to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993. 59 Exhibit No. 10 - Material contracts. a. Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993 Exhibit No. 28 - Additional exhibits. a. Agreement of Limited Partnership of Better Homes for Havelock Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995). b. Agreement of Limited Partnership of Cynthiana Properties Limited (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995). c. Agreement of Limited Partnership of North Hampton Place Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 13, 1995). d. Agreement of Limited Partnership of Brook Summitt Apartments, LP (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 29, 1996). e. Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997). f. Agreement of Limited Partnership of Smith House II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997). g. Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 11, 1997). h. Agreement of Limited Partnership of M.R.H.,L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 14, 1997). i. Agreement of Limited Partnership of 352 Lenox Associates, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997). 60 j. Agreement of Limited Partnership of Decro Nordoff, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997). k. Agreement of Limited Partnership of Hurricane Hills, L.C. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997). l. Agreement of Limited Partnership of Main Everett Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997). m. Agreement of Limited Partnership of Mokapoke Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997). n. Agreement of Limited Partnership of Autumn Ridge Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). o. Agreement of Limited Partnership of Century East Apartments II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). p. Agreement of Limited Partnership of Coolidge-Pinal II Associates (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). q. Agreement of Limited Partnership of Dublin Housing Associates Phase II (Incorporated by reference from Registrant's current report on Form K as filed with the Securities and Exchange Commission on March 26, 1997). r. Agreement of Limited Partnership of East Park Apartments II Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). s. Agreement of Limited Partnership of Edenfield Place Apartments, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). t. Agreement of Limited Partnership of Ethel Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). 61 u. Agreement of Limited Partnership of Los Lunas Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). v. Agreement of Limited Partnership of New Devonshire West, Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). w. Agreement of Limited Partnership of Northfield Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). x. Agreement of Limited Partnership of Ohio Investors Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). y. Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). z. Agreement of Limited Partnership of Overton Associates Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). aa. Agreement of Limited Partnership of Pahrump Valley Investors (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). ab. Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). ac. Agreement of Limited Partnership of Shannon Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). ad. Agreement of Limited Partnership of Sutton Place Apartments (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). ae. Agreement of Limited Partnership of West Point Housing, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). 62 af. Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997). ag. Agreement of Limited Partnership of Laurelwood Park Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997). ah. Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997). ai. Agreement of Limited Partnership of Roxbury Housing Veterans Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997). aj. Agreement of Limited Partnership of Elm Street Associates, L.P. (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 7, 1997.) ak. Agreement of Limited Partnership of Brookhaven Apartments Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on May 21, 1997.) al. Agreement of Limited Partnership of Maple Limited Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 16, 1997.) am. Agreement of Limited Partnership of Byam Limited Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.) an. Agreement of Limited Partnership of Harbor Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.) ao. Agreement of Limited Partnership of Bradley Phase II Limited Partnership (incorporated by Reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.) ap. Agreement of Limited Partnership of Butler Street/Hanover Towers Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.) aq. Agreement of Limited Partnership of Bradley Phase I Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.) 63 ar. Agreement of Limited Partnership of 1374 Boston Road Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.) as. Agreement of Limited Partnership of Centenary Housing Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.) at. Agreement of Limited Partnership of Lake Apartments II Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.) au. Agreement of Limited Partnership of AHAB Project One, LP (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 8, 1997.) av. Agreement of Limited Partnership of Grandview Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 23, 1998.) aw. Agreement of Limited Partnership of Angelou Associates, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 23, 1998.) ax. Agreement of Limited Partnership of Country Edge Apartments I Limited Partnership(incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 24, 1998.) ay. Agreement of Limited Partnership of Sumner House Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 27, 1998.) az. Agreement of Limited Partnership of Magnolia Place Apartments Partnerships (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.) ba. Agreement of Limited Partnership of Edgewood Apartments Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.) bb. Agreement of Limited Partnership of Harrisonville Heights L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.) bc. Agreement of Limited Partnership of Neighborhood Restorations Limited Partnership VII incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.) 64 bd. Agreement of Limited Partnership of Escher SRO Project, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on May 1, 1998.) (b) Reports on Form 8-K Report on Form 8-K dated February 1, 1995, concerning the Partnership's investment in Better Homes for Havelock Limited Partnership filed with the commission on February 1, 1995. Report on Form 8-K dated February 1, 1995, concerning the Partnership's investment in Cynthiana Properties Limited filed with the commission on February 1, 1995. Report on Form 8-K dated October 13, 1995, concerning the Partnership's investment in North Hampton Place Limited Partnership filed with the commission on October 13, 1995. Report on Form 8-K dated February 29, 1996, concerning the Partnership's investment in Brook Summit Apartments, LP filed with the commission on February 29, 1996. Report on Form 8-K dated December 16, 1996, concerning the Partnership's investment in New Madison Park IV Limited Partnership filed with the commission on December 16, 1996. Report on Form 8-K dated December 16, 1996, concerning the Partnership's investment in Smith House II Limited Partnership filed with the commission on December 16, 1996. Report on Form 8-K dated February 11, 1997, concerning the Partnership's investment in Pear Village Limited Partnership filed with the commission on February 11, 1997. Report on Form 8-K dated February 14, 1997, concerning the Partnership's investment in M.R.H., L.P. filed with the commission on February 14, 1997. Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in 352 Lennox Associates, L.P. filed with the commission on March 25, 1997. Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Decro Nordhoff, L.P. filed with the commission on March 25, 1997. Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Hurricane Hills, L.C. filed with the commission on March 25, 1997. Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Main Everett Housing, L.P. filed with the commission on March 25, 1997. Report on Form 8-K dated March 25, 1997, concerning the Partnership's investment in Mokapoke Limited Partnership filed with the commission on March 25, 1997. 65 Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Autumn Ridge Limited Partnership filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Century East Apartments II Limited Partnership filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Coolidge-Pinal II Associates filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Dublin Housing Associates, Phase II filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in East Park Apartments II Limited Partnership filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Edenfield Place Apartments, L.P. filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Ethel Housing, L.P. filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Los Lunas Limited Partnership filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in New Devonshire West, Limited Partnership filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Northfield Housing L.P. filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Ohio Investors Limited Partnership filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Osborne Housing, L.P. filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Overton Associates Limited Partnership filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Pahrump Valley Investors filed with the commission on March 26, 1997. 66 Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Shannon Housing, L.P. filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in Sutton Place Apartments, L.P. filed with the commission on March 26, 1997. Report on Form 8-K dated March 26, 1997, concerning the Partnership's investment in West Point Housing, L.P. filed with the commission on March 26, 1997. Report on Form 8-K dated March 27, 1997, concerning the Partnership's investment in Jeremy Associates Limited Partnership filed with the commission on March 27, 1997. Report on Form 8-K dated March 27, 1997, concerning the Partnership's investment in Laurelwood Park Limited Partnership filed with the commission on March 27, 1997. Report on Form 8-K dated March 27, 1997, concerning the Partnership's investment in Roxbury Housing Veterans Limited Partnership filed with the commission on March 27, 1997. Report on Form 8-K dated April 7, 1997, concerning the Partnership's investment in Elm Street Associates, L.P. filed with the commission on April 7, 1997. Report on Form 8-K dated May 21, 1997, concerning the Partnership's investment in Brookhaven Apartments Partnership filed with the commission on July 22, 1997. Report on Form 8-K dated July 16, 1997, concerning the Partnership's investment in Maple Limited Partnership filed with the commission on July 16, 1997. Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Bradley Phase I Limited Partnership filed with the commission on July 22, 1997. Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Bradley Phase II Limited Partnership filed with the commission on July 22, 1997. Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Butler Street/Hanover Towers Limited Partnership filed with the commission on July 22, 1997. Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Byam Limited Partnership filed with the commission on July 22, 1997. Report on Form 8-K dated July 22, 1997, concerning the Partnership's investment in Harbor Limited Partnership filed with the commission on July 22, 1997. 67 Report on Form 8-K dated August 5, 1997, concerning the Partnership's investment in 1374 Boston Road Limited Partnership filed with the commission on August 5, 1997. Report on Form 8-K dated August 5, 1997, concerning the Partnership's investment in Centenary Housing Limited Partnership filed with the commission on August 5, 1997. Report on Form 8-K dated August 5, 1997, concerning the Partnership's investment in Lake Apartments II Limited Partnership filed with the commission on August 5, 1997. Report on Form 8-K dated August 8, 1997, concerning the Partnership's investment in AHAB Project One, LP filed with the commission on August 8, 1997. Report on Form 8-K dated April 23, 1998, concerning the Partnership's investment in Grandview Limited Partnership filed with the commission on April 23, 1998. Report on Form 8-K dated April 23, 1998, concerning the Partnership's investment in Angelou Associates, L.P. filed with the commission on April 23, 1998. Report on Form 8-K dated April 24, 1998, concerning the Partnership's investment in Country Edge Apartments I Limited Partnership filed with the commission on April 24, 1998. Report on Form 8-K dated April 27, 1998, concerning the Partnership's investment in Sumner House Limited Partnership filed with the commission on April 27, 1998. Report on Form 8-K dated April 30, 1998, concerning the Partnership's investment in Magnolia Place Apartments Partnership filed with the commission on April 30, 1998. Report on Form 8-K dated April 30, 1998, concerning the Partnership's investment in Edgewood Apartments Partnership filed with the commission on April 30, 1998. Report on Form 8-K dated April 30, 1998, concerning the Partnership's investment in Harrisonville Heights L.P. filed with the commission on April 30, 1998. Report on Form 8-K dated April 30, 1998, concerning the Partnership's investment in Neighborhood Restorations Limited Partnership VII filed with the commission on April 30, 1998. Report on Form 8-K dated May 1, 1998, concerning the Partnership's investment in Escher SRO Project LP filed with the commission on May 1, 1998. 68 (c) Exhibits The list of exhibits required by Item 601 of Regulation S-K is included in Item (a)(3). (d) Financial Statement Schedules See Item (a) 1 and 2 above. (e) Independent Auditors' Reports for Operating Partnerships. None 69 SIGNATURES ---------- Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. Boston Capital Tax Credit Fund IV L.P. By: Boston Capital Associates IV L.P. General Partner By: Boston Capital Associates Date: July 14, 1999 By: /s/ John P. Manning - -------------------------- John P. Manning By: /s/ Herbert F. Collins - -------------------------- Herbert F. Collins Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated: DATE: SIGNATURE: TITLE: General Partner and July 14, 1999 /s/ John P. Manning Principal Executive -------------------- Officer, Principal John P. Manning Financial Officer and Principal Accounting Officer of Boston Capital Associates General Partner and /s/ Herbert F. Collins Principal Executive ----------------------- Officer, Principal Herbert F. Collins Financial Officer and Principal Accounting Officer of Boston Capital Associates 70 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT BOSTON CAPITAL TAX CREDIT FUND IV L.P. SERIES 20 THROUGH SERIES 35 MARCH 31, 1999 AND 1998 Boston Capital Tax Credit Fund IV L.P. - Series 20 through Series 35 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT F-3 FINANCIAL STATEMENTS BALANCE SHEETS F-6 STATEMENTS OF OPERATIONS F-23 STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F-40 STATEMENTS OF CASH FLOWS F-57 NOTES TO FINANCIAL STATEMENTS F-91 SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION F-206 NOTES TO SCHEDULE III Schedules not listed are omitted because of the absence of the conditions under which they are required or the information is included in the financial statements or the notes thereto. Reznick Fedder & Silverman Certified Public Accountants * A Professional Corporation 4520 East-West Highway * Suite 300 * Bethesda, MD 20814- 3319 (301) 652-9100 * Fax (301) 652-1848 INDEPENDENT AUDITORS' REPORT To the Partners of Boston Capital Tax Credit Fund IV L.P. We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund IV L.P. as of March 31, 1999 and 1998, and the related statements of operations, changes in partners' capital and cash flows for the years ended March 31, 1999, 1998 and 1997 and Boston Capital Tax Credit Fund IV L.P. - Series 20 through 35 as of March 31, 1999 and Series 20 through 32 as of March 31, 1998 and the related statements of operations, partners' capital and cash flows for the years ended March 31, 1999, 1998 and 1997 for Series 20 through 26, for the period June 17, 1996 (date of inception) through March 31, 1997 for Series 27, for the period September 30, 1996 (date of inception) through March 31, 1997 for Series 28, for the period February 10, 1997 (date of inception) through March 31, 1997 for Series 29, for the period June 23, 1997 (date of inception) through March 31, 1998 for Series 30, for the period September 11, 1997 (date of inception) through March 31, 1998 for Series 31, for the period January 19, 1998 (date of inception) through March 31, 1998 for Series 32, for the period June 22, 1998 (date of inception) through March 31, 1999 for Series 33, for the period September 22, 1998 (date of inception) through March 31, 1999 for Series 34, and for the period February 22, 1999 (date of inception) through March 31, 1999 for Series 35. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain operating limited partnerships in which Boston Capital Tax Credit Fund IV L.P. owns a limited partnership interest. Investments in such partnerships comprise the following percentages: Total, 21% and 17% of the assets as of March 31, 1999 and 1998, respectively, and 28%, 22% and 12% of the partnership loss for the years ended March 31, 1999, 1998 and 1997, respectively; of the assets for Series 20 as of March 31, 1999 and 1998, 26% and 16%, respectively; of the partnership loss for Series 20 for the years ended March 31, 1999, 1998 and 1997, 25%, 11% and 9%, respectively; of the assets for Series 21 as of March 31, 1999 and 1998, 25% and 22%, respectively; of the partnership loss for Series 21 for the years ended March 31, 1999, 1998 and 1997, 15%, 10% and 11%, respectively; of the assets for Series 22 as of March 31, 1999 and 1998, 12% and 12%, respectively; of the partnership loss for Series 22 for the years ended March 31, 1999, 1998 and 1997, 8%, 8% and 6%, respectively; of the assets for Series 23 as of March 31, 1999 and 1998, 40% and 31%, respectively; of the partnership loss for Series 23 for the years ended March 31, 1999, 1998 and 1997, 38%, 28% and 16%, respectively; of the assets for Series 24 as of March 31, 1999 and 1998, 32% and 31%, respectively; of the partnership loss for Series 24 for the years ended March 31, 1999, 1998 and 1997, 35%, 31% and 27%, respectively; of the assets for Series 25 as of F-3 March 31, 1999 and 1998, 39% and 34%, respectively; of the partnership loss for Series 25 for the years ended March 31, 1999, 1998 and 1997, 41%, 37% and 16%, respectively; of the assets for Series 26 as of March 31, 1999 and 1998, 33% and 19%, respectively; of the partnership loss for Series 26 for the years ended March 31, 1999, 1998 and 1997, 34%, 28% and 13%, respectively; of the assets for Series 27 as of March 31, 1999 and 1998, 14% and 19%, respectively; of the partnership loss for Series 27 for the years ended March 31, 1999, 1998 and for the period June 17, 1996 (date of inception) through March 31, 1997, 9%, 10% and 0%, respectively; of the assets for Series 28 as of March 31, 1999 and 1998, 34% and 16%, respectively; of the partnership loss for Series 28 for the years ended March 31, 1999, 1998 and for the period September 30, 1996 (date of inception) through March 31, 1997, 45%, 12% and 0%, respectively; of the assets for Series 29 as of March 31, 1999 and 1998, 11% and 4%, respectively; of the partnership loss for Series 29 for the years ended March 31, 1999, 1998 and for the period February 10, 1997 (date of inception) through March 31, 1997, 16%, 31% and 0%, respectively; of the assets for Series 30 as of March 31, 1999 and 1998, 28% and 3%, respectively; of the partnership loss for Series 30 for the year ended March 31, 1999 and for the period June 23, 1997 (date of inception) through March 31, 1998, 21% and 10%, respectively; of the assets for Series 31 as of March 31, 1999 and 1998, 32% and 21%, respectively; of the partnership loss for Series 31 for the year ended March 31, 1999 and for the period September 11, 1997 (date of inception) through March 31, 1998, 22% and 9%, respectively; of the assets for Series 32 as of March 31, 1999 and 1998, 4% and 0%, respectively; of the partnership loss for Series 32 for the year ended March 31, 1999 and for the period January 19, 1998 (date of inception) through March 31, 1998, 7% and 0%, respectively; of the assets for Series 33 as of March 31, 1999, 13%; of the partnership loss for Series 33 for the period June 22, 1998 (date of inception) through March 31, 1999, 38%; of the assets for Series 34 as of March 31, 1999, 5%; of the partnership loss for Series 34 for the period September 22, 1998 (date of inception) through March 31, 1999, 1%; of the assets for Series 35 as of March 31, 1999, 0%; and of the partnership loss for Series 35 for the period February 22, 1999 (date of inception) through March 31, 1999, 0%. The financial statements of these partnerships were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to information relating to these partnerships, is based solely on the reports of the other auditors. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion. F-4 In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund IV L.P. as of March 31, 1999 and 1998 and the results of its operations and its cash flows for the years ended March 31, 1999, 1998 and 1997 and Boston Capital Tax Credit Fund IV L.P. Series 20 through 35 as of March 31, 1999 and Series 20 through 32 as of March 31, 1998 and the results of their operations and their cash flows for the years ended March 31, 1999, 1998 and 1997 for Series 20 through 26, for the period June 17, 1996 (date of inception) through March 31, 1997 for Series 27, for the period September 30, 1996 (date of inception) through March 31, 1997 for Series 28, for the period February 10, 1997 (date of inception) through March 31, 1996 for Series 29, for the period June 23, 1997 (date of inception) through March 31, 1998 for Series 30, for the period September 11, 1997 (date of inception) through March 31, 1998 for Series 31, for the period January 19, 1998 (date of inception) through March 31, 1998 for Series 32, for the period June 22, 1998 (date of inception) through March 31, 1999 for Series 33, for the period September 22, 1998 (date of inception) through March 31, 1999 for Series 34, and for the period February 22, 1999 (date of inception) through March 31, 1999 for Series 35, in conformity with generally accepted accounting principles. We and other auditors have also audited the information included in the related financial statement schedules listed in Form 10-K, Item 14(a) of Boston Capital Tax Credit Fund IV L.P. - Series 20 through Series 35 as of March 31, 1999. In our opinion, the schedules present fairly, in all material respects, the information required to be set forth therein, in conformity with generally accepted accounting principles. Bethesda, Maryland July 9, 1999 F-5 EideBailly,LLP Consultants - Certified Public Accountants INDEPENDENT AUDITOR 'S REPORT The Partners Ashbury Apartments Limited Partnership Sioux Falls, South Dakota We have audited the accompanying balance sheets of Ashbury Apartments Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ashbury Apartments Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Sioux Falls, South Dakota January 21, 1999 100 North Phillips - Suite 800 - PO Box 5126 - Sioux Falls, South Dakota 57117-5126 - 605.339.1999 - Fax 605.339.1306 605.339.1970 Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and South Dakota - Equal Opportunity Employer MEMBER INTERNATIONAL Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 669-5531 INDEPENDENT AUDITOR'S REPORT To the Partners Bennetts Pointe Limited Partnership I have audited the accompanying balance sheets of Bennetts Pointe Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners, equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program issued in December 1989. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bennetts Pointe Limited Partnership as of December 31, 1998 and 1997, and the results of it-operations, changes in partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 15 to 17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing standards, I have also issued a report dated February 18, 1999 on my consideration of Bennetts Pointe Limited Partnership's internal control and a report dated February 18, 1999 on its compliance with laws and regulations applicable to the financial statements. THOMAS C. CUNNINGHAM, CPA P.C. February 18, 1999 Virchow, Krause & Company, LLP Certified Public Accountants & Consultants INDEPENDENT AUDITORS' REPORT To the Partners Breeze Cove Limited Partnership Madison, Wisconsin We have audited the balance sheet of Breeze Cove Limited Partnership as of December 31, 1998, and the related statements of loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Breeze Cove Limited Partnership as of December 31, 1997 were audited by other auditors whose report dated January 14, 1998 indicated that they were unable to obtain written representations from the general partner of the partnership concerning certain matters relating to compliance and contingencies and except for the effects of such adjustments, the financial statements for 1997 were in conformity with generally accepted accounting principles. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Breeze Cove Limited Partnership as of December 31, 1998, and the results of its operations, changes in partners' equity and its cash flows for the year then ended in conformity with generally accepted accounting principles. VIRCHOW, KRAUSE & COMPANY, LLP Madison, Wisconsin January 22, 1999 Page 1 SALMIM, CELONA, WEHRLE & FLAHERTY, LLP CERTIFITED PUBLIC ACCOUNTANTS 1170 CHILI AVENUE ROCHESTER, NY 14694-3033 716 / 279-0120 FAX 716 / 279-0166 To The Partners College Green Rental Associates Rochester, New York Independent Auditor's Report We have audited the accompanying balance sheet of College Greene Rental Associates, L.P. (a Limited Partnership as of December 31, 1998 and the related statements of operations, changes in partners' capital (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partners management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of College Greene Rental Associates, L.P. as of December 31, 1997, were audited by other auditors whose report dated February 9, 1998, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the 1998 financial statements referred to above present fairly, in all material respects, the financial position of College Greene Rental Associates, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Salmin, Celona, Wehrle & Flaherty, LLP January 25, 1999 FRIDUSS, LUKEE, SCHIFF & CO., P.C. CERTIFIED PUBUC ACCCUNTANTS 4747 WEST PETERSON AVENUE CHICAGO, ILLINOIS 60646 (773) 777-4445 (773) 777-6657 FAX MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS ILLINOIS CPA SOCIETY INDEPENDENT AUDITOR'S REPORT To The Partners Of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership) We have audited the accompanying balance sheets of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' equity (deficit), and cash flows for the years' then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We have conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used in significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial posit ion of EAST DOUGLAS APARTMENTS LIMTED PARTNERSHIP as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information included in this report on Schedule I accompanying the financial statements is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. FRIDUSS, LUKEE, SCHIFF & Co., P.C. Certified Public Accountants Chicago, Illinois PRICEWATERHOUSECOOPER5 PricewaterhouseCoopers LLP 1100 Bausch & Lomb Place Rochester NY 14604-2705 Telephone (716) 232 4000 Page I Report of Independent Accountants January 25, 1999 To the Partners Evergreen Hills Associates, L.P. In our opinion, the accompanying statements of financial position, and the related statements of operations and partners' capital, changes in partners' capital and cash flows present fairly, in all material respects, the financial position of Evergreen Hills Associates, L.P. at December 31, 1998 and 1997, and the results of their operations and their cash flows for the years then ended in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Company's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. PAILET, MEUNIER and LeBLANC, LLP Certified Public Accountants Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners FLORAL ACRES APARTMENTS II We have audited the accompanying balance sheets of FLORAL ACRES APARTMENTS 11, RHS PROJECT NO. 22-026-721172913 as of December 31, 1998 and 1997 and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of FLORAL ACRES APARTMENTS 11 as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated February 23, 1999 on our consideration of FLORAL ACRES APARTMENTS II's internal control and a report dated February 23, 1999 on its compliance with laws and regulations applicable to the financial statements. Metairie, Louisiana February 23, 1999 3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 201 St. Charles Ave., Suite 2559 - New Orleans, LA 70170 Telephone (504) 837-0770 - Fax (504) 837-7102 Telephone (504) 522-0504 - Fax (504) 837-7102 AICPA SEC Practice Section 9 3AICPA Private companies Practice Section Martin A. Starr, CPA, INDEPENDENT AUDITORS' REPORT To the Partners Virginia Avenue Affordable Housing Limited Partnership I have audited the accompanying balance sheets of Virginia Avenue Affordable Housing Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Virginia Avenue Affordable Housing Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 14 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Martin A. Starr Certified Public Accountant March 18, 1999 - -3- Certified Public Accountants 1 4260 Truxtun Avenue, Ste. 140, Bakersfield, CA 93369 805-635-3185 FAX 805-615-3190 Charles Bailly & Company P.L.L.P. Certified Public Accountants - Consultants INDEPENDENT AUDITOR'S REPORT To the PartnersAshbury Apartments Limited PartnershipSioux Falls, South Dakota We have audited the accompanying balance sheets of Ashbury Apartments Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners I equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ashbury Apartments Limited Partnership as of December 31, 1997 and 1996, and the results of its operations, changes in partners, equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 11 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Sioux Falls, South Dakota January 19, 1998 Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 669-5531 INDEPENDENT AUDITOR'S REPORT To the Partners Bennetts Pointe Limited Partnership I have audited the accompanying balance sheets of Bennetts Pointe Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and discloses in the financia1 statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financia1 statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bennetts Pointe Limited Partnership as of December 31, 1997 and 1996, and the resu1t of its operations, changes in partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information on pages 15 to 17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing Standards, 1 have also issued a report dated February 18, 1998 on my consideration of Bennetts Pointe Limited Partnership's internal contro1 and a report dated February 18, 1998 on its compliance with laws and regulations applicable to the financial statements. THOMAS C. CUNNINGHAM, CPA P.C. February 18, 1998 Coopers &Lybrand Report of Independent Accountants To the Partners College Greene Rental Associates, L.P. We have audited the accompanying balance sheets of College Greene Rental Associates, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations and partners' capital, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of College Greene Rental Associates, L.P., as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. Rochester, New York February 9, 1998 DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143 Telephone (502)756-5704 FAX (502)756-5927 e-mail dgdcpa@bbtel.com INDEPENDENT AUDITOR'S REPORT To the Partners Cynthiana Properties, Limited Leitchfield, Kentucky I have audited the accompanying balance sheets of Cynthiana Properties, Limited (a Kentucky limited partnership), HUD Project No. 08344096, as of December 31, 1997 and 1996 and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Project's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the consolidated Audit Guide for Audits of HUD Programs(the "Guide"). Those standards and the Guide require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cynthiana Properties, Limited, HUD Project No. 083-44096, as of December 31, 1997 and 1996, and the results of its operations, changes in its partners' capital, and its cash flows for the years then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 11 and 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Daniel G. Drane Certified Public Accountant April 14, 1998 Coopers &Lybrand Report of Independent Accountants To the Partners Evergreen Hills Associates, L.P. We have audited the accompanying statements of financial position of Evergreen Hills Associates, L.P. (A Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations and partners' capital, changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Evergreen Hills Associates, L.P., as of December 31, 1997 and 1996, and the results of its operations, changes in partners' capital and its cash flows for the years then ended in conformity with generally accepted accounting principles. Rochester, New York January 21, 1998 Martin A. Starr, C.P.A. INDEPENDENT AUDITOR'S REPORT To the Partners Virginia Avenue Affordable Housing Limited Partnership I have audited the accompanying balance sheets of Virginia Avenue Affordable Housing Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Virginia Avenue Affordable Housing Limited Partnership as of December 31, 1997 and 1996, and the results of its operations, the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 14 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been Subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Martin A. Starr Certified Public Accountant February 11, 1998 Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants Independent Auditors' Report To the Partners of Better Homes for Havelock Limited Partnership (A North Carolina Limited Partnership) We have audited the accompanying balance sheet of Better Homes for Havelock Limited Partnership (a North Carolina Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The 1997 financial statements were audited by other auditors whose report dated February 11, 1998, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Better Homes for Havelock Limited Partnership as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 29, 1999, on our consideration of the Partnership's internal controls and a report dated January 29, 1999, on its compliance with laws and regulations. 698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140 Better Homes for Havelock Limited Partnership Page Two The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. January 29, 1999 Dauby O'Connor & Zaleski, LLC Carmel, Indiana Certified Public Accountants STIESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBIC ACCOUNTANTS Independent Auditor's Report To the Partners Black River Run Limited Partnership We have audited the accompanying balance sheets of Black River Run Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the Amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our: audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Black River Run Limited Partnership, as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS January 19, 1999 2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 547~-0810 PHONE(715) 832-3425 FAX(715) 832-1665 Bernard Robinson & Company L.L.P Certified Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 FAX 336-547-0840 TELEPHONE 336-294-4494 Independent Auditor's Report To the Partners Liveoak Village Limited Partnership Charlotte, North Carolina We have audited the accompanying balance sheets of Liveoak Village Limited Partnership (an Alabama limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Liveoak Village Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Liveoak Village Limited Partnership of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS Greensboro, North Carolina February 5, 1999 Page 1 RANKIN, RANKIN & COMPANY Lookout Corporate Center 1717 Dixie Highway, Suite 600 Ft. Wright, Kentucky 41011 Tel. 606/331-5000 Certified Public Accountants INDEPENDENT AUDITOR'S REPORT To the Partners Lookout Ridge Limited Partnership We have audited the accompanying balance sheet of Lookout Ridge Limited Partnership as of December 31, 1998, and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lookout Ridge Limited Partnership as of December 31, 1998, and the results of its operations, the changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing, procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. RANKIN, RANKIN & COMPANY Ft. Wright, Kentucky February 8, 1999 1 STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY CO MPANY CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners Pinedale II Limited Partnership We have audited the accompanying balance sheets of Pinedale II Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pinedale II Limited Partnership, as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS January 26, 1999 2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 PHONE(715) 832-3425 FAX(715) 832-1665 STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners Pumphouse Crossing II Limited Partnership We have audited the accompanying balance sheets of Pumphouse Crossing II Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pumphouse Crossing II Limited Partnership, as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. January 25, 1999 2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 PHONE (715) 832-3425 FAX(715) 832-1665 - -I- STANCIL & COMPANY INDEPENDENT AUDITORS' REPORT To the Partners of Better Homes for Havelock Limited Partnership Raleigh, North Carolina We have audited the accompanying balance sheets of Better Homes for Havelock Limited Partnership (a limited partnership) as of December 31, 1997 and 1996 and the related statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Better Homes for Havelock Limited Partnership as of December 31, 1997 and 1996 and the results of its operations, changes in partners' capital and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 12 through 16 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated February 13, 1998 on our consideration of Better Homes for Havelock Limited Partnership's internal control and a report dated February 13, 1998 on its compliance with laws and regulations applicable to the financial statements. Raleigh, North Carolina February 13, 1998 STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners Black River Run Limited Partnership We have audited the accompanying balance sheets of Black River Run Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Black River Run Limited Partnership, as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS January 16, 1998 OSCAR N. HARMS & ASSOCIATES, P.A. CERTIFIED PUBLIC ACCOUNTANTS OSCAR N. HARRIS, C.P.A. SHERRY S. JOHNSON, C.P.A. KENNETH E- MILTON, C.P.A. CONNIE P. STANCIL, C.P.A. MEMBERS: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS NORTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Partners of Live Oak Village Limited Partnership Charlotte, North Carolina We have audited the balance sheets of Live Oak Village Limited Partnership (an Alabama Limited Partnership) as of December 31, 1997 and 1996, and the repeated statements of partners' capital, income, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Live Oak Village Limited Partnership as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. Schedules 1, 2, 3, and 4 on pages 13, 14, 15, and 16 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Certified Public Accountants February 6, 1998 RANKIN, RANKIN & COMPANY Certified Public Accountants Lookout Corporate Center 1717 Dixie Highway Suite 600 Ft Wright, Kentucky 41011 Tel 606/331-5000 INDEPENDENT AUDITOR'S REPORT To the Partners Lookout Ridge Limited Partnership We have audited the accompanying balance sheet of Lookout Ridge Limited Partnership as of December 31, 1997, and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lookout Ridge Limited Partnership as of December 31, 1997, and the results of its operations, the changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 9 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. RANKIN, RANKIN & COMPANY Ft. Wright, Kentucky February 13, 1998 STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners Pumphouse Crossing II Limited Partnership We have audited the accompanying balance sheets of Pumphouse Crossing H Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pumphouse Crossing II Limited Partnership, as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS January 22, 1998 STIENESSEN - SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners Pinedale II Limited Partnership We have audited the accompanying balance sheets of Pinedale II Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pinedale II Limited Partnership, as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS January 12, 1998 2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702- 0810 - PHONE(715) 832-3425 - FAX(715) 832-1665 -1- Jensen Burcham Stelmack Edwards LLP 717 West 5th Avenue, Longmont, Colorado 80501-5420 Telephone (303) 651-3626 - Metro (303) 443-4581 Fax (303) 443-0107 - E-mail JBSECPAs@aol.com STIENESSEN SCHLEGEL & CO. LIMITED LIABILITY COMPANY CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners Black River Run Limited Partnership We have audited the accompanying balance sheets of Black River Run Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners, equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Black River Run Limited Partnership, as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. 2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 * PHONE (715) 832-3425 * FAX(715) 832-1665 Lawrence M. Jensen, CPA John R Burcham, CPA Jensen Burcham Stelmack Edwards LLP Richard A. Stelmack, CPA Debra S. Edwards, CPA, ABV, CSA Carolyn H. Beck, CPA Patricia Ridge, CPA Kathryn G. Clemons, CPA Claudia L. Grace, CPA Amy M. Seger, CPA 717 West 5th Avenue, Longmont, Colorado 805O1 -5420 Telephone (303) 651-3626 * Metro (303) 443-4581 fax (303) 443-0107- E-mail firm@jbse.com INDEPENDENT AUDITORS' REPORT To the Partners Kimbark 1200 Associates, Limited Partnership Longmont, Colorado We have audited the accompanying balance sheets of Kimbark 1200 Associates, Limited Partnership (a Colorado limited partnership) (FHA Project No. 101-98011) as of December 31, 1998 and 1997, and the related statements of operations, changes in partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Kimbark 1200 Associates, Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. To the Partners Kimbark 1200 Associates, Limited Partnership Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 16 and 17 is presented for the purpose of additional analysis and is not a required part of the basic financial statements of Kimbark 1200 Associates, Limited Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Certified Public Accountants January 22, 1999 Audit Partner: Richard A. Stelmack, CPA Colorado Permit Number 4479 IA's Federal I.D. Number: 84-1362772 Page 2 Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Missouri 65804 (417) 882-4303 INDEPENDENT AUDITOR'S REPORT To the Partners Lost Tree Limited Partnership I have audited the accompanying balance sheets of Lost Tree Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lost Tree Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 and 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Tom Mechsner Certified Public Accountant January 29, 1999 Matthews, Hearson, Cutrer & Lindsay, P.A. CERTIFIED PUBLIC ACCOUNTANTS Brett C. Matthews, CPA J. Raleigh Cutrer, CPA Charles R. IAndsay, CPA J. Erik Hearon, CPA Tammy L. Burney, CPA Elizabeth Hulen Barr, CPA Matthew E. Freeland, CPA INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL STRUCTURE To the Partners Philadelphia Housing II, Limited Partnership Philadelphia, Mississippi We have audited the financial statements of Philadelphia Housing II, Limited Partnership as of and for the years ended December 31, 1998 and 1997, and have issued our report thereon dated January 29, 1999. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. In planning and performing our audits of the financial statements of Philadelphia Housing 11, Limited Partnership for the years ended December 31, 1998 and 1997, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control structure. The management of Philadelphia Housing II, Limited Partnership is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with managements authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. 633 North State Street - Suite 607 -Jackson, Mississippi 39202-3306 Telephone (601) 355-9266 - Facsimile (601) 352-6826 For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories: Financing (notes, loans and capital contributions) Revenue and receipts Purchases and disbursements Accuracy and completeness of external reporting to regulatory authorities and others For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above. This report is intended for the information of the audit committee, management, and the Rural Housing Service (RHS), formerly the Farmers Home Administration, and should not be used for any other purpose. Jackson, Mississippi January 29, 1999 12 AHMADU H. SAMBO CERTIFIED PUBLIC ACCOUNTANT Independent Auditor's Report To the Partners of Roxbury Veterans Housing Limited Partnership I have audited the accompanying balance sheet of Roxbury Veterans Housing Limited Partnership (a Massachusetts Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Roxbury Veterans Housing Limited Partnership as of December 31, 1998, and the results of its operations, changes in partners' equity, and cash flows for the year ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying schedule of operating expenses is presented for purposes of additional analysis and is not required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. April 9, 1999 12 HOEG STREET, SUITE 200, RANDOLPH, MA 02368 - TEL (781) 961-5562 - FAX (781) 961-5563 Friduss, Lukee, Schiff & CO P.C. Certified Public Accountants 4747 West Peterson Avenue Chicago, Illinois 60645 (773)777-4445 (773)777-8557 Fax Members American Institute of Certified Public Accountants Illinois CPA Society Independent Auditor's Report To the Partners ELKS TOWER APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership) We have audited the accompanying balance sheets of ELKS TOWER APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership) as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of ELKS TOWER APARTMENTS LIMITED PARTNERSHIP,, as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information in Schedule I is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Friduss, Lukee, Schiff & CO P.C. CERTIFIED PUBLIC ACCOUNTANTS Chicago, IL May 26, 1998 Tom Mechsner Certified Public Accountant 2200 E. Sunshine Suite 360 Springfie1d, Missouri 65804 (417) 882-4,103 INDEPENDENT AUDITOR'S REPORT To the Partners Lost Tree Limited Partnership I have audited the accompanying balance sheets of Lost Tree Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lost Tree Limited Partnership as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 and 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Tom Mechsner Certified Public Accountant March 10, 1998 Matthews, Hearon, Cutrer & Lindsay, PLLC CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT To the Partners Philadelphia Housing II, Limited Partnership Philadelphia, Mississippi We have audited the accompanying balance sheets of Philadelphia Housing II, Limited Partnership (a Mississippi limited partnership), FmHA Project No. 28-050-640808922 as of December 31, 1997 and 1996, and the related statements of operations, partners' capital (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Philadelphia Housing II, Limited Partnership, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purposes of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. We have prepared the Multiple Family Housing Borrower Balance Sheet (FmHA Form 1930-8) and the Multiple Family Housing Project Budget (FmHA Form 1930-7). Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Jackson, Mississippi February 4, 1998 DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143 Telephone (502)756-5704 FAX (502)756-5927 INDEPENDENT AUDITOR'S REPORT To the Partners Sacramento Properties Limited Leitchfield, Kentucky I have audited the accompanying balance sheet of Sacramento Properties Limited (a Kentucky limited partnership), RHS Project No.: 20-075-0611257573, as of December 31, 1997, and the related statements of operations, partners' capital, and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit, as of and for the year December 31, 1997, in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sacramento Properties Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital and its cash flows for the year then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Daniel G. Drane Certified Public Accountant February 11, 1998 MARGOLIN, WINER & EVENS LLP CERTIFIED PUBLIC ACCOUNTANTS 400 GARDEN CITY PLAZA - GARDEN CITY. NEW YORK 11530-3317 TEL: (516) 747-2000 FAX: (516) 747-6707 Report of Independent Accountants Partners Colonna Redevelopment Company L.P. Hempstead, New York We have audited the accompanying balance sheets of Colonna Redevelopment Company L.P. (a New York Limited Partnership) (the "Partnership") as of December 31, 1998 and 1997 and the related statements of operations, cash flows and partners' equity for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Colonna Redevelopment Company L.P. as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 9, 1999 AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, SEC PRACTICE SECTION AND PRIVATE COMPANIES PRACTICE SECTION CPA ASSOCIATES INTERNATIONAL, INC, WITH OFFICES IN PRINCIPAL U.S. AND INTERNATIONAL CITIES Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Missouri 65804 (417) 882-4303 INDEPENDENT AUDITOR'S REPORT To the Partners Halls Ferry Apartments, L.P. I have audited the accompanying balance sheets of Halls Ferry Apartments, L.P. as of December 31, 1998, and 1997 and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Halls Ferry Apartments, L.P. as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 15 and 16 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Tom Mechsner Certified Public Accountant January 29, 1999 YEO & YEO Independent Auditors' Report Partners Ithaca I Limited Partnership Ithaca, Michigan We have audited the accompanying balance sheet of Ithaca I Limited Partnership Rural Development Project No. 26-029-383119117 as of December 31, 1998 and 1997, and the related statements of income, partners' equity and cash flows for the years ended December 31, 1998 and 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ithaca I Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, changes in partner's equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 10, 1999 on our consideration of Ithaca I Limited Partnership's internal control over financial reporting and our tests of compliance with certain provisions of laws and regulations, contracts, and grants. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information presented on pages 11 through 17 is presented for purposes of complying with the requirements of the Rural Development and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS February 10, 1999 Yeo & Yeo PC. Certified Public Accountants 912 Centennial Way Suite 300 Lansing, MI 48917 Jensen Burcharn Stelmack Edwards LLP Lawrence M. Jensen, CPA John R Burcham, CPA Richard A. Stelmack, CPA Debra S. Edwards, CPA, ABV, CSA Kathryn G. Clemons, CPA Carolyn H. Beck, CPA Claudia L. Grace, CPA Amy M. Seger, CPA Patricia Ridge, CPA Certified Public Accountants and Consultants 717 West Sth Avenue, Longmont, Colorado 80501-5420 Telephone (303) 651-3626 - Metro (303) 443-4581 fax (303) 443-0107 - E-mail firm@jbse.com INDEPENDENT AUDITORS' REPORT To the Partners Kimbark 1200 Associates, Limited Partnership Longmont, Colorado We have audited the accompanying balance sheets of Kimbark 1200 Associates, Limited Partnership (a Colorado limited partnership) (FHA Project No. 101-98011) as of December 31, 1998 and 1997, and the related statements of operations, changes in partners' equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Kimbark 1200 Associates, Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. Page I To the Partners Kimbark 1200 Associates, Limited Partnership Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 16 and 17 is presented for the purpose of additional analysis and is not a required part of the basic financial statements of Kimbark 1200 Associates, Limited Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Certified Public Accountants January 22, 1999 Audit Partner: Richard A. Stelmack, CPA Colorado Permit Number 4479 IA's Federal I.D. Number: 84-1362772 Page 2 PAILET, MEUNIER and LeBLANC, LLP Certified Public Accountants Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners MATHIS APARTMENTS, LTD. We have audited the accompanying balance sheets of MATHIS APARTMENTS, LTD., RHS PROJECT NO. 51-005-721010606 as of December 31, 1998 and 1997 and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of MATHIS APARTMENTS, LTD. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole, 3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 201 St. Charles Ave., Suite 2559 e New Orleans, LA 70170 Telephone (504) 837-0770 - Fax (504) 837-7102 Telephone (504) 522-0504 - Fax (504) 837-7102 Member of international Group of Accounting Firms a Member Firms in Principal Cities AlCPA SEC Practice Section * AICPA Private companies Practice Section In accordance with Government Auditing Standards, we have also issued a report dated February 24, 1999 on our consideration of MATHIS APARTMENTS, LTD.'s internal control and a report dated February 24, 1999 on its compliance with laws and regulations applicable to the financial statements. Metairie, Louisiana February 24, 1999 CONSIDINE & CONSIDINE To The Partners Sacramento SRO Limited Partnership A California Limited Partnership 600 West Broadway, #1070 San Diego, CA 92101 Independent Auditor's Report We have audited the accompanying balance sheets of Sacramento SRO Limited Partnership, as of December 31, 1998 and 1997 and the related statements of operations and partners, capital and statements of cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sacramento SRO Limited Partnership, as of December 31, 1998 and 1997, and the results of their operations and cash flows for the years then ended in conformity with generally accepted accounting principles. CONSIDINE & CONSIDINE An Accountancy Corporation February 11, 1999 CERTIFIED PUBLIC ACCOUNTANTS - MEMBER OF AICPA 1501 FIFTH AVENUE. SUITE 400 - SAN DIEGO. CA 92101-3202 (619) 231-1977 - FAX: (619) 231-8244 - E-MAIL: CC@CCCPA.COM - V;WW.CCCPA.COM GORACKE & WILCOX, P.C. Certified Public Accountants 5010 SOUTH 118TH STREET, SUITE 100, OMAHA, NEBRASKA 68137-2208 VIRGIL J. GORACKE, C.P.A. DOUGLAS A. GORACKE. C.P.A. MICHAEL E. WILCOX. C.P.A. PAUL F. PIOTROWSKI. C.P.A. CHRIS E. RITTERSUSH. C.P.A. INDEPENDENT AUDITORS' REPORT To the Partners South Hills Apartments, L.P. We have audited the accompanying balance sheets of South Hills Apartments, L.P. as of December 31, 1998 and 1997, and the related statements of operations, partners, equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. we believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Hills Apartments, L.P. as of December 31, 1998 and 1997, and the results of its operations, changes in partners, equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 14 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Goracke & Wilcox, P.C. January 21, 1999 1-3 RICHARD J. PAULUS, CPA DAVID R. PAULUS, CPA, CVA MICHAEL D. BARTZ, CPA CHRISTINE K. SPENGLER, CPA PAULUS & COMPANY Certified Public Accountants 49 BUFFALO STREET P.O. BOX 563 HAMBURG, NEWYORK 140:75 (716) 648-1330 FAX (716) 648-1484 E-MAIL: Paulus@Pcom.net Independent Auditor's Report To the partners: Village Woods Estates, L.P. We have audited the accompanying balance sheet of Village Woods Estates, L.P. as of December 31, 1998, and the related statements of income, changes in partners' capital, and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Village Woods Estates, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Paulus & Company January 29, 1999 Page 1 MARGOLIN, WINER & EVENS LLP CERTIFIED PUBLIC ACCOUNTANTS, ESTABLISHED 1946 400 GARDEN CITY PLAZA GARDEN CITY, NEW YORK 11530-3317 TEL: (516) 747-2000 FAX: (516) 747-6707 Report of Independent Accountants Partners Colonna Redevelopment Company L.P. Hempstead, New York We have audited the accompanying balance sheets of Colonna Redevelopment Company L.P. (a New York Limited Partnership) (the "Partnership") as of December 31, 1997 and 1996 and the related statements of operations, cash flows and partners' equity for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Colonna Redevelopment Company L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. January 22, 1998 Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Michigan 65804 (417) 882-4303 INDEPENDENT AUDITOR'S REPORT To the Partners Halls Ferry Apartments, L.P. I have audited the accompanying balance sheets of Halls Ferry Apartments, L.P. as of December 31, 1997, and 1996 and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Halls Ferry Apartments, L.P. as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 15 and 16 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Tom Mechsner Certified Public Accountant March 10, 1998 YEO & YEO Independent Auditors' Report Partners Ithaca I Limited Partnership Ithaca, Michigan We have audited the accompanying balance sheet of Ithaca I Limited Partnership RHCD Project No. 26-029-383119117 as of December 31, 1997 and 1996, and the related statements of income, partners' equity and cash flows for the years ending December 31, 1997 and 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ithaca I Limited Partnership as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 4, 1998 on our consideration of Ithaca I Limited Partnership's internal control over financial reporting and our tests of compliance with certain provisions of laws and regulations, and contracts. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information presented on pages 11 through 17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS February 4, 1998 To The Partners Sacramento SRO Limited Partnership A California Limited Partnership 600 West Broadway, #1070 San Diego, CA 92101 Independent Auditors' Report We have audited the accompanying balance sheet of Sacramento SRO Limited Partnership as of December 31, 1997 and 1996, and the related statements of operations, partners' capital and statements of cash flows for the years the ended. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sacramento SRO Limited Partnership as of December 31, 1997 and 1996, and the results of their operations and cash flows for the years then ended in conformity with generally accepted accounting principles. CONSIDINE & CONSIDINE An Accountancy Corporation February 20, 1998 GORACKE & WILCOX, P.C. Certified Public Accountants 5010 South 118th Street, Suite 100 Omaha, Nebraska 68137-2208 Telephone 402-896-1500 INDEPENDENT AUDITORS' REPORT To the Partners South Hills Apartments, L.P. We have audited the accompanying balance sheets of South Hills Apartments, L.P. as of December 31, 1997 and 1996, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnerships management. our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statement. referred to above present fairly, in all material respects, the financial position of South Hills Apartments, L.P. as of December 31, 1997 and 1996, and the results of its operations, changes in partners, equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 14 is presented for purposes of additional analysis and is not a required part of the basic financial statements. such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Goracke & Wilcox, P.C. January 26, 1998 YOUNG & PRICKITT, P C. Certified Public Accountants 111 Franklin Road, Suite 302 Roanoke, Virginia 24011-2100 540/982-3852 540/343-9231 FAX INDEPENDENT AUDITOR'S REPORT To The Partners Autumn Ridge Associates Roanoke, Virginia: We have audited the accompanying balance sheet of Autumn Ridge Associates (A Virginia Limited Partnership) as of December 31, 1998 and 1997 and the related statement of operations and partners' equity (deficit) and cash flow for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as we'll as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Autumn Ridge Associates as of December 31, 1998 and 1997, and the results of its operation and its cash flow for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 13 through 16 is presented for the purpose of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 17, 1999 - - Page 4 YORK, DILLINGHAM & COMPANY, P.L.L.C. CERTIFIED PUBLIC ACCOUNTANTS LARRY W.YORK JOHN M. DILLINGHAM P. 0. BOX 5511708 COLUMBIA, TENNESSEE 38402-0551 TELEPHONE (931) 388-0517 FAX (931) 381-3440 AMERICAN INSTITUTE OF C.P.A.'S TENNESSEE SOCIETY OF C.P.A'S INDEPENDENT AUDITORS' REPORT To the Partners Brownsville Associates, Limited We have audited the accompanying balance sheets of Brownsville Associates, Limited (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, RHS Project No.: 48-038-621467876, as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brownsville Associates, Limited (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, RHS Project No.: 48-038-621467876, as of December 31, 1998 and 1997, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles, In accordance with Government Auditing Standards, we have also issued a report dated March 3, 1999 on our consideration of Brownsville Associates, Limited's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audits were made for the purpose of forming an opinion on the basic-financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia, Tennessee March 3, 1999 RBG & Co. Independent Auditors' Report To The Partners Centenary Housing Limited Partnership St. Louis, Missouri We have audited the accompanying balance sheet of Centenary Housing Limited Partnership (Centenary Towers Apartments, Project No. 085-35239-PM-SR-PR-WAH-L8) as of December 31, 1998 and the related statements of profit and loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Centenary Housing Limited Partnership as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information shown on pages 15 to 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated January 28, 1999 on our consideration of Centenary Housing Limited Partnership's internal controls and a report dated January 28, 1999 on its compliance with laws and regulations. January 28 1999 Rubin, Brown, Gornstein & Co. LLP Blume Loveridge & Co., PLLC CERTIFIED PUBLIC ACCUNTANTS INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS Partners Coolidge-Pinal II Associates, A Washington Limited Partnership Bellevue, Washington We have audited the accompanying balance sheets of Coolidge-Pinal II Associates, A Washington Limited Partnership, of December 31, 1998 and 1997, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Coolidge-Pinal II Associates, A Washington Limited Partnership, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing-Standards, we have also issued a report, dated January 22, 1999, on our consideration of the Partnership's compliance with laws and regulations and on internal control over financial reporting. 11100 NE 8th Street, Suite 410 Bellevue, WA 98004-4441 PHONE (425) 453-2088 FAX (425) 646-3368 INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS (CONTINUED) Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information shown on pages 12 to 14 is presented for the purpose of complying with the requirements of the U.S. Department of Agriculture, Rural Housing Service, for the year ended December 31, 1998, and is not a required part of the financial statements. Such additional information, presented in Column 2 of Parts I, II and III of the Multiple Family Housing Project Budget (Form RD 1930-7), has been subjected to the auditing procedures applied in the audit of the financial statements for that year, and in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Columns 1, 3 and 4 of Parts I, I I and I I I and Parts IV, V and VI of the Multiple Family Housing Project Budget have not been subjected to the auditing procedures applied in the audits of the financial statements, and accordingly, we express no opinion on Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V and VI of the Multiple Family Housing Project Budget. The additional information presented on page 15 is presented for the purpose of complying with the requirements of a limited partner and is not a required part of the financial statements. The additional information presented on page 15 has been subjected to the auditing procedures applied in the audits of the financial statements for the years ended December 31, 1998 and 1997, and in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. January 22, 1999 Blume Loveridge & Co., PLLC Bellevue, Washington Page 1A Rosenberg, Neuwirth & Kuchner INDEPENDENT AUDITORS' REPORT To the Partners Elm Street Associates, L.P. We have audited the accompanying balance sheets of Elm Street Associates, L.P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnerships' management. Our responsibility is to express and opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Elm Street Associates, L.P., as of December 31, 1998 and 1997, and the results of its operations, changes in partners' capital and cash flows for the year then ended in conformity with generally accepted accounting principles. January 20, 1999 ROSENBERG, NEUWIRTH & KUCHNER CERTIFIED PUBLIC ACCOUNTANTS, P.C. SEVEN PENN PLAZA - NEW YORK, NEW YORK 10001 - TEL (212) 330-6000 - - FAX (212) 643-1951 ARTHUR ANDERSEN LLP REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Partners of Jeremy Associates Limited Partnership: We have audited the accompanying balance sheets of JEREMY ASSOCIATES LIMITED PARTNERSHIP (a Colorado limited partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' capital accounts and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Jeremy Associates Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Denver, Colorado, February 12, 1999. James L. Caughren Certified Public Accountant P.O. Box 36014 Albuquerque, NM 87176 INDEPENDENT AUDITORS' REPORT To the Partners Los Lunas Apartments Limited Partnership We have audited the accompanying balance sheet of Los Lunas Apartments d/b/a Hillridge Apartments as of December 31, 1998 and 1997, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Los Lunas Apartments Limited Partnership d/b/a Hillridge Apartments as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. June 22, 1999 DURANT, SCHRAIBMAN & LINDSAY Certified Public Accountants INDEPENDENT ACCOUNTANTS' REPORT To the Partners New Hilltop Apartments, A Limited Partnership Columbia, South Carolina We have audited the accompanying balance sheets of New Hilltop Apartments, A Limited Partnership (A South Carolina Limited Partnership), as of December 31, 1998 and 1997, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of New Hilltop Apartments, A Limited Partnership, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. February 23, 1999 4408 Forest Drive, Third Floor Columbia, South Carolina 29206 Telephone 803-790-0020Fax 803-790-0011 Mantyla McReynolds Independent Auditor's Report Partners Shadowcreek Apartments Elko, Nevada We have audited the accompanying balance sheet of Shadowcreek Apartments (Project), Rural Development Case No. 33-002-0990283493, as of December 31, 1998 and 1997 -and the related statements of operations, changes in Project equity and cash flows for the year ended December 31, 1998 and December 31, 1997. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and with Government Auditing Standards, issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis. for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Project as of December 31, 1998 and 1997 and the results of its operations and cash flows for the year ended December 31, 1999 and December 31, 1997, in conformity with general accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 ftough 12) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the year ended December 31, 1999. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. Partners Shadowcreek Apartments In accordance with Government Auditing Standards, we have issued a report dated January 27, 1999, on our consideration of the Projects internal control structure and a report dated January 27, 1999, on its compliance with laws and regulations. January 27, 1999 3 BERNARD E. REA, CPA CERTIFIED PUBLIC ACCOUNTANT INDEPENDENT AUDITOR'S REPORT To the Partners Pahrump Valley Investors (A Wyoming Limited Partnership) Cheyenne, WY I have audited the accompanying balance sheets of Pahrump Valley Investors (A Wyoming Limited Partnership), USDA Rural Development Case No. 33-019-680204949, as of December 31, 1998 and 1997, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pahrump Valley Investors (A Wyoming Limited Partnership) as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, I have also issued a report dated March 26, 1999 on my consideration of Pahrump Valley Investors' internal control structure and a report dated March 26, 1999 on its compliance with laws and regulations. Stockton, California March 26, 1999 - - 1 - P.O. BOX 4632 - STOCKTON, CA 95204 - TELEPHONE (209) 933-9113 - FAX (209) 933-9115 - EMAIL BReaCPA@AOL.COM YORK, DILLINGHAM & COMPANY, P.L.L.C. CERTIFIED PUBLIC ACCOUNTANTS LARRY W.YORK JOHN M. DILLINGHAM P. 0. BOX 5511708 COLUMBIA, TENNESSEE 38402-0551 TELEPHONE (931) 388-0517 FAX (931) 381-3440 AMERICAN INSTITUTE OF C.P.A.'S TENNESSEE SOCIETY OF C.P.A'S INDEPENDENT AUDITORS' REPORT To the Partners Stanton Associates, Limited We have audited the accompanying balance sheets of Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, RHS Project No.: 48-038-621542356, as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, RHS Project No.: 48-038-621542356, as of December 31, 1998 and 1997, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated March 5, 1999 on our consideration of Stanton Associates, Limited's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia, March 5, 1999 Mantyla McReynolds Independent Auditor's Report Partners Woodlands Apartments Elko, Nevada We have audited the accompanying balance sheets of Woodlands Apartments (Project), Rural Development Case No. 33-004-0880314570, as of December 31, 1998 and 1997 and the related statements of operations, changes in Project equity and cash flows for the years then ended. These financial statements are the responsibility of the Project! s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and with Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Project as of December 31, 1998 and 1997 and the results of its operations and cash flows for the years then ended, in conformity with general accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 through 12) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the year ended December 31, 1998. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. Partners Woodlands Apartments In accordance with Government Auditing Standards, we have issued a report dated January 28, 1999, on our consideration of the Project's internal control structure and a report dated January 28, 1999, on its compliance with laws and regulations. January 28, 1999 2 PAILET, MEUINER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners ZWOLLE PARTNERSHIP We have audited the accompanying balance sheets of ZWOLLE PARTNERSHIP, RHS PROJECT NO. 22-043-721260425 as of December 31, 1998 and 1997 and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of ZWOLLE PARTNERSHIP as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated February 24, 1999 on, our consideration of ZWOLLE PARTNERSHIP's internal control and a report dated February 24, 1999 on its compliance with laws and regulations applicable-to the financial statements. Metairie, Louisiana February 24, 1999 YORK, DILLINGHAM & COMPANY, P.L.L.C CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 551 1708 ALPINE AVENUE COLUMBIA, TENNESSEE 38402-0551 TELEPHONE (615) 388-0517 FAX (615) 381-3440 INDEPENDENT AUDITORS' REPORT To the Partners Brownsville Associates, Limited We have audited the accompanying (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, FmHA Project No. : 48-038-621467876, as of December 31, 1997 and 1996, and the related statement of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basic evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Brownsville Associates, Limited (a Tennessee limited partnership) d/b/a Brownsville Village Apartments, FmHA Project No. : 48-038-621467876, as of December 31, 1997 and 1996, and the results of its operations, the changes in partners' equity and its cash flows for the year then ended in conformity with generally accepted accenting principles. In accordance with Government Auditing Standards, we have also issued a report dated March 7, 1998 on our consideration of Brownsville Associates, Limited's internal control structure and a report dated March 8, 1998 on its compliance with laws and regulations applicable to the financial statements. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia, Tennessee March 7, 1998 RBG & CO. Independent Auditors' Report To The Partners Centenary Housing Limited Partnership St. Louis, Missouri We have audited the accompanying balance sheet of Centenary Housing Limited Partnership (Centenary Towers Apartments, Project No. 085-35239-PM-SR-PR-WAH-L8) as of December 31, 1997 and the related statements of profit and loss, partners' equity and cash flows for the period beginning May 29, 1997 and ended December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Centenary Housing Limited Partnership as of December 31, 1997 and the results of its operations and its cash flows for the period beginning May 29, 1997 and ended December 31, 1997 in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information (shown on pages 15 through 19) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated February 28, 1998 on our consideration of Centenary Housing Limited Partnership's internal control structure and a report dated February 28, 1998 on its compliance with laws and regulations. February 28, 1998 Blume Loveridge & CO., PLLC Certified Public Accountants INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS Partners Coolidge-Pinal II Associates, A Washington Limited Partnership Bellevue, Washington We have audited the accompanying balance sheets of Coolidge-Pinal II Associates, A Washington Limited Partnership, as of December 31, 1997 and 1996, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Coolidge-Pinal II Associates, A Washington Limited Partnership, as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report, dated February 27, 1998, on our consideration of the Partnership's internal control structure and a report, dated February 27, 1998, on its compliance with laws and regulations. INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS - (CONTINUED) Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information shown on pages 14 to 17 is presented for the purpose of complying with the requirements of the U.S. Department of Agriculture, Rural Housing Service, for the year ended December 31, 1997, and is not a required part of the financial statements. Such additional information, presented in Column 2 of Parts I, II and III of the Multiple Family Housing Project Budget (Form RD 1930-7) and on page 17, has been subjected to the auditing procedures applied in the audit of the financial statements for that year, and in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V and VI of the Multiple Family Housing Project Budget have not been subjected to the auditing procedures applied in the audits of the financial statements, and accordingly, we express no opinion on Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V and VI of the Multiple Family Housing Project Budget. February 27, 1998 RNK INDEPENDENT AUDITORS' REPORT To the Partners Elm Street Associates, L.P. We have audited the accompanying balance sheets of Elm Street Associates, L.P. as of December 31, 1997 and 1996, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnerships, management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require than we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Elm Street Associates, L.P., as of December 31, 1997 and 1996, and the results of its operations, changes in partners' capital and cash flows for the year then ended in conformity with generally accepted accounting principles. January 26, 1998 ROSENBERG, NEUWIRTH & KUCHNER SEVEN PENN PLAZA - NEW YORK, NEW YORK 10001 - TEL (212) 330-6000 - - FAX (212) 643-1951 James L. Caughren Certified Public Accountant P.O. Box 36014 Albuquerque, NM 87176 INDEPENDENT AUDITORS' REPORT To the Partners Los Lunas Apartments Limited Partnership We have audited the accompanying balance sheet of Los Lunas Apartments Limited Partnership d/b/a Hillridge Apartments as of December 31, 1997 and 1996, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Los Lunas Apartments Limited Partnership d/b/a Hillridge Apartments as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. April 8, 1998 010483 Co 08/01/1996 BCTC FUND IV - SERIES 24 Los Lunas Apartments Limited Partnership James L. Caughren, CPA James L Caughren P: (505) 872-0573 F: (505) 881-1781 DURANT, SCHRAIBMAN & LINDSAY Certified Public Accountants INDEPENDENT ACCOUNTANTS' REPORT To the Partners New Hilltop Apartments, A Limited Partnership Columbia, South Carolina We have audited the accompanying balance sheets of New Hilltop Apartments, A Limited Partnership (A South Carolina Limited Partnership), as of December 31, 1997 and 1996, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of new Hilltop Apartments, A Limited Partnership, as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. January 29, 1999 4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 - Telephone 803-790-0020 - Fax 803-790-0011 BURKE & REA EDWARD T. BURKE, C.P.A. BERNARD E. REA, C.P.A. INDEPENDENT AUDITORS' REPORT To the Partners Pahrump Valley Investors (A Wyoming Limited Partnership) Cheyenne, WY We have audited the accompanying balance sheets of Pahrump Valley Investors (A Wyoming Limited Partnership), USDA Rural Development Case No. 33-019-680204949, as of December 31, 1997 and 1996, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pahrump Valley Investors (A Wyoming Limited Partnership) as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated March 13, 1998 on our consideration of Pahrump Valley Investors' internal control structure and a report dated March 13, 1998 on its compliance with laws and regulations. Stockton, California March 13, 1998 YORK, DILLINGHAM & COMPANY, P.L.L.C. CERTIFIED PUBLIC ACCOUNTANTS P.O. Box 551 1708 Alpine Drive Columbia, Tennessee 38402-0551 Telephone (931) 388-0517 Fax (931) 381-3440 INDEPENDENT AUDITORS' REPORT To the Partners Stanton Associates, Limited We have audited the accompanying balance sheet of Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, RHS Project No. : 48-038-621542356, as of December 31, 1997 and 1996, and the related statement of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Stanton Associates, Limited (a Tennessee limited partnership) d/b/a Stanton Village Apartments, RHS Project No. : 48-038- 621542356, as of December 31, 1997 and 1996, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated March 14, 1998 on our consideration of Stanton Associates, Limited's internal control structure and a report dated March 14, 1998 on its compliance with laws and regulations applicable to the financial statements. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Columbia, Tennessee March 14, 1998 Mantyla McReynolds PC Certified Public Accountants Independent Auditor's Report Partners Woodlands Apartments Elko, Nevada We have audited the accompanying balance sheets of Woodlands Apartments (Project), FmHA Case No. 33-004-0880314570, as of December 31, 1997 and 1996 and the related statements of operations, changes in Project equity and cash flows for the years then ended. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and with Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Project as of December 31, 1997 and 1996 and the results of its operations and cash flows for the years then ended, in conformity with general accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 through 12) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the year ended December 31, 1997. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. Partners Woodlands Apartments In accordance with Government Auditing Standards, we have issued a report dated February 4, 1998, on our consideration of the Project's internal control structure and a report dated February 4, 1998, on its compliance with laws and regulations. February 4, 1998 LIPSKY, GOODKIN & GO., P C. CERTIFIED PUBLIC ACCOUNTANTS 120 WEST 45TH STREET NEW YORK, NEW YORK 10036 TELEPHONE (212) 840-6444 TELECOPIER (212) 921-7186 MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS N. Y. STATE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Partners 352 Lenox Associates, L.P. We have audited the accompanying balance sheet of 352 Lenox Associates, L.P. as of December 31, 1998, and the related statements of operations, changes in partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of 352 Lenox Associates, L.P. as of December 31, 1998, and the results of its operations, the changes in partners' equity and cash flows for the year ended December 31, 1998, in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. March 3, 1999 - -3- Grantham Poole 1. Thomas Grantham, Jr., CPA, CFP, ABV James E. Poole, CPA Vance Randall, CPA J. Richard Reitano, CPA, J.D. Alan G. Arrington, CPA RobertA. Cunningham, CPA William L. Crim, Jr., CPA Mary Ann Mosal, CPA Sue Carole Chisolm, CPA D. Stevens Norman, CPA Dickens Q. Fournet, CPA Marcy L. Lee, CPA Fred L. Richards, CPA, CFP Certified Public Accountants INDEPENDENT AUDITORS' REPORT The Partners Ethel Housing, L.P. Ethel, Mississippi We have audited the accompanying balance sheets of Ethel Housing, L.P., RD Case No. 28-0040640823417, as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ethel Housing, L.P. as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 3, 1999, on our consideration of Ethel Housing, L.P.'s internal control, and reports dated February 3, 1999, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of additional analysis and are not a required part of the financial statements of Ethel Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 3, 1999 MILLER, MAYER, SULLIVAN & STEVENS LLP CERTIFIED PUBLIC ACCOUNTANTS INNOVATORS OF SOLUTION TECHNOLOGY INDEPENDENT AUDITORS' REPORT To the Partners Horse Cave Family Apartments, Ltd. We have audited the accompanying balance sheet of Horse Cave Family Apartments, Ltd., (a limited partnership), as of December 31, 1998 and the related statements of operations, changes in partners' equity (deficit), and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Horse Cave Family Apartments, Ltd. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental data included in this report is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements, and in our opinion, is presented fairly, in all material respects, in relation to the basic financial statements taken as a whole. Lexington, Kentucky January 28, 1999 (606) 223 -3095 FAX: (606) 223-2143 2365 HARRODSBURG ROAD LEXINGTON, KENTUCKY 40504-3399 Roger Morris Independent Auditors' Report To the partners Hurrican Hills I LC I have audited the accompanying balance sheets of Hurricane Hills LC as of December 31, 1998, and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examination, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hurrican Hills I LC as of December 31, 1998, and the results of its operations, changes in Partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Tobin and Company Certified Public Accountants 2001 Palmer Avenue Larchmont, New York 10538 914-833-2200 fax: 914-833-2278 INDEPENDENT AUDITORS' REPORT To the Partners Main Everett Housing Limited Partnership We have audited the accompanying balance sheet of Main Everett Housing Limited Partnership as of December 31, 1998 and 1997 and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Main Everett Housing Limited Partnership as of December 3 1, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming and opinion on the basic financial statements taken as a whole. The supplemental information on page 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Tobin and Company, CPA's January 29, 1999 - -3- Boyd, Franz & Stephans LLP 12755 Olive Street Road St. Louis, Missouri 63141 314/576-7400 Fax 314/576-3770 Certified Public Accountants Joseph B. Stephans, CPA, CFP Robert F. Kelly, CPA John P. Nanos, CPA Stephen M. King, CPA Michael P. Siebert, CPA To the Partners M.R.H., L.P. We have audited the accompanying balance sheets of M.R.H., L.P. as of December 31, 1998 and 1997, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of M.R.H., L.P. as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. January 29, 1999 Tobin and Company Certified Public Accountants 2001 Palmer Avenue Larchmont, New York 10538 914-833-2200 fax: 914-833-2278 INDEPENDENT AUDITORS'REPORT To the Partners Osborne Housing Limited Partnership We have audited the accompanying balance sheet of Osborne Housing Limited Partnership as of December 31, 1998 and 1997 and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Osborne Housing Limited Partnership as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming and opinion on the basic financial statements taken as a whole. The supplemental information on page 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Tobin and Company, CPA's January 29, 1999 Campanella & Stevens PC. Ward F. Junkermier, CPA Jerry L. Lehman, CPA George L. Campanella, CPA Daniel J. Konen, CPA Rick A. Frost, CPA James V. Galipeau, CPA Robert E. Nebel, CPA Robert E. Geis, CPA Joseph F. Shevlin, CPA Daniel J. Eigeman, CPA Junkermier - Clark Ronald A. Taylor, CPA Gerald L. Hanson, CPA Terry L. Alborn, CPA Joseph S. Adney, CPA Walter J. Kero, CPA Robert J. Heffernan, CPA Certified Public Accountants To the Partners Sandstone Village Limited Partnership Great Falls, Montana INDEPENDENT AUDITORS' REPORT We have audited the accompanying balance sheets of Sandstone Village Limited Partnership as of December 31, 1998 and 1997 and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the management of Sandstone Village Limited Partnership. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sandstone Village Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Great Falls, Montana January 29, 1999 -3 501 Park Drive South - P.O. Box 989 - Great Falls, Montana 59403(406) 761-2820 FAX 761-2825 Offices in: Columbia Falls - Fort Benton - Great Falls - Helena - Kalispell - Lincoln Missoula - Whitefish Shannon Housing, L.P. RD Case No. 28-0410640835658 1998 and 1997, GranthamPoole 1. Thomas Grantham, Jr., CPA, CFP, ABV James E. Poole, CPA Vance Randall, CPA J. Richard Reitano, CPA, J.D. Alan G. Arrington, CPA RobertA. Cunningham, CPA William L. Crim, Jr., CPA Mary Ann Mosal, CPA Sue Carole Chisolm, CPA D. Stevens Norman, CPA Dickens Q. Fournet, CPA Marcy L. Lee, CPA Fred L. Richards, CPA, CFP Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Partners Shannon Housing, L.P. We have audited the accompanying balance sheets of and the related statements of Shannon Housing, L.P. RD Case No. 28-0410640835658 as of December 31, 1998 and 1997, operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Shannon Housing, L.P. as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 3, 1999, on our consideration of Shannon Housing, L.P.'s internal control, and reports dated February 3, 1999, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of additional analysis and are not a required part of the financial statements of Shannon Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 3, 1999 INDEPENDENT AUDITORS' REPORT To the Partners of Sutton Place Apartments (A Limited Partnership) Cincinnati, Ohio We have audited the accompanying balance sheet of HUD Project #07355035, 073-55037, 073-55038, 073-55061 and 073-55062 of Sutton Place Apartments (a limited partnership) as of December 31, 1998, and the related statements of profit and loss, changes in partners, capital and cash flows for the year then ended. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide") issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in August 1997. Those standards and the Guide require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of HUD Project #073-55035, 073-55037, 073-55038, 073-55061 and 073-55062 as of December 31, 1998 and the results of its operations and its cash flows and its changes in partners' capital for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 27, 1999 an our consideration of Sutton Place Apartments' internal control and a report dated January 27, 1999 on its compliance with laws and regulations. We were engaged to conduct an audit for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 12-16 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #07355035, 073-55037, 073-55038, 073-55061 and 073-55062. Such information has been subjected to the auditing-procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio January 27, 1999 Hischler, Nurre & Waite, Ltd. INDEPENDENT AUDITORS' REPORT To the Partners Washington Arms Apartments (A Limited Partnership) Dayton, Ohio We have audited the accompanying balance sheet of HUD Project #046-NI093 of Washington Arms Apartments (a limited partnership) as of December 31, 1998, and the related statements of profit and loss, changes in partners' capital and cash flows for the year ended December 31, 1998. The financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide") issued by the U.S. Department of Housing and Urban Development, Office of Inspector General in August 1997. Those standards and the Guide require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of HUD Project #046-NI093 as of December 31, 1998 and the results of its operations and its cash flows and its changes in partners' capital for the period then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 27, 1999 on our consideration of Washington Arms Apartments' internal controls and a report dated January 27, 1999 on its compliance with laws and regulations. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 12-14 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUS Project #046- NI093. Such information has been subjected to the auditing procedures applied in a the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Hischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio January 27, 1999 2 GranthamPoole Certified Public Accountants INDEPENDENT AUDITORS' REPORT The Partners West Point Housing, L.P. West Point, Mississippi We have audited the accompanying balance sheets of and the related statements of West Point Housing, L.P. RD Case No. 28-013- 0640834734 as of December 31, 1998 and 1997, operations, partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of West Point Housing, L.P. as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 3, 1999, on our consideration of West Point Housing, L.P.'s internal control, and reports dated February 9, 1999, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of additional analysis and are not a required part of the financial statements of West Point Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 9, 1999 GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT The Partners Ethel Housing, L.P. Ethel, Mississippi We have audited the accompanying balance sheet of Ethel Housing, L.P., RD Case No. 28-0040640823417, as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1997 and the period June 26, 1996 through December 31, 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ethel Housing, L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the year ended December 31, 1997 and the period June 26, 1996 through December 31, 1996 in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 17, 1998, on our consideration of Ethel Housing, L.P. as internal control, and reports dated February 17, 1998, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of Ethel Housing, L.P. Page Two additional analysis and are not a required part of the financial statements of Ethel Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 17, 1998 MILLER, MAYER, SULLIVAN & STEVENS LLP CERTIFIED PUBLIC ACCOUNTANTS INNOVATORS OF SOLUTION TECHNOLOGY INDEPENDENT AUDITORS' REPORT To the Partners Horse Cave Family Apartments, Ltd. We have audited the accompanying balance sheet of Horse Cave Family Apartments, Ltd., (a limited partnership), as of December 31, 1997 and the related statements of operations, partners' equity (deficit), and cash flows for the period then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Horse Cave Family Apartments, Ltd. as of December31, 1997, and the results of its operations and its cash flows for the period then ended in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental data included in this report is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements, and in our opinion, is presented fairly, in all material respects, in relation to the basic financial statements taken as a whole. Lexington, Kentucky February 3, 1998 Robert C. Morris CPA 716 S. 1100 W Cedar City, Utah 84720 INDEPENDENT AUDITORS' REPORT To the Partners Hurricane Hills I LC I have audited the accompanying balance sheet of Hurricane Hills I LC as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the year the ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hurricane Hills I LC as of December 31, 1997, and the results of its operations, changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles. San Juan, Puerto Rico MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS 973 HATCH STREET CINCINNATI, OHIO 45202 513-579-8787 FAX: 513-562-8683 INDEPENDENT AUDITORS' REPORT To the PartnersWashington Arms Apartments(A Limited Partnership)Dayton, OhioWe have audited the accompanying balance sheet of HUD Project #046NIO93 of Washington Arms Apartments (a limited partnership) as of December 31, 1997, and the related statements of profit and loss, changes in partners' capital and cash flows for the year ended December 31, 1997. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide") issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in August 1997. Those standards and the Guide require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of HUD Project #046-NIO93 as of December 31, 1997 and the results of its operations and its cash flows and its changes in partners' capital for the period then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 13, 1998 on our consideration of Washington Arms Apartments' internal controls and a report dated February 13, 1998 on its compliance with laws and regulations. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 13-17 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #046-NIO93. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio February 13, 1998 Junkermier - ClarkCampanella - Stevens - P.C.Certified Public AccountantsTo the PartnersSandstone Village Limited PartnershipGreat Falls, Montana INDEPENDENT AUDITORS' REPORT We have audited the accompanying balance sheets of Sandstone Village Limited Partnership as of December 31, 1997 and 1996 and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the management of Sandstone Village Limited Partnership. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sandstone Village Limited Partnership as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Great Falls, Montana February 6, 1998 GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL CORPORATION INDEPENDENT AUDITORS' REPORT The Partners Shannon Housing, L.P. Shannon, Mississippi We have audited the accompanying balance sheets of Shannon Housing, L.P., RD Case No. 28-0410640835658, as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1997 and the period April 11, 1996 through December 31, 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Shannon Housing, L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the year ended December 31, 1997, and the period April 11, 1996 through December 31, 1996 in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards and the Audit Program, issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 14, 1998, on our consideration of Shannon Housing, L.P.'s internal control, and reports dated February 14, 1998, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of Shannon Housing, L.P. Page Two additional analysis and are not a required part of the financial statements of Shannon Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 14, 1998 MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS 973 Hatch Street Cincinnati, Ohio 45202 513-579-8787 Fax: 513-562-8683 INDEPENDENT AUDITORS' REPORT To the Partners of Sutton Place Apartments (A Limited Partnership) Cincinnati, Ohio We have audited the accompanying balance sheet of HUD Project 107355035, 073-55037, 073-55038, 073-55061 and 073-55062 of Sutton Place Apartments (a limited partnership) as of December 31, 1997, and the related statements of profit and loss, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide") issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in August 1997. Those standards and the Guide require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of HUD Project 1073-55035, 073-55037, 073-55038, 073-55061 and 073-55062 as of December 31, 1997 and the results of its operations and its cash flows and its changes in partners' capital for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 13, 1998 on our consideration of Sutton Place Apartments' internal control and a report dated February 13, 1998 on its compliance with laws and regulations. We were engaged to conduct an audit for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 13- 17 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project 107355035, 073-55037, 073-55038, 073-55061 and 073-55062. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio February 13, 1998 GRANTHAM, RANDALL, ARRINGTON & CO CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL CORPORATION INDEPENDENT AUDITORS' REPORT The Partners West Point Housing, L.P. West Point, Mississippi We have audited the accompanying balance sheets of West Point Housing, L.P., RD Case No. 28-0130630762266, as of December 31, 1997 and 1996, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1997 and the period September 29, 1996 through December 31, 1996. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an Opinion on these financial statements based on our audits. We conducted cur audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of West Point Housing, L.P. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the year ended December 31, 1997 and the period September 29, 1996 through December 31, 1996 in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, and the Audit Program issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 25, 1998, on our consideration of West Point Housing, L.P.'s internal control, and reports dated February 25, 1998, on its compliance with specific requirements applicable to major RD programs and nonmajor RD program transactions. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 15 through 21 are presented for purposes of West Point Housing, L.P. Page Two additional analysis and are not a required part of the financial statements of West Point Housing, L.P. Such information, except for the current budget and proposed budget columns on page 18 through 21, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 25, 1998 Bernard Robinson & Company L.L.P Certified Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 FAX 336-547-0840 TELEPHONE 336-294-4494 Independent Auditor's Report To the Partners A.V.A. Limited Partnership Charlotte, North Carolina We have audited the accompanying balance sheets of A.V.A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of A.V.A. Limited Partnership, as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of A.V.A. Limited Partnership as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS Greensboro, North Carolina February 5, 1999 Page I LITTLE, SHANEYFELT, MARSHALL & CO. CERTIFIED PUBLIC ACCOUNTANTS 1501 N. UNIVERSITY, SUITE 300 LITTLE ROCK, ARKANSAS 72207-5232 TELEPHONE 501-666-2879 FAX NO. 501-1366-5260 MARION W. LITTLE, CPA JEFF SHANEYFELT, CPA CHARLES A. MARSHALL, JR., CPA LARRY A CAMPBELL, CPA STEPHANIE A ROMINE, CPA PEGGY L. WILSON KRISSIE G. WILLIAMS STEVEN D. LITTLE INDEPENDENT AUDITOR'S REPORT To the Partners Beckwood Manor One Limited Partnership We have audited the accompanying balance sheets of Beckwood Manor One Limited Partnership, RD Project No. 03-025-710677259 (the Partnership), as of December 31, 1998 and 1997 and the related statements of profit (loss), changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Beckwood Manor One Limited Partnership as of December 31, 1998 and 1997, and its results of operations, changes in partners, equity (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated February 24, 1999 on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. Little, Shaneyfelt, Marshall & Co. February 24, 1999 PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners BUTLER ESTATES PARTNERSHIP A LOUISIANA PARTNERSHIP IN COMMENDAM We have audited the accompanying balance sheets of BUTLER ESTATES PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BUTLER ESTATES PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made primarily for the purpose of forming an opinion on the basic financial statements for the years ended December 31, 1998 and 1997 taken as a whole. The supplemental information on pages 18 and 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures performed on the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Metairie, Louisiana February 5, 1999 PAILET, MEUNIER and LeBLANC L.L.P. Certified Public Accountants Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners CAMERON APARTMENTS PARTNERSHIP A LOUISIANA PARTNERSHIP IN COMMENDAM We have audited the accompanying balance sheets of CAMERON APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CAMERON APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made primarily for the purpose of forming an opinion on the basic financial statements for the years ended December 31, 1998 and 1997 taken as a whole. The supplemental information on pages 18 and 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures performed on the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Metairie, Louisiana February 11, 1999 3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 201 St. Charles Ave., Suite 2559 - New Orleans, LA 70170 Telephone (504) 837-0770 - Fax (504) 837-7102 Telephone (504) 522-0504 - Fax (504) 837-7102 Member of International Group of Accounting Firms a Member Firms in Principal Cities AICPA SEC Practice Section 0 6CPA Private Companies Practice Section TAPP, TAPP & CHU CERTIFIED PUBLIC ACCOUNTANTS FRANK J. CHU, CPA AN ACCOUNTANCY CORPORATION 404 E. LAS TUNAS DR., SUITE 208 SAN GABRIEL, CAUFORNIA 91776 John D. Tapp, CPA Lynda Tapp, CPA (626) 286-8897 2650 MISSION STREET #205 SAN MARINO, CALIFORNIA 91108 (626) 286-8897 INDEPENDENT AUDITOR'S REPORT To the Partners Decro Nordhoff, L.P. We have audited the accompanying balance sheets of Decro Nordhoff, L.P. as of December 31, 1998 and 1997, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Decro Nordhoff, L.P. as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 13 and 14 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. Tapp, Tapp & Chu, CPA's San Gabriel, California March 8, 1999 Rothstein, Kass & Company, PC. 1177 Avenue of the Americas New York, New York 10036-2714 212-490-7700 Fax 212-730-6892 INDEPENDENT AUDITORS REPORT To the Partners Escher SRO Project, L.P. (A Limited Partnership) We have audited the accompanying balance sheet of Escher SRO Project, L.P. (A Limited Partnership) (Hud Project No. NJ-39-KO87-020-2) as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Escher SRO Project, L.P. (A Limited Partnership) as of December 31, 1998, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 18, 1999 on our consideration of Escher SRO Project, L.P.'s internal control and a report dated February 18, 1999 on its compliance specific requirements applicable to major HUD programs. Roseland, New Jersey February 18, 1999 Affiliated Offices Worldwide Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 669-5531 INDEPNDENT AUDITOR'S REPORT To the Partners Grayson Manor Limited Partnership I have audited the accompanying balance sheet of Grayson Manor Limited Partnership as of December 31, 1998, and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Grayson Manor Limited Partnership as of December 31, 1998, and the results of its operations, changes in partners' equity, and its cash flows for the year then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental information on pages 13 to 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing Standards, I have also issued a report dated March 12, 1999 on my consideration of Grayson Manor Limited Partnership's internal control and a report dated March 12, 1999 on its compliance with laws and regulations applicable to the financial statements. THOMAS C. CUNNINGHAM, CPA P.C. March 12, 1999 Bernard Robinson &Company, L.LP Certfied Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 TELEPHONE 336-294-4494 Independent Auditor's Report To the Partners G. V. A. Limited Partnership Charlotte, North Carolina We have audited the accompanying balance sheet of G. V. A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of G. V. A. Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of G. V. A. Limited Partnership as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANIS Greensboro, North Carolina February 5, 1999 SHARPTON, BRUNSON & COMPANY, P.A. One Southeast Third Avenue, Suite 2100 Miami, FL 33131 Telephone: (305) 374-1574 Facsimile: (305) 372-8161 E-Mail: info@sbccpa.com Independent Accountants' Report To The Partners M.B. Apartments Associates, Ltd. We have audited the accompanying balance sheets of M.B. Apartments Associates, Ltd. (A Limited Partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of M.B. Apartments Associates, Ltd. (A Limited Partnership) as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 10, 1999 KLINE AND LONDON CERTIFIED PUBLIC ACCOUNTANTS LLC STANLEY W. KLINE 3681 GREEN ROAD #402 STUART W. LONDON BEACHWOOD, OHIO 44122-5716 (216) 591-1718 FAX (216) 591-1927 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS To the Partners of New Devonshire II Limited Partnership (An Ohio Limited Partnership) Lancaster, Ohio We have audited the accompanying balance sheets of New Devonshire II Limited Partnership (an Ohio limited partnership), RD Project #41-049-311449843, as of December 31, 1998 and 1997, and the related statements of income, changes in partners' deficit, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program" issued in December, 1989. Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of New Devonshire II Limited Partnership, (an Ohio limited partnership), at December 31, 1998 and 1997, and the results of its operations, changes in partners' deficit, and cash 'flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued 8 report dated January 27. 1999, on our consideration of New Devonshire II Limited Partnership's internal control structure and a report dated January 27, 1999, on its compliance with laws and regulations. Our audits were made for the purpose of forming an opinion on the financial statement taken as a whole. The accompanying information included in the report (shown on pages 11 to 18) is presented for the purpose of additional analysis and is not a required part of the basic financial statements of New Devonshire II Limited Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. KLINE AND LONDON Certified Public Accountants. LLC Beachwood. Ohio January 27, 1999 KLINE AND LONDON CERTIFIED PUBLIC ACCOUNTANTS LLC STANLEY W. KLINE 3681 GREEN ROAD #402 STUART W. LONDON BEACHWOOD, OHIO 44122-5716 (216) 591-1718 FAX (216) 591-1927 To the Partners of New Devonshire West Limited Partnership (An Ohio Limited Partnership) Lancaster, Ohio We have audited the accompanying balance sheets of New Devonshire West Limited Partnership (an Ohio limited partnership), RD Project #41-092-0310955693, as of December 31, 1998 and 1997, and the related statements of income, changes in partners' deficit, and cash flows for the years then ended. The financial statements are is the responsibility of the Partnership's management. Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program" issued in December, 1989. Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management. as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statement referred to above present fairly, in all material respects, the financial position of New Devonshire West Limited Partnership (an Ohio limited partnership), at December 31, 1998 and 1997, and the results of its operations, changes in partners' deficit and cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 27, 1999, on our consideration of New Devonshire West Limited Partnership's internal control structure and a report dated January 27, 1999, on its compliance with laws and regulations. Our audits were made for the purpose of forming an opinion on the financial statement taken as a whole. The accompanying information included in the report (shown on pages 11 to 18) is presented for the purpose of additional analysis and is not a required part of the basic financial statements of New Devonshire West Limited Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the financial statement taken as a whole. KLINE AND LONDON Certified Public Accountants, LLC Beachwood, Ohio January 27, 1999 Thomas C. Cunningham, CPA PC 23 MOORE STREET BRISTOL, VIRGINIA 24201 (540) 6.69-5531 INDEPENDENT AUDITOR'S REPORT To the Partners Powell Valley Village Limited Partnership I have audited the accompanying balance sheet of Powell Valley Village Limited Partnership as of December 31, 1998, and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards and Government, Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Powell valley Village Limited Partnership as of December 31, 1998, and the results of its operations, changes in partners' equity, and its cash flows for the year then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental information on pages 13 to 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing Standards, I have also issued a report dated March 12, 1999 on my consideration of Powell Valley Village Limited Partnership's internal control and a report dated March 12, 1999 on its compliance with laws and regulations applicable to the financial statements. THOMAS C. CUNNINGHAM, CPA P.C. March 12, 1999 - -3- PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners T. R. BOBB APARTMENTS PARTNERSHIP A LOUISIANA PARTNERSHIP IN COMMENDAM We have audited the accompanying balance sheets of T. R. BOBB APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of T.R. BOBB APARTMENTS PARTNERSHIP, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made primarily for the purpose of forming an opinion on the basic financial statements for the years ended December 31, 1998 and 1997 taken as a whole. The supplemental information on pages 17 and 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures performed on the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Metairie, Louisiana February 22, 1999 Bernard Robinson &Company, L.LP Certified Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 TELEPHONE 336-294-4494 To the Partners V. V. A. Limited Partnership Charlotte, North Carolina We have audited the accompanying balance sheet of V. V. A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of V. V. A. Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of V. V. A. Limited Partnership as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS Greensboro, North Carolina February 5, 1999 Page I Bernard Robinson &Company, L.LP Certfied Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 TELEPHONE 336-294-4494 To the Partners W. P. V. A. Limited Partnership Charlotte, North Carolina We have audited the accompanying balance sheet of W. P. V. A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of W. P. V. A. Limited Partnership as of December 31, 1997, were audited by other auditors whose report dated February 6, 1998, expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of W. P. V. A. Limited Partnership as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS Greensboro, North Carolina February 5, 1999 Page I LITTLE, SHANEYFELT, MARSHALL & CO. CERTIFIED PUBLIC ACCOUNTANTS PROSPECT BUILDING 1501 N. UNIVERSITY, SUITE 300 LITTLE ROCK, ARKANSAS 72207-5232 INDEPENDENT AUDITOR'S REPORT To the Partners Beckwood Manor One Limited Partnership We have audited the accompanying balance sheets of Beckwood Manor One Limited Partnership, RD Project No. 03-025-710677259 (the Partnership), as of December 31, 1997 and 1996 and the related statements of profit (loss), changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Beckwood Manor One Limited Partnership as of December 31, 1997 and 1996, and its results of operations, changes in partners, equity (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated March 15, 1998 on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. Little, Shaneyfelt, Marshall & Co. March 15, 1998 TAPP, TAPP & CHU CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT To the Partners Decro Nordhoff, L.P. We have audited the accompanying balance sheets of Decro Nordhoff, L.P. as of December31, 1997 and 1996, and the related statements of operations. partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Decro Nordhoff, L.P. as of December 31, 1997 and 1996, and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 13 and 14 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. Tapp, Tapp & Chu, CPA's San Gabriel, California March 6, 1998 Rothstein, Kass & Company, P.C. Certified Public Accountants 1177 Avenue of the Americas New York, New York 10036-2714 212-490-770/Fax 212-730-6892 85 Livingston Avenue Roseland, New Jersey 07068-1785 973-994-6666/Fax 973-994-0337 INDEPENDENT AUDITORS' REPORT To the Partners Escher SRO Project, L.P. We have audited the accompanying balance sheet of Escher SRO Project, L.P. as of December 31, 1997, and the related statements of income, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Escher SRO Project, L.P. as of December 31, 1997, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles. Roseland, New Jersey January 16, 1998 DANIEL G. DRANE CERTIFIED PUBLIC ACCOUNTANT 209 East Third Street - P. 0. Box 577 Hardinsburg, Kentucky 40143 Telephone (502)756-5704 FAX (502)756-5927 e-mail dgdcpa@bbtel.com INDEPENDENT AUDITOR'S REPORT To the Partners Holly Hills Properties, Limited Leitchfield, Kentucky I have audited the accompanying balance sheet of Holly Hills Properties, Limited (a Kentucky limited partnership), as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the six-month period then ended. These financial statements are the responsibility of the Project's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the Consolidated Audit Guide for Audits of HUD Programs(the "Guide"). Those standards and the Guide require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Holly Hills Properties, Limited, as of December 31, 1997, and the results of its operations, changes in its partners' capital, and its cash flows for the six-month period then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 11 and 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Daniel G. Drane Certified Public Accountant April 14, 1998 Tom Mechsner Certified Public Accountant 2200 E. Sunshine, Suite 360 Springfield, Missouri 65804 (417) 882-4303 INDEPENDENT AUDITOR'S REPORT To the Partners AHAB Project One, L.P. I have audited the accompanying balance sheets of AHAB Project One, L.P. as of December 31, 1998 and 1997, and the related statements of operations, partners, equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of AHAB Project One, L.P. as of December 31, 1998 and 1997, and the results of its operations, changes in partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles. Tom Mechsner Certified Public Accountant January 29, 1999 JOSE R. BARRERAS, CPA Plaza Inmaculada 1406 Santurce, PR 00909 Telephone (787) 728-4753 Facsimile (787) 728-1214 Report of Independent Accountants To the Partners of CR Housing Associates, L.P. I have audited the accompanying balance sheet of CR HOUSING ASSOCIATES, L.P. (the "Partnership") as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CR HOUSING ASSOCIATES, L.P. as of December 31, 1998, and the results of it operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Jose R. Barreras, CPA June 16, 1999 GORACKE & WILCOX, P.C. Certified Public Accountants SOJO SOUTH I ISTH STREET, SUITE 100 0 OMAHA, NEBRASKA 68137-2208 TELEPHONE 402-896-1500 VIRGIL J. GORACKE, C.P.A. DOUGLAS A. GORACKE. C.P.A. MICHAEL E. WILCOX, C.P.A. PAUL F. PIOTROWSKI. C.P.A. CHRIS E. R177ERBUSH. C.PA. INDEPENDENT AUDITORS' REPORT To the Partners Holly Heights Apartments, L.P. We have audited the accompanying balance sheets of Holly Heights Apartments, L.P. as of December 31, 1998 and 1997, and the related statements of operations, partners, equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Holly Heights Apartments, L.P. as of December 31, 1998 and 1997, and the results of its operations, changes in partners, equity and cash flows for the years then ended in conformity with generally accepted accounting principles. our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 14 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. March 4, 1999 Page 1-3 Report of Independent Accountants To the Partners CR Housing Associates, LP We have audited the accompanying balance sheet of CR Housing Associates, LP as of December 31, 1997 and the related statements partners' capital and cash flows for the year the ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CR Housing Associates, LP as of December 31, 1997, changes in partners' capital and cash flows for the year then ended in conformity with generally accepted accounting principles. San Juan, Puerto Rico DANIEL G. DRANE Telephone (502)756-5704CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927209 East Third Street - P. 0. Box 577 e-mail dgdcpa@bbtel.comHardinsburg, Kentucky 40143 INDEPENDENT AUDITOR'S REPORTTo the PartnersPear Village LimitedLeitchfield, KentuckyI have audited the accompanying balance sheet of Pear Village Limited (a Kentucky limited partnership), as of December 31, 1997, and the related statements of operations, partners' capital, and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit, as of and for the year ended December 31, 1997, in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pear Village Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital, and its cash flows for the year then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Daniel G. Drane Certified Public Accountant February 11, 1998 DANIEL G. DRANE Telephone (502)756-5704CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927209 East Third Street - P. 0. Box 577 email dgdcpa@bbtel.comHardinsburg, Kentucky 40143 INDEPENDENT AUDITOR'S REPORT To the PartnersSunday Sun Limited Leitchfield, Kentucky I have audited the accompanying balance sheet of Sunday Sun Limited (a Kentucky limited partnership), as of December 31, 1997, and the related statements of operations, partners' capital/deficit, and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit, as of and for the year ended December 31, 1997, in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sunday Sun Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital/deficit, and its cash flows for the year then ended in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Daniel G. Drane Certified Public Accountant Trochiano & Daszkowski LLP Certified Public Accountants & Consultants INDEPENDENT AUDITOR'S REPORT To the Partners of 1374 Boston Road Associates, L.P.: We have audited the accompanying balance sheet of 1374 Boston Road Associates, L.P. s of December 31, 1998 and December 31, 1997, and the related statements of revenues, expenses, and changes in partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the management of 1374 Boston Road Associates, L.P. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable Assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of 1374 Boston Road Associates, L.P. as of December 31, 1998 and December 31, 1997, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Trocliano Daszkowski UP Staten Island: NY February, 24, 1999 PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners BIENVILLE 11 APARTMENTS We have audited the accompanying balance sheets of BIENVILLE II APARTMENTS, RHS PROJECT NO.: 22-007-721280566 as of December 31, 1998 and 1997 and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BIENVILLE If APARTMENTS as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing- Standards, we have also issued a report dated February 10, 1999 on our consideration of BIENVILLE 11 APARTMENTS's internal control and a report dated February 10, 1999 on its compliance with laws and regulations applicable to the financial statements. Metairie, Louisiana February 10, 1999 4 PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners BLANCHARD II APARTMENTS We have audited the accompanying balance sheets of BLANCHARD II APARTMENTS, RHS PROJECT NO. 22-009-721313034 as of December 31, 1998 and 1997 and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BLANCHARD II APARTMENTS as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government- Auditing Standards, we have also issued a report dated March 2,1999 on our consideration of BLANCHARD 11 APARTMENTS's internal control and a report dated March 2, 1999 on its compliance with laws and regulations applicable to the financial statements. Metairie, Louisiana March 2, 1999 4 PAILET, MEUNIER and LeBLANC, L.L.P. Certified Public Accountants Management Consultants INDEPENDENT AUDITOR'S REPORT To the Partners EVANGELINE PARTNERSHIP We have audited the accompanying balance sheets of EVANGELINE PARTNERSHIP, RHS PROJECT NO. 22-027-721313386 as of December 31, 1998 and 1997 and the related statements of operations, changes in partners' equity (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of EVANGELINE. PARTNERSHIP as of December 31, 1998 and 1997 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated February 19, 1999 on our consideration of EVANGELINE PARTNERSHIP's internal control and a report dated February 19, 1999 on its compliance with laws and regulations applicable to the financial statements. Metairie, Louisiana February 19, 1999 4 Y E 0 & Y E 0 Independent Auditors' Report Partners Fairway II Limited Dividend Housing Association Limited Partnership Marlette, Michigan We have audited the accompanying balance sheet of Fairway II Limited Dividend Housing Association Limited Partnership, Rural Development Project No. 26-074-0383047638 as of December 31, 1998 and 1997, and the related statements of income, partners' equity and cash flows for the years the ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards, the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that-our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fairway II Limited Dividend Housing Association Limited Partnership as of December 31, 1998 and 1997, and the results of its operations, changes in partners equity and its cash flows for the years then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 10, 1999 on our consideration of Fairway II Limited Dividend Housing Association Limited Partnership's internal control over financial reporting and our tests of compliance with certain provisions of laws, regulations, contracts, and grants. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information presented on pages I I through 17 is presented for purposes of complying with the requirements of the Rural Development and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS February 10, 1999 -1 Yeo & Yeo PC. Certified Public Accountants 912 Centennial Way Suite 300 Lansing, M1 48917 (517) 323-9500 FAX (517) 323-8360 COGEN SKLAR LLP CERTIFIED PUBLIC ACCOUNTANTS CONSULTANTS TO BUSINESS INDEPENDENT AUDITORS'REPORT To the Partners Neighborhood Restorations Limited Partnership VII Dresher, Pennsylvania We have audited the accompanying balance sheet of Neighborhood Restorations Limited Partnership VII(a Pennsylvania Limited Partnership) as of December 31, 1998, and the related statements of operations, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Neighborhood Restorations Limited Partnership VII as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. January 15, 1999 150 Monument Road. Suite 500 Bala Cynwyd, PA 19004 Tel: 610.668.9700/Fax: 610.668.2181 E-mail: cs@cogensklar.com www.co,lenskl~ir.coni Bernard Robinson & Company, LIP Certified Public Accountants since 1947 MAILING ADDRESS OFFICES Po, Box 19608 Independent Auditor's Report GREENSBORO, Nc 27419-9608 GREENSBORO, NC 274 10 FAX 336-547-0840 TELEPHONE 336-294-4494 To the Partners R. V. K. Y. Limited Partnership Charlotte, North Carolina We have audited the accompanying balance sheet of R. V. K. Y. Limited Partnership (a Kentucky limited partnership) as of December 31, 1998, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. The balance sheet of R. V. K. Y. Limited Partnership as of December 31, 1997, was audited by other auditors whose report dated June 3, 1998, expressed an unqualified opinion on the balance sheet. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of R. V. K. Y. Limited Partnership as of December 31, 1998, and the results of its operations and its cash flows for the year ended December 31, 1998, in conformity with generally accepted accounting principles. We did not audit or review the statements of operations, partners' equity and cash flows for the year ended December 31, 1997 and, accordingly we express no opinion or other form of assurance on them. In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information for 1998 listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS Greensboro, North Carolina February 5, 1999 Page I Kupferberg, Goldberg & Nelmark, LLC Independent Auditors' Report Partners Senior Suites Chicago Austin Limited Partnership Chicago, Illinois We have audited the accompanying balance sheet of Senior Suites Chicago Austin Limited Partnership (an Illinois Limited Partnership) as of December 3l, 1998, and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above presents fairly, in all material respects, the financial position of Senior Suites Chicago Austin Limited Partnership as of December 31, 1998 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion an the basic financial statements taken as a whole, The schedule of other operating expenses on page 10 is presented for the purpose of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as whole. KUPFERBERHG, GOLDBERG & NEIMARK, LLC February 13, 1999 K.OSTIN, RUFFKESS & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS 345 North Main Street West Hartford, CT 06117-2521 (860) 236-1975 To The Partners Sumner House Limited Partnership FAX: (860) 236-1783 400 Bayonet Street, Suite 306 New London, CT 06320-2600 (860) 4424373 Toll Free: (888) 666-5726 FAX: (860) 442-1124 INDEPENDENT AUDITORS'REPORT We have audited the accompanying balance sheet of Sumner House Limited Partnership as of December 31, 1998, and the related statements of operations and changes in partners' capital and cash flows, and the supplementary information contained in Schedule I for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accompanying financial statements and supplementary information present fairly, in all material respects, the financial position of Sumner House Limited Partnership as of December 31, 1998, and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles. Members of American Institute of Certified Public Accountants West Hartford, Connecticut February 23, 1999 Krest on International A worldwide network of independent accountants An Equal Opportunity Employer STANGL & JASKOWIAK, LTD CERTIFIED PUBLIC ACCOUNTANTS 2 South 2nd Avenue Suite 100 Sauk Rapids, MN 56379 (320) 252-9972 Fax (320) 253-4160 Clyde M. Stangl, CPA Adam M. Jaskowiak, CPA Allan J. Rudolph, CPA Robert J. Zawacki, LPA INDEPENDENT AUDITORS' REPORT To the Partners Terraceview Limited Partnership We have audited the accompanying balance sheet of Terraceview Limited Partnership as of December 31, 1998, and the related statements of operations, partners, equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Terraceview Limited Partnership as of December 31, 1998, and the results of its operations, changes in partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. February 22, 1999 DANIEL G. DRANE Telephone (502)756-5704 CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927 209 East Third Street - P. 0. Box 577 e-mail dgdcpa@bbtel.com Hardinsburg, Kentucky 40143 INDEPENDENT AUDITOR'S REPORT To the Partners Ashberry Manor, Limited Leitchfield, Kentucky I have audited the accompanying balance sheet of Ashberry Manor, Limited (a Kentucky limited partnership), as of December 31, 1997, and the related statements of operations, partners' capital/deficit, and cash flows for the period March 12, 1997 to December 31, 1997. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit, as of December 31, 1997 and for the period March 12, 1997 to December 31, 1997, in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ashberry Manor, Limited, as of December 31, 1997, and the results of its operations, the changes in its partners' capital/deficit, and its cash flows for the period March 12, 1997 to December 31, 1997 in conformity with generally accepted accounting principles. My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Daniel G. Drane Certified Public Accountant April 14, 1998 DANIEL G. DRANETelephone (502)756-5704 CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927 209 East Third Street - P. 0. Box 577 e-mail dgdcpa@bbtcl.com Hardinsburg, Kentucky 40143 INDEPENDENT AUDITOR'S REPORT To the Partners Sand Lane Manor, Limited Leitchfield, Kentucky I have audited the accompanying balance sheet of Sand Lane Manor, Limited (a Kentucky limited partnership), as of December 31, 1997. This financial statement is the responsibility of the partnership's management. My responsibility is to express an opinion on this financial statement based on my audit. I conducted my audit, as of December 31, 1997, in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Sand Lane Manor, Limited, as of December 31, 1997, in conformity with generally accepted accounting principles. Daniel G. Drane Certified Public Accountant June 3, 1998 KGN Certified Public Accountants Financial & Management Consultants Kupferberg, Goldberg & Neimark, LLC 111 E. Wacker Drive Suite 1400 Chicago, Illinois 60602-4595 312-819-4300 FAX 312-819-4343 e-mail: kgn @kgn.com To the Partners of Senior Suites Chicago Austin Limited Partnership Chicago, Illinois We have audited the accompanying balance sheet of Senior Suites Chicago Austin Limited Partnership (a Development Stage Company) as of December 31, 1997, and the related statement of partners' equity for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above presents fairly, in all material respects, the financial position of Senior Suites Chicago Austin Limited Partnership (a Development Stage Company) as of December 31, 1997 and the changes in partners' equity for the year then ended in conformity with generate accepted accounting principles. KUPFERBERG, GOLD January 22, 1998 STANGL & JASKOWIAK, LTDCERTIFIED PUBLIC ACCOUNTANTSClyde M. Staitgl, CPAAdam M. Jaskowiak, CPAAllan J. Rudolph, CPARobert J. Zawacki, LPAINDEPENDENT AUDITORS' REPORTTo the PartnersTerraceview Limited Partnership We have audited the accompanying balance sheet of Terraceview Limited Partnership as of December 31, 1997, and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Terraceview Limited Partnership as of December 31, 1997, and the results of its operations, changes in partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation the basic financial statements taken as a whole. February 7, 1998 GranthamPoole Certified Public Accountants INDEPENDENT AUDITORS' REPORT The Partners Collins Housing, L.P. Collins, Mississippi We have audited the accompanying balance sheets of Collins Housing, L.P. , RD Case No. 28-016408646674, as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1998 and the period October 1, 1997 through December 21, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit in includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Collins Housing, L.P. as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and the period October 1, 1997 through December 31, 1997 in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards and the Audit Program, issued by the United States Department of Agriculture, Rural Development, we have also issued a report dated February 1, 1999, on our consideration of Collins Housing, L.P.'s internal control, and reports dated February 1, 1999, on its compliance with specific requirements applicable to major RD programs and nonmajor RD prgram transactions. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included on pages 14 through 20 are presented for purposes of additional analysis and are not a required part of the financial statements of Collins Housing, L.P. Such information, except for the current budget and proposed budget columns on page 17 through 20, on which we express no opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 1, 1999 CONSIDINE & CONSIDINE To The Partners Lincoln Hotel Partnership A California Limited Partnership 600 West Broadway, #1070 San Diego, CA 92101 Independent Auditor's Report We have audited the accompanying balance sheet of Lincoln Hotel Partnership, A California Limited Partnership, as of December 31, 1998 and 1997 and the related statements of operations and partners' capital and statements of cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lincoln Hotel Partnership, a California Limited Partnership, as of December 31, 1998, and the results of operations and cash flows for the year then ended in conformity with generally accepted accounting principles. CONSIDINE & CONSIDINE An Accountancy Corporation February 11, 1999 CERTIFIED PUBLIC ACCOUNTANTS - MEMBER OF AICPA 1501 FIFTH AVENUE, SUITE 400 SAN DIEGO. CA 92101-3202 (619) 231-1977 - FAX: (619) 231-8244 Matthews, Hearon, Cutrer & Lindsay, P.A. CERTIFIED PUBLIC ACCOUNTANTS Brett C. Matthews, CPA Raleigh Cutrer, CPA Charles R. Lindsay, CPA J. Erik Hearon, CPA Tammy Burney Ray, CPA Elizabeth Hulen Barr, CPA Matthew E. Freelow, CPA INDEPENDENT AUDITOR'S REPORT To the Partners Lutkin Bayou Apartments, LP Drew, Mississippi We have audited the accompanying balance sheets of Lutkin Bayou Apartments. LP (a Mississippi limited partnership), RHS Project No. 28-083-640863241 December 31, 1998 and 1997, and the related statements of operations, partners' capital (deficit) and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material prespect, the financial position of Lutkin Bayou Apartment, LP, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purposes of forming pn opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. We have prepared the Multiple Family Housing Borrower Balance Sheet (RHS FORM RD 1980-8) and the Multiple Family Housing Project Budget (RHS FORM RD 1980-7). Such information has been sqbjecte~d to the audit procedures applied in the audit of the basic.financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Jackson, Mississippi January 22, 1999 633 North State Street * Suite 6010 Jackson, Mississippi 39202-3306 Telephone (601) 355-9266 * Facsimile (601) 352-6826 * E-mail: mhcl@mhclcpa.com LOU ANN MONTEY AND ASSOCIATES, P.C. CERTIFIED PUBLIC ACCOUNTANTS 8400 N. Mopse Expressway-Suite 304-Anstin. Texas 79759 (312)338-0000 Facsimile (512)338-S395 To The Partners Northway Drive, Ltd. Bryan, Texas We have audited the accompanying balance sheet of Northway Drive, Ltd. - (A Texas Limited Partnership) as of December 31, 1998, and the related statements of income, partners' equity and cash flows for the year ended December 31, 1998. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit in accordance with Generally Accepted Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the balance sheet is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall balance sheet presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Northway Drive, Ltd - (A Texas Limited Partnership) as of December 31, 1998, in conformity with Generally Accepted Accounting Principles. Austin, Tex February 16, 1999 Moore, Camp, Phillips & Co., LLP CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Partners Bryson Apartments, LTD. We have audited the accompanying balance sheet of Bryson Apartments, Ltd. (a limited partnership) as of December 31, 1997 and the related statement of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bryson Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on Page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial state- To the Partners Page 2 ments. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Wichita Falls, Texas March 7, 1998 Moore, Camp, Phillips & Co., LLP CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Partners Glenbrook Apartments, Ltd. We have audited the accompanying balance sheet of Glenbrook Apartments, Ltd. (a limited partnership) as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Glenbrook Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners, equity and cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on Page I-17 is presented for purposes of additional To the Partners Page 2 analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Wichita Falls, Texas March 9, 1998 Moore, Camp, Phillips & Co., LLP CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITORS' REPORT To the Partners Jacksboro Apartments, LTD. We have audited the accompanying balance sheet of Jacksboro Apartments, Ltd. (a limited partnership) as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Jacksboro Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners, equity and cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on Page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial state- To the Partners Page 2 ments. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Wichita Falls, Texas March 6, 1998 INDEPENDENT AUDITORS' REPORT To the Partners Rhome Apartments, Ltd. We have audited the accompanying balance sheet of Rhome Apartments, Ltd. (a limited partnership) as of December 31, 1997 and the related statements of operations, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rhome Apartments, Ltd. as of December 31, 1997, and the results of its operations, changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page I-17 is presented for purposes of additional analysis and is not a required part of the basic financial state- To the Partners Page 2 ments. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Wichita Falls, Texas February 23, 1998 LITTLE, SHANEYFELT, MARSHALL & CO. MARION W. LITTLE, CPA TELEPHONE 501-668-2879 JEFF SHANEYFELT, CPA FAX NO. 501-668-6260 CHARLES A. MARSHALL, JR., CPA PROSPECT BUILDING LARRY A. CAMPBELL, CPA 1501 N. UNIVERSITY, SUITE 300 BENTON, ARKANSAS OFFICE STEPHANIE A. ROMINE, CPA 210 W. SEVIER STREET PEGGY L. WILSON LITTLE ROCK, ARKANSAS 72207-5232 BENTON, ARKANSAS 72015 KRISSIE G. WILLIAMS TELEPHONE 501-378-In4S STEVEN D. LITTLE INDEPENDENT AUDITOR'S REPORT To the Partners Bellwood Four Limited Partnership We have audited the accompanying balance sheet of Bellwood Four Limited Partnership, (the Partnership), as of December 31, 1998 and the related statements of profit (loss), changes in partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bellwood Four Limited Partnership as of December 31, 1998, and its results of operations, changes in partners' equity (deficit), and cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated March 18, 1999 on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. Little, Shaneyfelt, Marshall & Co. March 18, 1999 Bernard Robinson & Company, LIP Certified Pubic Accountants since 1947 MAILING ADDRESS OFFICES P.O. BOX 19608 109 MUIRS CHAPEL ROAD GREENSBORO, NC 27419-9608 GREENSBORO, NC 274 10 FAX 336-547-0840 TELEPHONE 336-294-4494 Independent Auditor's Report To the Partners C. V. V. A. Limited Partnership Charlotte, North Carolina We have audited the accompanying balance sheets of C. V. V. A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1998 and period November 10, 1997 (date of inception) through December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of C. V. V. A. Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and period November 10, 1997 (date of inception) through December 31, 1997, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS Greensboro, North Carolina February 5, 1999 Page I Bernard Robinson & Company, L.L.P Certified Public Accountants since 1947 MAILING ADDRESS P.O. BOX 19608 GREENSBORO, NC 27419-9608 FAX 336-547-0840 TELEPHONE 336-294-4494 OFFICES 109 MUIRS CHAPEL ROAD GREENSBORO, NC 274 10 Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards To the Partners K. G. V. A. Limited Partnership Charlotte, North Carolina We have audited the financial statements of K. G. V. A. Limited Partnership (a Virginia limited partnership) as of and for the year ended December 31, 1998, and have issued our report thereon dated February 5, 1999. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Compliance As part of obtaining reasonable assurance about whether K. G. V. A. Limited Partnership's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. Internal Control Over Financial Reporting In planning and performing our audit, we considered K. G. V. A. Limited Partnership's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. This report is intended for the information of the Partnership's management and USDA Rural Housing Service. However, this report is a matter of public record and its distribution is not limited. CERTIFIED PUBLIC ACCOUNTANTS Greensboro, North Carolina February 5, 1999 Page 12 MONTEITH, LACY, SHARKEY & ASSOCIATES, LLC Certified Public Accountants 6846 Pacific Street, Suite 100 (888) 558-2596 Office (402) 558-2721 Omaha, Nebraska 68106 Fax (402) 558-2914 INDEPENDENT AUDITORS'REPORT To the Members Linden Partners II LLC We have audited the accompanying balance sheet and related statement of cash flows of Linden Partners II LLC (a Nebraska Limited Liability Company in the development stage) as of December31, 1998. This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for my opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Linden Partners II LLC as of December 1, 1998, in conformity with generally accepted accounting principles. February 25, 1999 1-3 SUAREZ ACCOUNTANCY CORPORATION 150 AV. SEVENTH STREET. SUITE 100 SAN PEDRO, CA 90731 RICHARD SUAREZ. JR.. CPA TELEPHONE (310) 832-7887 PAX 4310) 832-6563 Independent Auditor's Report To the Partners Mesa Grande Apartments, Limited Partnership: (A Development Stage Enterprise) Newport Beach, California I have audited the accompanying balance sheet of Mesa Verde Apartments, Limited Partnership (A Development Stage Enterprise) as of November 4, 1998, and the related statements of operations, changes in partners' capital, and cash flows for the period December 16, 1996 (inception) through December 31, 1998. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Mesa Verde Apartments, Limited Partnership (A Development Stage Enterprise) at December 31, 1998, and the results of its operations and cash flows for the period November 4, 1996 (inception) through December 31, 1998 in conformity with generally accepted accounting principles. February 28, 1999 San Pedro, California Moore, Camp, Phillips & Co. CERTIFIED PUBLIC ACCOUNTANTS DANNY M. MOORE. C.P.A., C.F.E., C.V.A. RANDY D . CAMP, C.P.A. RICHARD A. PHILLIPS. C.P.A. L.L.P. PHIL S. PATTERSON, C.P.A. ANN F. LUCAS, C.P.A. MEMBER: TEXAS SOCIETY OF CERTIF19D PUBLIC ACCOUNTANTS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS To the Partners Nocona Apartments, Ltd. Independent Auditors' Report We have audited the accompanying balance sheets of Nocona Apartments, Ltd. (a limited partnership), RD Project No: 50-069 0752685663-02-2 as of December 31, 1998 and 1997, and the related statements of operations, partners' equity (deficit) and cash flows for the year ended December 31, 1998 and the five month period ended December 31, 1997. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Nocona Apartments, Ltd. RD Project No.: 50-069-0752685663-02-2 as of December 31, 1998 and 1997, and the results of its operations, the changes in partners' equity (deficit) and cash flows for the year ended December 31, 1998 and the five month period ended December 31, 1997 in conformity with generally accepted accounting principles. I-1 To the Partners Nocona Apartments, Ltd. Page 2 Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on Page 1-19 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated May 14, 1999 on our consideration of Nocona Apartments, Ltd.'s internal control structure and a report dated May 14, 1999 on its compliance with laws and regulations applicable to the financial statement. Wichita Falls, Texas May 14, 1999 1-2 SUAREZ ACCOUNTANCY CORPORATION 150W. SEVENTH STREET. SUITE 100 SAN PEDRO. CA 90731 RICHARD SUAREZ. JR.. CPA TELEPHONE (310183-2-7887 PAX (310) 832-6563 Independent Auditor's Report To the Partners Sunrise Homes Apartments, Limited Partnership (A Development Stage Enterprise) Newport Beach, California I have audited the accompanying balance sheet of Sunrise Homes Apartments, Limited Partnership (A Development Stage Enterprise) as of December 31, 1998, and the related statements of operations, changes in partners' capital, and cash flows for the period November 4, 1996 (inception) through December 31, 1998. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sunrise Homes Apartments, Limited Partnership (A Development Stage Enterprise) at December 31, 1998, and the results of its operations and cash flows for the period November 4, 1996 (inception) through December 31, 1998 in conformity with generally accepted accounting principles. February 28, 1999 San Pedro, California EUBANK & BETTS A Professional Limited Liability Company CERTIFIED PUBLIC ACCOUNTANTS 3820 Interstate 55 North Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 Fax (601) 987-4314 INDEPENDENT AUDITORS' REPORT The Partners Canton Housing One, L.P. Jackson, Mississippi We have audited the accompanying balance sheet of Canton Housing One, L.P., a Mississippi limited partnership, FmHA Project No. 28-045-0640886062 01-8, as of December 31, 1998 and 1997, and the related statements of income, partners' capital, and cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Canton Housing One, L.P., FmHA Project No. 28-045-0640886062 01-8, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997 in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 9, 1999, on our consideration of the Partnership's internal control and a report dated February 9, 1999, on its compliance with specific requirements applicable to major FmHA programs. 2 Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 14 through 19 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and 11 and the information in Part IV included on pages 14 through 17 on which we express no opinion, has been subjected to the auditing procedures applied in the audits of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial. statements taken as a whole. EUBANK & BETTS, PLLC Jackson, Mississippi February 9, 1999 3 EUBANK & BETTS A Professional Limited Liability Company CERTIFIED PUBLIC ACCOUNTANTS 3820 Interstate 55 North / Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300 Fax (601) 987-4314 INDEPENDENT AUDITORS' REPORT The Partners Canton Housing Two, L.P. Jackson, Mississippi We have audited the accompanying balance sheet of Canton Housing Two, L.P., a Mississippi limited partnership, FmHA Project No. 28-045-0640886061 01-5, as of December 31, 1998 and 1997, and the related statements of income, partners' capital, and cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Canton Housing Two, L.P., FmHA Project No. 28-045-0640886061 01-5, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997 in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 11, 1999, on our consideration of the Partnership's internal control and a report dated February 11, 1999, on its compliance with specific requirements applicable to major FmHA programs, 2 Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 13 through 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and 11 and the information in Part IV included on pages 13 through 16, on which we express no opinion, has been subjected to the auditing procedures applied in the audits of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. EUBANK & BETTS, PLLC Jackson, Mississippi February 11, 1999 3 EUBANK & BETTS A Professional Limited Liability Company CERTIFIED PUBLIC ACCOUNTANTS 3820 Interstate 55 North / Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300Fax (601) 987-4314 INDEPENDENT AUDITORS' REPORT The Partners Canton Housing Three, L.P. Jackson, Mississippi We have audited the accompanying balance sheet of Canton Housing Three, L.P., a Mississippi limited partnership, FmHA Project No. 28-045-0640886063 04-2, as of December 31, 1998 and 1997, and the related statements of income, partners' capital, and cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Canton Housing Three, L.P., FmHA Project No. 28-045-0640886063 04-2, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and the month ended December 31, 1997 in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 11, 1999, on our consideration of the Partnership's internal control and a report dated February 11, 1999, on its compliance with specific requirements applicable to major FmHA programs. 2 Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 13 through 18 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and 11 and the information in part IV included on pages 13 through 16, on which we express no opinion, has been subjected to the auditing procedures applied in the audits of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. EUBANK & BETTS, PLLC Jackson, Mississippi February 11, 1999 3 EUBANK & BETTS A Professional Limited Liability Company CERTIFIED PUBLIC ACCOUNTANTS 3820 Interstate 55 North / Post Office Box 16090 / Jackson, Mississippi 39236-6090 / Phone (601) 987-4300Fax (601) 987-4314 INDEPENDENT AUDITORS' REPORT The Partners Canton Housing Four, L.P. Jackson, Mississippi We have audited the accompanying balance sheets of Canton Housing Four, L.P., a Mississippi limited partnership, FmHA Project No. 28-045-0640886064 02-0, as of December 31, 1998 and 1997, and the related statements of income, partners' capital, and cash flows for the year ended December 31, 1998 and the one month ended December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Canton Housing Four, L.P., FrnHA Project No. 28-045-0640886064-02-0, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and the month ended December 31, 1997 in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 10, 1999, on our consideration of the Partnership's internal control and a report dated February 10, 1999, on its compliance with specific requirements applicable to major FmHA programs. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying financial information included on pages 12 through 17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information, except for the current budget and proposed budget columns in Part I and II and the information in Part IV included on pages 12 through 15, on which we express no opinion, has been subjected to the auditing procedures applied in the audits of the basic financial statements, and in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. EUBANK & BETTS, PLLC Jackson, Mississippi February 10, 1999 GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners of Eagles Ridge Terrace, L. P. Decatur, Texas I have audited the accompanying balance sheets of Eagles Ridge Terrace, L. P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the year and period then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Eagles Ridge Terrace, L. P. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' capital and cash flows for the year and period then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 1-16 and 1-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Fort Worth, Texas March 13, 1999 1-3 Matthews, Hearon, Cutrer & Lindsay, P.A. CERTIFIED PUBLIC ACCOUNTANTS Brett C. Matthews, CPA Raleigh Cutrer, CPA Charles R. Lindsay, CPA J. Erik Hearon, CPA Tammy Burney Ray, CPA Elizabeth Hulen Barr, CPA Matthew E. FreelwW, CPA INDEPENDENT AUDITOR'S REPORT To the Partners Ellisville Housing, L.P. West Point, Mississippi We have audited the accompanying balance sheets of Ellisville Housing, L.P. (a Mississippi limited partnership). RHA Project No. 28-034-0640864667 as of December 31, 1998 and 1997, and the related statements of operations, partners' capital (deficit) and cash flows for the years then ended. These financial statements are the responsible of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ellisville Housing, L.P. and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. We have prepared the Multiple Family Housing Borrower Balance Sheet (RHS Form RD 1930-8) and the Multiple Family Housing Project Budget (RHS Form RD 1930-7). Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Jackson, Mississippi January 22, 1999 633 North State Street 0 Suite 607 - Jackson, Mississippi 39202-3306 Telephone (601) 355-9266 - Facsimile (601) 352-6826 0 E-mail: mhcl@mhclcpa.com Matthews, Hearon, Cutrer & Lindsay, P.A. CERTIFIED PUBLIC ACCOUNTANTS Brett C. Matthews, CPA Raleigh Cutrer, CPA Charles R. Lindsay, CPA J. Erik Hearon, CPA Tammy Burney Ray, CPA Elizabeth Hulen Barr, CPA Matthew E. FreelwW, CPA INDEPENDENT AUDITOR'S REPORT INDEPENDENT AUDITOR'S REPORT To the Partners Hattiesburg Housing, LP Jackson, Mississippi We have audited the accompanying balance sheet of Hattiesburg Housinq, LP (a Mississippi limited partnership). RHS Proiect No. 28-018-6408b4bbts as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued b the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hattiesburg Housing, LP, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements. We have prepared the Multiple Family Housing Borrower Balance Sheet (RHS FORM RD 1930-8) and the Multiple Family Housing Project Budget (RHS FORM RD 1930-7). Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Jackson, Mississippi January 29, 1999 633 North State Street 0 Suite 607 # Jackson, Mississippi 39202-3306 Telephone (601) 355-9266 * Facsimile (601) 352-6826 GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners of Henderson Terrace, L. P. Bridgeport, Texas I have audited the accompanying balance sheets of Henderson Terrace, L. P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the year and period then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Henderson Terrace, L. P. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' capital and cash flows for the year and period then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 1-16 and 1-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my, opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Fort Worth, Texas March 12, 1999 1-3 Robert C. Morris, CPA 716 S 1100 W Cedar City, Utah 84720 INDEPENDENT AUDITORS' REPORT To the partners Hurricane Hills II LC I have audited the accompanying balance sheets of Hurricane Hills II LC as of December 31, 1998, and the related partners' equity for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examination, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hurricane Hills II LC as of December 31, 1998, and the results of its operations, changes in Partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles. GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 Independent Auditor's Report MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS To the Partners of Lakeview Little Elm, L. P. Little Elm, Texas I have audited the accompanying balance sheets of Lakeview Little Elm, L. P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the year and period then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lakeview Little Elm, L. P. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' capital and cash flows for the year and period then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 1-16 and 1-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Fort Worth, Texas March 12, 1999 1-3 GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 Independent Auditor's Report MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS Independent Auditor's Report To the Partners of Mesquite Trails, L. P. Jacksboro, Texas I have audited the accompanying balance sheets of Mesquite Trails, L.P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the year and period then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Mesquite Trails, L. P. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' capital and cash flows for the year and period then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 1-16 and 1-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the c financial statements taken as a whole. Fort Worth, Texas March 13, 1999 Bernard Robinson &Company, L.L.P Certified Public Accountant since 1947 MAILING ADDRESS OFFICES P.O. BOX 19608 109 MUIRS CHAPEL ROAD GREENSBORO, NC 27419-9608 GREENSBORO, NC 274 10 FAX 336-547-0840 TELEPHONE 336-294-4494 Independent Auditor's Report To the Partners N. M. V. A. Limited Partnership Charlotte, North Carolina We have audited the accompanying balance sheets of N. M. V. A. Limited Partnership (a Virginia limited partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the year ended December 31, 1998 and for the period November 10, 1997 (date of inception) through December 31, 1997. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of N. M. V. A. Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the year ended December 31, 1998 and for the period November 10, 1997 (date of inception) through December 31, 1997, in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued our report dated February 5, 1999, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CERTIFIED PUBLIC ACCOUNTANTS Greensboro, North Carolina February 5, 1999 Page I GWEN WARD, P.C. CERTIFIED PUBLIC ACCOUNTANT 609 UNIVERSITY DRIVE FORT WORTH. TEXAS 76107 (817) 336-5880 Independent Auditor's Report To the Partners of Pilot Point Apartments, L. P. Pilot Point, Texas I have audited the accompanying balance sheets of Pilot Point Apartments, L. P. as of December 31, 1998 and 1997, and the related statements of operations, partners' capital and cash flows for the year and period then ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pilot Point Apartments, L. P. as of December 31, 1998 and 1997 and the results of its operations, changes in partners' capital and cash flows for the year and period then ended in conformity with generally accepted accounting principles. My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 1-16 and 1-17 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to basic financial statements taken as a whole. Fort Worth, Texas March 13, 1999 Fishbein & Company, P.C. Elkins Park Square -- Suite 200 8080 Old York Road Elkins Park, PA 19027-1455 215-635-3100 Fax: 215-635-5788 INDEPENDENT AUDITOR'S REPORT January 21, 1999 Partners Sencit Hampden Associates, L.P. We have audited the accompanying balance sheets of SENCIT HAMPDEN ASSOCIATES, L.P., ROTH VILLAGE TOWNHOMES, PHFA Project No. 0-546, as of December 31, 1998, and the related statements of profit and loss, partners' equity and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sencit Hampden Associates, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. HUNGERFORD & CO. Certified Public Accountants A Professional Corporation INDEPENDENT AUDITOR'S REPORT To the Partners Silver Creek/MHT Limited Dividend Housing Association Limited Partnership We have audited the accompanying balance sheet of Silver Creek/MHT Limited Dividend Housing Association Limited Partnership (a Michigan limited partnership) as of December 31, 1998. This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the balance sheet is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall balance sheet presentation. We believe that our audit of the balance sheet provides a reasonable basis for our opinion. In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Silver Creek/MHT Limited Dividend Housing Association Limited Partnership as of December 31, 1998, in conformity with generally accepted accounting principles. March 11, 1999 13305 Reeck Road, Southgate, Michigan 48195 (734) 246-9600 FAX (734) 246-8349 Members - American Institute of Certified Public Accountants - Michigan Association of Certified Public Accountants Robert C. Morris, CPA 716 S 1100 W Cedar City, Utah 84720 INDEPENDENT AUDITORS' REPORT To the partners Hurricane Hills II LC I have audited the accompanying balance sheets of Hurricane Hills II LC as of December 31, 1997, and the related partners' equity for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examination, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audits provided a reasonable basis for our opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hurricane Hills II LC as of December 31, 1997, and the results of its operations, changes in Partners, equity and cash flows for the years then ended in conformity with generally accepted accounting principles. I-3 Blume Loveridge & Co., PLLC CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT Partners Courtside Housing Associates, A Washington Limited Partnership Bellevue, Washington We have audited the accompanying balance sheet of Courtside Housing Associates, A Washington Limited Partnership, as of December 31, 1998, and the related statements of operations, changes in partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Courtside Housing Associates, A Washington Limited Partnership, as of December 31, 1998, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The additional information shown on page 9 is presented for the purpose of additional analysis and is not a required part of the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. February 15, 1999 Blume Loveridge & Co., PLLC Bellevue, Washington 11100 NE 8th Street, Suite 410, Bellevue, WA 98004-4441 PHONE (425) 453-2088 FAX (425) 646-3368 Dauby O'Connor & Zaleski A Limited Liability Company Certified Public Accountants Independent Auditors' Report To the Partners of NHC Partnership 5, L.P. (A Virginia Limited Partnership) We have audited the accompanying balance sheet of NHC Partnership 5, L.P. as of December 31, 1998, and the related statements of operations, changes in partners, equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also, includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NHC Partnership 5, L.P. as of December 31, 1998, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. January 22, 1999 Dauby O'Connor a Zaleski, LLC Carmel, Indiana Certified Public Accountants 698 Pro Med Lane Carmel, Indiana 46032 317-848-5700 Fax: 317-815-6140 Vander Ploeg Bergakker & Houtstra Certified Public Accountants. & Consultants Independent Auditor's Report January 26, 1999 Partners RHP 96-1 Limited Partnership Novi, Michigan We have audited the accompanying statement of assets, liabilities and capital of RHP 96-1 Limited Partnership as of December 31, 1998 and the related statements of revenue, expenses and partner capital and cash flows for the year then ended. These financial statements are the responsibility of RHP 96-1 Limited Partnership's management. Our responsibility is to express an opinion on the financial statement based upon our audit. We conducted our audit in accordance with generally accepted auditing standards. These standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of RHP 96-1 Limited Partnership as of December 31, 1998 and the results of its operations and its cash flow for the year then ended in conformity with generally accepted accounting principles. Professional Corporation FRIDUSS, LUKEE, SCHIFF & CO., R.C. CERTIFIED PUBLIC ACCOUNTANTS 4747 WEST PETERSON AVENUE CHICAGO, ILLINOIS 60646 MEMBERS AMERICAN INSTITUTE OF CERTIFIED (773) 777-4445 FAX (773) 777-6557 INDEPENDENT AUDITOR'S REPORT To The Partners Of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership) We have audited the accompanying balance sheets of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP (An Illinois Limited Partnership) as of December 31, 1996 and 1995, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of EAST DOUGLAS APARTMENTS LIMITED PARTNERSHIP as of December 31, 1996 and 1995, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information in Schedule I is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. FRIDUSS, LUKEE, SCHIFF CO., P.C. Certified Public Accountants Chicago, Illinois June 30, 1997 RANKIN, RANKIN & COMPANY Certified Public Accountants Lookout Corporate Center 1717 Dixie Highway Suite 600 Ft Wright, Kentucky 41011 Tel 606/331-5000 INDEPENDENT AUDITOR'S REPORT To the Partners Lookout Ridge Limited Partnership We have audited the accompanying balance sheet of Lookout Ridge Limited Partnership as of December 31, 1996, and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lookout Ridge Limited Partnership as of December 31, 1996, and the results of its operations, the changes in partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 9 and 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statement and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. RANKIN, RANKIN & COMPANY Ft. Wright, Kentucky February 20, 1997 Ehrhardt Keefe Steiner & Hottman PC INDEPENDENT AUDITORS' REPORT To the Partners Kimbark 1200 Associates, Limited Partnership Longmont, Colorado We have audited the accompanying balance sheet of FHA Project No. 101-98011 of Kimbark 1200 Associates, Limited Partnership, as of December 31, 1996, and the related statements of profit and loss, changes in partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of FHA Project No. 101-98011 as of December 31, 1996, and the results of its operations and the changes in partners' equity and cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 14, 1997 on our consideration of FHA Project No. 101-98011's internal control structure and a report dated February 14, 1997 on its compliance with specific requirements applicable to major HUD programs and specific requirements applicable to affirmative fair housing. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting data included in the report (shown on pages 15 through 20) are presented for the purpose of additional analysis and are not. a required part of the basic financial statements of FHA Project No. 101-98011. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Ehrhardt Keefe Steiner & Hottman PC February 14, 1997 Denver, Colorado Audit Partner: Lisa M. Pease EIN: 84-0869721 YOUNG & PRICKITT, P. C. Certified Public Accountants 111 Franklin Road, Suite 302 Roanoke, Virginia 24011-21 00 540/982-3852 540/343-9231 FAX INDEPENDENT AUDITOR'S REPORT To the Partners Autumn Ridge Associates Roanoke, Virginia: We have audited the accompanying balance sheet of Autumn Ridge Associates (A Virginia Limited Partnership) as of December 31, 1996. This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the balance sheet is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall balance sheet presentation. We believe that our audit of the balance sheet provides a reasonable basis for our opinion. In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Autumn Ridge Associates (A Virginia Limited Partnership) as of December 31, 1996, in conformity with generally accepted accounting principles. February 21, 1997 Sonnenberg & Company, CPAs A Professional Corporation Corporate Office: 5190 Governor Drive, Suite 201, San Diego, California 92122 Regional Office: 15840 Ventura Blvd., Suite 208, Encino, California 91436 Phone: (818) 986-5551 (800) 464-4HOA FAX (818) 986-6318 INDEPENDENT AUDITORS' REPORT To the Partners SG-Wyandotte, L.P. We have audited the accompanying balance sheet of SG-Wyandotte, L.P., a California Limited Partnership, as of December 31, 1996, and the related statement of partners' equity for the year then ended. These financial statements are the responsibility of the partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of SG-Wyandotte, L.P. as of December 31, 1996, and the changes in partners' equity for the year then ended in conformity with generally accepted accounting principles. Sonnenberg & Company, CPAs February 12, 1997 Bybee & Company A BUSINESS DEVELOPMENT COMPANY 100 South 500 West, Suite 200 Bountiful, Utah 84010 (801) 295-2992 Independent Auditor's Report Partners Shadowcreek Apartments Elko, Nevada We have audited the accompanying balance sheet of Shadowcreek Apartments (Project), FmHA Case No. 33-002-0880283493, as of December 31, 1996 and the related statements of operations, changes in Project equity and cash flows for the period October 1, 1996 through December 31,1996. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and with Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Project as of December 31, 1996 and the results of its operations and cash flows for the period October 1, 1996, in conformity with general accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental data included in the report (shown on pages 10 and 11) are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Project for the period October 1, 1996 through December 31, 1996. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Partners Shadowcreek Apartments In accordance with Government Auditing Standards, we have issued a report dated May 30, 1997, on our consideration of the Project's internal control structure and a report dated May 30, 1997, on its compliance with laws and regulations. May 30, 1997 SPAR & BOYER Certified Public Accountants, L.L.P. Stewart A. Spar CFA Keith Boyer CFA Paul R. Galizia CPA Independent Auditors' Report MAIN EVERETT HOUSING L.P. New Rochelle NY 10801 We have audited the accompanying balance sheet of MAIN EVERETT HOUSING L.P. as of December 31, 1996, and the related statements of income, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of MAIN EVERETT HOUSING L.P. as at December 31, 1996, and its cash flows and changes in partners capital for the years then ended in conformity with generally accepted accounting principles. Dobbs Ferry, New York February 6, 1996 SPAR & BOYER Certified Public Accountants, L.L.P. Stewart A. Spar CFA Keith Boyer CFA Paul R. Galizia CPA Independent Auditors' Report OSBORNE HOUSING L.P. New Rochelle NY 10801 We have audited the accompanying balance sheet of OSBORNE HOUSING L.P. as of December 31, 1996, and the related statements of income, changes in partners, Capital and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of OSBORNE HOUSING L.P. as at December 31, 1996, and its cash flows and changes in partners capital for the years then ended in conformity with generally accepted accounting principles. Dobbs Ferry, New York February 6, 1996 MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS 973 HATCH STREET CINCINNATI, OHIO 45202 513-579-8787 FAX: 513-562-8683 INDEPENDENT AUDITORS' REPORT To the Partners of Sutton Place Apartments (A Limited Partnership) Cincinnati, Ohio We have audited the accompanying balance sheet of HUD Project #07355035, 073-55037, 073-55038, 073-55061 and 073-55062 of Sutton Place Apartments (a limited partnership) as of December 31, 1996, and the related statements of profit and loss, changes in partners' capital and cash flows for the year then ended. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide,,) issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in July 1993. Those standards and the Guide require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of HUD Project #073-55035, 073-55037, 073-55038, 073-55061 and 073-55062 as of December 31, 1996 and the results of its operations and its cash flows and its changes in partners, capital for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated February 5, 1997 on our consideration of Sutton Place Apartments, internal control structure and a report dated February 5, 1997 on its compliance with laws and regulations. We were engaged to conduct an audit for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 13- 15 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #07355035, 073-55037, 073-55038, 073-55061 and 073-55062. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio February 5, 1997 MISCHLER NURRE WAITE CERTIFIED PUBLIC ACCOUNTANTS 973 HATCH STREET CINCINNATI, OHIO 45202 513-579-8787 FAX: 513-562-8683 INDEPENDENT AUDITORS' REPORT To the Partners of Washington Arms Apartments (A Limited Partnership) Dayton, Ohio We have audited the accompanying balance sheet of HUD Project #046NIO93 of Washington Arms Apartments (a limited partnership) as of December 31, 1996, and the related statements of profit and loss, changes in partners, capital and cash flows for the year ended December 31, 1996. These financial statements are the responsibility of the Project's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and Consolidated Audit Guide for Audits of HUD Programs (the "Guide,,) issued by the U. S. Department of Housing and Urban Development, Office of Inspector General in July 1993. Those standards and the Guide require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of HUD Project #046-NIO93 as of December 31, 1996 and the results of its operations and its cash flows and its changes in partners, capital for the period then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated January 29, 1997 on our consideration of Washington Arms Apartments I internal control structure and a report dated January 29, 1997 on its compliance with laws and regulations. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in the report shown on pages 13-18 is presented for the purposes of additional analysis and is not a required part of the financial statements of HUD Project #046- NT093. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. Mischler, Nurre & Waite, Ltd. Certified Public Accountants Cincinnati, Ohio January 29, 1997 Sonnenberg & Company, CPAs A Professional Corporation Corporate Office: 5190 Governor Drive, Suite 201, San Diego, California 92122 Regional Office: 15840 Ventura Blvd., Suite 208, Encino, California 91436 Phone: (818) 986-5551 (800) 464-4HOA FAX (818) 986-6318 INDEPENDENT AUDITORS' REPORT To the Partners SG-Hazeltine, L.P. We have audited the accompanying balance sheet of SG-Hazeltine, L.P., a California Limited Partnership, as of December 31, 1996 and the related statement of partners' equity for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of SG- Hazeltine, L.P. as of December 31, 1996, and the changes in partners' equity for the year then ended in conformity with generally accepted accounting principles. Sonnenberg & Company, CPAs February 12, 1997 San Diego, California LITTLE & COMPANY CERTIFIED PUBLIC ACCOUNTANTS P. 0. BOX 2485 1111 NORTH 19TH STREET MONROE, LOUISIANA 71207 TELEPHONE (318) 323-1717 TELECOPIER (318) 322-5121 INDEPENDENT AUDITOR'S REPORT The Willows Apartments Partnership, Ltd. Smithville, Texas We have audited the accompanying balance sheet of The Willows Apartments Partnership, Ltd., (the Partnership) as of December 31, 1996, and the related statements of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and the Standards for Financial and Compliance Audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Willows Apartments Partnership, Ltd., as of December 31, 1996, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles. In accordance with Government Auditing Standards, we have also issued a report dated May 27, 1997, on our consideration of the internal control structure and a report dated May 27, 1997, on its compliance with laws and regulations. Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying schedule listed in the table of contents is presented for the purpose of additional analysis and is not a required part of the financial statements of The Willows Apartments Partnership, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole. Monroe, Louisiana May 27, 1997 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS March 31, 1999 and 1998 Total - --------------------- ---------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 352,630,004 $ 263,155,258 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 14,152,267 4,193,020 Investments available-for-sale (notes A and G) 47,977,925 70,135,961 Notes receivable (note D) 14,174,473 24,395,853 Deferred acquisition costs (notes A and C) 5,644,971 5,541,912 Organization costs, net of accumulated amortization (note A) 623,193 603,443 Other assets (note E) 21,298,752 18,047,506 -------------- -- -----------$ 456,501,585 $ 386,072,953 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ 98,803 $ 486,292 Line of credit 200,000 5,000,000 Syndication costs payable 312,955 - - Accounts payable - affiliates (note B) 5,280,848 3,413,858 Capital contributions payable (note C) 73,541,468 70,863,665 -------------- -- ----------- 79,434,074 79,763,815 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 49,998,759 and 39,610,709 at March 31, 1999 and 1998 are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 49,998,759 and 39,610,709 at March 31, 1999 and 1998 issued and outstanding 377,341,887 306,404,507 General Partner (501,370) (326,595) Accumulated other comprehensive income 226,994 231,226 -------------- -- ----------- 377,067,511 306,309,138 -------------- -- -----------$ 456,501,585 $ 386,072,953 ============== =============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-6 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 20 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 20,817,668 $ 23,307,328 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 223,286 198,679 Investments available-for-sale (notes A and G) - 374,317 Notes receivable (note D) - - - Deferred acquisition costs (notes A and C) 98,235 98,235 Organization costs, net of accumulated amortization (note A) 10,607 33,891 Other assets (note E) 726,093 433,334 -------------- -- -----------$ 21,875,889 $ 24,445,784 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - - Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 1,331,964 952,716 Capital contributions payable (note C) 388,026 524,696 -------------- -- ----------- 1,719,990 1,477,412 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,866,700 at March 31, 1999 and 1998 are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,866,700 at March 31, 1999 and 1998 issued and outstanding 20,284,905 23,068,223 General Partner (129,006) (100,892) Accumulated other comprehensive income - 1,041 -------------- -- - ------------ 20,155,899 22,968,372 -------------- -- - ------------ $ 21,875,889 $ 24,445,784 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-7 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 21 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 7,984,415 $ 9,560,326 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 204,141 171,025 Investments available-for-sale (notes A and G) 777,925 1,017,352 Notes receivable (note D) 641,542 641,542 Deferred acquisition costs (notes A and C) 53,731 53,731 Organization costs, net of accumulated amortization (note A) - 12,523 Other assets (note E) 268,066 249,118 -------------- -- -----------$ 9,929,820 $ 11,705,617 LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - - Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 623,670 597,830 Capital contributions payable (note C) 709,193 860,126 -------------- -- ----------- 1,332,863 1,457,956 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 1,892,700 at March 31, 1999 and 1998 are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,892,700 at March 31, 1999 and 1998 issued and outstanding 8,667,497 10,304,349 General Partner (76,038) (59,504) Accumulated other comprehensive income 5,498 2,816 -------------- -- - ------------ 8,596,957 10,247,661 -------------- -- - ------------ $ 9,929,820 $ 11,705,617 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-8 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 22 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 14,961,440 $ 16,104,712 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 319,333 99,260 Investments available-for-sale (notes A and G) 272,533 385,678 Notes receivable (note D) 462,686 1,796,240 Deferred acquisition costs (notes A and C) 168,844 202,011 Organization costs, net of accumulated amortization (note A) 9,694 22,232 Other assets (note E) 165,466 438,091 -------------- -- -----------$ 16,359,996 $ 19,048,224 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - - Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 791,555 536,965 Capital contributions payable (note C) 550,641 1,836,296 -------------- -- ----------- 1,342,196 2,373,261 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,564,400 at March 31, 1999 and 1998 are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,564,400 at March 31, 1999 and 1998 issued and outstanding 15,084,797 16,726,229 General Partner (68,922) (52,342) Accumulated other comprehensive income 1,925 1,076 -------------- -- - ------------ 15,017,800 16,674,963 -------------- -- - ------------ $ 16,359,996 $ 19,048,224 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-9 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 23 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 21,681,096 $ 23,271,914 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 610,758 75,562 Investments available-for-sale (notes A and G) - 584,414 Notes receivable (note D) 456,751 2,186,398 Deferred acquisition costs (notes A and C) 171,769 166,697 Organization costs, net of accumulated amortization (note A) 16,933 30,006 Other assets (note E) 393,309 713,561 -------------- -- -----------$ 23,330,616 $ 27,028,552 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - - Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 413,155 297,891 Capital contributions payable (note C) 772,817 2,724,109 -------------- -- ----------- 1,185,972 3,022,000 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,336,727 at March 31, 1999 and 1998 are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,336,727 at March 31, 1999 and 1998 issued and outstanding 22,208,044 24,049,616 General Partner (63,400) (44,798) Accumulated other comprehensive income - 1,734 -------------- -- - ------------ 22,144,644 24,006,552 -------------- -- - ------------ $ 23,330,616 $ 27,028,552 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-10 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 24 ----------------------- ----------- 1999 1998 ---------------- ---- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 13,973,053 $ 15,422,126 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 304,564 275,033 Investments available-for-sale (notes A and G) 188,039 198,587 Notes receivable (note D) 551,210 779,231 Deferred acquisition costs (notes A and C) 280,602 276,690 Organization costs, net of accumulated amortization (note A) 19,470 32,450 Other assets (note E) 674,603 756,754 ---------------- ---- -----------$ 15,991,541 $ 17,740,871 ================ ================ LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ 27,000 Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 546,259 313,111 Capital contributions payable (note C) 1,285,736 1,518,325 ---------------- ---- ----------- 1,831,995 1,858,436 ---------------- ---- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,169,878 at March 31, 1999 and 1998 are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,169,878 at March 31, 1999 and 1998 issued and outstanding 14,201,933 15,908,401 General Partner (43,716) (26,479) Accumulated other comprehensive income 1,329 513 ---------------- ---- - ------------ 14,159,546 15,882,435 ---------------- ---- - ------------ $ 15,991,541 $ 17,740,871 ================ ================
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-11 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 25 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 20,921,953 $ 22,681,362 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 660,000 173,979 Investments available-for-sale (notes A and G) 529,693 998,627 Notes receivable (note D) 551,221 754,841 Deferred acquisition costs (notes A and C) 281,804 279,327 Organization costs, net of accumulated amortization (note A) 18,354 28,842 Other assets (note E) 1,322,390 1,713,420 -------------- -- -----------$ 24,285,415 $ 26,630,398 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - - Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 272,676 - - Capital contributions payable (note C) 2,704,223 3,396,767 -------------- -- ----------- 2,976,899 3,396,767 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,026,109 at March 31, 1999 and 1998 are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,026,109 at March 31, 1999 and 1998 issued and outstanding 21,349,087 23,255,931 General Partner (44,397) (25,136) Accumulated other comprehensive income 3,826 2,836 -------------- -- - ------------ 21,308,516 23,233,631 -------------- -- - ------------ $ 24,285,415 $ 26,630,398 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-12 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 26 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 29,938,230 $ 29,729,194 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 1,190,003 105,301 Investments available-for-sale (notes A and G) 721,150 6,645,272 Notes receivable (note D) 653,909 1,173,727 Deferred acquisition costs (notes A and C) 475,012 601,034 Organization costs, net of accumulated amortization (note A) 42,595 61,526 Other assets (note E) 3,856,657 3,764,864 -------------- -- -----------$ 36,877,556 $ 42,080,918 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ 90 $ 82 Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 266,608 17,324 Capital contributions payable (note C) 5,548,536 9,269,613 -------------- -- ----------- 5,815,234 9,287,019 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,995,900 at March 31, 1999 and 1998, are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,995,900 at March 31, 1999 and 1998, issued and outstanding 31,085,523 32,787,697 General Partner (29,727) (12,533) Accumulated other comprehensive income 6,526 18,735 -------------- -- - ------------ 31,062,322 32,793,899 -------------- -- - ------------ $ 36,877,556 $ 42,080,918 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-13 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 27 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 16,996,406 $ 18,158,317 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 1,328,141 258,292 Investments available-for-sale (notes A and G) 140,982 2,664,947 Notes receivable (note D) 270,649 653,377 Deferred acquisition costs (notes A and C) 402,321 458,280 Organization costs, net of accumulated amortization (note A) 38,806 54,328 Other assets (note E) 1,017,819 1,515,909 -------------- -- -----------$ 20,195,124 $ 23,763,450 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - - Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 430,737 125,327 Capital contributions payable (note C) 1,645,618 3,524,022 -------------- -- ----------- 2,076,355 3,649,349 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,460,700 at March 31, 1999 and 1998 are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,460,700 at March 31, 1999 and 1998 issued and outstanding 18,142,362 20,116,351 General Partner (25,276) (8,114) Accumulated other comprehensive income 1,683 5,864 -------------- -- - ------------ 18,118,769 20,114,101 -------------- -- - ------------ $ 20,195,124 $ 23,763,450 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-14 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 28 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 32,194,655 $ 28,144,829 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 569,820 483,635 Investments available-for-sale (notes A and G) 4,164,571 12,270,184 Notes receivable (note D) 1,477,458 240,575 Deferred acquisition costs (notes A and C) 70,092 539,209 Organization costs, net of accumulated amortization (note A) 55,896 76,222 Other assets (note E) 205,606 204,913 -------------- -- -----------$ 38,738,098 $ 41,959,567 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - - Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 256,148 4,681 Capital contributions payable (note C) 4,440,923 7,185,987 -------------- -- ----------- 4,697,071 7,190,668 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,000,738 at March 31, 1999 and 1998 are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,000,738 at March 31, 1999 and 1998 issued and outstanding 34,013,990 34,737,846 General Partner (3,685) 3,557 Accumulated other comprehensive income 30,722 27,496 -------------- -- - ------------ 34,041,027 34,768,899 -------------- -- - ------------ $ 38,738,098 $ 41,959,567 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-15 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 29 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 31,006,270 $ 24,760,987 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 1,066,404 305,731 Investments available-for-sale (notes A and G) 5,250,347 13,567,187 Notes receivable (note D) 835,878 1,428,362 Deferred acquisition costs (notes A and C) 13,596 816,252 Organization costs, net of accumulated amortization (note A) 49,448 64,663 Other assets (note E) 26,001 2,437,225 -------------- -- -----------$ 38,247,944 $ 43,380,407 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - - Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 6,511 56,703 Capital contributions payable (note C) 5,800,186 9,330,218 -------------- -- ----------- 5,806,697 9,386,921 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,991,800 at March 31, 1999 and 1998 are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,991,800 at March 31, 1999 and 1998, issued and outstanding 32,431,904 33,941,732 General Partner (16,900) (2,758) Accumulated other comprehensive income 26,243 54,512 -------------- -- - ------------ 32,441,247 33,993,486 -------------- -- - ------------ $ 38,247,944 $ 43,380,407 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-16 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 30 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 18,385,611 $ 14,400,077 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 1,339,143 1,162,518 Investments available-for-sale (notes A and G) 5,366,697 10,891,290 Notes receivable (note D) 1,415,196 1,422,259 Deferred acquisition costs (notes A and C) 510,332 1,062,082 Organization costs, net of accumulated amortization (note A) 48,501 62,358 Other assets (note E) 888,146 3,853,336 -------------- -- -----------$ 27,953,626 $ 32,853,920 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ - Line of credit - - Syndication costs payable - - Accounts payable - affiliates (note B) 6,196 1,002 Capital contributions payable (note C) 5,188,387 9,721,288 -------------- -- ----------- 5,194,583 9,722,290 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,651,000 at March 31, 1999 and 1998, are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,651,000 at March 31, 1999 and 1998, issued and outstanding 22,733,909 23,106,377 General Partner 264 3,313 Accumulated other comprehensive income 24,870 21,940 -------------- -- - ------------ 22,759,043 23,131,630 -------------- -- - ------------ $ 27,953,626 $ 32,853,920 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-17 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 31 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 35,524,458 $ 29,042,410 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 1,294,456 811,235 Investments available-for-sale (notes A and G) 5,366,127 14,537,576 Notes receivable (note D) 2,221,022 7,309,603 Deferred acquisition costs (notes A and C) - 672,182 Organization costs, net of accumulated amortization (note A) 51,385 65,087 Other assets (note E) 974,611 489,053 -------------- -- -----------$ 45,432,059 $ 52,927,146 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ 1,660 $ 27,359 Line of credit - - - Syndication costs payable - - - Accounts payable - affiliates (note B) 1,390 417,337 Capital contributions payable (note C) 8,010,788 14,425,302 -------------- -- ----------- 8,013,838 14,869,998 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,417,857 at March 31, 1999 and 1998, are issued and outstanding to the assignees - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,417,857 at March 31, 1999 and 1998, issued and outstanding 37,405,408 37,991,231 General Partner (5,325) (697) Accumulated other comprehensive income 18,138 66,614 -------------- -- - ------------ 37,418,221 38,057,148 -------------- -- - ------------ $ 45,432,059 $ 52,927,146 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-18 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 32 --------------------- ----------- 1999 1998 -------------- -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 35,492,664 $ 8,571,676 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 1,625,906 72,770 Investments available-for-sale (notes A and G) 9,246,829 6,000,530 Notes receivable (note D) 1,995,249 6,009,698 Deferred acquisition costs (notes A and C) 723,349 316,182 Organization costs, net of accumulated amortization (note A) 50,418 59,315 Other assets (note E) 1,970,512 1,477,928 -------------- -- -----------$ 51,104,927 $ 22,508,099 ============== ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - $ 431,851 Line of credit - 5,000,000 Syndication costs payable - - Accounts payable - affiliates (note B) 103 92,971 Capital contributions payable (note C) 10,155,068 6,546,916 -------------- -- ----------- 10,155,171 12,071,738 -------------- -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 4,754,198 and 1,236,200 at March 31, 1999 and 1998, respectively, are issued and outstanding to the assignees - - - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,754,198 and 1,236,200 at March 31, 1999 and 1998, respectively, issued and outstanding 40,911,216 10,410,524 General Partner 2,486 (212) Accumulated other comprehensive income 36,054 26,049 -------------- -- ----------- 40,949,756 10,436,361 -------------- -- -----------$ 51,104,927 $ 22,508,099 ============== ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-19 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 33 ---------- --- 1 9 9 9 -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 19,871,865 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 685,857 Investments available-for-sale (notes A and G) 5,892,859 Notes receivable (note D) 46,280 Deferred acquisition costs (notes A and C) 668,353 Organization costs, net of accumulated amortization (note A) 83,770 Other assets (note E) 1,078,560 -- ---- ---- ---$ 28,327,544 ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ - Line of credit - Syndication costs payable - Accounts payable - affiliates (note B) 6,443 Capital contributions payable (note C) 5,507,151 ------ -- -- -- - 5 , 5 1 3 , 5 9 4 -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,636,533 at March 31, 1999, are issued and outstanding to the assignees - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,636,533 at March 31, 1999, issued and outstanding 22,776,691 General Partner 1,941 Accumulated other comprehensive income 35,318 ----- -- -- -- -- 2 2 , 8 1 3 , 9 5 0 -- ---- ---- ---$ 28,327,544 ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-20 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 34 ---------- --- 1 9 9 9 -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 22,247,242 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 2,482,579 Investments available-for-sale (notes A and G) 9,666,568 Notes receivable (note D) 1,678,562 Deferred acquisition costs (notes A and C) 904,527 Organization costs, net of accumulated amortization (note A) 110,441 Other assets (note E) 5,146,310 -- ---- ---- ---$ 42,236,229 ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ 493 Line of credit - Syndication costs payable - Accounts payable - affiliates (note B) 32,894 Capital contributions payable (note C) 12,032,400 ----- -- -- -- -- 1 2 , 0 6 5 , 7 8 7 -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,529,319 at March 31, 1999, are issued and outstanding to the assignees - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,529,319 at March 31, 1999, issued and outstanding 30,136,760 General Partner 399 Accumulated other comprehensive income 33,283 ----- -- -- -- -- 3 0 , 1 7 0 , 4 4 2 -- ---- ---- ---$ 42,236,229 ==============
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-21 Boston Capital Tax Credit Fund IV L.P. BALANCE SHEETS - CONTINUED March 31, 1999 and 1998 Series 35 ---------- --- 1 9 9 9 -- - ----------- ASSETS INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) $ 10,632,978 OTHER ASSETS Cash and cash equivalents (notes A, H and I) 247,876 Investments available-for-sale (notes A and G) 393,605 Notes receivable (note D) 916,860 Deferred acquisition costs (notes A and C) 822,404 Organization costs, net of accumulated amortization (note A) 16,875 Other assets (note E) 2,584,603 -- ---- ---- ---$ 15,615,201 ============== LIABILITIES AND PARTNERS' CAPITAL LIABILITIES Accounts payable and accrued expenses $ 96,560 Line of credit 200,000 Syndication costs payable 312,955 Accounts payable - affiliates (note B) 294,539 Capital contributions payable (note C) 8,801,775 ------ -- -- -- - 9 , 7 0 5 , 8 2 9 -- - -----------PARTNERS' CAPITAL (note A) Assignor Limited Partner Units of limited partnership interest consisting of 65,000,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 704,200 at March 31, 1999, are issued and outstanding to the assignees - Assignees Units of beneficial interest of the limited partnership interest of the assignor limited partner, 704,200 at March 31, 1999, issued and outstanding 5,907,861 General Partner (68) Accumulated other comprehensive income 1,579 ---------- --- 5,909 ,372 ---------- ---$ 15,615,201 ========== ====
Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-22 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS Total ----------- --------------------------------------- Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ------------ ------------ - - ----------- Income Interest income $ 4,604,150 $ 4,007,240 $ 2,498,953 ------------ ------------ - - ----------- Share of losses from operating limited partnerships (note A) (16,178,884) (12,821,176) (10,783,903)* ------------ ------------ - - ----------- Expenses Fund management fee (note B) 3,702,096 2,454,590 1,747,642 Amortization (note A) 200,643 163,770 118,360 General and administrative expenses (note B) 1,444,688 1,528,261 1,099,740 Professional fees 555,193 507,864 317,809 ------------ ------------ - - ----------- 5,902,620 4,654,485 3,283,551 ------------ ------------ - - ----------- NET LOSS (note A) $(17,477,354) $(13,468,421) $(11,568,501) ============ ============ ============ Net loss allocated to general partner $ (174,775) $ (134,685) $ (115,684) ============ ============ ============ Net loss allocated to assignees $(17,302,579) $(13,333,736) $(11,452,817) ============ ============ ============ Net loss per BAC $ (0.36) $ (0.36) $ (0.50) ============ ============ ============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. * Includes net of gain on disposition of investment of $25,059 for Series 21, $4,596 for Series 22, and $23,253 for Series 24. (continued) F-23 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 20 ------------ ---------------------------------------------- Year ended Year ended Year ended March 31, 1999 March 31, 1998 March 31, 1997 -------------- -------------- --- - ----------- Income Interest income $ 8,005 $ 52,699 $ 41,051 -------------- -------------- --- - ----------- Share of losses from operating limited partnerships (note A) (2,359,812) (2,516,153) (2,941,378) -------------- -------------- --- - ----------- Expenses Fund management fee (note B) 358,566 270,336 325,113 Amortization (note A) 23,284 23,285 23,285 General and administrative expenses (note B) 34,973 56,682 43,900 Professional fees 42,802 30,488 27,598 -------------- -------------- --- - ----------- 459,625 380,791 419,896 -------------- -------------- --- - ----------- NET LOSS (note A) $ (2,811,432) $ (2,844,245) $ (3,320,223) ============== ============== ============== Net loss allocated to general partner $ (28,114) $ (28,442) $ (33,202) ============== ============== ============== Net loss allocated to assignees $ (2,783,318) $ (2,815,803) $ (3,287,021) ============== ============== ============== Net loss per BAC $ (0.72) $ (0.73) $ (0.85) ============== ============== ==============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-24 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 21 --------- ---------------------------------------- Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ------------ ------------ - - ----------- Income Interest income $ 63,167 $ 53,299 $ 63,343 ------------ ------------ - - ----------- Share of losses from operating limited partnerships (note A) (1,440,087) (1,854,423) (2,109,014)* ------------ ------------ - - ----------- Expenses Fund management fee (note B) 201,340 215,217 224,252 Amortization (note A) 12,523 18,957 18,957 General and administrative expenses (note B) 40,896 40,040 39,434 Professional fees 21,707 22,730 33,123 ------------ ------------ - - ----------- 276,466 296,944 315,766 ------------ ------------ - - ----------- NET LOSS (note A) $ (1,653,386) $ (2,098,068) $ (2,361,437) ============ ============ ============ Net loss allocated to general partner $ (16,534) $ (20,981) $ (23,614) ============ ============ ============ Net loss allocated to assignees $ (1,636,852) $ (2,077,087) $ (2,337,823) ============ ============ ============ Net loss per BAC $ (0.86) $ (1.10) $ (1.24) ============ ============ ============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. * Net of gain on disposition of investments of $25,059. (continued) F-25 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 22 ----- ----------------------------------------- ----- Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ------------ ------------ - - ----------- Income Interest income $ 28,945 $ 35,289 $ 80,225 ------------ ------------ - - ----------- Share of losses from operating limited partnerships (note A) (1,371,100) (1,372,762) (1,817,108)* ------------ ------------ - - ----------- Expenses Fund management fee (note B) 241,151 225,636 223,892 Amortization (note A) 12,538 12,538 12,538 General and administrative expenses (note B) 32,283 44,605 57,572 Professional fees 29,885 34,012 27,957 ------------ ------------ - - ----------- 315,857 316,791 321,959 ------------ ------------ - - ----------- NET LOSS (note A) $ (1,658,012) $ (1,654,264) $ (2,058,842) ============ ============ ============ Net loss allocated to general partner $ (16,580) $ (16,543) $ (20,588) ============ ============ ============ Net loss allocated to assignees $ (1,641,432) $ (1,637,721) $ (2,038,254) ============ ============ ============ Net loss per BAC $ (0.64) $ (0.64) $ (0.79) ============ ============ ============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. * Net of gain on disposition of investment of $4,596. (continued) F-26 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 23 ------------ ---------------------------------------------- Year ended Year ended Year ended March 31, 1999 March 31, 1998 March 31, 1997 -------------- -------------- --- - ----------- Income Interest income $ 17,417 $ 78,002 $ 190,215 -------------- -------------- --- - ----------- Share of losses from operating limited partnerships (note A) (1,587,640) (1,705,493) (1,847,436) -------------- -------------- --- - ----------- Expenses Fund management fee (note B) 214,325 188,213 212,843 Amortization (note A) 13,072 13,072 13,072 General and administrative expenses (note B) 33,071 62,957 93,594 Professional fees 29,483 35,928 20,186 -------------- -------------- --- - ----------- 289,951 300,170 339,695 -------------- -------------- --- - ----------- NET LOSS (note A) $ (1,860,174) $ (1,927,661) $ (1,996,916) ============== ============== ============== Net loss allocated to general partner $ (18,602) $ (19,277) $ (19,969) ============== ============== ============== Net loss allocated to assignees $ (1,841,572) $ (1,908,384) $ (1,976,947) ============== ============== ============== Net loss per BAC $ (0.55) $ (0.57) $ (0.59) ============== ============== ==============
Series 30, 31 and 32 were not formed until after March 31, 1997 therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-27 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 24 ----- ---------------------------------------- -----Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ------------ ------------ - - ----------- Income Interest income $ 31,706 $ 50,741 $ 193,065 ------------ ------------ - - ----------- Share of losses from operating limited partnerships (note A) (1,475,502) (1,342,281) (797,796)* ------------ ------------ - - ----------- Expenses Fund management fee (note B) 203,448 208,597 212,130 Amortization (note A) 12,980 12,979 12,980 General and administrative expenses (note B) 28,523 33,088 73,370 Professional fees 34,958 29,154 25,402 ------------ ------------ - - ----------- 279,909 283,818 323,882 ------------ ------------ - - ----------- NET LOSS (note A) $ (1,723,705) $ (1,575,358) $ (928,613) ============ ============ ============ Net loss allocated to general partner $ (17,237) $ (15,754) $ (9,286) ============ ============ ============ Net loss allocated to assignees $ (1,706,468) $ (1,559,604) $ (919,327) ============ ============ ============ Net loss per BAC $ (0.79) $ (0.72) $ (0.42) ============ ============ ============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. * Net of gain on disposition of investment of $23,253. (continued) F-28 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 25 ----------- ---------------------------------------------- Year ended Year ended Year ended March 31, 1999 March 31, 1998 March 31, 1997 -------------- -------------- --- - ----------- Income Interest income $ 89,058 $ 134,963 $ 442,637 -------------- -------------- --- - ------------ Share of losses from operating limited partnerships (note A) (1,653,302) (1,550,724) (767,183) -------------- -------------- --- - ------------ Expenses Fund management fee (note B) 266,576 248,382 214,610 Amortization (note A) 10,488 10,488 10,488 General and administrative expenses (note B) 45,111 82,717 171,239 Professional fees 39,686 36,017 39,787 -------------- -------------- --- - ------------ 361,861 377,604 436,124 -------------- -------------- --- - ------------ NET LOSS (note A) $ (1,926,105) $ (1,793,365) $ (760,670) ============== ============== =============== Net loss allocated to general partner $ (19,261) $ (17,934) $ (7,607) ============== ============== =============== Net loss allocated to assignees $ (1,906,844) $ (1,775,431) $ (753,063) ============== ============== =============== Net loss per BAC $ (0.63) $ (0.59) $ (0.25) ============== ============== ===============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-29 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 26 ------------ --------------------------------------------- Year ended Year ended Year ended March 31, 1999 March 31, 1998 March 31, 1997 -------------- -------------- --- - ----------- Income Interest income $ 284,747 $ 534,030 $ 962,666 -------------- -------------- --- - ----------- Share of losses from operating limited partnerships (note A) (1,448,218) (869,148) (493,405) -------------- -------------- --- - ----------- Expenses Fund management fee (note B) 359,834 346,887 181,052 Amortization (note A) 18,931 18,931 14,198 General and administrative expenses (note B) 135,748 225,083 378,577 Professional fees 41,384 90,108 105,431 -------------- -------------- --- - ----------- 555,897 681,009 679,258 -------------- -------------- --- - ----------- NET LOSS (note A) $ (1,719,368) $ (1,016,127) $ (209,997) ============== ============== ============== Net loss allocated to general partner $ (17,194) $ (10,161) $ (2,100) ============== ============== ============== Net loss allocated to assignees $ (1,702,174) $ (1,005,966) $ (207,897) ============== ============== =============== Net loss per BAC $ (0.43) $ (0.25) $ (0.06) ============== ============== ==============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-30 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 27 ------------ --------------------------------------------- P e r i o d Ju ne 17 , 19 96 (d at e of i n c e p t i o n ) Year ended Year ended through March March 31, 1999 March 31, 1998 31, 1997 -------------- -------------- --- - ----------- Income Interest income $ 103,948 $ 323,118 $ 269,562 -------------- -------------- --- - ----------- Share of losses from operating limited partnerships (note A) (1,421,601) (689,756) (9,016) -------------- -------------- --- - ----------- Expenses Fund management fee (note B) 288,306 275,320 144,692 Amortization (note A) 15,522 15,522 7,761 General and administrative expenses (note B) 58,117 99,622 114,535 Professional fees 36,553 30,003 17,885 -------------- -------------- --- - ----------- 398,498 420,467 284,873 -------------- -------------- --- - ----------- NET LOSS (note A) $ (1,716,151) $ (787,105) $ (24,327) ============== ============== ============== Net loss allocated to general partner $ (17,162) $ (7,871) $ (243) ============== ============== ============== Net loss allocated to assignees $ (1,698,989) $ (779,234) $ (24,084) ============== ============== ============== Net loss per BAC $ (0.69) $ (0.32) $ (0.02) ============== ============== ==============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-31 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 28 ------------ ---------------------------------------------- P e r i o d Se pt em be r 30 , 19 96 (d at e of i n c e p t i o n ) Year ended Year ended through March March 31, 1999 March 31, 1998 31, 1997 -------------- -------------- --- - ------------ Income Interest income $ 683,347 $ 1,280,997 $ 254,197 -------------- -------------- --- - ------------ Share of losses from operating limited partnerships (note A) (793,965) (351,007) (1,567) -------------- -------------- --- - ------------ Expenses Fund management fee (note B) 322,689 155,994 9,058 Amortization (note A) 20,326 20,326 5,081 General and administrative expenses (note B) 205,933 393,649 126,461 Professional fees 64,643 95,950 20,440 -------------- -------------- --- - ------------ 613,591 665,919 161,040 -------------- -------------- --- - ------------ NET INCOME (LOSS) (note A) $ (724,209) $ 264,071 $ 91,590 ============== ============== =============== Net income (loss) allocated to general partner $ (7,242) $ 2,641 $ 916 ============== ============== =============== Net income (loss) allocated to assignees $ (716,967) $ 261,430 $ 90,674 ============== ============== =============== Net income (loss) per BAC $ (0.18) $ 0.07 $ 0.08 ============== ============== ===============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-32 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 29 ------------ ---------------------------------------------- Pe ri od Fe br ua ry 10 , 19 97 (d at e of in ce pt io n) Year ended Year ended through March March 31, 1999 March 31, 1998 31, 1997 -------------- -------------- --- - ------------ Income Interest income $ 560,635 $ 800,608 $ 1,992 -------------- -------------- --- - ------------ Share of losses from operating limited partnerships (note A) (1,418,793) (626,915) - - -------------- -------------- --- - ------------ Expenses Fund management fee (note B) 306,704 192,348 - - Amortization (note A) 15,215 8,633 - - General and administrative expenses (note B) 167,904 202,191 1,058 Professional fees 66,263 47,266 - - -------------- -------------- --- - ------------ 556,086 450,438 1,058 -------------- -------------- --- - ------------ NET INCOME (LOSS) (note A) $ (1,414,244) $ (276,745) $ 934 ============== ============== =============== Net income (loss) allocated to general partner $ (14,142) $ (2,767) $ 9 ============== ============== =============== Net income (loss) allocated to assignees $ (1,400,102) $ (273,978) $ 925 ============== ============== =============== Net income (loss) per BAC $ (0.35) $ (0.08) $ 0.02 ============== ============== ===============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-33 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 30 --------------- -------------- P e r i o d June 23, 1997 (date o f inception) Year ended through March 31, March 31, 1999 1998 ----------- - ------------ Income Interest income $ 476,758 $ 459,716 ----------- - ------------ Share of income from operating limited partnerships (note A) (432,433) 100,573 ----------- - ------------ Expenses Fund management fee (note B) 159,294 55,733 Amortization (note A) 13,857 5,613 General and administrative expenses (note B) 130,320 144,751 Professional fees 45,725 22,861 ----------- - ------------ 349,196 228,958 ----------- - ------------ NET INCOME (LOSS) (note A) $ (304,871) $ 331,331 =========== ============ Net income (loss) allocated to general partner $ (3,049) $ 3,313 =========== ============ Net income (loss) allocated to assignees $ (301,822) $ 328,018 =========== ============ Net income (loss) per BAC $ (0.11) $ 0.15 =========== ============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-34 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 31 --------------- -------------- P e r i o d Sep t e m b e r 1 1 , 1997 ( d a t e o f inception) Year ended through March 31, March 31, 1999 1998 ----------- - ------------ Income Interest income $ 1,115,174 $ 200,996 ----------- - ------------ Share of income from operating limited partnerships (note A) (1,020,163) (43,087) ----------- - ------------ Expenses Fund management fee (note B) 334,849 69,951 Amortization (note A) 13,702 3,426 General and administrative expenses (note B) 141,047 121,735 Professional fees 68,226 32,486 ----------- - ------------ 557,824 227,598 ----------- - ------------ NET INCOME (LOSS) (note A) $ (462,813) $ (69,689) =========== ============ Net income (loss) allocated to general partner $ (4,628) $ (697) =========== ============ Net income (loss) allocated to assignees $ (458,185) $ (68,992) =========== ============ Net income (loss) per BAC $ (0.10) $ (0.02) =========== ============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-35 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 32 --------------- -------------- P e r i o d Ja n u a r y 1 9 , 1 9 9 8 ( d a t e o f inception) Year ended through March 31, March 31, 1999 1998 ----------- - ------------ Income Interest income $ 727,112 $ 2,782 ----------- - ------------ Share of income from operating limited partnerships (note A) 56,660 - ----------- - ------------ Expenses Fund management fee (note B) 264,361 1,976 Amortization (note A) 8,897 - General and administrative expenses (note B) 231,009 21,141 Professional fees 9,669 861 ----------- - ------------ 513,936 23,978 ----------- - ------------ NET INCOME (LOSS) (note A) $ 269,836 $ (21,196) =========== ============ Net income (loss) allocated to general partner $ 2,698 $ (212) =========== ============ Net income (loss) allocated to assignees $ 267,138 $ (20,984) =========== ============ Net income (loss) per BAC $ 0.06 $ (0.04) =========== ============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-36 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 33 --------- -- P e r i o d Jun e 2 2 , 1 9 9 8 (date of inception) t h r o u g h Mar c h 3 1 , 1 9 9 9 - ----------- Income Interest income $ 256,081 - ------------ Share of income from operating limited partnerships (note A) 187,290 - -----------Expenses Fund management fee (note B) 107,826 Amortization (note A) 9,308 General and administrative expenses (note B) 111,018 Professional fees 21,121 ----- -- -- -- 2 4 9 , 2 7 3 - ------------ NET INCOME (note A) $ 194,098 ============ Net income allocated to general partner $ 1,941 ============ Net income allocated to assignees $ 192,157 ============ Net income per BAC $ 0.09 ============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-37 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 34 --------- -- P e r i o d S e p t e m b e r 2 2 , 1 9 9 8 ( d a t e o f inc e p t i o n ) t h r o u g h Mar c h 3 1 , 1 9 9 9 - ----------- Income Interest income $ 156,247 - ------------ Share of income from operating limited partnerships (note A) (218) - -----------Expenses Fund management fee (note B) 68,018 Amortization (note A) - General and administrative expenses (note B) 44,974 Professional fees 3,088 ----- -- -- -- 1 1 6 , 0 8 0 - ------------ NET INCOME (note A) $ 39,949 ============ Net income allocated to general partner $ 399 ============ Net income allocated to assignees $ 39,550 ============ Net income per BAC $ 0.02 ============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-38 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF OPERATIONS - CONTINUED Series 35 --------- -- P e r i o d Febru a r y 2 2 , 1 9 9 9 (date of inception) t h r o u g h Mar c h 3 1 , 1 9 9 9 - ----------- Income Interest income $ 1,803 - ------------ Share of income from operating limited partnerships (note A) - - -----------Expenses Fund management fee (note B) 4,809 Amortization (note A) - General and administrative expenses (note B) 3,761 Professional fees - ------- -- -- 8 , 5 7 0 - ------------ NET LOSS (note A) $ (6,767) ============ Net loss allocated to general partner $ (68) ============ Net loss allocated to assignees $ (6,699) ============ Net loss per BAC $ (0.02) ============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. See notes to financial statements F-39 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Total Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ 144,569,903 $ (76,226) $ 26,974 $ 144,520,651 Capital contributions 104,754,000 - - 104,754,000 Selling commissions and registration costs (15,103,748) - - (15,103,748) Comprehensive income (loss) Net income (loss) (11,452,817) (115,684) - $ (11,568,501) (11,568,501) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 29,769 29,769 29,769 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (11,538,732) ================ Partners' capital (deficit), March 31, 1997 222,767,338 (191,910) 56,743 222,632,171 Capital contributions 112,693,500 - - 112,693,500 Selling commissions and registration costs (15,722,595) - - (15,722,595) Comprehensive income (loss) Net income (loss) (13,333,736) (134,685) - $ (13,468,421) (13,468,421) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 174,483 174,483 174,483 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (13,293,938) ================ Partners' capital (deficit), March 31, 1998 306,404,507 (326,595) 231,226 306,309,138 Capital contributions 103,746,000 - - 103,746,000 Selling commissions and registration costs (15,231,041) - - (15,231,041) Distributions (275,000) - - (275,000) Comprehensive income (loss) Net income (loss) (17,302,579) (174,775) - $ (17,477,354) (17,477,354) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (4,232) (4,232) (4,232) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (17,481,586) ================ Partners' capital (deficit), March 31, 1999 $ 377,341,887 $ (501,370) $ 226,994 $ 377,067,511 ================ ================ ================ ================ ================
(continued) F-40 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Series 20 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ 29,171,047 $ (39,248) $ 108 $ 29,131,907 Capital contributions - - - - Selling commissions and registration costs - - - - Comprehensive income (loss) Net income (loss) (3,287,021) (33,202) - $ (3,320,223) (3,320,223) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 640 640 640 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (3,319,583) ================ Partners' capital (deficit), March 31, 1997 25,884,026 (72,450) 748 25,812,324 Capital contributions - - - - Selling commissions and registration costs - - - - Comprehensive income (loss) Net income (loss) (2,815,803) (28,442) - $ (2,844,245) (2,844,245) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 293 293 293 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (2,843,952) ================ Partners' capital (deficit), March 31, 1998 23,068,223 (100,892) 1,041 22,968,372 Capital contributions - - - - Selling commissions and registration costs - - - - Distributions - - - - Comprehensive income (loss) Net income (loss) (2,783,318) (28,114) - $ (2,811,432) (2,811,432) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (1,041) (1,041) (1,041) ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (2,812,473) ================ Partners' capital (deficit), March 31, 1999 $ 20,284,905 $ (129,006) $ - $ 20,155,899 ================ ================ ================ ================
(continued) F-41 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Series 21 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ 14,719,259 $ (14,909) $ 773 $ 14,705,123 Capital contributions - - - - Selling commissions and registration costs - - - - Comprehensive income (loss) Net income (loss) (2,337,823) (23,614) - $ (2,361,437) (2,361,437) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (31) (31) (31) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (2,361,468) ================ Partners' capital (deficit), March 31, 1997 12,381,436 (38,523) 742 12,343,655 Capital contributions - - - - Selling commissions and registration costs - - - - Comprehensive income (loss) Net income (loss) (2,077,087) (20,981) - $ (2,098,068) (2,098,068) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 2,074 2,074 2,074 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (2,095,994) ================ Partners' capital (deficit), March 31, 1998 10,304,349 (59,504) 2,816 10,247,661 Capital contributions - - - - Selling commissions and registration costs - - - - Distributions - - - - Comprehensive income (loss) Net income (loss) (1,636,852) (16,534) - $ (1,653,386) (1,653,386) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 2,682 2,682 2,682 ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (1,650,704) ================ Partners' capital (deficit), March 31, 1999 $ 8,667,497 $ (76,038) $ 5,498 $ 8,596,957 ================ ================ ================ ================
(continued) F-42 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Series 22 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ 20,402,204 $ (15,211) $ 824 $ 20,387,817 Capital contributions - - - - Selling commissions and registration costs - - - - Comprehensive income (loss) Net income (loss) (2,038,254) (20,588) - $ (2,058,842) (2,058,842) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (59) (59) (59) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (2,058,901) ================ Partners' capital (deficit), March 31, 1997 18,363,950 (35,799) 765 18,328,916 Capital contributions - - - - Selling commissions and registration costs - - - - Comprehensive income (loss) Net income (loss) (1,637,721) (16,543) - $ (1,654,264) (1,654,264) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 311 311 311 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (1,653,953) ================ Partners' capital (deficit), March 31, 1998 16,726,229 (52,342) 1,076 16,674,963 Capital contributions - - - - Selling commissions and registration costs - - - - Distributions - - - - Comprehensive income (loss) Net income (loss) (1,641,432) (16,580) - $ (1,658,012) (1,658,012) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 849 849 849 ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (1,657,163) ================ Partners' capital (deficit), March 31, 1999 $ 15,084,797 $ (68,922) $ 1,925 $ 15,017,800 ================ ================ ================ ================
(continued) F-43 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Series 23 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ 27,934,947 $ (5,552) $ 6,631 $ 27,936,026 Capital contributions - - - - Selling commissions and registration costs - - - - Comprehensive income (loss) Net income (loss) (1,976,947) (19,969) - $ (1,996,916) (1,996,916) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (5,051) (5,051) (5,051) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (2,001,967) ================ Partners' capital (deficit), March 31, 1997 25,958,000 (25,521) 1,580 25,934,059 Capital contributions - - - - Selling commissions and registration costs - - - - Comprehensive income (loss) Net income (loss) (1,908,384) (19,277) - $ (1,927,661) (1,927,661) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 154 154 154 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (1,927,507) ================ Partners' capital (deficit), March 31, 1998 24,049,616 (44,798) 1,734 24,006,552 Capital contributions - - - - Selling commissions and registration costs - - - - Distributions - - - - Comprehensive income (loss) Net income (loss) (1,841,572) (18,602) - $ (1,860,174) (1,860,174) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (1,734) (1,734) (1,734) ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (1,861,908) ================ Partners' capital (deficit), March 31, 1999 $ 22,208,044 $ (63,400) $ - $ 22,144,644 ================ ================ ================ ================
(continued) F-44 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Series 24 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ 18,387,332 $ (1,439) $ 4,545 $ 18,390,438 Capital contributions - - - - Selling commissions and registration costs - - - - Comprehensive income (loss) Net income (loss) (919,327) (9,286) - $ (928,613) (928,613) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (4,028) (4,028) (4,028) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (932,641) ================ Partners' capital (deficit), March 31, 1997 17,468,005 (10,725) 517 17,457,797 Capital contributions - - - - Selling commissions and registration costs - - - - Comprehensive income (loss) Net income (loss) (1,559,604) (15,754) - $ (1,575,358) (1,575,358) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (4) (4) (4) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (1,575,362) ================ Partners' capital (deficit), March 31, 1998 15,908,401 (26,479) 513 15,882,435 Capital contributions - - - - Selling commissions and registration costs - - - - Distributions - - - - Comprehensive income (loss) Net income (loss) (1,706,468) (17,237) - $ (1,723,705) (1,723,705) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 816 816 816 ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (1,722,889) ================ Partners' capital (deficit), March 31, 1999 $ 14,201,933 $ (43,716) $ 1,329 $ 14,159,546 ================ ================ ================ ================
(continued) F-45 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Series 25 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ 25,788,647 $ 405 $ 12,764 $ 25,801,816 Capital contributions - - - - - Selling commissions and registration costs (3,652) - - (3,652) Comprehensive income (loss) Net income (loss) (753,063) (7,607) - $ (760,670) (760,670) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (7,186) (7,186) (7,186) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (767,856) ================ Partners' capital (deficit), March 31, 1997 25,031,932 (7,202) 5,578 25,030,308 Capital contributions - - - - - Selling commissions and registration costs (570) - - (570) Comprehensive income (loss) Net income (loss) (1,775,431) (17,934) - $ (1,793,365) (1,793,365) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (2,742) (2,742) (2,742) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (1,796,107) ================ Partners' capital (deficit), March 31, 1998 23,255,931 (25,136) 2,836 23,233,631 Capital contributions - - - - - Selling commissions and registration costs - - - - - Distributions - - - - - Comprehensive income (loss) Net income (loss) (1,906,844) (19,261) - $ (1,926,105) (1,926,105) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 990 990 990 ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (1,925,115) ================ Partners' capital (deficit), March 31, 1999 $ 21,349,087 $ (44,397) $ 3,826 $ 21,308,516 ================ ================ ================ ================
(continued) F-46 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Series 26 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ 8,166,467 $ (272) $ 1,329 $ 8,167,524 Capital contributions 30,013,000 - - 30,013,000 Selling commissions and registration costs (4,177,907) - - (4,177,907) Comprehensive income (loss) Net income (loss) (207,897) (2,100) - $ (209,997) (209,997) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 18,066 18,066 18,066 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (191,931) ================ Partners' capital (deficit), March 31, 1997 33,793,663 (2,372) 19,395 33,810,686 Capital contributions - - - - - Selling commissions and registration costs - - - - - Comprehensive income (loss) Net income (loss) (1,005,966) (10,161) - $ (1,016,127) (1,016,127) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (660) (660) (660) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (1,016,787) ================ Partners' capital (deficit), March 31, 1998 32,787,697 (12,533) 18,735 32,793,899 Capital contributions - - - - - Selling commissions and registration costs - - - - - Distributions - - - - - Comprehensive income (loss) Net income (loss) (1,702,174) (17,194) - $ (1,719,368) (1,719,368) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (12,209) (12,209) (12,209) ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (1,731,577) ================ Partners' capital (deficit), March 31, 1999 $ 31,085,523 $ (29,727) $ 6,526 $ 31,062,322 ================ ================ ================ ================
(continued) F-47 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Series 27 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ - $ - $ - $ - - Capital contributions 24,607,000 - - 24,607,000 Selling commissions and registration costs (3,687,455) - - (3,687,455) Comprehensive income (loss) Net income (loss) (24,084) (243) - $ (24,327) (24,327) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 7,550 7,550 7,550 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (16,777) ================ Partners' capital (deficit), March 31, 1997 20,895,461 (243) 7,550 20,902,768 Capital contributions - - - - - Selling commissions and registration costs 124 - - 124 Comprehensive income (loss) Net income (loss) (779,234) (7,871) - $ (787,105) (787,105) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (1,686) (1,686) (1,686) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (788,791) ================ Partners' capital (deficit), March 31, 1998 20,116,351 (8,114) 5,864 20,114,101 Capital contributions - - - - - Selling commissions and registration costs - - - - - Distributions (275,000) - - (275,000) Comprehensive income (loss) Net income (loss) (1,698,989) (17,162) - $ (1,716,151) (1,716,151) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (4,181) (4,181) (4,181) ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (1,720,332) ================ Partners' capital (deficit), March 31, 1999 $ 18,142,362 $ (25,276) $ 1,683 $ 18,118,769 ================ ================ ================ ================
(continued) F-48 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Series 28 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ - $ - $ - $ - - Capital contributions 39,999,000 - - 39,999,000 Selling commissions and registration costs (5,610,272) - - (5,610,272) Comprehensive income (loss) Net income (loss) 90,674 916 - $ 91,590 91,590 Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 19,868 19,868 19,868 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ 111,458 ================ Partners' capital (deficit), March 31, 1997 34,479,402 916 19,868 34,500,186 Capital contributions - - - - - Selling commissions and registration costs (2,986) - - (2,986) Comprehensive income (loss) Net income (loss) 261,430 2,641 - $ 264,071 264,071 Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 7,628 7,628 7,628 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ 271,699 ================ Partners' capital (deficit), March 31, 1998 34,737,846 3,557 27,496 34,768,899 Capital contributions - - - - - Selling commissions and registration costs (6,889) - - (6,889) Distributions - - - - - Comprehensive income (loss) Net income (loss) (716,967) (7,242) - $ (724,209) (724,209) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 3,226 3,226 3,226 ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (720,983) ================ Partners' capital (deficit), March 31, 1999 $ 34,013,990 $ (3,685) $ 30,722 $ 34,041,027 ================ ================ ================ ================
(continued) F-49 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999, 1998 and 1997 Accumulated other General comprehensive Comprehensive Series 29 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1996 $ - $ - $ - $ - - Capital contributions 10,135,000 - - 10,135,000 Selling commissions and registration costs (1,624,462) - - (1,624,462) Comprehensive income (loss) Net income (loss) 925 9 - $ 934 934 Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - - - - - ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ 934 ================ Partners' capital (deficit), March 31, 1997 8,511,463 9 - 8,511,472 Capital contributions 29,783,000 - - 29,783,000 Selling commissions and registration costs (4,078,753) - - (4,078,753) Comprehensive income (loss) Net income (loss) (273,978) (2,767) - $ (276,745) (276,745) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 54,512 54,512 54,512 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (222,233) ================ Partners' capital (deficit), March 31, 1998 33,941,732 (2,758) 54,512 33,993,486 Capital contributions - - - - - Selling commissions and registration costs (109,726) - - (109,726) Distributions - - - - - Comprehensive income (loss) Net income (loss) (1,400,102) (14,142) - $ (1,414,244) (1,414,244) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (28,269) (28,269) (28,269) ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (1,442,513) ================ Partners' capital (deficit), March 31, 1999 $ 32,431,904 $ (16,900) $ 26,243 $ 32,441,247 ================ ================ ================ ================
(continued) F-50 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999 and 1998 Accumulated other General comprehensive Comprehensive Series 30 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1997 $ - $ - $ - $ - - Capital contributions 26,490,750 - - 26,490,750 Selling commissions and registration costs (3,712,391) - - (3,712,391) Comprehensive income (loss) Net income (loss) 328,018 3,313 - $ 331,331 331,331 Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 21,940 21,940 21,940 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ 353,271 ================ Partners' capital (deficit), March 31, 1998 23,106,377 3,313 21,940 23,131,630 Capital contributions - - - - - Selling commissions and registration costs (70,646) - - (70,646) Distributions - - - - - Comprehensive income (loss) Net income (loss) (301,822) (3,049) - $ (304,871) (304,871) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 2,930 2,930 2,930 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (301,941) ================ Partners' capital (deficit), March 31, 1999 $ 22,733,909 $ 264 $ 24,870 $ 22,759,043 ================ ================ ================ ================
(continued) F-51 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999 and 1998 Accumulated other General comprehensive Comprehensive Series 31 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1997 $ - $ - $ - $ - - Capital contributions 44,057,750 - - 44,057,750 Selling commissions and registration costs (5,997,527) - - (5,997,527) Comprehensive income (loss) Net income (loss) (68,992) (697) - $ (69,689) (69,689) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 66,614 66,614 66,614 - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Total comprehensive income (loss) $ (3,075) ================ Partners' capital (deficit), March 31, 1998 37,991,231 (697) 66,614 38,057,148 Capital contributions - - - - - Selling commissions and registration costs (127,638) - - (127,638) Distributions - - - - - Comprehensive income (loss) Net income (loss) (458,185) (4,628) - $ (462,813) (462,813) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - (48,476) (48,476) (48,476) ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (511,289) ================ Partners' capital (deficit), March 31, 1999 $ 37,405,408 $ (5,325) $ 18,138 $ 37,418,221 ================ ================ ================ ================
(continued) F-52 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Years ended March 31, 1999 and 1998 Accumulated other General comprehensive Comprehensive Series 32 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1997 $ - $ - $ - $ - Capital contributions 12,362,000 - - 12,362,000 Selling commissions and registration costs (1,930,492) - - (1,930,492) Comprehensive income (loss) Net income (loss) (20,984) (212) - $ (21,196) (21,196) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 26,049 26,049 26,049 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ 4,853 ================ Partners' capital (deficit), March 31, 1998 10,410,524 (212) 26,049 10,436,361 Capital contributions 35,069,000 - - 35,069,000 Selling commissions and registration costs (4,835,446) - - (4,835,446) Distributions - - - - Comprehensive income (loss) Net income (loss) 267,138 2,698 - $ 269,836 269,836 Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 10,005 10,005 10,005 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ 279,841 ================ Partners' capital (deficit), March 31, 1999 $ 40,911,216 $ 2,486 $ 36,054 $ 40,949,756 ================ ================ ================ ================
(continued) F-53 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Year ended March 31, 1999 Accumulated other General comprehensive Comprehensive Series 33 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1998 $ - $ - $ - $ - - Capital contributions 26,362,000 - - 26,362,000 Selling commissions and registration costs (3,777,466) - - (3,777,466) Distributions - - - - - Comprehensive income (loss) Net income (loss) 192,157 1,941 - $ 194,098 194,098 Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 35,318 35,318 35,318 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ 229,416 ================ Partners' capital (deficit), March 31, 1999 $ 22,776,691 $ 1,941 $ 35,318 $ 22,813,950 ================ ================ ================ ================
(continued) F-54 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Year ended March 31, 1999 Accumulated other General comprehensive Comprehensive Series 34 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1998 $ - $ - $ - $ - - Capital contributions 35,273,000 - - 35,273,000 Selling commissions and registration costs (5,175,790) - - (5,175,790) Distributions - - - - - Comprehensive income (loss) Net income (loss) 39,550 399 - $ 39,949 39,949 Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 33,283 33,283 33,283 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ 73,232 ================ Partners' capital (deficit), March 31, 1999 $ 30,136,760 $ 399 $ 33,283 $ 30,170,442 ================ ================ ================ ================
(continued) F-55 Boston Capital Tax Credit Fund IV L.P. STATEMENT OF CHANGES IN PARTNERS' CAPITAL - CONTINUED Year ended March 31, 1999 Accumulated other General comprehensive Comprehensive Series 35 Assignees partner income income Total - ------------------------------------- ---------------- ---------------- ---------------- ---------------- ---- - ------------ Partners' capital (deficit), March 31, 1998 $ - $ - $ - $ - - Capital contributions 7,042,000 - - 7,042,000 Selling commissions and registration costs (1,127,440) - - (1,127,440) Distributions - - - - - Comprehensive income (loss) Net income (loss) (6,699) (68) - $ (6,767) (6,767) Other comprehensive income (loss) Unrealized gain (loss) on securities available-for-sale - - 1,579 1,579 1,579 ---------------- ---------------- ---------------- ---------------- ---- -----------Total comprehensive income (loss) $ (5,188) ================ Partners' capital (deficit), March 31, 1999 $ 5,907,861 $ (68) $ 1,579 $ 5,909,372 ================ ================ ================ ================
See notes to financial statements F-56 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS Total -------------- ------------------------------------------ Year ended Year ended Year ended March 31, 1999 March 31, 1998 March 31, 1997 --------------- ----------- ---- --------------- Cash flows from operating activities Net income (loss) $ (17,477,354) $ (13,468,421) $ (11,568,501) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 16,178,884 12,821,176 10,783,903 Distributions received from operating limited partnerships 74,152 56,484 1,391 Amortization 200,643 163,770 118,360 Organization costs (220,394) (232,245) (264,394) Changes in assets and liabilities Prepaid expenses - 6,458 (247) Other assets (469,521) 1,615,579 (117,439) Accounts payable and accrued expenses (387,489) 479,609 (317,080) Accounts payable - affiliates 1,866,990 1,877,816 1,045,255 --------------- --------------- ---- - ----------- Net cash provided by (used in) operating activities (234,089) 3,320,226 (318,752) --------------- --------------- ---- - ----------- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (11,333,915) (12,648,551) (11,151,932) Capital contributions paid to operating limited partnerships (67,552,049) (55,573,742) (41,188,223) Deposits for purchases of operating limited partnerships - (11,903,719) (5,021,622) Advances to operating limited partnerships (16,827,418) (12,100,134) (7,549,854) Purchase of investments (net of proceeds from sale of investments) 22,153,804 (23,392,784) (28,077,767) --------------- --------------- ---- - ----------- Net cash provided by (used in) investing activities (73,559,578) (115,618,930) (92,989,398) --------------- --------------- ------------- - -- Cash flows from financing activities Capital contributions received 103,746,000 112,693,500 103,779,906 Selling commissions and registration costs paid (14,918,086) (16,003,410) (15,124,909) Distributions paid (275,000) - - - Proceeds from (repayment of) line of credit (4,800,000) 5,000,000 - - --------------- --------------- ------------- - -- Net cash provided by (used in) financing activities 83,752,914 101,690,090 88,654,997 --------------- --------------- ------------- - -- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 9,959,247 (10,608,614) (4,653,153) Cash and cash equivalents, beginning 4,193,020 14,801,634 19,454,787 --------------- --------------- ------------- - -- Cash and cash equivalents, ending $ 14,152,267 $ 4,193,020 $ 14,801,634 =============== =============== ===============
(continued) F-57 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Total ------------- ---------------------------- Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ---- - ------- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 97,716,105 $ 83,394,434 $ 58,516,586 =========== =========== =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ 1,070,100 $ 653,582 $ 1,126,529 =========== =========== =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - $ - $ 3,505,470 =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 24,841,626 $ 5,302,786 $ 13,848,014 =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ 1,700,745 $ - $ 1,773,705 =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ 244,628 $ - $ 90,208 =========== =========== =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ 448,332 $ 313,388 $ 236,894 =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ 312,955 $ - $ - - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-58 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 20 -------------------------------------- ---Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- -------- - --- Cash flows from operating activities Net income (loss) $ (2,811,432) $ (2,844,245) $ (3,320,223) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 2,359,812 2,516,153 2,941,378 Distributions received from operating limited partnerships 5,283 17,236 88 Amortization 23,284 23,285 23,285 Organization costs - - - - Changes in assets and liabilities Prepaid expenses - 4,410 (247) Other assets 188,042 (96,053) 67,528 Accounts payable and accrued expenses - - - - Accounts payable - affiliates 379,248 379,065 378,973 ----------- ----------- -------- - --- Net cash provided by (used in) operating activities 144,237 (149) 90,782 ----------- ----------- -------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships - - (4) Capital contributions paid to operating limited partnerships (97,459) (553,877) (943,061) Deposits for purchases of operating limited partnerships - (81,330) - - Advances to operating limited partnerships (395,447) - 41,266 Purchase of investments (net of proceeds from sale of investments) 373,276 404,930 (66,553) ----------- ----------- -------- - --- Net cash provided by (used in) investing activities (119,630) (230,277) (968,352) ----------- ----------- -------- - --- Cash flows from financing activities Capital contributions received - - - Selling commissions and registration costs paid - - - Distributions paid - - - Proceeds from (repayment of) line of credit - - - ----------- ----------- -------- - --- Net cash provided by (used in) financing activities - - - ----------- ----------- -------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 24,607 (230,426) (877,570) Cash and cash equivalents, beginning 198,679 429,105 1,306,675 ----------- ----------- -------- - --- Cash and cash equivalents, ending $ 223,286 $ 198,679 $ 429,105 =========== =========== ===========
(continued) F-59 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 20 ----------- ------------------------------ Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 31,153 $ - $ - - =========== =========== =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ 2,662 $ - $ 75,779 =========== =========== =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - $ - $ - - =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 67,702 $ 874,787 $ 912,500 =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ 153,054 $ - $ - - =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - $ - - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-60 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 21 ------------ ----------------------------- Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- -------- - -- Cash flows from operating activities Net income (loss) $ (1,653,386) $ (2,098,068) $ (2,361,437) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 1,440,087 1,854,423 2,109,014 Distributions received (returned), net, from operating limited partnerships (6,582) 22,158 - - Amortization 12,523 18,957 18,957 Organization costs - - - - Changes in assets and liabilities Prepaid expenses - - - - Other assets 2,672 (1,644) 62,784 Accounts payable and accrued expenses - - - - Accounts payable - affiliates 25,840 225,840 225,840 ----------- ----------- -------- - --- Net cash provided by (used in) operating activities (178,846) 21,666 55,158 ----------- ----------- -------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships - - - - Capital contributions paid to operating limited partnerships (30,147) (30,517) (318,005) Deposits for purchases of operating limited partnerships - - - - Advances to operating limited partnerships - - (420,377) Purchase of investments (net of proceeds from sale of investments) 242,109 (314,236) (221,571) ----------- ----------- -------- - --- Net cash provided by (used in) investing activities 211,962 (344,753) (959,953) ----------- ----------- -------- - --- Cash flows from financing activities Capital contributions received - - - Selling commissions and registration costs paid - - - Distributions paid - - - Proceeds from (repayment of) line of credit - - - ----------- ----------- -------- - --- Net cash provided by (used in) financing activities - - - ----------- ----------- -------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 33,116 (323,087) (904,795) Cash and cash equivalents, beginning 171,025 494,112 1,398,907 ----------- ----------- -------- - --- Cash and cash equivalents, ending $ 204,141 $ 171,025 $ 494,112 =========== =========== ===========
(continued) F-61 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 21 ----------- ------------------------------ Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ - $ - $ - - =========== =========== =========== The fund has decreased its investment and decreased its c a p i tal contribution obligation in operating limited partnerships for low income tax credits not generated $ 120,786 $ 78,670 $ 299,263 =========== =========== =========== The fund has recorded capital contributions (syndication p r oceeds) being held and subsequently released by the escrow agent $ - $ - $ - - =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ - $ - $ 138,080 =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - $ 319,435 =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has decreased its investments and recorded a receivable for tax credits not generated by the o p e r a t i ng limited partnerships $ 21,620 $ 1,752 $ 118,031 =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - $ - - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-62 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 22 ------------ ----------------------------- Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- -------- - -- Cash flows from operating activities Net income (loss) $ (1,658,012) $ (1,654,264) $ (2,058,842) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 1,371,100 1,372,762 1,817,108 Distributions received from operating limited partnerships 47,722 3,342 - - Amortization 12,538 12,538 12,538 Organization costs - - - - Changes in assets and liabilities Prepaid expenses - - - - Other assets 1,050 115,918 109,096 Accounts payable and accrued expenses - - (1,199) Accounts payable - affiliates 254,590 247,568 242,675 ----------- ----------- -------- - --- Net cash provided by (used in) operating activities 28,988 97,864 121,376 ----------- ----------- -------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (1,483) (35,327) (38,438) Capital contributions paid to operating limited partnerships (238,491) (1,261,110) (611,151) Deposits for purchases of operating limited partnerships - - - - Advances to operating limited partnerships 317,065 413,033 (342,847) Purchase of investments (net of proceeds from sale of investments) 113,994 236,153 (166,640) ----------- ----------- -------- - --- Net cash provided by (used in) investing activities 191,085 (647,251) (1,159,076) ----------- ----------- -------- - --- Cash flows from financing activities Capital contributions received - - - Selling commissions and registration costs paid - - - Distributions paid - - - Proceeds from (repayment of) line of credit - - - ----------- ----------- -------- - --- Net cash provided by (used in) financing activities - - - ----------- ----------- -------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 220,073 (549,387) (1,037,700) Cash and cash equivalents, beginning 99,260 648,647 1,686,347 ----------- ----------- -------- - --- Cash and cash equivalents, ending $ 319,333 $ 99,260 $ 648,647 =========== =========== ===========
(continued) F-63 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 22 ----------- ------------------------------ Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 240,900 $ - $ 664,633 =========== =========== =========== The fund has decreased its investment and decreased its c a p i tal contribution obligation in operating limited partnerships for low income tax credits not generated $ - $ 60,840 $ 114,458 =========== =========== =========== The fund has recorded capital contributions (syndication p r oceeds) being held and subsequently released by the escrow agent $ - $ - $ - - =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 1,288,063 $ - $ 2,123,455 =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - $ 995,075 =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - $ 90,208 =========== =========== =========== The fund has decreased its investments and recorded a receivable for tax credits not generated by the o p e r a t i ng limited partnerships $ - $ 35,303 $ - =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - $ - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-64 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 23 ------------ ----------------------------- Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- -------- - -- Cash flows from operating activities Net income (loss) $ (1,860,174) $ (1,927,661) $ (1,996,916) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 1,587,640 1,705,493 1,847,436 Distributions received from operating limited partnerships 3,178 360 378 Amortization 13,072 13,072 13,072 Organization costs - - - - Changes in assets and liabilities Prepaid expenses - 2,048 - - Other assets 83,862 239 (181,000) Accounts payable and accrued expenses - - - - Accounts payable - affiliates 115,264 237,676 50,832 ----------- ----------- -------- - --- Net cash provided by (used in) operating activities (57,158) 31,227 (266,198) ----------- ----------- -------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (5,072) 1,550 (32,371) Capital contributions paid to operating limited partnerships (370,254) (1,705,632) (3,749,205) Deposits for purchases of operating limited partnerships - (346,490) - - Advances to operating limited partnerships 385,000 - 409,630 Purchase of investments (net of proceeds from sale of investments) 582,680 516,109 3,903,324 ----------- ----------- ------- - ---- Net cash provided by (used in) investing activities 592,354 (1,534,463) 531,378 ----------- ----------- ------- - ---- Cash flows from financing activities Capital contributions received - - - Selling commissions and registration costs paid - - - Distributions paid - - - Proceeds from (repayment of) line of credit - - - ----------- ----------- ------- - ---- Net cash provided by (used in) financing activities - - - ----------- ----------- ------- - ---- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 535,196 (1,503,236) 265,180 Cash and cash equivalents, beginning 75,562 1,578,798 1,313,618 ----------- ----------- ------- - ---- Cash and cash equivalents, ending $ 610,758 $ 75,562 $ 1,578,798 =========== =========== ===========
(continued) F-65 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 23 ----------- ------------------------------ Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ - $ - $ 80,126 =========== =========== =========== The fund has decreased (increased) its investment and decreased (increased) its c a p i tal contribution obligation in operating limited partnerships for low income tax credits not generated $ - $ (723) $ 293,659 =========== =========== =========== The fund has recorded capital contributions (syndication p r oceeds) being held and subsequently released by the escrow agent $ - $ - $ - - =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnership $ 1,581,038 $ 100,000 $ 2,105,920 =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has decreased its investments and recorded a receivable for tax credits not generated by the operat ing limited partnerships $ - $ 32,604 $ 118,863 =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - $ - - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-66 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 24 ------------ ----------------------------- Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- -------- - -- Cash flows from operating activities Net income (loss) $ (1,723,705) $ (1,575,358) $ (928,613) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 1,475,502 1,342,281 797,796 Distributions received from operating limited partnerships 2,222 9,835 925 Amortization 12,980 12,979 12,980 Organization costs - - - - Changes in assets and liabilities Prepaid expenses - - - - Other assets 100,464 3,730 13,326 Accounts payable and accrued expenses (27,000) 27,000 (236,334) Accounts payable - affiliates 233,148 233,147 46,367 ----------- ----------- -------- - --- Net cash provided by (used in) operating activities 73,611 53,614 (293,553) ----------- ----------- -------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (3,912) (76,061) (220,514) Capital contributions paid to operating limited partnerships (306,593) (1,377,894) (5,596,362) Deposits for purchases of operating limited partnerships - (148,335) (413,344) Advances to operating limited partnerships 255,061 1,073,666 (259,283) Purchase of investments (net of proceeds from sale of investments) 11,364 105,358 2,631,254 ----------- ----------- -------- - --- Net cash provided by (used in) investing activities (44,080) (423,266) (3,858,249) ----------- ----------- -------- - --- Cash flows from financing activities Capital contributions received - - - Selling commissions and registration costs paid - - - Distributions paid - - - Proceeds from (repayment of) line of credit - - - ----------- ----------- -------- - --- Net cash provided by (used in) financing activities - - - ----------- ----------- -------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 29,531 (369,652) (4,151,802) Cash and cash equivalents, beginning 275,033 644,685 4,796,487 ----------- ----------- -------- - --- Cash and cash equivalents, ending $ 304,564 $ 275,033 $ 644,685 =========== =========== ===========
(continued) F-67 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 24 ----------- ------------------------------ Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 41,233 $ 787,582 $ 6,484,723 =========== =========== =========== The fund has decreased (increased) its investment and decreased (increased) its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ - $ (28,458) $ 191,888 =========== =========== =========== The fund has recorded capital contributions (syndication p r oceeds) being held and subsequently released by the escrow agent $ - $ - $ - - =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 31,250 $ 699,270 $ 1,497,662 =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - $ 459,195 =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has decreased its investments and recorded a receivable for tax credits not generated by the operat- ing limited partnerships $ 12,582 $ 71,057 $ - =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - $ - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-68 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 25 ------------ ----------------------------- Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- -------- - -- Cash flows from operating activities Net income (loss) $ (1,926,105) $ (1,793,365) $ (760,670) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 1,653,302 1,550,724 767,183 Distributions received from operating limited partnerships 144 3,468 - - Amortization 10,488 10,488 10,488 Organization costs - - - - Changes in assets and liabilities Prepaid expenses - - - - Other assets 103,056 6,282 41,697 Accounts payable and accrued expenses - (983) 392 Accounts payable - affiliates 272,676 (16,554) 15,095 ----------- ----------- -------- - --- Net cash provided by (used in) operating activities 113,561 (239,940) 74,185 ----------- ----------- -------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (2,477) (302,197) (394,746) Capital contributions paid to operating limited partnerships (298,607) (1,996,981) (7,672,304) Deposits for purchases of operating limited partnerships - 42,425 (3,403,085) Advances to operating limited partnerships 203,620 (349,141) 139,287 Purchase of investments (net of proceeds from sale of investments) 469,924 2,064,018 4,908,818 ----------- ----------- -------- - --- Net cash provided by (used in) investing activities 372,460 (541,876) (6,422,030) ----------- ----------- -------- - --- Cash flows from financing activities Capital contributions received - - - - Selling commissions and registration costs paid - (570) (3,652) Distributions paid - - - - Proceeds from (repayment of) line of credit - - - - ----------- ----------- -------- - --- Net cash provided by (used in) financing activities - (570) (3,652) ----------- ----------- -------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 486,021 (782,386) (6,351,497) Cash and cash equivalents, beginning 173,979 956,365 7,307,862 ----------- ----------- -------- - --- Cash and cash equivalents, ending $ 660,000 $ 173,979 $ 956,365 =========== =========== ===========
(continued) F-69 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 25 ----------- ------------------------------ Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ - $ - $ 15,092,627 =========== =========== =========== The fund has decreased its investment and decreased its c a p i tal contribution obligation in operating limited partnerships for low income tax credits not generated $ 47,737 $ 72,102 $ 104,873 =========== =========== =========== The fund has recorded capital contributions (syndication p r oceeds) being held and subsequently released by the escrow agent $ - $ - $ - - =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 346,200 $ 971,989 $ 5,789,497 =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has decreased its investments and recorded a receivable for tax credits not generated by the operat- ing limited partnerships $ 58,226 $ 95,998 $ - =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - $ - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-70 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 26 ------------ ----------------------------- Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- -------- - --- Cash flows from operating activities Net income (loss) $ (1,719,368) $ (1,016,127) $ (209,997) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 1,448,218 869,148 493,405 Distributions received from operating limited partnerships 13,696 - - - Amortization 18,931 18,931 14,198 Organization costs - - (48,304) Changes in assets and liabilities Prepaid expenses - - - - Other assets 36,282 20,397 (51,068) Accounts payable and accrued expenses 8 82 (85,639) Accounts payable - affiliates 249,284 7,694 (49,168) ----------- ----------- -------- - --- Net cash provided by (used in) operating activities 47,051 (99,875) 63,427 ----------- ----------- -------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (61,180) (310,027) (3,163,343) Capital contributions paid to operating limited partnerships (1,946,670) (5,715,139) (10,395,846) Deposits for purchases of operating limited partnerships - (433,223) (1,145,193) Advances to operating limited partnerships (2,866,412) (102,840) (2,559,748) Purchase of investments (net of proceeds from sale of investments) 5,911,913 5,527,075 (11,269,351) ----------- ----------- -------- - --- Net cash provided by (used in) investing activities 1,037,651 (1,034,154) (28,533,481) ----------- ----------- -------- - --- Cash flows from financing activities Capital contributions received - - 32,544,376 Selling commissions and registration costs paid - - (4,479,883) Distributions paid - - - - Proceeds from (repayment of) line of credit - - - - ----------- ----------- -------- - --- Net cash provided by (used in) financing activities - - 28,064,493 ----------- ----------- -------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,084,702 (1,134,029) (405,561) Cash and cash equivalents, beginning 105,301 1,239,330 1,644,891 ----------- ----------- -------- - --- Cash and cash equivalents, ending $ 1,190,003 $ 105,301 $ 1,239,330 =========== =========== ===========
(continued) F-71 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 26 ----------- ------------------------------ Year ended Year ended Year ended March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 1,617,313 $ 8,201,085 $ 16,205,864 =========== =========== =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ - $ 320,446 $ 46,609 =========== =========== =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - $ - $ - - =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 3,453,918 $ - $ 1,280,900 =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ 133,565 $ 76,674 $ - - =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - $ - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-72 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 27 ------------ ----------------------------- Period June 16, 1996 (date of inception) Year ended Year ended through March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- -------- - --- Cash flows from operating activities Net income (loss) $ (1,716,151) $ (787,105) $ (24,327) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 1,421,601 689,756 9,016 Distributions received from operating limited partnerships 4,649 - - - Amortization 15,522 15,522 7,761 Organization costs - - (77,611) Changes in assets and liabilities Prepaid expenses - - - - Other assets 43,951 (11,075) (33,090) Accounts payable and accrued expenses - - - - Accounts payable - affiliates 305,410 125,327 - - ----------- ----------- -------- - --- Net cash provided by (used in) operating activities 74,982 32,425 (118,251) ----------- ----------- -------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (34,189) (243,421) (2,611,813) Capital contributions paid to operating limited partnerships (1,198,896) (4,713,523) (8,222,590) Deposits for purchases of operating limited partnerships - (1,162,984) (60,000) Advances to operating limited partnerships (16,832) (88,012) (814,125) Purchase of investments (net of proceeds from sale of investments) 2,519,784 4,252,996 (6,912,079) ----------- ----------- -------- - --- Net cash provided by (used in) investing activities 1,269,867 (1,954,944) (18,620,607) ----------- ----------- -------- - --- Cash flows from financing activities Capital contributions received - - 24,607,000 Selling commissions and registration costs paid - 124 (3,687,455) Distributions paid (275,000) - Proceeds from (repayment of) line of credit - - - - ----------- ----------- -------- - --- Net cash provided by (used in) financing activities (275,000) 124 20,919,545 ----------- ----------- -------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,069,849 (1,922,395) 2,180,687 Cash and cash equivalents, beginning 258,292 2,180,687 - - ----------- ----------- -------- - --- Cash and cash equivalents, ending $ 1,328,141 $ 258,292 $ 2,180,687 =========== =========== ===========
(continued) F-73 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 27 ----------- ------------------------------ Perio d June 16, 1996 (d at e of inception) Year ended Year ended through March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 626,742 $ 4,836,443 $ 11,692,712 =========== =========== =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ 383,266 $ 69,020 $ - - =========== =========== =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - $ - $ - - =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 922,984 $ - $ - - =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ 69,285 $ - $ - - =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - $ - - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-74 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 28 ----------- ------------------------------ Perio d Septem ber 30, 1996 (date of inception) Year ended Year ended through March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Cash flows from operating activities Net income (loss) $ (724,209) $ 264,071 $ 91,590 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 793,965 351,007 1,567 Distributions received from operating limited partnerships 3,840 85 - - Amortization 20,326 20,326 5,081 Organization costs - - (101,629) Changes in assets and liabilities Prepaid expenses - - - - Other assets 77,034 (13,201) (146,712) Accounts payable and accrued expenses - (5,700) 5,700 Accounts payable - affiliates 251,467 2,581 2,100 ----------- ----------- -------- - --- Net cash provided by (used in) operating activities 422,423 619,169 (142,303) ----------- ----------- -------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (139,560) (391,912) (3,665,291) Capital contributions paid to operating limited partnerships (4,170,336) (16,095,025) (1,363,482) Deposits for purchases of operating limited partnerships - - - - Advances to operating limited partnerships (4,128,292) 3,123,082 (3,743,657) Purchase of investments (net of proceeds from sale of investments) 8,108,839 8,642,281 (20,884,969) ----------- ----------- -------- - --- Net cash provided by (used in) investing activities (329,349) (4,721,574) (29,657,399) ----------- ----------- -------- - --- Cash flows from financing activities Capital contributions received - - 39,999,000 Selling commissions and registration costs paid (6,889) (2,986) (5,610,272) Distributions paid - - - - Proceeds from (repayment of) line of credit - - - - ----------- ----------- -------- - --- Net cash provided by (used in) financing activities (6,889) (2,986) 34,388,728 ----------- ----------- -------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 86,185 (4,105,391) 4,589,026 Cash and cash equivalents, beginning 483,635 4,589,026 - - ----------- ----------- -------- - --- Cash and cash equivalents, ending $ 569,820 $ 483,635 $ 4,589,026 =========== =========== ===========
(continued) F-75 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 28 ----------- ------------------------------ Peri od Septem ber 30, 1996 (date of inception) Year ended Year ended through March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 6,002,495 $ 21,987,016 $ 2,962,467 =========== =========== =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ 62,796 $ 44,989 $ - - =========== =========== =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - $ - $ - - =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 2,813,682 $ - $ - - =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ 1,700,745 $ - $ - - =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ 244,628 $ - $ - - =========== =========== =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ - $ - $ - - =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - $ - - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-76 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 29 --------------- ---------------------------------- Period February 10, 1997 (date of Year ended Year ended inception) March 31, March 31, through March 1999 1998 31, 1997 ------------- ------------- --------- - ---- Cash flows from operating activities Net income (loss) $ (1,414,244) $ (276,745) $ 934 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 1,418,793 626,915 - Distributions received from operating limited partnerships - - - Amortization 15,215 8,633 - Organization costs - (36,446) (36,850) Changes in assets and liabilities Prepaid expenses - - - Other assets 80,788 3,398,682 - Accounts payable and accrued expenses - - - Accounts payable - affiliates (50,192) (75,838) 132,541 ------------- ------------- ---------- - --- Net cash provided by (used in) operating activities 50,360 3,645,201 96,625 ------------- ------------- ---------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (146,869) (2,993,202) (1,025,412) Capital contributions paid to operating limited partnerships (7,473,413) (8,746,483) (2,316,217) Deposits for purchases of operating limited partnerships - (4,123,059) - Advances to operating limited partnerships 151,750 (1,428,362) - Purchase of investments (net of proceeds from sale of investments) 8,288,571 (13,512,675) - ------------- ------------- ---------- - --- Net cash provided by (used in) investing activities 820,039 (30,803,781) (3,341,629) ------------- ------------- ---------- - --- Cash flows from financing activities Capital contributions received - 29,783,000 6,629,530 Selling commissions and registration costs paid (109,726) (4,359,568) (1,343,647) Distributions paid - - - Proceeds from (repayment of) line of credit - - - ------------- ------------- ---------- - --- Net cash provided by (used in) financing activities (109,726) 25,423,432 5,285,883 ------------- ------------- ---------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 760,673 (1,735,148) 2,040,879 Cash and cash equivalents, beginning 305,731 2,040,879 - ------------- ------------- ---------- - --- Cash and cash equivalents, ending $ 1,066,404 $ 305,731 $ 2,040,879 ============= ============= =============
(continued) F-77 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 29 ----------- ------------------------------ Perio d Febru ary 10, 1997 (date of inception) Year ended Year ended through March 31, March 31, March 31, 1999 1998 1997 ----------- ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 6,908,381 $ 16,888,802 $ 5,333,434 =========== =========== =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ 193,830 $ 36,696 $ - - =========== =========== =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - $ - $ 3,505,470 =========== =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 2,771,170 $ 1,792,622 $ - - =========== =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - $ - - =========== =========== =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ - $ - $ - =========== =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - $ - =========== =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-78 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 30 ------ ------------------------ Period June 23, 1997 (date of Year ended inception) March 31, through March 1999 31, 1998 ------------- ---------- - --- Cash flows from operating activities Net income (loss) $ (304,871) $ 331,331 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 432,433 (100,573) Distributions received from operating limited partnerships - - - Amortization 13,857 5,613 Organization costs - (67,971) Changes in assets and liabilities Prepaid expenses - - - Other assets 120,418 (171,223) Accounts payable and accrued expenses - - - Accounts payable - affiliates 5,194 1,002 ------------- ---------- - --- Net cash provided by (used in) operating activities 267,031 (1,821) ------------- ---------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (162,985) (2,574,202) Capital contributions paid to operating limited partnerships (4,549,243) (2,201,978) Deposits for purchases of operating limited partnerships - (4,546,231) Advances to operating limited partnerships (835,055) (1,422,259) Purchase of investments (net of proceeds from sale of investments) 5,527,523 (10,869,350) ------------- ---------- - --- Net cash provided by (used in) investing activities (19,760) (21,614,020) ------------- ---------- - --- Cash flows from financing activities Capital contributions received - 26,490,750 Selling commissions and registration costs paid (70,646) (3,712,391) Distributions paid - - - Proceeds from (repayment of) line of credit - - - ------------- ---------- - --- Net cash provided by (used in) financing activities (70,646) 22,778,359 ------------- ---------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 176,625 1,162,518 Cash and cash equivalents, beginning 1,162,518 - - ------------- ---------- - --- Cash and cash equivalents, ending $ 1,339,143 $ 1,162,518 ============= =============
(continued) F-79 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 30 ---- ---------------------- Perio d June 23, 1997 (d at e of inception) Year ended through March 31, March 31, 1999 1998 ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 3,743,360 $ 9,721,288 =========== =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ 40,128 $ - - =========== =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - $ - - =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 3,686,890 $ 864,118 =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - - =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - - =========== =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ - $ - - =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - - =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-80 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 31 ------ ------------------------ Period September 11, 1997 (date of Year ended inception) March 31, through March 1999 31, 1998 ------------- ---------- - --- Cash flows from operating activities Net income (loss) $ (462,813) $ (69,689) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 1,020,163 43,087 Distributions received from operating limited partnerships - - - Amortization 13,702 3,426 Organization costs - (68,513) Changes in assets and liabilities Prepaid expenses - - - Other assets (203,125) (158,545) Accounts payable and accrued expenses (25,699) 27,359 Accounts payable - affiliates (415,947) 417,337 ------------- ---------- - --- Net cash provided by (used in) operating activities (73,719) 194,462 ------------- ---------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (183,186) (4,329,695) Capital contributions paid to operating limited partnerships (9,130,091) (10,228,698) Deposits for purchases of operating limited partnerships - (1,104,492) Advances to operating limited partnerships 874,882 (7,309,603) Purchase of investments (net of proceeds from sale of investments) 9,122,973 (14,470,962) ------------- ---------- - --- Net cash provided by (used in) investing activities 684,578 (37,443,450) ------------- ---------- - --- Cash flows from financing activities Capital contributions received - 44,057,750 Selling commissions and registration costs paid (127,638) (5,997,527) Distributions paid - - - Proceeds from (repayment of) line of credit - - - ------------- ---------- - --- Net cash provided by (used in) financing activities (127,638) 38,060,223 ------------- ---------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 483,221 811,235 Cash and cash equivalents, beginning 811,235 - - ------------- ---------- - --- Cash and cash equivalents, ending $ 1,294,456 $ 811,235 ============= =============
(continued) F-81 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 31 ------ ------------------------ Period September 11, 1997 (date of Year ended inception) March 31, through March 1999 31, 1998 ------------- ---------- - --- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 6,840,579 $ 14,425,302 ============= ============= The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ 193,736 $ - ============= ============= The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - $ - ============= ============= The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 3,931,266 $ - - ============= ============= The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - ============= ============= The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - ============= ============= The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ - $ - - ============= ============= The fund has increased selling commissions and registration costs for amounts payable $ - $ - - ============= =============
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-82 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 32 ------ ------------------------ Period January 19, 1998 (date of Year ended inception) March 31, through March 1999 31, 1998 ------------- ---------- - --- Cash flows from operating activities Net income (loss) $ 269,836 $ (21,196) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships (56,660) - - Distributions received from operating limited partnerships - - - Amortization 8,897 - - Organization costs - (59,315) Changes in assets and liabilities Prepaid expenses - - - Other assets 1,451,661 (1,477,928) Accounts payable and accrued expenses (431,851) 431,851 Accounts payable - affiliates (92,868) 92,971 ------------- ---------- - --- Net cash provided by (used in) operating activities 1,149,015 (1,033,617) ------------- ---------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (3,620,417) (1,394,057) Capital contributions paid to operating limited partnerships (16,991,915) (946,885) Deposits for purchases of operating limited partnerships - - - Advances to operating limited partnerships (980,807) (6,009,698) Purchase of investments (net of proceeds from sale of investments) (3,236,294) (5,974,481) ------------- ---------- - --- Net cash provided by (used in) investing activities (24,829,433) (14,325,121) ------------- ---------- - --- Cash flows from financing activities Capital contributions received 35,069,000 12,362,000 Selling commissions and registration costs paid (4,835,446) (1,930,492) Distributions paid - - - Proceeds from (repayment of) line of credit (5,000,000) 5,000,000 ------------- ---------- - --- Net cash provided by (used in) financing activities 25,233,554 15,431,508 ------------- ---------- - --- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,553,136 72,770 Cash and cash equivalents, beginning 72,770 - - ------------- ---------- - --- Cash and cash equivalents, ending $ 1,625,906 $ 72,770 ============= =============
(continued) F-83 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 32 ---- ---------------------- Perio d January 19, 1998 (date of inception) Year ended through March 31, March 31, 1999 1998 ----------- ------- - ---- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 23,676,237 $ 6,546,916 =========== =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ 25,159 $ - - =========== =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - $ - - =========== =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 3,051,011 $ - - =========== =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - $ - - =========== =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - $ - - =========== =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ - $ - - =========== =========== The fund has increased selling commissions and registration costs for amounts payable $ - $ - - =========== ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-84 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 33 ------ ------ Period June 22, 1998 (date of inception ) through March 31, 1999 --------- - --- Cash flows from operating activities Net income (loss) $ 194,098 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships (187,290) Distributions received from operating limited partnerships - - Amortization 9,308 Organization costs (93,078) Changes in assets and liabilities Prepaid expenses - - Other assets (14,587) Accounts payable and accrued expenses - - Accounts payable - affiliates 6,443 ---------- - --- Net cash provided by (used in) operating activities (85,106) ---------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (2,679,343) Capital contributions paid to operating limited partnerships (12,028,598) Deposits for purchases of operating limited partnerships - - Advances to operating limited partnerships (1,248,089) Purchase of investments (net of proceeds from sale of investments) (5,857,541) ---------- - --- Net cash provided by (used in) investing activities (21,813,571) ---------- - --- Cash flows from financing activities Capital contributions received 26,362,000 Selling commissions and registration costs paid (3,777,466) Distributions paid - - Proceeds from (repayment of) line of credit - - ---------- - --- Net cash provided by (used in) financing activities 22,584,534 ---------- --NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 685,857 Cash and cash equivalents, beginning - - ---------- - --- Cash and cash equivalents, ending $ 685,857 ========== ===
(continued) F-85 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 33 ---- ------ Period June 22, 1998 (date of incept ion) throu gh March 31, 199 9 ------- - --- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 17,673,585 =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ - - =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - - =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 137,836 =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - - =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - - =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ - =========== The fund has increased selling commissions and registration costs for amounts payable $ - ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-86 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 34 ------ ------ Perio d September 22, 1998 (date of incepti on) through March 31, 1999 --------- - --- Cash flows from operating activities Net income (loss) $ 39,949 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships 218 Distributions received from operating limited partnerships - - Amortization - - Organization costs (110,441) Changes in assets and liabilities Prepaid expenses - - Other assets (78,031) Accounts payable and accrued expenses 493 Accounts payable - affiliates 32,894 ---------- - --- Net cash provided by (used in) operating activities (114,918) ---------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (3,470,838) Capital contributions paid to operating limited partnerships (7,648,749) Deposits for purchases of operating limited partnerships - - Advances to operating limited partnerships (6,746,841) Purchase of investments (net of proceeds from sale of investments) (9,633,285) ---------- - --- Net cash provided by (used in) investing activities (27,499,713) ---------- - --- Cash flows from financing activities Capital contributions received 35,273,000 Selling commissions and registration costs paid (5,175,790) Distributions paid - - Proceeds from (repayment of) line of credit - - ---------- - --- Net cash provided by (used in) financing activities 30,097,210 ---------- --NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,482,579 Cash and cash equivalents, beginning - - ---------- - --- Cash and cash equivalents, ending $ 2,482,579 =============
(continued) F-87 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 34 ---- ------ Peri od Septem ber 22, 1998 (date of incept ion) throu gh March 31, 199 9 ------- - --- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 19,681,149 =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ - - =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - - =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ - - =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - - =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - - =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ - =========== The fund has increased selling commissions and registration costs for amounts payable $ - ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. (continued) F-88 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 35 ------- ----- Period February 22, 1999 (date of inceptio n) through March 31, 1999 ---------- - -- Cash flows from operating activities Net income (loss) $ (6,767) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Share of (income) losses from operating limited partnerships - - Distributions received from operating limited partnerships - - Amortization - - Organization costs (16,875) Changes in assets and liabilities Prepaid expenses - - Other assets (2,463,058) Accounts payable and accrued expenses 96,560 Accounts payable - affiliates 294,539 ---------- - --- Net cash provided by (used in) operating activities (2,095,601) ---------- - --- Cash flows from investing activities Acquisition costs paid for operating limited partnerships (822,404) Capital contributions paid to operating limited partnerships (1,072,587) Deposits for purchases of operating limited partnerships - - Advances to operating limited partnerships (1,797,021) Purchase of investments (net of proceeds from sale of investments) (392,026) ---------- - --- Net cash provided by (used in) investing activities (4,084,038) ---------- - --- Cash flows from financing activities Capital contributions received 7,042,000 Selling commissions and registration costs paid (814,485) Distributions paid - - Proceeds from (repayment of) line of credit 200,000 ---------- - --- Net cash provided by (used in) financing activities 6,427,515 ---------- --NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 247,876 Cash and cash equivalents, beginning - - ---------- - --- Cash and cash equivalents, ending $ 247,876 =============
(continued) F-89 Boston Capital Tax Credit Fund IV L.P. STATEMENTS OF CASH FLOWS - CONTINUED Series 35 ---- ------ Peri od Febru ary 22, 1999 (date of incept ion) throu gh March 31, 199 9 ------- - --- Supplemental schedule of noncash investing and financing activities The fund has increased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnerships $ 10,632,978 =========== The fund has decreased its investment and decreased its capital contribution obligation in operating limited partnerships for low income tax credits not generated $ - - =========== The fund has recorded capital contributions (syndication proceeds) being held and subsequently released by the escrow agent $ - - =========== The fund has applied notes receivable and advances to its capital contribution obligation in operating limited partnerships $ 758,616 =========== The fund has decreased its investments in operating limited partnerships for unpaid capital contributions due to the operating limited partnership disposed of during the year $ - - =========== The fund has increased its deferred acquisition costs for operating limited partnerships disposed of during the year $ - - =========== The fund has decreased its i n vestments and recorded a receivable for tax credits not g e nerated by the operating limited partnerships $ - =========== The fund has increased selling commissions and registration costs for amounts payable $ 312,955 ===========
Series 30, 31 and 32 were not formed until after March 31, 1997, therefore no comparative information has been included. Series 33, 34 and 35 were not formed until after March 31, 1998, therefore no comparative information has been included. See notes to financial statements F-90 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS March 31, 1999, 1998 and 1997 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 limited partnerships which will acquire, develop, rehabilitate, operate and own newly- constructed, existing or rehabilitated apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Certain of the apartment complexes may also qualify for the Historic Rehabilitation Tax Credit for their rehabilitation of certified historic structures; accordingly, the apartment complexes are restricted as to rent charges and operating methods and are subject to the provisions of Section 42(g)(2) of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the fund is Boston Capital Associates IV L.P. and the limited partner is BCTC IV Assignor Corp. (the assignor limited partner). In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner. 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 beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The fund has registered 65,000,000 BACs at $10 per BAC for sale to the public in one or more series. BACs sold in bulk are offered to investors at a reduced cost per BAC. F-91 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The BACs issued and outstanding in each series at March 31, 1999 and 1998 are as follows: 1999 1998 ---------------- ------------ - --- Series 20 3,866,700 3,866,700 Series 21 1,892,700 1,892,700 Series 22 2,564,400 2,564,400 Series 23 3,336,727 3,336,727 Series 24 2,169,878 2,169,878 Series 25 3,026,109 3,026,109 Series 26 3,995,900 3,995,900 Series 27 2,460,700 2,460,700 Series 28 4,000,738 4,000,738 Series 29 3,991,800 3,991,800 Series 30 2,651,000 2,651,000 Series 31 4,417,857 4,417,857 Series 32 4,754,198 1,236,200 Series 33 2,636,533 - - Series 34 3,529,319 - - Series 35 704,200 - - ---------------- ------------ ---49,998,759 39,610,709 ================ ================
Investment in Operating Limited Partnerships --------------------------------------- ----- The fund accounts for the investment in the operating limited partnerships using the equity method, whereby, the fund adjusts the investment cost for its share of the operating limited partnership's results of operations and for any distributions received or accrued. However, the fund recognizes individual operating limited partnership's losses only to the extent that the fund's share of losses of the operating limited partnerships does not exceed the carrying amount of its investment. Unrecognized losses will be s u s pended and offset against future individual operating limited partnership's income. F-92 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Investment in Operating Limited Partnerships (Continued) -------------------- ------------------------ A loss in value of an investment in an operating limited partnership other than a temporary decline would be recorded as an impairment loss. Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the fund and the estimated residual value of the investment. Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The fund records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable. The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year end. The fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year end. The fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the fund when received. The fund records acquisition cost as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the fund. These differences are shown as reconciling items in note C. F-93 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Investment in Operating Limited Partnerships (Continued) -------------------------------------------- During the years ended March 31, 1999 and 1998, the fund acquired interests in operating limited partnerships as follows: 1999 1998 ---------------- ------------ - --- Series 20 - - Series 21 - - Series 22 1 - Series 23 - - Series 24 - 1 Series 25 - - Series 26 3 10 Series 27 1 6 Series 28 2 20 Series 29 5 14 Series 30 5 13 Series 31 4 22 Series 32 11 3 Series 33 8 - Series 34 9 - Series 35 5 - ---------------- ------------ ---54 89 ================ ================
During the year ended March 31, 1999, Series 32 acquired limited partnership equity interests in six (6) limited liability companies, which are the general partners of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. Organization Costs ------------------ Initial organization and offering expenses common to all Series, are allocated on a percentage of equity raised to each Series. F-94 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Organization Costs (Continued) ------------------ Organization costs are being amortized on the straight-line method over 60 months. Accumulated amortization for the years ended March 31, 1999 and 1998 is as follows: 1999 1998 - --------------- ------------- --- Series 20 $ 108,609 $ 85,325 Series 21 72,800 60,277 Series 22 54,447 41,909 Series 23 49,020 35,948 Series 24 44,708 31,728 Series 25 34,086 23,598 Series 26 52,060 33,129 Series 27 38,805 23,283 Series 28 45,733 25,407 Series 29 23,848 8,633 Series 30 19,470 5,613 Series 31 17,128 3,426 Series 32 8,897 - - Series 33 9,308 - - Series 34 - - - Series 35 - - - ---------------- ------------ ---$ 578,919 $ 378,276 ================ ================
Deferred Acquisition Costs -------------------------- Deferred acquisition costs which are not allocated to the investments in operating limited partnerships will be amortized on the straight-line method over 27.5 years upon the final acquisition of limited partnership interests in operating limited partnerships. F-95 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes ------------ 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 general partner and assignees individually. Selling Commissions and Registration Costs --------------------- --------------------- Selling commissions paid in connection with the public offering are charged against the assignees' capital upon admission of investors as assignees. Registration costs associated with the public offering are charged against assignees' capital as incurred. Cash Equivalents ---------------- Cash equivalents include overnight repurchase agreements, tax- exempt sweep accounts and money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments. Fiscal Year ----------- For financial reporting purposes, the fund uses a March 31 year end, whereas for income tax reporting purposes, the fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting. F-96 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Net Income (Loss) Per Beneficial Assignee Certificate Unit ----------------- ----------------------------------------- Net income (loss) per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. The weighted average number of units in each series at March 31, 1999, 1998 and 1997 are as follows: 1999 1998 1997 ---------------- ---------------- ------------ - --- Series 20 3,866,700 3,866,700 3,866,700 Series 21 1,892,700 1,892,700 1,892,700 Series 22 2,564,400 2,564,400 2,564,400 Series 23 3,336,727 3,336,727 3,336,727 Series 24 2,169,878 2,169,878 2,169,878 Series 25 3,026,109 3,026,109 3,026,109 Series 26 3,995,900 3,995,900 3,404,374 Series 27 2,460,700 2,460,700 1,379,917 Series 28 4,000,738 4,000,738 1,100,465 Series 29 3,991,800 3,554,530 55,363 Series 30 2,651,000 2,248,616 - Series 31 4,417,857 2,850,062 - Series 32 4,205,796 577,668 - Series 33 2,171,826 - - Series 34 2,257,862 - - Series 35 437,224 - - ---------------- ---------------- ------------ ---47,447,217 36,544,728 22,796,633 ================ ================ ================
Investments ----------- Investments available-for-sale are being carried at fair market value. Unrealized gains or losses are reported as other comprehensive income. Realized gains or losses, determined on the basis of the costs of specific securities sold, are included in earnings. F-97 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Use of Estimates ---------------- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements -------------------------------- On March 31, 1997, the partnership adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share" and SFAS No. 129, "Disclosure of Information about Capital Structure." SFAS No. 128 provides accounting and reporting standards for the amount of earnings per share. SFAS No. 129 requires the disclosure in summary form within the financial statements of pertinent rights and privileges of the various securities outstanding. On March 31, 1998, the partnership adopted SFAS No. 130, "Reporting Comprehensive Income;" SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information;" and SFAS No. 132, "Employers' Disclosures about Pensions and Other Postretirement Benefits." SFAS No. 130 establishes standards for reporting and display of comprehensive income and its components, SFAS No. 131 establishes standards for how public business enterprises report information about operating segments and SFAS No. 132 revises employers' disclosures about pension and other postretirement benefit plans. The implementation of these standards has not materially affected the partnership's financial statements. In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." In October 1998, the FASB issued SFAS No. 134, "Accounting for Mortgage- backed Securities Retained after the Securitization of Mortgage Loans Held for Sale by a Mortgage Banking Enterprise." In February 1999, the FASB issued SFAS No. 135, "Rescission of FASB Statement 75 and Technical Corrections." SFAS No. 133 is effective for all fiscal quarters of years beginning after June 15, 1999; SFAS No. 134 is effective for the first fiscal quarter beginning after December 31, 1998; and SFAS No. 135 is effective for years ending after February 15, 1999. Early adoption is encouraged for SFAS No. 133, 134 and 135. The fund does not have any derivative or hedging activities and does not have any mortgage-backed securities. FASB Statement 75, "Deferral of the Effective Date of Certain Accounting Requirements for Pension Plans of State and Local Governmental Units," does not apply to the fund. Consequently, these pronouncements are expected to have no effect on the fund's financial statements. F-98 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE B - RELATED PARTY TRANSACTIONS During the years ended March 31, 1999, 1998 and 1997, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Holdings Limited Partnership (BCHLP), Boston Capital Services, Inc. (BCS) and Boston Capital Asset Management Limited Partnership (BCAM) as follows: Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each Series to the operating limited partnership and 99% of the permanent financing at the operating limited partnership level. The annual fund fees charged to operations during the years ended March 31, 1999, 1998 and 1997, are as follows: 1999 1998 1997 ---------------- -------------- -- ---------------- Series 20 $ 358,566 $ 270,336 $ 325,113 Series 21 201,340 215,217 224,252 Series 22 241,151 225,636 223,892 Series 23 214,325 188,213 212,843 Series 24 203,448 208,597 212,130 Series 25 266,576 248,382 214,610 Series 26 359,834 346,887 181,052 Series 27 288,306 275,320 144,692 Series 28 322,689 155,994 9,058 Series 29 306,704 192,348 - Series 30 159,294 55,733 - Series 31 334,849 69,951 - Series 32 264,361 1,976 - Series 33 107,826 - - Series 34 68,018 - - Series 35 4,809 - - ---------------- ---------------- ---------------$ 3,702,096 $ 2,454,590 $ 1,747,642 ================ ================ ================
F-99 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE B - RELATED PARTY TRANSACTIONS (Continued) Boston Capital Services, Inc. received dealer-manager fees for the marketing advice and investment banking services performed at the time of the fund's offering of BACs. The dealer-manager fees are included in partners' capital as selling commissions and registration costs. During the years ended March 31, 1999, 1998 and 1997, Boston Capital Services, Inc. fees received by series are as follows: 1999 1998 1997 ---------------- ---------------- - --------------- Series 20 $ - $ - $ - Series 21 - - - Series 22 - - - Series 23 - - - Series 24 - - - Series 25 - - - Series 26 - - 604,650 Series 27 - - 455,135 Series 28 - - 763,875 Series 29 - 545,135 170,880 Series 30 - 502,098 - Series 31 - 932,325 - Series 32 753,600 222,335 - Series 33 490,750 - - Series 34 676,630 - - Series 35 128,020 - - ---------------- ---------------- ---------------$ 2,049,000 $ 2,201,893 $ 1,994,540 ================ ================ ================
F-100 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE B - RELATED PARTY TRANSACTIONS (Continued) Boston Capital Holdings Limited Partnership is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the fund's acquisition of interests in the operating limited partnerships. The fund incurred $8,818,410, $9,578,948 and $8,964,635, respectively, of acquisition fees to Boston Capital Holdings Limited Partnership during the years ended March 31, 1999, 1998 and 1997. The acquisition fees incurred to Boston Capital Holdings Limited Partnership by series are as follows: 1999 1998 1997 ---------------- ---------------- - --------------- Series 20 $ - $ - $ - Series 21 - - - Series 22 - - - Series 23 - - - Series 24 - - - Series 25 - - - Series 26 - - 2,575,165 Series 27 - - 2,126,367 Series 28 - - 3,401,628 Series 29 - 2,531,555 861,475 Series 30 - 2,251,714 - Series 31 - 3,744,909 - Series 32 2,980,865 1,050,770 - Series 33 2,240,770 - - Series 34 2,998,205 - - Series 35 598,570 - - ---------------- ---------------- ---------------$ 8,818,410 $ 9,578,948 $ 8,964,635 ================ ================ ================
F-101 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE B - RELATED PARTY TRANSACTIONS (Continued) During the years ended March 31, 1999, 1998 and 1997, general and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and/or Boston Capital Asset Management Limited Partnership were charged to each series' operations as follows: 1999 1998 1997 ---------------- ---------------- ------------ - ---- Series 20 $ 14,427 $ 27,590 $ 23,876 Series 21 8,389 17,368 16,948 Series 22 11,288 22,206 19,314 Series 23 14,218 33,765 22,265 Series 24 10,648 20,500 21,547 Series 25 13,406 24,231 23,178 Series 26 17,367 29,659 23,336 Series 27 13,582 23,836 15,368 Series 28 17,350 31,809 3,284 Series 29 20,470 32,467 1,028 Series 30 15,782 20,152 - Series 31 17,659 23,078 - Series 32 20,351 11,655 - Series 33 26,436 - - Series 34 19,095 - - Series 35 3,147 - - ---------------- ---------------- ------------ - ---- $ 243,615 $ 318,316 $ 170,144 ================ ================ ================
Accounts payable -affiliates at March 31, 1999 and 1998 represents general and administrative expenses, fund management fees, and commissions which are payable to Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership. F-102 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE B - RELATED PARTY TRANSACTIONS (Continued) During the years ended March 31, 1999 and 1998, the fund reimbursed affiliates of the general partner a total of $396,541 and $330,066, respectively, for amounts in connection with the offering of BACs. These reimbursements include, but are not limited to postage, printing, travel and overhead allocations and are included in partners' capital as selling commissions and registrations costs at March 31, 1999 and 1998. During the year and period ended March 31, 1999 and 1998, the selling commission and registration costs incurred to affiliates by series are as follows: 1999 1998 ---------------- - --------------- Series 20 $ - $ - Series 21 - - Series 22 - - Series 23 - - Series 24 - - Series 25 - - Series 26 - - Series 27 - - Series 28 - - Series 29 - 79,710 Series 30 - 92,926 Series 31 - 92,401 Series 32 103,222 65,029 Series 33 121,385 - Series 34 146,254 - Series 35 25,680 - ---------------- ---------------$ 396,541 $ 330,066 ================ ================
F-103 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS At March 31, 1999 and 1998, the fund has limited partnership interests in o p e r ating limited partnerships, which own or are constructing or rehabilitating operating apartment complexes. The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 1999 and 1998 by series are as follows: 1999 1998 ---------------- - --------------- Series 20 24 24 Series 21 14 14 Series 22 29 28 Series 23 22 22 Series 24 24 24 Series 25 22 22 Series 26 45 42 Series 27 14 13 Series 28 26 25 Series 29 22 17 Series 30 18 13 Series 31 26 22 Series 32 14 3 Series 33 8 - Series 34 9 - Series 35 5 - ---------------- ------- ------- -322 269 ================ ================
During the year ended March 31, 1999, Series 28 disposed of their interest in one operating limited partnership. During the year ended March 31, 1998, Series 26 disposed of their interest in one operating limited partnership. F-104 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Under the terms of the fund's investment in each operating limited partnership, the fund is required to make capital contributions to the o p e rating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction or operations. At March 31, 1999 and 1998, contributions are payable to operating limited partnerships as follows: 1999 1998 ---------------- - --------------- Series 20 $ 388,026 $ 524,696 Series 21 709,193 860,126 Series 22 550,641 1,836,296 Series 23 772,817 2,724,109 Series 24 1,285,736 1,518,325 Series 25 2,704,223 3,396,767 Series 26 5,548,536 9,269,613 Series 27 1,645,618 3,524,022 Series 28 4,440,923 7,185,987 Series 29 5,800,186 9,330,218 Series 30 5,188,387 9,721,288 Series 31 8,010,788 14,425,302 Series 32 10,155,068 6,546,916 Series 33 5,507,151 - Series 34 12,032,400 - Series 35 8,801,775 - ---------------- ---------------$ 73,541,468 $ 70,863,665 ================ ================
F-105 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): Total Series 20 Series 21 ---------------- ---------------- --------- ------- Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 352,022,221 $ 28,280,513 $ 12,660,433 Acquisition costs of operating limited partnerships 46,881,004 3,726,293 1,923,140 Cumulative distributions from operating limited partnerships (132,027) (22,607) (15,576) Cumulative income (losses) from operating limited partnerships (46,141,194) (11,166,531) (6,583,582) ---------------- ---------------- - --------------Investment in operating limited partnerships per balance sheet 352,630,004 20,817,668 7,984,415 F-106 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Total Series 20 Series 21 ---------------- ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1999 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1998 (See note A) (65,984,808) (9,384) (1,279,277) The fund has recorded acquisition costs at March 31, 1999 which have not been recorded in the net assets of the operating limited partnerships (See note A) (12,792,030) (444,246) (123,536) Cumulative losses from operating limited partnerships for the three months ended March 31, 1999 which the operating limited partnerships have not included in their capital as of December 31, 1998 due to different year ends (See note A) 2,775,472 404,710 651,466 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (See note A) (78,409) (78,409) - The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) 3,423,273 245,670 876,219 Other (15,082,442) (13,107) (39,638) ---------------- ---------------- - --------------Equity per operating limited partnerships' combined financial statements $ 264,891,060 $ 20,922,902 $ 8,069,649 ================ ================ ================
F-107 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): Series 22 Series 23 Series 24 ---------------- ---------------- --------- ------- Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 18,286,372 $ 23,804,642 $ 15,720,323 Acquisition costs of operating limited partnerships 2,504,765 3,504,553 2,030,314 Cumulative distributions from operating limited partnerships (51,064) (3,916) (12,982) Cumulative income (losses) from operating limited partnerships (5,778,633) (5,624,183) (3,764,602) ---------------- ---------------- ---------------Investment in operating limited partnerships per balance sheet 14,961,440 21,681,096 13,973,053 F-108 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Series 22 Series 23 Series 24 ---------------- ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1999 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1998 (See note A) (837,570) (406,774) (405,057) The fund has recorded acquisition costs at March 31, 1999 which have not been recorded in the net assets of the operating limited partnerships (See note A) (274,232) (643,785) (959,403) Cumulative losses from operating limited partnerships for the three months ended March 31, 1999 which the operating limited partnerships have not included in their capital as of December 31, 1998 due to different year ends (See note A) 259,228 179,850 95,695 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (See note A) - - - The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) 312,702 307,888 205,772 Other (101,212) 11,187 50,660 ---------------- ---------------- ---------------Equity per operating limited partnerships' combined financial statements $ 14,320,356 $ 21,129,462 $ 12,960,720 ================ ================ ================
F-109 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): Series 25 Series 26 Series 27 ---------------- ---------------- --------- ------- Capital contributions paid and to be paid to operating limited p a r tnerships, net of tax credit adjusters $ 22,070,782 $ 28,793,780 $ 16,653,799 Acquisition costs of operating limited partnerships 2,803,677 3,968,917 2,467,629 Cumulative distribution from operating limited partnerships (3,612) (13,696) (4,649) Cumulative income (losses) from operating limited partnerships (3,948,894) (2,810,771) (2,120,373) ---------------- ---------------- ---------------Investment in operating limited partnerships per balance sheet 20,921,953 29,938,230 16,996,406 F-110 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Series 25 Series 26 Series 27 ---------------- ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1999 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1998 (See note A) (1,068,516) (3,041,593) (2,003,199) The fund has recorded acquisition costs at March 31, 1999 which have not been recorded in the net assets of the operating limited partnerships (See note A) (943,407) (693,330) (951,133) Cumulative losses from operating limited partnerships for the three months ended March 31, 1999 which the operating limited partnerships have not included in their capital as of December 31, 1998 due to different year ends (See note A) 335,542 123,194 205,532 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (See note A) - - - The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) 197,099 536,806 355,065 Other (291,820) (343,387) 15,561 ---------------- ---------------- ---------------Equity per operating limited partnerships' combined financial statements $ 19,150,851 $ 26,519,920 $ 14,618,232 ================ ================ ================
F-111 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): Series 28 Series 29 ---------------- --------- ------- Capital contributions paid and to be paid to operating limited p a r tnerships, net of tax credit adjusters $ 29,153,445 $ 28,900,092 Acquisition costs of operating limited partnerships 4,191,674 4,151,886 Cumulative distributions from operating limited partnerships (3,925) - - Cumulative income (losses) from operating limited partnerships (1,146,539) (2,045,708) ---------------- ---------------Investment in operating limited partnerships per balance sheet 32,194,655 31,006,270 F-112 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Series 28 Series 29 ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1999 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1998 (See note A) (5,688,933) (4,704,644) The fund has recorded acquisition costs at March 31, 1999 which have not been recorded in the net assets of the operating limited partnerships (See note A) (717,768) (410,517) Cumulative losses from operating limited partnerships for the three months ended March 31, 1999 which the operating limited partnerships have not included in their capital as of December 31, 1998 due to different year ends (See note A) 129,668 265,240 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (See note A) - - The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) 90,295 123,612 Other (253,719) (3,758,691) ---------------- ---------------Equity per operating limited partnerships' combined financial statements $ 25,754,198 $ 22,521,270 ================ ================
F-113 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): Series 30 Series 31 Series 32 ---------------- --------- ------- ---------------- Capital contributions paid and to be paid to operating limited part- nerships, net of tax credit adjusters $ 16,490,615 $ 32,074,828 $ 31,144,881 Acquisition costs of operating limited partnerships 2,226,856 4,512,880 4,291,123 Cumulative distribution from operating limited partnerships - - - - Cumulative income (losses) from operating limited partnerships (331,860) (1,063,250) 56,660 ---------------- ---------------- ---------------Investment in operating limited partnerships per balance sheet 18,385,611 35,524,458 35,492,664 F-114 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Series 30 Series 31 Series 32 ---------------- ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1999 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1998 (See note A) (3,568,757) (9,006,406) (9,567,701) The fund has recorded acquisition costs at March 31, 1999 which have not been recorded in the net assets of the operating limited partnerships (See note A) (627,476) (729,949) (3,752,114) Cumulative losses from operating limited partnerships for the three months ended March 31, 1999 which the operating limited partnerships have not included in their capital as of December 31, 1998 due to different year ends (See note A) - 125,347 - Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (See note A) - - - The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) 30,614 116,372 25,159 Other (499,235) 74,426 (1,360,907) ---------------- ---------------- ---------------Equity per operating limited partnerships' combined financial statements $ 13,720,757 $ 26,104,248 $ 20,837,101 ================ ================ ================
F-115 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1999 is summarized as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): Series 33 Series 34 Series 35 ---------------- --------- ------- ---------------- Capital contributions paid and to be paid to operating limited part- nerships, net of tax credit adjusters $ 17,673,588 $ 19,681,150 $ 10,632,978 Acquisition costs of operating limited partnerships 2,010,987 2,566,310 - - Cumulative distribution from operating limited partnerships - - - - Cumulative income (losses) from operating limited partnerships 187,290 (218) - - ---------------- ---------------- ---------------Investment in operating limited partnerships per balance sheet 19,871,865 22,247,242 10,632,978 F-116 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Series 33 Series 34 Series 35 ---------------- ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1999 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1998 (See note A) (5,993,518) (7,770,501) (10,632,978) The fund has recorded acquisition costs at March 31, 1999 which have not been recorded in the net assets of the operating limited partnerships (See note A) (1,232,584) (288,550) - Cumulative losses from operating limited partnerships for the three months ended March 31, 1999 which the operating limited partnerships have not included in their capital as of December 31, 1998 due to different year ends (See note A) - - - Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (See note A) - - - The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) - - - Other (1,335,977) (7,236,583) - ---------------- ---------------- ---------------Equity per operating limited partnerships' combined financial statements $ 11,309,786 $ 6,951,608 $ - ================ ================ ================
F-117 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997): Total Series 20 Series 21 ---------------- --------- ------- ---------------- Capital contributions paid and to be paid to operating limited part- nerships, net of tax credit adjusters $ 257,525,283 $ 28,405,078 $ 12,802,839 Acquisition costs of operating limited partnerships 35,650,160 3,726,293 1,923,140 Cumulative distributions from operating limited partnerships (57,875) (17,324) (22,158) Cumulative losses from operating limited partnerships (29,962,310) (8,806,719) (5,143,495) ---------------- ---------------- ---------------Investment in operating limited partnerships per balance sheet 263,155,258 23,307,328 9,560,326 F-118 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Total Series 20 Series 21 ---------------- ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1998 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1997 (See note A) (78,900,484) (509,165) (1,290,486) The fund has recorded acquisition costs at March 31, 1998 which have not been recorded in the net assets of the operating limited partnerships (See note A) (9,095,289) (444,246) (123,536) Cumulative losses from operating limited partnerships for the three months ended March 31, 1998 which the operating limited partnerships have not included in their capital as of December 31, 1997 due to different year ends (See note A) 2,650,127 404,710 651,466 The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) 2,540,900 89,954 717,116 Other (299,227) (31,555) (15,843) ---------------- ---------------- ---------------Equity per operating limited partnerships' combined financial statements $ 180,051,285 $ 22,817,026 $ 9,499,043 ================ ================ ================
F-119 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997): Series 22 Series 23 Series 24 ---------------- --------- ------- ---------------- Capital contributions paid and to be p a i d to operating limited part- nerships, net of tax credit adjusters $ 18,045,472 $ 23,804,642 $ 15,691,672 Acquisition costs of operating limited partnerships 2,470,115 3,504,553 2,030,314 Cumulative distributions from operating limited partnerships (3,342) (738) (10,760) Cumulative losses from operating limited partnerships (4,407,533) (4,036,543) (2,289,100) ---------------- ---------------- ---------------Investment in operating limited partnerships per balance sheet 16,104,712 23,271,914 15,422,126 F-120 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Series 22 Series 23 Series 24 ---------------- ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1998 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1997 (See note A) (1,917,738) (2,439,095) (939,167) The fund has recorded acquisition costs at March 31, 1998 which have not been recorded in the net assets of the operating limited partnerships (See note A) (274,244) (1,072,905) (867,698) Cumulative losses from operating limited partnerships for the three months ended March 31, 1998 which the operating limited partnerships have not included in their capital as of December 31, 1997 due to different year ends (See note A) 259,228 179,850 95,695 The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) 312,702 364,593 265,163 Other (107,697) 24,580 45,883 ---------------- ---------------- ---------------Equity per operating limited partnerships' combined financial statements $ 14,376,963 $ 20,328,937 $ 14,022,002 ================ ================ ================
F-121 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997): Series 25 Series 26 Series 27 ---------------- --------- ------- ---------------- Capital contributions paid and to be p a i d to operating limited part- nerships, net of tax credit adjusters $ 22,176,745 $ 27,310,023 $ 16,479,609 Acquisition costs of operating limited partnerships 2,803,677 3,781,724 2,377,480 Cumulative distribution from operating limited partnerships (3,468) - - - Cumulative losses from operating limited partnerships (2,295,592) (1,362,553) (698,772) ---------------- ---------------- ---------------Investment in operating limited partnerships per balance sheet 22,681,362 29,729,194 18,158,317 F-122 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Series 25 Series 26 Series 27 ---------------- ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1998 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1997 (See note A) (1,447,451) (7,697,445) (3,695,805) The fund has recorded acquisition costs at March 31, 1998 which have not been recorded in the net assets of the operating limited partnerships (See note A) (1,131,320) (623,897) (1,279,240) Cumulative losses from operating limited partnerships for the three months ended March 31, 1998 which the operating limited partnerships have not included in their capital as of December 31, 1997 due to different year ends (See note A) 335,542 123,195 205,532 The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) 237,540 403,127 69,020 Other (129,095) (52,855) 122 ---------------- ---------------- ---------------Equity per operating limited partnerships' combined financial statements $ 20,546,578 $ 21,881,319 $ 13,457,946 ================ ================ ================
F-123 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997): Series 28 Series 29 --------- ------- --------- ------- Capital contributions paid and to be p a i d to operating limited part- nerships, net of tax credit adjusters $ 24,914,492 $ 22,185,541 Acquisition costs of operating limited partnerships 3,582,996 3,202,361 Cumulative distributions from operating limited partnerships (85) - - Cumulative losses from operating limited partnerships (352,574) (626,915) ---------------- ---------------Investment in operating limited partnerships per balance sheet 28,144,829 24,760,987 F-124 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Series 28 Series 29 ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1998 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1997 (See note A) (14,723,487) (12,500,084) The fund has recorded acquisition costs at March 31, 1998 which have not been recorded in the net assets of the operating limited partnerships (See note A) (434,652) (27,657) Cumulative losses from operating limited partnerships for the three months ended March 31, 1998 which the operating limited partnerships have not included in their capital as of December 31, 1997 due to different year ends (See note A) 129,668 265,241 The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) 44,989 36,696 Other (19,682) (13,183) ---------------- ---------------Equity per operating limited partnerships' combined financial statements $ 13,141,665 $ 12,522,000 ================ ================
F-125 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The fund's investment in operating limited partnerships at March 31, 1998 is summarized as follows (Series 32 invested in operating limited partnerships subsequent to December 31, 1997): Series 30 Series 31 Series 32 ---------------- --------- ------- ---------------- Capital contributions paid and to be p a i d to operating limited part- nerships, net of tax credit adjusters $ 12,787,384 $ 25,427,985 $ 7,493,801 Acquisition costs of operating limited partnerships 1,512,120 3,657,512 1,077,875 Cumulative distribution from operating limited partnerships - - - - Cumulative income (losses) from operating limited partnerships 100,573 (43,087) - - ---------------- ---------------- ---------------Investment in operating limited partnerships per balance sheet 14,400,077 29,042,410 8,571,676 F-126 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) Series 30 Series 31 Series 32 ---------------- ---------------- --------- ------- The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 1998 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 1997 (See note A) (8,736,973) (15,509,787) (7,493,801) The fund has recorded acquisition costs at March 31, 1998 which have not been recorded in the net assets of the operating limited partnerships (See note A) (711,378) (1,026,641) (1,077,875) Cumulative losses from operating limited partnerships for the three months ended March 31, 1998 which the operating limited partnerships have not included in their capital as of December 31, 1997 due to different year ends (See note A) - - - The fund has recorded low income h o using tax credit adjusters not recorded by operating limited partnerships (See note A) - - - - Other - 98 - - ---------------- ---------------- ---------------Equity per operating limited partnerships' combined financial statements $ 4,951,726 $ 12,506,080 $ - - ================ ================ ================
F-127 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED BALANCE SHEETS Total Series 20 Series 21 ------------------ ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 781,928,688 $ 84,646,651 $ 37,750,449 Construction in progress 65,983,350 - - Land 60,435,208 6,345,961 2,937,606 Other assets 128,379,742 4,901,355 2,679,454 ------------------ ---------------- ---------------- $ 1,036,726,988 $ 95,893,967 $ 43,367,509 ================== ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans payable $ 581,758,979 $ 58,762,600 $ 28,806,510 Accounts payable and accrued expenses 31,406,011 2,986,394 917,023 Other liabilities 73,101,208 6,055,599 3,860,733 ------------------ ---------------- ---------------- 686,266,198 67,804,593 33,584,266 ------------------ ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 264,891,060 20,922,902 8,069,649 Other partners 85,569,730 7,166,472 1,713,594 ------------------ ---------------- ---------------- 350,460,790 28,089,374 9,783,243 ------------------ ---------------- ---------------- $ 1,036,726,988 $ 95,893,967 $ 43,367,509 ================== ================ ================
F-128 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED BALANCE SHEETS Series 22 Series 23 Series 24 ---------------- ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 78,778,178 $ 74,142,498 $ 60,853,739 Construction in progress - - - Land 4,232,981 3,947,911 3,941,855 Other assets 4,819,990 4,176,440 5,412,885 ---------------- ---------------- ---------------- $ 87,831,149 $ 82,266,849 $ 70,208,479 ================ ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans payable $ 53,129,025 $ 43,142,812 $ 41,919,664 Accounts payable and accrued expenses 2,523,446 2,511,118 2,299,629 Other liabilities 3,640,564 6,090,608 5,780,486 ---------------- ---------------- ---------------- 59,293,035 51,744,538 49,999,779 ---------------- ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 14,320,356 21,129,462 12,960,720 Other partners 14,217,758 9,392,849 7,247,980 ---------------- ---------------- ---------------- 28,538,114 30,522,311 20,208,700 ---------------- ---------------- ---------------- $ 87,831,149 $ 82,266,849 $ 70,208,479 ================ ================ ================
F-129 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED BALANCE SHEETS Series 25 Series 26 Series 27 ---------------- ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 64,673,338 $ 76,406,379 $ 58,366,549 Construction in progress - 5,551,622 2,182,245 Land 3,695,640 5,249,128 5,007,088 Other assets 7,379,658 5,764,181 4,563,973 ---------------- ---------------- ---------------- $ 75,748,636 $ 92,971,310 $ 70,119,855 ================ ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans 42,201,748 payable $ 39,130,135 $ 54,427,983 $ Accounts payable and accrued expenses 2,296,539 2,883,375 733,154 Other liabilities 8,314,970 4,757,501 7,575,516 ---------------- ---------------- ---------------- 49,741,644 62,068,859 50,510,418 ---------------- ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 19,150,851 26,519,920 14,618,232 Other partners 6,856,141 4,382,531 4,991,205 ---------------- ---------------- ---------------- 26,006,992 30,902,451 19,609,437 ---------------- ---------------- ---------------- $ 75,748,636 $ 92,971,310 $ 70,119,855 ================ ================ ================
F-130 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED BALANCE SHEETS Series 28 Series 29 Series 30 ---------------- ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 72,323,119 $ 56,661,833 $ 29,398,638 Construction in progress 1,677,857 2,000,842 3,806,056 Land 5,498,936 2,605,856 1,938,112 Other assets 6,672,254 7,111,024 10,643,693 ---------------- ---------------- ---------------- $ 86,172,166 $ 68,379,555 $ 45,786,499 ================ ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans 24,340,815 payable $ 41,268,749 $ 36,945,362 $ Accounts payable and accrued expenses 2,001,260 851,873 2,585,492 Other liabilities 6,307,988 7,725,660 2,896,858 ---------------- ---------------- ---------------- 49,577,997 45,522,895 29,823,165 ---------------- ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 25,754,198 22,521,270 13,720,757 Other partners 10,839,971 335,390 2,242,577 ---------------- ---------------- ---------------- 36,594,169 22,856,660 15,963,334 ---------------- ---------------- ---------------- $ 86,172,166 $ 68,379,555 $ 45,786,499 ================ ================ ================
F-131 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED BALANCE SHEETS Series 31 Series 32 ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 48,922,095 $ 24,614,377 Construction in progress 24,100,817 10,619,463 Land 4,630,091 4,122,102 Other assets 7,979,049 21,181,888 ---------------- ---------------- $ 85,632,052 $ 60,537,830 ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans payable $ 50,051,086 $ 28,469,726 Accounts payable and accrued expenses 3,206,676 2,617,952 Other liabilities 6,004,460 1,149,169 ---------------- ---------------- 59,262,222 32,236,847 ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 26,104,248 20,837,101 Other partners 265,582 7,463,882 ---------------- ---------------- 26,369,830 28,300,983 ---------------- ---------------- $ 85,632,052 $ 60,537,830 ================ ================
F-132 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 34 hold an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED BALANCE SHEETS Series 33 Series 34 ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 12,575,341 $ 1,815,504 Construction in progress 8,160,735 7,883,713 Land 3,620,019 2,661,922 Other assets 16,534,555 18,559,343 ---------------- ---------------- $ 40,890,650 $ 30,920,482 ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans payable $ 19,054,846 $ 20,107,918 Accounts payable and accrued expenses 2,028,050 964,030 Other liabilities 1,040,046 1,901,050 ---------------- ---------------- 22,122,942 22,972,998 ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 11,309,786 6,951,608 Other partners 7,457,922 995,876 ---------------- ---------------- 18,767,708 7,947,484 ---------------- ---------------- $ 40,890,650 $ 30,920,482 ================ ================
F-133 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED BALANCE SHEETS Total Series 20 Series 21 ---------------- ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 604,858,775 $ 88,299,641 $ 38,877,300 Construction in progress 38,848,148 - - Land 42,235,703 6,345,961 2,937,606 Other assets 64,741,805 4,445,180 2,461,410 ---------------- ---------------- ---------------- $ 750,684,431 $ 99,090,782 $ 44,276,316 ================ ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans payable $ 404,807,223 $ 59,166,418 $ 27,388,308 Accounts payable and accrued expenses 26,280,296 2,432,939 1,743,740 Other liabilities 74,058,902 6,833,807 4,034,016 ---------------- ---------------- ---------------- 505,146,421 68,433,164 33,166,064 ---------------- ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 180,051,285 22,817,026 9,499,043 Other partners 65,486,725 7,840,592 1,611,209 ---------------- ---------------- ---------------- 245,538,010 30,657,618 11,110,252 ---------------- ---------------- ---------------- $ 750,684,431 $ 99,090,782 $ 44,276,316 ================ ================ ================
F-134 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED BALANCE SHEETS Series 22 Series 23 Series 24 ---------------- ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 80,246,804 $ 75,994,130 $ 62,964,019 Construction in progress - - - Land 4,121,526 3,814,911 3,941,855 Other assets 4,843,526 4,406,128 5,623,475 ---------------- ---------------- ---------------- $ 89,211,856 $ 84,215,169 $ 72,529,349 ================ ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans payable $ 52,360,173 $ 43,627,909 $ 41,876,740 Accounts payable and accrued expenses 1,843,467 2,018,818 2,080,107 Other liabilities 6,147,870 9,047,670 6,493,213 ---------------- ---------------- ---------------- 60,351,510 54,694,397 50,450,060 ---------------- ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 14,376,963 20,328,937 14,022,002 Other partners 14,483,383 9,191,835 8,057,287 ---------------- ---------------- ---------------- 28,860,346 29,520,772 22,079,289 ---------------- ---------------- ---------------- $ 89,211,856 $ 84,215,169 $ 72,529,349 ================ ================ ================
F-135 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED BALANCE SHEETS Series 25 Series 26 Series 27 ---------------- ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 66,678,909 $ 64,341,702 $ 37,885,061 Construction in progress - 3,921,404 13,379,781 Land 3,695,640 4,480,943 5,143,963 Other assets 8,301,292 4,640,051 4,361,584 ---------------- ---------------- ---------------- $ 78,675,841 $ 77,384,100 $ 60,770,389 ================ ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans 34,741,904 payable $ 39,449,958 $ 44,044,958 $ Accounts payable and accrued expenses 2,489,987 1,793,878 2,501,374 Other liabilities 8,442,823 6,969,470 7,102,514 ---------------- ---------------- ---------------- 50,382,768 52,808,306 44,345,792 ---------------- ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 20,546,578 21,881,319 13,457,946 Other partners 7,746,495 2,694,475 2,966,651 ---------------- ---------------- ---------------- 28,293,073 24,575,794 16,424,597 ---------------- ---------------- ---------------- $ 78,675,841 $ 77,384,100 $ 60,770,389 ================ ================ ================
F-136 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED BALANCE SHEETS Series 28 Series 29 ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 41,232,184 $ 23,496,725 Construction in progress 6,271,637 6,662,659 Land 3,249,249 1,285,319 Other assets 4,496,464 5,008,615 ---------------- ---------------- $ 55,249,534 $ 36,453,318 ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans payable $ 20,558,820 $ 16,599,438 Accounts payable and accrued expenses 3,192,497 1,844,232 Other liabilities 7,802,956 5,443,481 ---------------- ---------------- 31,554,273 23,887,151 ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 13,141,665 12,522,000 Other partners 10,553,596 44,167 ---------------- ---------------- 23,695,261 12,566,167 ---------------- ---------------- $ 55,249,534 $ 36,453,318 ================ ================
F-137 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 20 through Series 31 hold an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED BALANCE SHEETS Series 30 Series 31 ---------------- ---------------- ASSETS Buildings and improvements, net of accumulated depreciation $ 6,529,488 $ 18,312,812 Construction in progress 1,975,090 6,637,577 Land 783,338 2,435,392 Other assets 2,898,853 13,255,227 ---------------- ---------------- $ 12,186,769 $ 40,641,008 ================ ================ LIABILITIES AND PARTNERS' CAPITAL Mortgage and construction loans payable $ 4,096,040 $ 20,896,557 Accounts payable and accrued expenses 702,623 3,636,634 Other liabilities 2,187,501 3,553,581 ---------------- ---------------- 6,986,164 28,086,772 ---------------- ---------------- PARTNERS' CAPITAL Boston Capital Tax Credit Fund IV L.P. 4,951,726 12,506,080 Other partners 248,879 48,156 ---------------- ---------------- 5,200,605 12,554,236 ---------------- ---------------- $ 12,186,769 $ 40,641,008 ================ ================
F-138 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total --------------- - Revenue Rent $ 76,814,159 Interest and other 4,491,419 --------------- 81,305,578 --------------- Expenses Interest 30,231,530 Depreciation and amortization 26,367,805 Taxes and insurance 9,871,028 Repairs and maintenance 11,635,709 Operating expenses 22,157,332 Other expenses 2,365,691 --------------- 102,629,095 --------------- NET LOSS $ (21,323,517) ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. * $ (16,081,100) ================ Net loss allocated to other partners $ (5,242,417) ================
* Amount includes $27,563 for Series 20 of loss not recognized under the equity method of accounting as described in note A. F-139 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 20 Series 21 ---------------- ---------------- Revenue Rent $ 10,647,750 $ 5,010,716 Interest and other 804,809 296,915 ---------------- ---------------- 11,452,559 5,307,631 ---------------- ---------------- Expenses Interest 4,329,314 2,395,051 Depreciation and amortization 3,875,144 1,240,873 Taxes and insurance 1,361,964 595,101 Repairs and maintenance 1,709,574 1,054,009 Operating expenses 3,034,650 1,390,617 Other expenses 346,584 126,851 ---------------- ---------------- 14,657,230 6,802,502 ---------------- ---------------- NET LOSS $ (3,204,671) $ (1,494,871) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. * $ (2,387,375) $ (1,440,087) ================ ================ Net loss allocated to other partners $ (817,296) $ (54,784) ================ ================
* Amount includes $27,563 for Series 20 of loss not recognized under the equity method of accounting as described in note A. F-140 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): Series 22 Series 23 ---------------- ---------------- Revenue Rent $ 8,164,974 $ 7,497,724 Interest and other 565,556 308,206 ---------------- ---------------- 8,730,530 7,805,930 ---------------- ---------------- Expenses Interest 2,917,462 3,005,530 Depreciation and amortization 3,076,945 2,622,410 Taxes and insurance 1,183,749 1,099,755 Repairs and maintenance 1,488,590 1,060,732 Operating expenses 2,108,590 2,212,349 Other expenses 556,094 256,134 ---------------- ---------------- 11,331,430 10,256,910 ---------------- ---------------- NET LOSS $ (2,600,900) $ (2,450,980) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (1,371,100) $ (1,587,640) ================ ================ Net loss allocated to other partners $ (1,229,800) $ (863,340) ================ ================
F-141 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 24 Series 25 ---------------- ---------------- Revenue Rent $ 7,347,412 $ 9,721,536 Interest and other 455,788 250,718 ---------------- ---------------- 7,803,200 9,972,254 ---------------- ---------------- Expenses Interest 3,332,316 3,430,672 Depreciation and amortization 2,683,977 2,851,105 Taxes and insurance 1,008,002 1,233,639 Repairs and maintenance 991,563 1,891,746 Operating expenses 1,912,610 2,633,689 Other expenses 205,111 129,866 ---------------- ---------------- 10,133,579 12,170,717 ---------------- ---------------- NET LOSS $ (2,330,379) $ (2,198,463) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (1,475,502) $ (1,653,302) ================ ================ Net loss allocated to other partners $ (854,877) $ (545,161) ================ ================
F-142 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 26 Series 27 ---------------- ---------------- Revenue Rent $ 7,075,158 $ 4,743,241 Interest and other 401,008 196,634 ---------------- ---------------- 7,476,166 4,939,875 ---------------- ---------------- Expenses Interest 2,477,101 2,487,837 Depreciation and amortization 2,449,994 1,667,174 Taxes and insurance 929,715 527,245 Repairs and maintenance 901,254 511,970 Operating expenses 2,048,075 1,260,288 Other expenses 133,740 126,241 ---------------- ---------------- 8,939,879 6,580,755 ---------------- ---------------- NET LOSS $ (1,463,713) $ (1,640,880) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (1,448,218) $ (1,421,601) ================ ================ Net loss allocated to other partners $ (15,495) $ (219,279) ================ ================
F-143 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 28 Series 29 ---------------- ---------------- Revenue Rent $ 5,027,374 $ 3,096,357 Interest and other 390,029 104,401 ---------------- ---------------- 5,417,403 3,200,758 ---------------- ---------------- Expenses Interest 2,192,027 1,078,922 Depreciation and amortization 1,887,134 1,352,864 Taxes and insurance 509,085 412,629 Repairs and maintenance 629,177 338,237 Operating expenses 1,689,440 1,308,383 Other expenses 47,297 221,288 ---------------- ---------------- 6,954,160 4,712,323 ---------------- ---------------- NET LOSS $ (1,536,757) $ (1,511,565) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (793,965) $ (1,418,793) ================ ================ Net loss allocated to other partners $ (742,792) $ (92,772) ================ ================
F-144 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 30 Series 31 ---------------- ---------------- Revenue Rent $ 1,321,918 $ 3,167,459 Interest and other 51,979 223,116 ---------------- ---------------- 1,373,897 3,390,575 ---------------- ---------------- Expenses Interest 378,195 787,308 Depreciation and amortization 464,869 981,526 Taxes and insurance 176,613 477,393 Repairs and maintenance 188,374 559,515 Operating expenses 486,297 1,414,944 Other expenses 103,328 70,567 ---------------- ---------------- 1,797,676 4,291,253 ---------------- ---------------- NET INCOME (LOSS) $ (423,779) $ (900,678) ================ ================ Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (432,433) $ (894,816) ================ ================ Net income (loss) allocated to other partners $ 8,654 $ (5,862) ================ ================
F-145 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 32 Series 33 ---------------- ---------------- Revenue Rent $ 2,117,769 $ 1,874,771 Interest and other 210,170 232,090 ---------------- ---------------- 2,327,939 2,106,861 ---------------- ---------------- Expenses Interest 736,930 682,865 Depreciation and amortization 672,347 541,443 Taxes and insurance 182,047 174,091 Repairs and maintenance 173,762 137,206 Operating expenses 353,479 303,702 Other expenses 28,715 13,875 ---------------- ---------------- 2,147,280 1,853,182 ---------------- ---------------- NET INCOME (LOSS) $ 180,659 $ 253,679 ================ ================ Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ 56,660 $ 187,290 ================ ================ Net income (loss) allocated to other partners $ 123,999 $ 66,389 ================ ================
F-146 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1998 for operating limited partnerships in which Series 20 through Series 34 had an interest as of December 31, 1998 are as follows (Series 35 invested in operating limited partnerships subsequent to December 31, 1998): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 34 -------------- -- Revenue Rent $ - Interest and other - ---------------- --------------- Expenses Interest - Depreciation and amortization - Taxes and insurance - Repairs and maintenance - Operating expenses 219 Other expenses - --------------- 219 --------------- NET INCOME (LOSS) $ (219) ================ Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ (218) ================ Net income (loss) allocated to other partners $ (1) ================
F-147 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total --------------- - Revenue Rent $ 57,194,219 Interest and other 3,058,826 --------------- 60,253,045 --------------- Expenses Interest 24,052,106 Depreciation and amortization 19,725,469 Taxes and insurance 7,899,564 Repairs and maintenance 8,120,403 Operating expenses 16,906,496 Other expenses 1,194,061 --------------- 77,898,099 --------------- NET LOSS $ (17,645,054) ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (12,220,735) =============== = Net loss allocated to other partners $ (5,424,319) ================
F-148 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 20 Series 21 ---------------- ---------------- Revenue Rent $ 10,216,602 $ 5,008,470 Interest and other 513,527 234,328 ---------------- ---------------- 10,730,129 5,242,798 ---------------- ---------------- Expenses Interest 4,294,969 2,624,300 Depreciation and amortization 3,927,354 1,235,333 Taxes and insurance 1,284,403 585,724 Repairs and maintenance 1,453,633 858,062 Operating expenses 2,915,869 1,548,188 Other expenses 186,300 310,103 ---------------- ---------------- 14,062,528 7,161,710 ---------------- ---------------- NET LOSS $ (3,332,399) $ (1,918,912) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (2,516,153) $ (1,854,423) ================ ================ Net loss allocated to other partners $ (816,246) $ (64,489) ================ ================
F-149 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 22 Series 23 ---------------- ---------------- Revenue Rent $ 7,587,995 $ 6,989,608 Interest and other 589,406 297,411 ---------------- ---------------- 8,177,401 7,287,019 ---------------- ---------------- Expenses Interest 2,907,135 2,973,157 Depreciation and amortization 3,118,036 2,676,417 Taxes and insurance 1,213,517 1,166,749 Repairs and maintenance 1,124,171 903,855 Operating expenses 2,398,019 1,952,694 Other expenses 6,763 249,098 ---------------- ---------------- 10,767,641 9,921,970 ---------------- ---------------- NET LOSS $ (2,590,240) $ (2,634,951) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (1,372,762) $ (1,705,493) ================ ================ Net loss allocated to other partners $ (1,217,478) $ (929,458) ================ ================
F-150 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 24 Series 25 ---------------- ---------------- Revenue Rent $ 6,571,071 $ 8,857,720 Interest and other 378,879 365,881 ---------------- ---------------- 6,949,950 9,223,601 ---------------- ---------------- Expenses Interest 3,056,376 3,351,373 Depreciation and amortization 2,432,228 2,582,193 Taxes and insurance 896,197 1,125,562 Repairs and maintenance 746,014 1,501,994 Operating expenses 1,783,985 2,462,469 Other expenses 112,874 139,081 ---------------- ---------------- 9,027,674 11,162,672 ---------------- ---------------- NET LOSS $ (2,077,724) $ (1,939,071) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (1,342,281) $ (1,550,724) ================ ================ Net loss allocated to other partners $ (735,443) $ (388,347) ================ ================
F-151 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 26 Series 27 ---------------- ---------------- Revenue Rent $ 5,634,879 $ 2,195,422 Interest and other 345,222 108,253 ---------------- ---------------- 5,980,101 2,303,675 ---------------- ---------------- Expenses Interest 2,030,739 1,137,355 Depreciation and amortization 1,830,957 620,143 Taxes and insurance 700,788 284,979 Repairs and maintenance 742,244 231,086 Operating expenses 1,565,560 660,042 Other expenses 87,076 13,000 ---------------- ---------------- 6,957,364 2,946,605 ---------------- ---------------- NET LOSS $ (977,263) $ (642,930) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (869,148) $ (484,224) ================ ================ Net loss allocated to other partners $ (108,115) $ (158,706) ================ ================
F-152 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 28 Series 29 ---------------- ---------------- Revenue Rent $ 2,591,372 $ 734,639 Interest and other 161,601 45,417 ---------------- ---------------- 2,752,973 780,056 ---------------- ---------------- Expenses Interest 1,281,632 198,576 Depreciation and amortization 946,915 260,571 Taxes and insurance 353,427 156,417 Repairs and maintenance 323,560 118,644 Operating expenses 919,329 472,421 Other expenses 79,063 6,785 ---------------- ---------------- 3,903,926 1,213,414 ---------------- ---------------- NET LOSS $ (1,150,953) $ (433,358) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (221,339) $ (361,674) ================ ================ Net loss allocated to other partners $ (929,614) $ (71,684) ================ ================
F-153 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1997 for operating limited partnerships in which Series 20 through Series 31 had an interest as of December 31, 1997 are as follows (Series 32 through 35 invested in operating limited partnerships subsequent to December 31, 1997): COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Series 30 Series 31 ---------------- ---------------- Revenue Rent $ 439,276 $ 367,165 Interest and other 10,182 8,719 ---------------- ---------------- 449,458 375,884 ---------------- ---------------- Expenses Interest 84,594 111,900 Depreciation and amortization 52,604 42,718 Taxes and insurance 70,204 61,597 Repairs and maintenance 56,525 60,615 Operating expenses 85,544 142,376 Other expenses 3,700 218 ---------------- ---------------- 353,171 419,424 ---------------- ---------------- NET INCOME (LOSS) $ 96,287 $ (43,540) ================ ================ Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P. $ 100,573 $ (43,087) ================ ================ Net loss allocated to other partners $ (4,286) $ (453) ================ ================
F-154 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996): Total --------------- - Revenue Rent $ 35,005,141 Interest and other 2,380,543 --------------- 37,385,684 --------------- Expenses Interest 16,056,409 Depreciation and amortization 14,299,586 Taxes and insurance 4,789,327 Repairs and maintenance 4,776,708 Operating expenses 11,554,893 Other expenses 974,178 --------------- 52,451,101 --------------- NET LOSS $ (15,065,417) ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (10,314,488) =============== = Net loss allocated to other partners $ (4,750,929) ================
F-155 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996): Series 20 Series 21 ---------------- ---------------- Revenue Rent $ 9,859,006 $ 4,214,782 Interest and other 586,488 304,410 ---------------- ---------------- 10,445,494 4,519,192 ---------------- ---------------- Expenses Interest 4,284,612 2,400,963 Depreciation and amortization 4,227,579 1,267,834 Taxes and insurance 1,219,186 591,815 Repairs and maintenance 1,297,342 680,068 Operating expenses 2,793,939 1,776,847 Other expenses 451,468 - ---------------- ---------------- 14,274,126 6,717,527 ---------------- ---------------- NET LOSS $ (3,828,632) $ (2,198,335) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (2,941,378) $ (2,134,073) ================ ================ Net loss allocated to other partners $ (887,254) $ (64,262) ================ ================
F-156 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996): Series 22 Series 23 ---------------- ---------------- Revenue Rent $ 6,464,794 $ 5,168,811 Interest and other 534,232 405,676 ---------------- ---------------- 6,999,026 5,574,487 ---------------- ---------------- Expenses Interest 2,865,472 2,738,838 Depreciation and amortization 3,343,336 2,593,057 Taxes and insurance 1,021,291 680,064 Repairs and maintenance 850,511 614,980 Operating expenses 2,363,559 1,681,751 Other expenses 11,073 363,266 ---------------- ---------------- 10,455,242 8,671,956 ---------------- ---------------- NET LOSS $ (3,456,216) $ (3,097,469) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (1,821,704) $ (1,847,436) ================ ================ Net loss allocated to other partners $ (1,634,512) $ (1,250,033) ================ ================
F-157 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996): Series 24 Series 25 ---------------- ---------------- Revenue Rent $ 3,419,844 $ 4,962,944 Interest and other 204,838 275,267 ---------------- ---------------- 3,624,682 5,238,211 ---------------- ---------------- Expenses Interest 1,662,180 1,611,135 Depreciation and amortization 1,413,240 1,065,770 Taxes and insurance 547,667 588,231 Repairs and maintenance 341,401 890,211 Operating expenses 1,128,112 1,493,588 Other expenses 84,027 45,402 ---------------- ---------------- 5,176,627 5,694,337 ---------------- ---------------- NET LOSS $ (1,551,945) $ (456,126) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (757,464) $ (431,640) ================ ================ Net loss allocated to other partners $ (794,481) $ (24,486) ================ ================
F-158 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996): Series 26 Series 27 ---------------- ---------------- Revenue Rent $ 870,342 $ 1,740 Interest and other 46,206 2,191 ---------------- ---------------- 916,548 3,931 ---------------- ---------------- Expenses Interest 467,926 1,340 Depreciation and amortization 371,136 9,411 Taxes and insurance 131,809 87 Repairs and maintenance 95,627 494 Operating expenses 297,216 1,444 Other expenses 18,679 263 ---------------- ---------------- 1,382,393 13,039 ---------------- ---------------- NET LOSS $ (465,845) $ (9,108) ================ ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (370,210) $ (9,016) ================ ================ Net loss allocated to other partners $ (95,635) $ (92) ================ ================
F-159 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1996 for operating limited partnerships in which Series 20 through Series 28 had an interest as of December 31, 1996 are as follows (Series 29 through 35 invested in operating limited partnerships subsequent to December 31, 1996): Series 28 ------------- --- Revenue Rent $ 42,878 Interest and other 21,235 --------------- 64,113 --------------- Expenses Interest 23,943 Depreciation and amortization 8,223 Taxes and insurance 9,177 Repairs and maintenance 6,074 Operating expenses 18,437 Other expenses - --------------- 65,854 --------------- NET LOSS $ (1,741) ================ Net loss allocated to Boston Capital Tax Credit Fund IV L.P. $ (1,567) ================ Net loss allocated to other partners $ (174) ================
F-160 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE D - NOTES RECEIVABLE Notes receivable at March 31, 1999 and 1998 consist of advance installments of $14,174,473 and $24,395,853, respectively, of capital contributions to operating limited partnerships. Series 20 through Series 35 notes are comprised of noninterest bearing and interest bearing notes with rates ranging from prime plus 1% to 4.5%. Prime was 7.75% and 8.5% as of March 31, 1999 and 1998, respectively. These notes will be applied against future payments of capital contributions or paid upon demand. The carrying value of the notes receivable at March 31, 1999 and 1998 approximates fair value. The notes at March 31, 1999 and 1998 by series are as follows: 1999 1998 ---------------- - --------------- Series 20 $ - $ - Series 21 641,542 641,542 Series 22 462,686 1,796,240 Series 23 456,751 2,186,398 Series 24 551,210 779,231 Series 25 551,221 754,841 Series 26 653,909 1,173,727 Series 27 270,649 653,377 Series 28 1,477,458 240,575 Series 29 835,878 1,428,362 Series 30 1,415,196 1,422,259 Series 31 2,221,022 7,309,603 Series 32 1,995,249 6,009,698 Series 33 46,280 - Series 34 1,678,562 - Series 35 916,860 - ---------------- ---------------$ 14,174,473 $ 24,395,853 ================ ================
F-161 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE E - OTHER ASSETS Other assets include $9,342,923 and $2,780,023 of cash held by an escrow agent at March 31, 1999 and 1998, respectively. The cash held for Series 20 through 35 at March 31, 1999 and Series 20 through 32 at March 31, 1998 represents capital contributions to be released to the operating limited partnerships when certain criteria have been met. The escrows held at March 31, 1999 and 1998 by series are as follows: 1999 1998 ---------------- ---------------- Series 20 $ - $ 67,702 Series 21 - - Series 22 - - Series 23 - - Series 24 - - Series 25 20,001 320,000 Series 26 1,681,922 774,587 Series 27 248,760 1,067,226 Series 28 197,726 120,000 Series 29 - - Series 30 581,031 100,000 Series 31 - 330,508 Series 32 853,375 - Series 33 1,063,972 - Series 34 4,574,591 - Series 35 121,545 - ---------------- ---------------- $ 9,342,923 $ 2,780,023 ================ ================
F-162 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows: Total --------------- - Net income (loss) for financial reporting purposes $ (17,477,354) Operating limited partnership rents received in advance (38,262) Partnership fund management fee 2,150,673 Other 741,568 Excess of tax depreciation over book depreciation on operating limited partnership assets (3,213,254) Tax exempt interest income (2,577,788) Difference due to fiscal year for book purposes and calendar year for tax purposes 703,845 ---------------Income (loss) for tax return purposes, December 31, 1998 $ (19,710,572) ================
F-163 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows: Series 20 Series 21 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (2,811,432) $ (1,653,386) Operating limited partnership rents received in advance 11,950 17,634 Partnership fund management fee 379,248 225,840 Other 21,774 (205,637) Excess of tax depreciation over book depreciation on operating limited partnership assets (248,112) (367,202) Tax exempt interest income (2,700) (43,033) Difference due to fiscal year for book purposes and calendar year for tax purposes (4,107) 3,261 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1998 $ (2,653,379) $ (2,022,523) ================ ================
F-164 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows: Series 22 Series 23 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (1,658,012) $ (1,860,174) Operating limited partnership rents received in advance 3,283 (4,859) Partnership fund management fee 254,589 238,288 Other 26,399 77,765 Excess of tax depreciation over book depreciation on operating limited partnership assets (272,802) (551,702) Tax exempt interest income (16,398) (23,336) Difference due to fiscal year for book purposes and calendar year for tax purposes 10,564 21,400 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1998 $ (1,652,377) $ (2,102,618) ================ ================
F-165 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows: Series 24 Series 25 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (1,723,705) $ (1,926,105) Operating limited partnership rents received in advance (3,017) - - Partnership fund management fee 233,148 204,357 Other 122,847 (12,755) Excess of tax depreciation over book depreciation on operating limited partnership assets (148,304) (132,014) Tax exempt interest income (42,796) (61,008) Difference due to fiscal year for book purposes and calendar year for tax purposes 46,349 30,846 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1998 $ (1,515,478) $ (1,896,679) ================ ================
F-166 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows: Series 26 Series 27 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (1,719,368) $ (1,716,151) Operating limited partnership rents received in advance (26,490) (1,908) Partnership fund management fee 295,393 261,339 Other 345,276 528,278 Excess of tax depreciation over book depreciation on operating limited partnership assets (482,953) (238,824) Tax exempt interest income (110,522) (118,818) Difference due to fiscal year for book purposes and calendar year for tax purposes 17,696 71,053 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1998 $ (1,680,968) $ (1,215,031) ================ ================
F-167 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows: Series 28 Series 29 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (724,209) $ (1,414,244) Operating limited partnership rents received in advance (33,707) 703 Partnership fund management fee 350 6,511 Other 164,899 59,614 Excess of tax depreciation over book depreciation on operating limited partnership assets (279,209) (135,791) Tax exempt interest income (527,704) (443,287) Difference due to fiscal year for book purposes and calendar year for tax purposes 193,701 131,774 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1998 $ (1,205,879) $ (1,794,720) ================ ================
F-168 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows: Series 30 Series 31 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (304,871) $ (462,813) Operating limited partnership rents received in advance - (1,851) Partnership fund management fee 6,196 1,390 Other 102,562 91,289 Excess of tax depreciation over book depreciation on operating limited partnership assets (131,869) (178,324) Tax exempt interest income (417,599) (425,878) Difference due to fiscal year for book purposes and calendar year for tax purposes 79,175 269,469 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1998 $ (666,406) $ (706,718) ================ ================
F-169 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows: Series 32 Series 33 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ 269,836 $ 194,098 Operating limited partnership rents received in advance - - - Partnership fund management fee 103 6,443 Other (353,188) (227,773) Excess of tax depreciation over book depreciation on operating limited partnership assets (46,148) - - Tax exempt interest income (265,800) (68,910) Difference due to fiscal year for book purposes and calendar year for tax purposes (56,688) (51,419) ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1998 $ (451,885) $ (147,561) ================ ================
F-170 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1999 are reconciled as follows: Series 34 Series 35 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ 39,949 $ (6,767) Operating limited partnership rents received in advance - - Partnership fund management fee 32,669 4,809 Other 218 - Excess of tax depreciation over book depreciation on operating limited partnership assets - - Tax exempt interest income (9,999) - Difference due to fiscal year for book purposes and calendar year for tax purposes (61,187) 1,958 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1998 $ 1,650 $ - ================ ================
F-171 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows: Total --------------- - Net income (loss) for financial reporting purposes $ (13,468,421) Operating limited partnership rents received in advance 48,110 Partnership fund management fee 1,325,271 Other 1,236,507 Excess of tax depreciation over book depreciation on operating limited partnership assets (2,611,106) Tax exempt interest income (1,854,039) Difference due to fiscal year for book purposes and calendar year for tax purposes 67,719 ---------------Income (loss) for tax return purposes, December 31, 1997 $ (15,255,959) ================
F-172 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows: Series 20 Series 21 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (2,844,245) $ (2,098,068) Operating limited partnership rents received in advance - (3,151) Partnership fund management fee 379,063 225,840 Other 72,501 1,014,954 Excess of tax depreciation over book depreciation on operating limited partnership assets (311,288) (411,960) Tax exempt interest income (19,367) (12,384) Difference due to fiscal year for book purposes and calendar year for tax purposes (47,715) (11,084) ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1997 $ (2,771,051) $ (1,295,853) ================ ================
F-173 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows: Series 22 Series 23 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (1,654,264) $ (1,927,661) Operating limited partnership rents received in advance 10,951 (2,744) Partnership fund management fee 247,569 239,652 Other 39,464 23,056 Excess of tax depreciation over book depreciation on operating limited partnership assets (287,977) (651,071) Tax exempt interest income (33,274) (60,868) Difference due to fiscal year for book purposes and calendar year for tax purposes 14,578 27,730 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1997 $ (1,662,953) $ (2,351,906) ================ ================
F-174 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows: Series 24 Series 25 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (1,575,358) $ (1,793,365) Operating limited partnership rents received in advance (7,142) 32,795 Partnership fund management fee 233,147 - - Other (26,967) (153,387) Excess of tax depreciation over book depreciation on operating limited partnership assets (148,745) (158,227) Tax exempt interest income (9,514) (101,730) Difference due to fiscal year for book purposes and calendar year for tax purposes (37,664) (22,144) ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1997 $ (1,572,243) $ (2,196,058) ================ ================
F-175 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows: Series 26 Series 27 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (1,016,127) $ (787,105) Operating limited partnership rents received in advance 9,336 7,246 Partnership fund management fee - - - Other 215,102 269,349 Excess of tax depreciation over book depreciation on operating limited partnership assets (381,484) (251,394) Tax exempt interest income (484,778) (177,395) Difference due to fiscal year for book purposes and calendar year for tax purposes 106,602 156,016 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1997 $ (1,551,349) $ (783,283) ================ ================
F-176 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows: Series 28 Series 29 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ 264,071 $ (276,745) Operating limited partnership rents received in advance 819 - - Partnership fund management fee - - - Other (189,476) 131,994 Excess of tax depreciation over book depreciation on operating limited partnership assets 36,048 (27,920) Tax exempt interest income (600,678) (207,158) Difference due to fiscal year for book purposes and calendar year for tax purposes 426 (17,957) ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1997 $ (488,790) $ (397,786) ================ ================
F-177 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows: Series 30 Series 31 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ 331,331 $ (69,689) Operating limited partnership rents received in advance - - - Partnership fund management fee - - - Other (148,896) (11,187) Excess of tax depreciation over book depreciation on operating limited partnership assets (3,900) (13,188) Tax exempt interest income (136,059) (10,834) Difference due to fiscal year for book purposes and calendar year for tax purposes (85,451) (36,814) ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1997 $ (42,975) $ (141,712) ================ ================
F-178 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1998 are reconciled as follows: Series 32 ------------- --- Net income (loss) for financial reporting purposes $ (21,196) Operating limited partnership rents received in advance - Partnership fund management fee - Other - Excess of tax depreciation over book depreciation on operating limited partnership assets - Tax exempt interest income - Difference due to fiscal year for book purposes and calendar year for tax purposes 21,196 ---------------Income (loss) for tax return purposes, December 31, 1997 $ - ================
F-179 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows: Total --------------- - Net income (loss) for financial reporting purposes $ (11,568,501) Operating limited partnership rents received in advance 35,809 Partnership fund management fee 831,331 Excess of tax depreciation over book depreciation on operating limited partnership assets (1,887,714) Difference due to fiscal year for book purposes and calendar year for tax purposes 2,152,116 ---------------Income (loss) for tax return purposes, December 31, 1996 $ (10,436,959) ================
F-180 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows: Series 20 Series 21 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (3,320,223) $ (2,361,437) Operating limited partnership rents received in advance 9,269 6,512 Partnership fund management fee 382,458 225,840 Excess of tax depreciation over book depreciation on operating limited partnership assets (424,809) (403,920) Difference due to fiscal year for book purposes and calendar year for tax purposes 783,658 1,246,724 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1996 $ (2,569,647) $ (1,286,281) ================ ================
F-181 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows: Series 22 Series 23 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (2,058,842) $ (1,996,916) Operating limited partnership rents received in advance 6,036 7,697 Partnership fund management fee 223,033 - - Excess of tax depreciation over book depreciation on operating limited partnership assets (227,380) (494,688) Difference due to fiscal year for book purposes and calendar year for tax purposes 260,159 167,424 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1996 $ (1,796,994) $ (2,316,483) ================ ================
F-182 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows: Series 24 Series 25 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (928,613) $ (760,670) Operating limited partnership rents received in advance 6,147 148 Partnership fund management fee - - - Excess of tax depreciation over book depreciation on operating limited partnership assets (169,224) (60,563) Difference due to fiscal year for book purposes and calendar year for tax purposes 32,301 367,347 ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1996 $ (1,059,389) $ (453,738) ================ ================
F-183 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows: Series 26 Series 27 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ (209,997) $ (24,327) Operating limited partnership rents received in advance - - - Partnership fund management fee - - - Excess of tax depreciation over book depreciation on operating limited partnership assets (105,948) - - Difference due to fiscal year for book purposes and calendar year for tax purposes (444,660) (153,539) ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1996 $ (760,605) $ (177,866) ================ ================
F-184 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) For income tax purposes, the fund reports using a December 31 year end. The fund's net income (loss) for financial reporting and tax return purposes for the year ended March 31, 1997 are reconciled as follows: Series 28 Series 29 ---------------- --------- ------- Net income (loss) for financial reporting purposes $ 91,590 $ 934 Operating limited partnership rents received in advance - - - Partnership fund management fee - - - Excess of tax depreciation over book depreciation on operating limited partnership assets (1,182) - - Difference due to fiscal year for book purposes and calendar year for tax purposes (106,364) (934) ---------------- ------------ ---Income (loss) for tax return purposes, December 31, 1996 $ (15,956) $ - - ================ ================
F-185 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows: Total ------------ ---- Investment in operating limited partnerships - tax return December 31, 1998 $ 338,036,010 Operating limited partnerships acquired during the three month period ended March 31, 1999 14,622,459 Historic tax credits - cumulative 794,154 Less share of loss - three months ended March 31, 1999 (2,792,711) Other 1,970,092 --------------- Investment in operating limited partnerships - as reported $ 352,630,004 ================
F-186 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows: Series 20 Series 21 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1998 $ 20,354,048 $ 9,632,102 Operating limited partnerships acquired during the three month period ended March 31, 1999 - - - Historic tax credits - cumulative 570,617 - - Less share of loss - three months ended March 31, 1999 (404,710) (669,050) Other 297,713 (978,637) ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 20,817,668 $ 7,984,415 ================ ================
F-187 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows: Series 22 Series 23 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1998 $ 14,494,387 $ 20,577,913 Operating limited partnerships acquired during the three month period ended March 31, 1999 - - - Historic tax credits - cumulative 223,537 - - Less share of loss - three months ended March 31, 1999 (255,971) (182,761) Other 499,487 1,285,944 ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 14,961,440 $ 21,681,096 ================ ================
F-188 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows: Series 24 Series 25 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1998 $ 13,522,698 $ 20,904,484 Operating limited partnerships acquired during the three month period ended March 31, 1999 - - - Historic tax credits - cumulative - - - Less share of loss - three months ended March 31, 1999 (95,695) (335,542) Other 546,050 353,011 ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 13,973,053 $ 20,921,953 ================ ================
F-189 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows: Series 26 Series 27 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1998 $ 29,044,070 $ 17,261,881 Operating limited partnerships acquired during the three month period ended March 31, 1999 - - - Historic tax credits - cumulative - - - Less share of loss - three months ended March 31, 1999 (123,194) (205,532) Other 1,017,354 (59,943) ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 29,938,230 $ 16,996,406 ================ ================
F-190 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows: Series 28 Series 29 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1998 $ 31,885,875 $ 27,346,558 Operating limited partnerships acquired during the three month period ended March 31, 1999 - 3,687,718 Historic tax credits - cumulative - - - Less share of loss - three months ended March 31, 1999 (129,668) (265,241) Other 438,448 237,235 ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 32,194,655 $ 31,006,270 ================ ================
F-191 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows: Series 30 Series 31 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1998 $ 17,691,458 $ 35,802,174 Operating limited partnerships acquired during the three month period ended March 31, 1999 497,206 - - Historic tax credits - cumulative - - - Less share of loss - three months ended March 31, 1999 - (125,347) Other 196,947 (152,369) ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 18,385,611 $ 35,524,458 ================ ================
F-192 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows: Series 32 Series 33 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1998 $ 34,875,407 $ 21,583,013 Operating limited partnerships acquired during the three month period ended March 31, 1999 617,257 - - Historic tax credits - cumulative - - - Less share of loss - three months ended March 31, 1999 - - - Other - (1,711,148) ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 35,492,664 $ 19,871,865 ================ ================
F-193 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the differences in the losses not recognized under the equity method of accounting and the historic tax credits taken for income tax purposes. At March 31, 1999, the differences are as follows: Series 34 Series 35 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1998 $ 17,083,584 $ 5,976,358 Operating limited partnerships acquired during the three month period ended March 31, 1999 5,163,658 4,656,620 Historic tax credits - cumulative - - - Less share of loss - three months ended March 31, 1999 - - - Other - - - ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 22,247,242 $ 10,632,978 ================ ================
F-194 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows: Total ------------ ---- Investment in operating limited partnerships - tax return December 31, 1997 $ 237,583,213 Operating limited partnerships acquired during the three month period ended March 31, 1998 31,040,460 Historic tax credits - cumulative 794,154 Less share of loss - three months ended March 31, 1998 (2,667,364) Other (3,595,205) --------------- Investment in operating limited partnerships - as reported $ 263,155,258 ================
F-195 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows: Series 20 Series 21 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1997 $ 23,117,400 $ 11,794,434 Operating limited partnerships acquired during the three month period ended March 31, 1998 - - - Historic tax credits - cumulative 570,617 - - Less share of loss - three months ended March 31, 1998 (404,710) (669,050) Other 24,021 (1,565,058) ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 23,307,328 $ 9,560,326 ================ ================
F-196 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows: Series 22 Series 23 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1997 $ 16,318,370 $ 22,677,303 Operating limited partnerships acquired during the three month period ended March 31, 1998 - - - Historic tax credits - cumulative 223,537 - - Less share of loss - three months ended March 31, 1998 (255,971) (182,761) Other (181,224) 777,372 ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 16,104,712 $ 23,271,914 ================ ================
F-197 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows: Series 24 Series 25 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1997 $ 15,052,954 $ 22,823,375 Operating limited partnerships acquired during the three month period ended March 31, 1998 - - - Historic tax credits - cumulative - - - Less share of loss - three months ended March 31, 1998 (95,695) (335,542) Other 464,867 193,529 ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 15,422,126 $ 22,681,362 ================ ================
F-198 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows: Series 26 Series 27 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1997 $ 27,768,915 $ 17,899,944 Operating limited partnerships acquired during the three month period ended March 31, 1998 2,378,497 300,304 Historic tax credits - cumulative - - - Less share of loss - three months ended March 31, 1998 (123,194) (205,532) Other (295,024) 163,601 ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 29,729,194 $ 18,158,317 ================ ================
F-199 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows: Series 28 Series 29 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1997 $ 20,398,700 $ 19,212,918 Operating limited partnerships acquired during the three month period ended March 31, 1998 7,726,869 5,783,783 Historic tax credits - cumulative - - - Less share of loss - three months ended March 31, 1998 (129,668) (265,241) Other 148,928 29,527 ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 28,144,829 $ 24,760,987 ================ ================
F-200 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows: Series 30 Series 31 ---------------- --------- ------- Investment in operating limited partnerships - tax return December 31, 1997 $ 7,728,600 $ 32,790,300 Operating limited partnerships acquired during the three month period ended March 31, 1998 5,775,438 503,893 Historic tax credits - cumulative - - - Less share of loss - three months ended March 31, 1998 - - - Other 896,039 (4,251,783) ---------------- ------------ ---Investment in operating limited partnerships - as reported $ 14,400,077 $ 29,042,410 ================ ================
F-201 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The difference between the investment in operating limited partnerships for tax purposes and financial statements purposes is primarily due to the acquisition of properties during the three month stub period and the historic tax credits taken for income tax purposes. At March 31, 1998, the differences are as follows: Series 32 ---------- ------ Investment in operating limited partnerships - tax return December 31, 1997 $ - Operating limited partnerships acquired during the three month period ended March 31, 1998 8,571,676 Historic tax credits - cumulative - - Less share of loss - three months ended March 31, 1998 - - Other - - ------------ ---Investment in operating limited partnerships - as reported $ 8,571,676 ================
F-202 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE G - INVESTMENTS AVAILABLE-FOR-SALE At March 31, 1999, the amortized cost and fair value of investments available- for-sale are as follows: Gross Gross Amortized unrealized unrealized cost gains losses Fair value ------------- ------------- ------------- --------- - --- Tax exempt municipal bonds $ 44,625,046 $ 226,994 $ - $ 44,852,040 Other 3,125,885 - - 3,125,885 ------------- ------------- ------------- --------- ---$ 47,750,931 $ 226,994 $ - $ 47,977,925 ============= ============= ============= =============
The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 1999 is shown below: Amortized cost Fair value ---------------- ------------ - --- Due in one year or less $ 26,635,552 $ 26,601,014 Due in one year through five years 11,928,596 19,164,465 Due in five years through ten years 1,007,499 1,038,908 Due in ten years and after 1,179,284 1,173,538 ---------------- ------------ ---$ 40,750,931 $ 47,977,925 ================ ================
Proceeds from sales and maturities of investments during the year ended March 31, 1999 were $21,528,050 resulting in a realized loss of $246,811 included in interest income. In selecting investments to purchase and sell, the general partner and its advisors stringently monitor the ratings of the investments and safety of principal. The tax-exempt coupon rates for the investments held during the year ranged from 3.55% to 9.6%. F-203 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE G - INVESTMENTS AVAILABLE-FOR-SALE (Continued) At March 31, 1998, the amortized cost and fair value of investments available-for-sale are as follows: Gross Gross Amortized unrealized unrealized cost gains losses Fair value ------------- ------------- ------------- --------- - ---- Tax exempt municipal bonds $ 65,778,960 $ 231,226 $ - $ 66,010,186 Other 4,125,775 - - 4,125,775 ------------- ------------- ------------- --------- - ---- $ 69,904,735 $ 231,226 $ - $ 70,135,961 ============= ============= ============= =============
The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 1998 is shown below: Amortized cost Fair value ---------------- ------------ - --- Due in one year or less $ 42,334,227 $ 42,220,229 Due in one year through five years 26,170,508 26,467,929 Due in five years through ten years 500,000 510,588 Due in ten years and after 900,000 937,215 ---------------- ------------ ---$ 69,904,735 $ 70,135,961 ================ ================
Proceeds from sales and maturities of investments during the year ended March 31, 1998 were $12,151,077 resulting in a realized loss of $96,231 included in interest income. In selecting investments to purchase and sell, the general partner and its advisors stringently monitor the ratings of the investments and safety of principal. The tax-exempt coupon rates for the investments held during the year ranged from 3.2% to 14%. F-204 Boston Capital Tax Credit Fund IV L.P. NOTES TO FINANCIAL STATEMENTS - CONTINUED March 31, 1999, 1998 and 1997 NOTE H - CASH EQUIVALENTS On March 31, 1999 and 1998, the fund purchased $8,849,762 and $1,750,000 of U.S. Government Securities under agreements for resale on April 1, 1999 and 1998, respectively. Interest is earned at rates ranging from 2.7% to 3.3% per annum. Cash equivalents of $5,240,928 and $2,382,429 as of March 31, 1999 and 1998, respectively, include tax exempt sweep accounts and money market accounts with interest rates ranging from 2.6% to 3.7% per annum. NOTE I - CONCENTRATION OF CREDIT RISK The fund maintains its cash balances at a number of banks. The deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 at each bank. The balances in and between banks fluctuates daily. The amount of deposits, as well as the institutions that they are deposited in, are continually monitored by the general partner. As of March 31, 1999, the uninsured portion of the cash balances on deposit was $98,328. NOTE J - LINE OF CREDIT The Partnership has a line of credit with a bank in the amount of $5,000,000, of which $200,000 and $5,000,000 was outstanding as of March 31, 1999 and 1998, respectively. The line bears interest at the prime rate (7.75% at March 31, 1999) plus .25%. Interest is payable monthly. The line is guaranteed by Boston Capital Partners, Inc. (BCP) and various affiliates and expires on August 21, 1999. F-205 Boston Capital Tax Credit Fund IV L.P. - Series 20 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - ----------------------------------------------------------------- - ------------------------------------------------------------- 2730 Lafferty Street 5,182,927 435,550 3,717,895 4,177,921 435,550 7,895,816 8,331,366 1,459,908 09/95 06/94 5-27.5 Ashbury Apts. 1,267,345 148,007 2,158,237 34,935 148,007 2,193,172 2,341,179 393,035 06/94 04/94 5-27.5 Bennets Pt. 1,346,250 71,749 1,557,622 16,440 71,749 1,574,062 1,645,811 296,158 08/94 03/94 5-27.5 Bradley Elderly 800,217 4,000 986,204 0 4,000 986,204 990,204 149,698 03/95 08/94 5-27.5 Breeze Cove 2,781,163 128,751 5,333,835 20,015 128,751 5,353,850 5,482,601 1,028,234 10/94 05/94 5-27.5 Cascades Commons 14,749,265 5,131,293 2,743,532 23,580,751 3,375,809 26,324,283 29,700,092 3,302,209 10/95 06/94 5-27.5 Clarksville Estates 417,085 28,550 838,235 850 28,550 839,085 867,635 220,514 09/94 06/94 5-27.5 College Green 3,767,582 225,000 6,813,536 1,079 225,000 6,814,615 7,039,615 988,319 08/95 03/95 5-27.5 F- 206 Boston Capital Tax Credit Fund IV L.P. - Series 20 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - ---------------------------------------------- Concordia Housing, I 1,468,539 0 1,997,510 0 0 1,997,510 1,997,510 188,978 07/95 08/94 10-40 Coushatta Sr., II 730,682 25,700 904,920 2,640 25,700 907,560 933,260 103,307 03/94 05/94 5-27.5 Cynthiana Properties 877,617 32,117 1,016,135 678,695 32,117 1,694,830 1,726,947 316,367 04/95 10/94 5-27.5 East Douglas Apts. 2,215,888 23,913 2,593,259 1,426,620 23,913 4,019,879 4,043,792 480,683 12/95 07/94 5-27.5 Edison Lane 720,804 6,900 951,249 0 6,900 951,249 958,149 128,682 10/95 09/94 5-27.5 Evergreen Hills 2,805,560 157,537 4,337,312 562,872 157,537 4,900,184 5,057,721 979,468 01/95 08/94 5-27.5 Fair Oaks Lane 1,416,124 123,600 1,767,207 0 125,000 1,767,207 1,892,207 265,085 05/95 07/94 5-27.5 Floral Acres II 1,035,735 148,672 1,187,134 0 148,672 1,187,134 1,335,806 129,842 08/94 05/94 5-27.5 Forest Glen Village 1,332,974 84,800 1,663,592 0 109,800 1,663,592 1,773,392 277,667 02/95 07/94 5-27.5 F-207 Boston Capital Tax Credit Fund IV L.P. - Series 20 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - ------------------------------------------------------------------------------------------------ - ----------------------------- Franklinton Elderly 1,705,528 64,300 2,074,319 3,595 64,300 2,077,914 2,142,214 221,452 10/94 04/94 5-50 Goldenrod, Ltd. 7,518,199 800,000 13,425,210 2,021 770,000 13,427,231 14,197,231 1,985,291 06/95 04/94 5-27.5 Harrisonburg Senior 691,445 10,160 877,026 0 10,160 877,026 887,186 113,152 01/94 05/94 7-40 Northfield Apts. 2,948,003 192,208 4,326,388 2,064,378 193,208 6,390,766 6,583,974 907,559 05/95 06/94 5-27.5 Parkside Housing 693,659 80,000 943,917 25,563 80,000 969,480 1,049,480 160,641 01/94 12/94 5.27.5 Shady Lane Sr. Apts 948,104 60,000 1,157,181 0 60,000 1,157,181 1,217,181 150,233 10/93 05/94 5.27.5 Virginia Avenue 1,341,905 121,238 3,510,339 5,299 121,238 3,515,638 3,636,876 592,335 10/94 10/94 5-27.5 ---------- --------- ---------- ---------- --------- ---------- ----------- - --------- 58,762,600 8,104,045 66,881,794 32,603,674 6,345,961 99,485,468 105,831,429 14,838,817 ========== ========= ========== ========== ========= ========== =========== ========== Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. Decrease due to reallocation of acquisition costs. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-208 Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 20 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/94..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 47,152,331 Other............................................. 0 ---------- $ 47,152,331 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- 0 ----------- Balance at close of period - 03/31/95...........................$ 47,152,331 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 6,999,847 Improvements, etc................................. 50,521,023 Other............................................. 0 ---------- $ 57,520,870 Deductions during period: Cost of real estate sold..........................$ 0 Other.............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$104,673,201 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 718,412 Other............................................. 0 ---------- $ 718,412 Deductions during period: Cost of real estate sold..........................$ 0 Other.............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/97............................$105,391,613 F-209 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 20 Balance at close of period - 03/31/97............................$105,391,613 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 286,982 Other............................................. 0 ----------- $ 286,982 Deductions during period: Cost of real estate sold..........................$ 0 Other.............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$105,678,595 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 152,834 Other............................................. 0 ---------- $ 152,834 Deductions during period: Cost of real estate sold..........................$ 0 Other.............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$105,831,429 =========== F-210 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 20 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/94.........................$ 0 Current year additions*...............................$ 509,226 --------- Balance at close of period - 03/31/95.............................$ 509,226 Current year additions*...............................$2,750,192 --------- Balance at close of period - 03/31/96.............................$ 3,259,418 Current year additions*...............................$3,936,515 --------- Balance at close of period - 03/31/97.............................$ 7,195,933 Current year additions*................................$3,837,060 --------- Balance at close of period - 03/31/98.............................$11,032,993 Current year additions*................................$3,805,824 --------- Balance at close of period - 03/31/99.............................$14,838,817 ========== * Total includes current year expense and amounts capitalized to building basis. F-211
Boston Capital Tax Credit Fund IV L.P. - Series 21 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - -------------------------------------------- Atlantic City 5,495,000 100,000 8,334,766 928,946 100,000 9,263,712 9,363,712 925,388 10/95 09/94 5-27.5 Black River Run 1,250,942 15,000 2,171,360 0 15,000 2,171,360 2,186,360 256,509 12/94 10/94 5-27.5 Campton Housing 1,036,107 74,511 1,256,245 35,329 74,511 1,291,574 1,366,085 150,048 10/94 08/94 5-40 Cattaragus Manor 1,096,615 56,630 1,238,241 53,729 56,630 1,291,970 1,348,600 133,978 04/95 08/94 5-27.5 Centrum Fairfax 5,978,422 1,160,250 7,247,614 (193,671) 1,160,250 7,053,943 8,214,193 573,001 09/95 11/94 5-30 Centrum Frederick 4,946,506 1,380,000 6,922,259 0 1,080,000 6,922,259 8,002,259 592,625 09/95 10/94 5-27.5 Fort Halifax 1,161,961 120,000 1,324,762 248,411 121,200 1,573,173 1,694,373 265,377 01/95 09/94 5-27.5 Havelock Manor 1,854,976 120,000 2,194,078 3,419 120,000 2,197,497 2,317,497 253,364 10/95 12/94 5-27.5 F-212 Boston Capital Tax Credit Fund IV L.P. - Series 21 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - ---------------------------------------------- Holly Village 716,536 15,270 962,236 3,360 15,270 965,596 980,866 146,910 06/95 08/94 5-27.5 Live Oak Village 767,211 63,210 899,606 24,746 63,210 924,352 987,562 88,521 07/95 10/94 6-40 Lookout Ridge 664,785 62,000 1,639,096 0 62,000 1,639,096 1,701,096 238,412 12/94 12/94 27.5 Pinedale II 1,415,959 27,906 2,876,158 0 12,906 2,876,158 2,889,064 334,814 12/94 10/94 5-27.5 Pumphouse Crossing II 1,288,940 10,000 2,431,087 0 10,000 2,431,087 2,441,087 298,333 12/94 10/94 5-27.5 Tower View 1,132,550 46,629 1,571,026 (1,951) 46,629 1,569,075 1,615,704 163,123 05/95 11/94 5-27.5 ---------- --------- ----------- ------- --------- ---------- - ---------- --------- 28,806,510 3,251,406 41,068,534 1,102,318 2,937,606 42,170,852 45,108,458 4,420,403 ========== ========= ========== ========= ========= ========== ========== ========= Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. *Decrease due to reallocation of acquisition costs. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-213
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 21 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/94..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 14,011,014 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 14,011,014 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$ 14,011,014 Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 31,821,601 Improvements, etc................................ 693,221 Other............................................ 0 ----------- $ 32,514,822 Deductions during period: Cost of real estate sold.........................$ 0 Other............................................ 0 ----------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 46,525,836 Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 0 Improvements, etc................................ 102,815 Other............................................ 0 ----------- $ 102,815 Deductions during period: Cost of real estate sold.........................$ (1,512,675) Other............................................ (193,671) ----------- $ (1,706,346) ----------- Balance at close of period - 03/31/97............................$ 44,922,305 F-214 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 21 Balance at close of period - 03/31/97............................$ 44,922,305 Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 0 Improvements, etc................................ 108,749 Other............................................ 0 ----------- $ 108,749 Deductions during period: Cost of real estate sold.........................$ 0 Other............................................ 0 ----------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 45,031,054 Additions during period: Acquisitions through foreclosure.................$ 0 Other acquisitions............................... 0 Improvements, etc................................ 77,404 Other............................................ 0 ----------- $ 77,404 Deductions during period: Cost of real estate sold.........................$ 0 Other............................................ 0 ----------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 45,108,458 =========== F-215 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 21 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/94................. .......$ 0 Current year expense..................................$ 117,569 --------- Balance at close of period - 03/31/95.............................$ 117,569 Current year expense..................................$ 790,213 ---------- Balance at close of period - 03/31/96.............................$ 907,782 Current year expense..................................$1,104,203 ----------- Balance at close of period - 03/31/97.............................$ 2,011,985 Current year expense................................ $1,204,163 ---------- Balance at close of period - 03/31/98.............................$ 3,216,148 Current year expense................................ $1,204,255 ---------- Balance at close of period - 03/31/99.............................$ 4,420,403 ========== * Total includes current year expense and amounts capitalized to building basis. F-216 Boston Capital Tax Credit Fund L.P. - Series 22 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - ---------------------------------------------- Albamarle Village 1,459,669 91,280 1,720,443 18,690 91,280 1,739,133 1,830,413 321,306 09/94 09/94 5-27.5 Bayou Crossing 8,339,117 867,209 16,061,472 50,464 857,500 16,111,936 16,969,436 1,401,831 01/96 11/94 12-39 Bellwood Gardens 1,251,162 64,715 1,505,852 22,488 64,715 1,528,340 1,593,055 141,526 07/95 09/95 5-27.5 Birch Ridge 2,817,500 178,000 0 5,651,337 178,000 5,651,337 5,829,337 439,732 03/96 01/95 5-40 Black River Run 1,250,942 15,000 2,171,360 0 15,000 2,171,360 2,186,360 256,509 12/94 04/95 5-27.5 Clarendon Court 1,452,521 41,930 1,799,906 1,329 41,930 1,801,235 1,843,165 278,762 04/95 10/94 7-27.5 Cobblestone Village 1,418,983 79,567 1,679,627 4,656 79,567 1,684,283 1,763,850 310,872 05/94 01/95 5-27.5 F-217 Boston Capital Tax Credit Fund IV L.P. - Series 22 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Condordia Housing II 1,496,625 169,820 1,854,563 0 169,820 1,854,563 2,024,383 179,519 11/95 01/95 10-40 Concordia Housing III 1,490,053 0 0 1,894,169 172,090 1,894,169 2,066,259 168,656 12/95 02/95 10-40 Crystal City/ Festus 1,506,500 120,732 3,137,651 48,438 120,732 3,186,089 3,306,821 425,143 11/95 01/95 5-27.5 Drakes Branch 1,269,479 75,473 1,511,490 4,656 75,473 1,516,146 1,591,619 224,813 06/95 01/95 5-27.5 Edmond Properties 3,930,633 160,000 0 7,037,006 160,000 7,037,006 7,197,006 723,737 03/96 11/94 5-27.5 Elks Tower 805,361 10,000 1,344,357 294,430 10,000 1,638,787 1,648,787 147,054 12/96 10/95 27.5 Fonda LP 1,034,037 25,000 1,310,014 21,128 25,000 1,331,142 1,356,142 232,780 10/94 12/94 5-27.5 Goldenrod Ltd. 7,518,199 770,000 13,323,746 103,485 770,000 13,427,231 14,197,231 1,985,291 06/95 03/95 7-27.5 Kimbark 1200 Associates 1,994,993 495,120 3,102,192 72,433 495,120 3,174,625 3,669,745 258,286 12/95 09/95 40 F-218 Boston Capital Tax Credit Fund L.P. - Series 22 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - ---------------------------------------------- Lake Street Apts. 1,362,510 20,000 1,846,543 13,644 20,000 1,860,187 1,880,187 180,056 09/95 04/95 5-27.5 Lake City 1,172,646 111,455 1,404,420 0 111,455 1,404,420 1,515,875 49,377 08/98 06/98 5-27.5 Lost Tree 1,621,224 85,000 4,510,201 5,346 85,000 4,515,547 4,600,547 504,444 06/95 04/95 5-27.5 Marksville Square 965,120 66,000 250,449 982,764 66,000 1,233,213 1,299,213 97,274 01/96 01/95 5-40 Philadelphia Housing I 544,309 13,750 757,989 7,520 13,750 765,509 779,259 54,458 08/95 07/95 5-27.5 Philadelphia Housing II 850,484 25,000 1,219,579 10,151 25,000 1,229,730 1,254,730 87,348 08/95 07/95 5-27.5 Quankey Hills 1,017,140 51,368 1,189,397 10,373 51,368 1,199,770 1,251,138 185,718 03/95 01/95 5-27.5 Richmond Hardin 927,143 55,000 2,143,538 13,777 55,232 2,157,315 2,212,547 357,244 02/95 12/94 5-27.5 Roxbury Veterans 715,700 0 0 1,286,073 27,956 1,286,073 1,314,029 93,732 05/97 12/96 5-27.5 F-219 Boston Capital Tax Credit Fund L.P. - Series 22 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial Capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Sacramento Properties 436,306 18,000 575,442 0 18,000 575,442 593,442 76,739 09/95 08/95 5-27.5 Salem LP 968,235 33,093 1,132,389 4,656 33,093 1,137,045 1,170,138 186,938 12/94 01/95 5-27.5 Swedesboro Housing 1,484,399 168,295 1,814,291 (24,245) 168,295 1,790,046 1,958,341 175,099 06/95 07/95 5-27.5 Troy Villa 2,028,035 231,605 4,084,841 1,105 231,605 4,085,946 4,317,551 665,203 06/95 12/94 5-27.5 ---------- --------- ---------- ---------- --------- ---------- - ---------- --------- 53,129,025 4,042,412 71,451,752 17,535,873 4,232,981 88,987,625 93,220,606 10,209,447 ========== ========= ========== ========== ========== ========== ========== ========== Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-220
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 22 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/94..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 2,699,758 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 2,699,758 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/95............................$ 2,699,758 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 75,121,060 Improvements, etc................................. 15,793 Other............................................. 0 ---------- $ 75,136,853 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 77,836,611 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 16,438,316 Other............................................. 0 ---------- $ 16,438,316 Deductions during period: Cost of real estate sold..........................$(3,852,006) Other............................................. 0 ---------- $ (3,852,006) ----------- Balance at close of period - 03/31/97............................$ 90,422,921 F-221 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 22 Balance at close of period - 03/31/97............................$ 90,422,921 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 1,217,148 Other............................................. 0 ---------- $ 1,217,148 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 91,640,069 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 1,515,875 Improvements, etc................................. 64,662 Other............................................. 0 ---------- $ 1,580,537 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 93,220,606 =========== F-222 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 22 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/94........................$ 0 Current year additions*..............................$ 16,389 --------- Balance at close of period - 03/31/95............................$ 16,389 Current year additions*..............................$1,685,278 --------- Balance at close of period - 03/31/96............................$ 1,701 667 Current year additions*..............................$2,638,228 --------- Balance at close of period - 03/31/97............................$ 4,339,895 Current year additions*..............................$2,931,844 --------- Balance at close of period - 03/31/98............................$ 7,271,739 Current year additions*.............................. $2,937,708 --------- Balance at close of period - 03/31/99............................$ 10,209,447 ========== * Total includes current year expense and amounts capitalized to building basis. F-223 Boston Capital Tax Credit Fund IV L.P. - Series 23 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Barlee Properties 829,696 64,000 1,641,754 0 64,000 1,641,754 1,705,754 196,749 11/95 07/94 5-30 Bayou Crossing 8,339,117 857,500 16,061,472 50,464 857,500 16,111,936 16,969,436 1,401,831 01/96 02/95 12-39 Birch Ridge 2,800,000 178,000 0 5,651,337 178,000 5,651,337 5,829,337 439,732 03/96 01/95 5-40 Broderick Housing 2,086,658 275,037 4,540,011 8,932 275,037 4,548,943 4,823,980 352,632 06/96 08/95 7-27.5 Colonna Redevelopment 1,259,077 374,310 3,470,813 19,650 374,310 3,490,463 3,864,773 352,497 05/94 05/95 7-40 Concordia II Housing 1,496,625 169,820 1,854,563 0 169,820 1,854,563 2,024,383 179,519 11/95 01/95 10-40 Concordia III Housing 1,490,053 0 0 1,894,169 172,090 1,894,169 2,066,259 168,656 12/95 02/95 7-27.5 Crystal City Festus 1,506,500 120,732 3,137,651 48,438 120,732 3,186,089 3,306,821 425,143 11/95 02/95 5-40 F-224 Boston Capital Tax Credit Fund IV L.P. - Series 23 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - ---------------------------------------------- Edmond Properties 3,930,633 160,000 0 7,037,006 160,000 7,037,006 7,197,006 723,737 03/96 11/94 5-40 Halls Ferry Apts. 1,245,046 5,064 2,984,978 196,269 5,064 3,181,247 3,186,311 267,573 12/95 08/95 5-40 Hurleyville 1,177,666 143,182 1,549,696 (7,201) 143,182 1,542,495 1,685,677 124,877 12/95 07/95 5-15 Ithaca I Apts. 673,332 37,945 808,775 2,504 37,945 811,279 849,224 81,416 07/95 11/95 7-27.5 Kimbark 1200 1,994,993 495,120 3,102,192 72,433 495,120 3,174,625 3,669,745 258,286 12/95 09/95 5-40 Mathis Apts. 915,179 25,819 1,176,999 0 25,819 1,176,999 1,202,818 117,005 01/95 01/95 5-40 Mid City Associates 3,059,100 15,058 6,616,466 0 15,058 6,616,466 6,631,524 1,072,365 06/94 09/95 5-27.5 Orange Grove 670,887 43,180 824,814 0 43,180 824,814 867,994 83,289 02/95 01/95 5-40 Philmont 1,495,903 40,000 1,885,476 4,781 40,000 1,890,257 1,930,257 283,832 05/95 05/95 5-40 Sacramento Sro Properties 2,428,810 0 0 5,343,800 133,000 5,343,800 5,476,800 298,017 12/96 09/95 7-39 F-225 Boston Capital Tax Credit IV Fund L.P. - Series 23 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - -------------------------------------------- South Hills 1,880,356 131,000 1,261,754 2,630,952 131,000 3,892,706 4,023,706 320,998 02/96 06/95 5-40 St. Peters Villa 1,921,279 425,974 0 3,483,709 425,974 3,483,709 3,909,683 445,156 03/96 07/95 5-27.5 Village Woods 1,622,841 51,080 3,637,023 562,768 51,080 4,199,791 4,250,871 337,949 12/95 05/95 5-40 Woodland Properties 319,061 30,000 593,884 0 30,000 593,884 623,884 74,575 06/95 07/95 7-30 ---------- --------- ---------- ---------- --------- - ---------- ---------- --------- 43,142,812 3,642,821 55,148,321 27,000,011 3,947,911 82,148,332 86,096,243 8,005,834 ========== ========= ========== ========== ========= ========== ========== ========= Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. Decrease due to reallocation of acquisition costs. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-226
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 23 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/95..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 58,791,142 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 58,791,142 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 58,791,142 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 25,651,522 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 25,651,522 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. (21,382) ---------- $ (21,382) ----------- Balance at close of period - 03/31/97............................$ 84,421,282 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 874,764 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 874,764 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 85,296,046 F-227 Notes to Schedule III (continued) Boston Capital Tax Credit Fund IV L.P. - Series 23 Reconciliation of Land, Building & Improvements current year changes Balance at close of period - 03/31/98............................$ 85,296,046 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 800,197 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 800,197 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 86,096,243 =========== Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/95.........................$ 0 Current year additions*...............................$ 693,729 --------- Balance at close of period - 3/31/96..............................$ 693,729 Current year additions*...............................$2,288,171 --------- Balance at close of period - 3/31/97..............................$ 2,981,900 Current year additions*...............................$2,505,105 --------- Balance at close of period - 3/31/98..............................$ 5,487,005 Current year additions*...............................$2,518,829 --------- Balance at close of period - 3/31/99..............................$ 8,005,834 ========== *_Total includes current year expense and amounts capitalized to building basis. F-228 Boston Capital Tax Credit Fund IV L.P. - Series 24 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - ------------------------------------------ Autumn Ridge 1,541,091 125,347 0 1,751,805 125,347 1,751,805 1,877,152 136,023 01/97 07/96 5-27.5 Brooks Summit Apts. 1,118,621 44,000 0 1,458,225 44,000 1,458,225 1,502,225 140,979 11/96 12/95 7-27.5 Brownsville Associates 1,204,345 58,945 1,476,197 (267,769) 58,945 1,208,428 1,267,373 119,977 09/95 09/95 5-40 Centenary Housing 2,737,500 57,760 3,697,046 4,753 57,760 3,701,799 3,759,559 210,328 12/97 05/97 5-27.5 Century East IV Apts. 630,000 90,000 984,989 3,622 90,000 988,611 1,078,611 102,327 08/95 08/95 5-40 Century East V Apts. 630,000 90,000 982,504 5,363 90,000 987,867 1,077,867 100,108 09/95 11/95 5-40 Commerce Parkway 1,920,208 242,000 1,579,251 2,679,076 242,000 4,258,327 4,500,327 441,185 04/97 09/95 5-27.5 Coolidge Pinal II 1,136,675 40,000 1,363,991 1,212 40,000 1,365,203 1,405,203 103,922 04/96 04/96 5-27.5 F-229 Boston Capital Tax Credit Fund IV L.P. - Series 24 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - ---------------------------------------------- Edenfield Elderly 1,300,004 10,280 1,709,535 0 10,280 1,709,535 1,719,815 210,299 12/96 01/96 28 Elm Street 2,095,034 183,547 3,715,562 (6) 183,547 3,715,556 3,899,103 267,417 01/96 01/96 5-27.5 Jeremy Associates 3,629,820 522,890 6,954,516 157,265 522,890 7,111,781 7,634,671 573,304 12/95 06/96 5-40 Lake I Apts. 615,000 85,000 1,012,730 2,278 85,000 1,015,008 1,100,008 107,481 07/95 08/95 5-40 Laurelwood Park 2,399,173 230,000 5,379,607 2,869 230,000 5,382,476 5,612,476 490,372 10/96 02/96 5-27.5 Los Lunas 1,216,635 150,000 2,280,094 2,180 150,000 2,282,274 2,432,274 231,745 06/96 08/96 5-27.5 New Hilltop 1,717,672 54,366 2,145,934 2,063 52,591 2,147,997 2,200,588 282,973 11/95 11/95 5-40 New Madison Park IV 7,726,691 541,624 11,606,586 127,052 541,624 11,733,638 12,275,262 1,192,627 03/97 05/96 5-27.5 North Hampton Place 856,243 207,550 2,230,062 2,200 0 2,232,262 2,232,262 287,305 03/96 11/95 5-27.5 Northfield Housing 194,950 70,000 446,355 3,513 70,000 449,868 519,868 51,522 09/96 12/96 5-27.5 F-230 Boston Capital Tax Credit Fund IV L.P. - Series 24 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - ---------------------------------------------- Overton Associates 1,229,909 130,000 1,529,213 6,125 130,000 1,535,338 1,665,338 87,257 09/96 06/96 5-40 Pahrump Valley 1,398,848 63,000 1,757,158 0 63,000 1,757,158 1,820,158 183,968 07/96 07/96 7-27.5 Stanton Associates 1,214,189 85,971 1,535,425 (282,577) 85,971 1,252,848 1,338,819 118,140 09/95 09/95 5-40 SG Wyandotte 3,394,679 950,000 0 6,324,710 950,000 6,324,710 7,274,710 461,692 02/97 04/96 5-27.5 Woodland Associates 1,138,161 108,900 1,437,608 62,695 108,900 1,500,303 1,609,203 120,632 09/95 11/95 5-50 Zwolle Apts. 874,216 10,000 930,782 188,315 10,000 1,119,097 1,129,097 114,792 04/96 11/95 5-40 ---------- --------- ---------- ---------- --------- ---------- - ---------- --------- 41,919,664 4,151,180 54,755,145 12,234,969 3,941,855 66,990,114 70,931,969 6,136,375 ========== ========= ========== ========== ========= ========== ========== ========= Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. *Decrease due to reallocation of acquisition costs. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-231
Notes to Schedule III Boston Capital Tax Credit Fund L.P. - Series 24 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/95..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 15,269,744 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 15,269,744 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 15,269,744 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 44,018,168 Improvements, etc................................. 1,703,291 Other............................................. 0 ---------- $ 45,721,459 Deductions during period: Cost of real estate sold..........................$(4,136,393) Other............................................. (550,346) ---------- $ (4,686,739) ---------- Balance at close of period - 03/31/97............................$ 56,304,464 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 3,754,806 Improvements, etc................................. 10,437,670 Other............................................. 0 ---------- $ 14,192,476 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 70,496,940 F-232 Notes to Schedule III - Continued Boston Capital Tax Credit Fund L.P. - Series 24 Reconciliation of Land, Building & Improvements current year changes Balance at close of period - 03/31/98............................$ 70,496,940 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 435,029 Other............................................. 0 ---------- $ 435,029 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 70,931,969 ========== Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/95........................$ 0 Current year additions*.............................$ 176,661 --------- Balance at close of period - 03/31/96............................$ 176,661 Current year additions*.............................$1,093,319 --------- Balance at close of period - 03/31/97............................$ 1,269,980 Current year additions*.............................$2,321,086 --------- Balance at close of period - 03/31/98............................$ 3,591,066 Current year additions*.............................$2,545,309 --------- Balance at close of period - 03/31/99............................$ 6,136,375 =========== *_Total includes current year expense and amounts capitalized to building basis. F-233 Boston Capital Tax Credit Fund IV L.P. - Series 25 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- 352 Lenox Associates 499,999 6,250 167,568 1,616,323 6,250 1,783,891 1,790,141 100,699 9/97 10/96 5-27.5 Century East II 550,000 70,000 888,314 5,634 70,000 893,948 963,948 66,340 6/96 8/96 5-27.5 Dogwood Park 2,629,079 235,000 0 6,461,836 241,948 6,461,836 6,703,784 591,391 10/96 12/95 5-27.5 Dublin Housing II 681,103 15,000 0 816,370 15,000 816,370 831,370 69,992 12/96 09/96 5-27.5 Ethel Housing 815,638 18,600 1,058,460 95,307 18,600 1,153,767 1,172,367 69,924 12/96 06/96 5-27.5 Horse Cave 849,814 75,000 1,053,944 0 75,000 1,053,944 1,128,944 64,990 11/96 5/96 5-27.5 Hurricane Hills LC 1,305,076 150,000 416,357 3,243,403 248,816 3,659,760 3,908,576 154,751 4/97 9/96 5-27.5 Laurelwood Park 2,399,173 230,000 5,379,607 2,869 230,000 5,382,476 5,612,476 490,372 10/96 2/96 5-27.5 F-234 Boston Capital Tax Credit Fund IV L.P. - Series 25 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Main Everett 630,562 95,786 1,378,380 0 95,786 1,378,380 1,474,166 105,917 6/96 6/96 5-27.5 Maple Hill 1,108,207 182,000 1,560,386 0 182,000 1,560,386 1,742,386 63,288 2/98 2/97 5-27.5 Mokapoke LP 1,225,034 60,000 1,907,937 0 60,000 1,907,937 1,967,937 143,476 4/96 2/96 5-27.5 MRH LP 283,486 105,726 3,610,331 108,737 105,726 3,719,068 3,824,794 305,864 6/96 1/97 5-27.5 New Madison Park IV 7,726,691 541,624 11,606,586 127,052 541,624 11,733,638 12,275,262 1,192,627 3/97 5/96 5-27.5 Ohio Investors 2,069,066 31,650 2,354,099 24,360 31,650 2,378,459 2,410,109 319,137 9/95 2/96 5-27.5 Osborne Housing 435,455 50,667 1,099,730 50,563 50,667 1,150,293 1,200,960 75,301 12/96 6/96 27.5 Rose Square 390,180 106,942 615,913 (19,583) 106,942 596,330 703,272 31,451 2/97 10/96 5-27.5 Sandstone Village 1,233,872 96,047 0 2,588,296 96,047 2,588,296 2,684,343 237,310 8/96 11/95 5-27.5 Shannon Housing 1,268,874 34,800 1,466,352 147,219 34,800 1,613,571 1,648,371 104,795 1/97 4/96 40.7 Smith House 2,248,198 107,284 5,108,688 67,274 107,284 5,175,962 5,283,246 552,483 3/97 4/96 5-27.5 F-235 Boston Capital Tax Credit Fund IV L.P. - Series 25 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- SG Wyandotte 3,394,679 950,000 1,254,765 5,069,945 950,000 6,324,710 7,274,710 461,692 2/97 4/96 5-27.5 Sutton Place 6,220,000 352,500 7,055,577 764,556 352,500 7,820,133 8,172,633 831,311 10/97 11/96 5-27.5 West Point Housing 1,165,949 75,000 1,188,623 454,640 75,000 1,643,263 1,718,263 89,969 4/96 9/96 40.7 ---------- --------- ---------- ---------- --------- ---------- - ---------- --------- 39,130,135 3,589,876 49,171,617 21,624,801 3,695,640 70,796,418 74,492,058 6,123,080 ========== ========= ========== ========== ========= ========== ========== ========= Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-236
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 25 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/95..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 331,047 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 331,047 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/96............................$ 331,047 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 43,624,585 Improvements, etc................................. 9,149,104 Other............................................. 0 ---------- $ 52,773,689 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/97............................$ 53,104,736 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 5,458,443 Improvements, etc................................. 15,277,130 Other............................................. 0 ---------- $ 20,735,573 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 73,840,309 F-237 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 25 Reconciliation of Land, Building & Improvements current year changes Balance at close of period - 03/31/98............................$ 73,840,309 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 0 Improvements, etc................................. 651,749 Other............................................. 0 ---------- $ 651,749 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 74,492,058 =========== Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/95.........................$ 0 Current year additions*...............................$ 20,636 --------- Balance at close of period - 3/31/96..............................$ 20,636 Current year additions*...............................$1,056,849 --------- Balance at close of period - 3/31/97..............................$ 1,077,485 Current year additions*...............................$2,388,275 --------- Balance at close of period - 3/31/98..............................$ 3,465,760 Current year additions*...............................$2,657,320 --------- Balance at close of period - 3/31/99..............................$ 6,123,080 ========== *_Total includes current year expense and amounts capitalized to building basis. F-238 Boston Capital Tax Credit Fund IV L.P. - Series 26 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- AVA LP 1,285,628 82,757 914,666 604,352 82,757 1,519,018 1,601,775 59,494 04/98 11/97 5-27.5 Beauregard Apts. 809,746 70,000 1,640,768 0 70,000 1,640,768 1,710,768 106,737 09/96 08/96 7-40 Beckwood Manor One 1,046,873 20,000 1,335,215 0 20,000 1,335,215 1,355,215 134,801 10/96 08/96 5-27.5 Bradley Phase I 2,664,391 290,000 3,476,912 0 290,000 3,476,912 3,766,912 143,223 12/97 02/97 20-40 Bradley Phase II 1,546,956 190,000 2,405,548 0 190,000 2,405,548 2,595,548 98,930 12/97 02/97 20-40 Brookhaven Apts. 977,346 52,272 1,800,921 0 52,272 1,800,921 1,853,193 96,677 01/97 02/97 7-40 Butler Ats. 175,415 2,908 314,128 0 2,908 314,128 317,036 17,389 10/96 08/96 40 F-239 Boston Capital Tax Credit Fund IV L.P. - Series 26 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Calgory Apts. I 635,000 100,000 985,781 0 100,000 985,781 1,085,781 86,903 12/95 02/96 5-27.5 Calgory Apts. II 635,000 100,000 988,294 0 100,000 988,294 1,088,294 86,663 12/95 02/96 5-27.5 Calgory Apts. III 635,000 100,000 983,301 0 100,000 983,301 1,083,301 86,770 12/95 02/96 5-27.5 Cameron Housing 851,948 74,000 1,736,306 0 74,000 1,736,306 1,810,306 97,767 10/96 08/96 40 Country Edge 1,100,000 140,000 2,258,924 206 140,000 2,259,130 2,399,130 70,741 12/97 07/97 5-27.5 Decro Nordoff 1,988,824 555,000 3,240,184 14,338 555,000 3,254,522 3,809,522 145,383 07/97 09/96 5-27.5 East Park II 580,000 35,000 1,120,448 0 35,000 1,120,448 1,155,448 80,646 08/96 08/96 5-27.5 F-240 Boston Capital Tax Credit Fund IV L.P. - Series 26 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Edgewood Estates 621,607 27,000 759,092 13,710 27,000 772,802 799,802 41,441 11/96 06/97 7-40 Edgewood Park 1,500,000 125,000 2,943,474 1,753 125,000 2,945,227 3,070,227 213,887 01/97 05/96 5-27.5 Escher St. 2,089,791 100,000 356,532 6,147,108 100,000 6,503,640 6,603,640 174,652 05/98 04/97 5-27.5 Grandview Apts. 1,180,879 180,000 2,198,865 1,532 180,000 2,200,397 2,380,397 147,402 08/96 08/96 5-27.5 Grayson Manor 1,076,616 80,000 1,733,403 0 80,000 1,733,403 1,813,403 10,867 11/98 03/98 5-27.5 GVA LP 1,154,575 54,946 1,445,428 0 54,946 1,445,428 1,500,374 72,798 11/97 04/97 5-27.5 Hanover Towers 5,067,320 580,000 7,092,714 0 580,000 7,092,714 7,672,714 288,571 11/97 02/97 5-27.5 Holly Hills 1,357,699 60,000 1,685,727 0 60,000 1,685,727 1,745,727 69,315 08/97 05/97 5-27.5 Jackson Bond 5,000,000 536,323 952,071 0 536,323 952,071 1,488,394 0 U/C 11/98 N/A F-241 Boston Capital Tax Credit Fund IV L.P. - Series 26 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Lake IV Apts. 647,000 85,000 1,016,090 916 85,000 1,017,006 1,102,006 89,123 12/95 02/96 5-27.5 Lake V Apts. 620,000 85,000 1,018,755 507 85,000 1,019,262 1,104,262 89,631 12/95 2/96 5-27.5 Liberty Village 1,742,609 43,085 2,165,569 3,202 44,000 2,168,771 2,212,771 140,737 05/97 01/97 5-27.5 Little Valley Estates 1,153,534 44,000 1,453,331 3,254 44,000 1,456,585 1,500,585 70,574 04/97 01/97 5-27.5 Mason LP 932,851 14,000 1,195,375 2,807 14,000 1,198,182 1,212,182 147,129 01/96 02/96 5-27.5 Maxton Green 973,210 30,500 1,264,803 0 30,500 1,264,803 1,295,303 129,721 12/96 09/96 5-27.5 MB Apts. 1,058,388 350,000 2,321,961 0 350,000 2,321,961 2,671,961 137,738 06/97 03/96 5-27.5 Meridian Housing 1,180,629 72,000 1,137,270 0 72,000 1,137,270 1,209,270 1,230 U/C 12/98 7-40 Mosby Forest 762,585 31,275 1,342,190 4,656 31,275 1,346,846 1,378,121 125,639 10/96 10/96 5-27.5 F-242 Boston Capital Tax Credit Fund IV L.P. - Series 26 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- New Devonshire II 783,986 76,211 904,064 32,858 76,211 936,922 1,013,133 83,423 12/96 01/97 5-27.5 New Devonshire West 543,370 31,000 628,776 26,165 31,000 654,941 685,941 55,907 01/97 01/97 5-27.5 Powell Valley 672,970 78,947 2,310,346 0 78,947 2,310,346 2,389,293 4,530 12/98 03/98 5-27.5 SG Hazeltine 1,440,000 464,955 2,934,870 242,508 464,955 3,177,378 3,642,333 225,684 01/97 06/96 5-27.5 Southwind Apts. 787,672 32,000 1,607,903 0 32,000 1,607,903 1,639,903 88,597 12/96 08/96 40 TR Bobb Apts. 747,998 75,000 1,530,233 0 75,000 1,530,233 1,605,233 96,417 01/96 08/96 40 Timmonsville Green 1,074,368 41,000 1,427,096 12,085 41,000 1,439,181 1,480,181 138,670 02/97 10/96 5-27.5 Tremont Station 1,056,250 35,803 1,633,750 2,305 35,803 1,636,055 1,671,858 96,930 11/96 05/96 5-27.5 F-243 Boston Capital Tax Credit Fund IV L.P. - Series 26 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------------------- - --------------------------------- The Willows 818,924 13,000 1,067,939 0 13,000 1,067,938 1,080,938 84,668 05/96 05/96 5-27.5 VVA LP 1,161,980 21,861 935,951 559,866 21,861 1,495,817 1,517,678 57,523 10/98 04/97 7-40 Warrensburg Heights 1,120,624 23,370 1,397,872 7,936 23,370 1,405,808 1,429,178 152,934 11/96 12/96 5-27.5 WPVA LP 1,168,421 45,000 929,628 546,701 45,000 1,476,329 1,521,329 66,997 03/98 04/97 5-27.5 ---------- -------- ---------- ------- --------- ---------- ---------- -- - ------- 54,427,983 5,248,213 72,592,474 8,228,765 5,249,128 80,821,238 86,070,366 4,414,859 ========== ========= ========== ========= ========= ========== ========== ========= U/C Project under construction as of March 31, 1999. Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-244 Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 26 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/96..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 32,787,138 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 32,787,138 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/97............................$ 32,787,138 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 31,051,915 Improvements, etc................................. 7,109,210 Other............................................. 0 ---------- $ 38,161,125 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 70,948,263 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 6,900,360 Improvements, etc................................. 8,221,743 Other............................................. 0 ---------- $ 15,122,103 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 86,070,366 =========== F-245 Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 26 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/96.........................$ 0 Current year additions*...............................$ 361,387 --------- Balance at close of period - 3/31/97..............................$ 361,387 Current year additions*...............................$1,764,231 --------- Balance at close of period - 3/31/98..............................$ 2,125,618 Current year additions*...............................$2,289,241 --------- Balance at close of period - 3/31/99..............................$ 4,414,859 ========= *_Total includes current year expense and amounts capitalized to building basis. F-246
Boston Capital Tax Credit Fund IV L.P. - Series 27 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- AHAB Project #1 494,868 2,850 1,253,094 2,383 2,850 1,255,477 1,258,327 51,869 11/97 06/97 5-27.5 Angelou Court 926,657 0 0 0 0 0 0 0 U/C 10/97 N/A Canisteo 892,863 46,553 1,567,499 0 46,553 1,567,499 1,614,052 44,852 04/98 04/98 5-27.5 Casa Rosa 1,031,000 0 2,487,701 794,912 0 3,282,613 3,282,613 0 04/98 09/97 N/A Centrum Fairfax II 6,770,597 1,054,099 0 7,444,901 1,054,099 7,444,901 8,499,000 302,089 06/97 08/96 5-27.5 Harbor LP 12,736,321 1,250,000 14,491,429 0 1,250,000 14,491,429 15,741,429 609,539 11/97 02/97 5-40 Harrisonville 1,372,881 102,637 3,021,382 0 102,637 3,021,382 3,124,019 240,538 12/96 01/98 5-27.5 Holly Heights 497,613 31,914 0 1,780,662 31,914 1,780,662 1,812,576 18,690 08/98 04/97 5-27.5 Lake Apts. II 615,000 80,000 930,841 2,846 80,000 933,687 1,013,687 53,507 12/95 01/97 5-27.5 F-247 Boston Capital Tax Credit Fund IV L.P. - Series 27 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Magnolia Place 1,073,134 150,000 0 1,596,432 160,500 1,596,432 1,756,932 48,555 01/98 11/97 5-27.5 Pear Village 618,097 50,000 512,155 545,102 50,000 1,057,257 1,107,257 79,630 02/97 08/96 5-27.5 Randolph Village 4,687,928 1,168,500 0 9,192,092 1,168,500 9,192,092 10,360,592 342,390 08/97 09/96 5-27.5 Sunday Sun 942,936 156,600 1,638,376 0 156,600 1,638,376 1,794,976 144,206 12/96 10/96 5-27.5 Wayne Housing 9,541,853 1,200,000 0 13,283,804 903,435 13,283,804 14,187,239 243,197 04/98 11/96 5-27.5 ---------- --------- ---------- ---------- --------- ---------- - --------- --------- 42,201,748 5,293,153 25,902,477 34,643,134 5,007,088 60,545,611 65,552,699 2,179,062 ========== ========= ========== ========== ========= ========== ========== ========= U/C Project under construction at 3/31/99. Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-248
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 27 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/96..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 5,779,730 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 5,779,730 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/97............................$ 5,779,730 Additions during period: Acquisitions through foreclosure..................$20,677,829 Other acquisitions................................ 13,433,505 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 34,111,334 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/98............................$ 43,634,709 Additions during period: Acquisitions through foreclosure..................$ 4,738,071 Other acquisitions................................ 17,179,919 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 21,917,990 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 ----------- Balance at close of period - 03/31/99............................$ 65,552,699 ========== F-249 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 27 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/96.........................$ 0 Current year additions*...............................$ 10,734 --------- Balance at close of period - 3/31/97..............................$ 10,734 Current year additions*...............................$ 594,951 --------- Balance at close of period - 3/31/98..............................$ 605,685 Current year additions*...............................$1,573,377 --------- Balance at close of period - 3/31/99..............................$ 2,179,062 ========= F-250 Boston Capital Tax Credit Fund IV L.P. - Series 28 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- 1374 Boston Post Road 446,203 100,000 1,086,670 66,641 100,000 1,153,311 1,253,311 78,844 06/97 02/97 5-27.5 Ashberry Manor 645,895 100,500 1,192,737 0 100,500 1,192,737 1,293,237 57,747 03/97 02/97 5-27.5 Athens 827,090 327,639 2,978,391 0 327,639 2,978,391 3,306,030 0 U/C 10/98 NA Bienville, L.P. 964,205 20,300 1,194,688 0 20,300 1,194,688 1,214,988 76,836 02/97 02/97 7-40 Blanchard Apts 916,014 20,000 807,233 322,949 46,728 1,130,182 1,176,910 27,689 07/97 07/97 7-70 Chandler Village 912,673 32,000 1,249,842 0 32,000 1,249,842 1,281,842 70,268 07/97 04/97 5-30 Cottonwood 739,211 20,000 0 964,795 20,000 964,795 984,795 27,525 07/97 07/97 5-27.5 Evangeline Apartments 976,124 20,000 1,364,939 0 20,000 1,364,939 1,384,939 55,891 01/98 11/97 7-40 Evergreen III 489,729 6,000 1,250,781 0 6,000 1,250,781 1,256,781 92,395 04/97 02/97 5-27.5 Fairway II LP 1,076,426 48,000 1,277,751 1,616 48,000 1,279,367 1,327,367 75,250 03/97 12/96 7-40 F-251 Boston Capital Tax Credit Fund IV L.P. - Series 28 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Fort Bend 540,000 538,500 0 0 538,500 0 538,500 0 U/C 04/98 NA Jackson Place 983,934 74,943 2,095,999 (57,061) 74,943 2,038,938 2,113,881 74,107 10/97 07/97 5-27.5 Maplewood 917,025 47,125 1,923,321 0 47,125 1,923,321 1,970,446 24,226 08/98 03/98 5-27.5 Milton Senior L.P. 1,167,648 51,400 2,385,863 6,802 51,400 2,392,665 2,444,065 135,778 06/97 02/97 5-27.5 Neighborhood 2,542,075 42,825 6,368,910 0 42,825 6,368,910 6,411,735 222,831 02/98 02/98 5-27.5 Pin Oak Elderly Assoc. 8,699,907 832,000 7,701,570 7,633,573 2,024,000 15,335,143 17,359,143 723,120 01/96 11/97 5-27.5 Randolph Village 5,962,928 1,168,500 9,187,147 4,945 1,168,500 9,192,092 10,360,592 342,390 08/97 12/97 5-27.5 RVKY,LP 1,344,937 65,582 1,315,622 370,442 65,582 1,686,064 1,751,646 80,252 04/98 11/97 5-27.5 Sand Lane Manor 694,312 104,000 0 1,217,985 104,000 1,217,985 1,321,985 21,627 04/98 08/97 5-27.5 Senior Suites Chicago 4,141,826 14,922 0 7,240,851 14,922 7,240,851 7,255,773 12,049 12/98 12/97 5-27.5 F-252 Boston Capital Tax Credit Fund IV L.P. - Series 28 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Summer House 1,110,358 62,370 3,451,950 0 62,370 3,451,950 3,514,320 29,202 07/98 01/98 5-27.5 Terraceview Apartments 802,031 16,900 1,612,988 24,900 16,900 1,637,888 1,654,788 105,347 10/97 07/97 5-27.5 Tilghman Square LP 822,387 60,314 1,108,725 6,366 60,314 1,115,091 1,175,405 56,084 10/97 11/97 5-27.5 Wellston Village 376,687 12,500 412,617 106,366 12,500 518,983 531,483 25,368 08/97 04/97 5-27.5 West Memphis (Clubview) 3,059,678 481,388 7,259,784 53,621 481,388 7,313,405 7,794,793 681,581 11/96 12/97 5-27.5 Yale Place 109,446 12,500 238,542 0 12,500 238,542 251,042 11,335 ---------- --------- ---------- ---------- ---------- ---------- - ---------- --------- 41,268,749 4,280,208 57,466,070 17,964,791 5,498,936 75,430,861 80,929,797 3,107,742 =========== ========= ========== ========== ========= ========== ========== ========= U/C - Project under construction as of March 31, 1999. Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-253 Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 28 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/96..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 647,230 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 647,230 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ----------- Balance at close of period - 03/31/97............................$ 647,230 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 45,106,975 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 45,106,975 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ----------- Balance at close of period - 03/31/98............................$ 45,754,205 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 15,992,073 Improvements, etc................................. 19,183,519 Other............................................. 0 ---------- $ 35,175,592 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ----------- Balance at close of period - 03/31/99............................$ 80,929,797 ========== F-254 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 28 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/96.........................$ 0 Current year additions*...............................$ 8,223 -------- - - Balance at close of period - 03/31/97.............................$ 8,223 Current year additions*...............................$1,264,549 -- - ------- Balance at close of period - 03/31/98.............................$ 1,272,772 Current year additions*...............................$1,834,970 -------- - - Balance at close of period - 03/31/99.............................$ 3,107,742 ========== *Total includes current year expense and amounts capitalized to building basis. F-255
Boston Capital Tax Credit Fund IV L.P. - Series 29 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Barrington Cove 2,100,951 183,750 6,403,281 7,706 183,750 6,410,987 6,594,737 363,834 05/97 04/97 5-39 Bryson Apts 392,037 10,728 269,886 244,343 10,728 514,229 524,957 31,289 01/98 08/97 5-27.5 Collins. Housing 692,637 22,500 370,580 495,817 22,500 866,397 888,897 22,934 06/98 09/97 5-27.5 Dogwood Rural Assoc. 1,379,697 56,332 1,616,052 0 56,332 1,616,052 1,672,384 8,552 U/C 10/98 5-27.5 Edgewood Apts. 1,830,328 283,199 3,951,368 0 283,199 3,951,368 4,234,567 32,679 09/98 03/98 5-27.5 Emerald Trace 768,105 43,548 0 0 43,548 0 43,548 0 U/C 08/98 N/A Forest Hill Apts 2,966,000 191,250 0 5,514,968 221,250 5,514,968 5,736,218 23,787 11/98 07/97 N/A Glenbrook Apts 522,374 4,606 674,111 9,656 4,606 683,767 688,373 62,814 03/97 12/97 5-27.5 F-256 Boston Capital Tax Credit Fund IV L.P. - Series 29 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Jacksboro Apts 615,208 31,893 268,583 495,522 31,893 764,105 795,998 42,093 01/98 12/97 5-27.5 Jackson Partners 5,700,000 300,067 6,039,223 3,425,225 315,352 9,464,448 9,779,800 285,763 06/98 12/96 5-27.5 Kiehl Partners 9,200,000 747,825 9,410,576 0 747,825 9,410,576 10,158,401 12,270 U/C 02/98 5-27.5 Lombard Partners 800,000 25,000 1,470,259 0 25,000 1,470,259 1,495,259 36,619 07/98 10/98 5-27.5 Lutkin Bayou Assoc 831,804 25,000 878,839 43,106 25,000 921,945 946,945 45,287 07/97 11/97 5-27.5 The Lincoln Hotel 808,545 0 1,454,115 104,493 0 1,558,608 1,558,608 76,095 07/97 02/97 5-27.5 Northfield Apts III 4,300,000 200,613 5,814,532 1,093,124 214,213 6,907,656 7,121,869 306,609 02/98 12/96 5-27.5 Northway Drive 1,553,475 280,849 1,480 4,792,275 280,849 4,793,755 5,074,604 107,203 03/98 04/97 5-45 Ozark Assoc 460,655 13,750 511,269 24,577 13,750 535,846 549,596 26,768 07/97 10/97 5-27.5 F-257 Boston Capital Tax Credit Fund IV L.P. - Series 29 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Palmetto Place 209,518 56,000 0 0 56,000 0 56,000 0 UC 10/98 N/A Poplarville Apts 396,563 12,000 406,502 18,959 12,000 425,461 437,461 20,333 07/97 10/97 5-27.5 Rhome Apts 526,587 8,313 675,804 4,772 8,313 680,576 688,889 53,975 07/97 12/97 5-27.5 Westfield Apts 890,878 49,748 1,773,153 0 49,748 1,773,153 1,822,901 43,418 08/98 11/97 N/A ---------- --------- ---------- ---------- --------- ---------- - - --------- --------- 36,945,362 2,546,971 41,989,613 16,274,543 2,605,856 58,264,155 60,870,012 1,602,322 ========== ========= ========== ========== ========= ========== ========== ========= U/C Project under construction at of March 31, 1999. Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes.
F-258 Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 29 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/97..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 25,053,524 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 25,053,524 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ---------- Balance at close of period - 03/31/98............................$ 25,053,524 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 19,483,060 Improvements, etc................................. 16,333,428 Other............................................. 0 ---------- $ 35,816,488 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ---------- Balance at close of period - 03/31/99............................$ 60,870,012 ========== Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/97.........................$ 0 Current year additions*.............................$ 271,480 --------- Balance at close of period - 3/31/98..............................$ 271,480 Current year additions*.............................$1,330,842 --------- Balance at close of period - 3/31/99..............................$ 1,602,322 ========= *Total includes current year expense and amounts capitalized to building basis. F-259 Boston Capital Tax Credit Fund IV L.P. - Series 30 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Bellwood Four 702,587 45,000 676,598 704,456 45,000 1,381,054 1,426,054 37,835 05/98 09/97 5-27.5 Bowie Apts 1,157,279 32,714 267,955 1,196,357 32,714 1,464,312 1,497,026 22,175 10/98 08/97 5-27.5 Byam. 1,564,585 185,000 2,261,674 61,275 185,000 2,322,949 2,507,949 94,439 02/98 02/98 5-27.5 C.V.V.A. LP 1,007,722 60,000 1,250,961 0 60,000 1,250,961 1,310,961 61,348 U/C 03/98 5-27.5 Emerald Trace II 357,933 20,500 1,322,164 0 20,500 1,322,164 1,342,664 2,029 12/98 07/98 5-27.5 F.V.A. LP 538,782 36,000 668,440 0 36,000 668,440 704,440 21,149 U/C 03/98 5-27.5 Graham Apts 1,556,465 45,563 366,387 1,475,204 45,563 1,841,591 1,887,154 46,626 09/98 03/98 5-27.5 JMC Limited Liability 759,878 50,000 0 1,705,134 11,000 1,705,134 1,716,134 37,695 03/98 08/97 5-27.5 Jeffries Assoc. 1,480,549 62,000 1,662,694 0 62,000 1,662,694 1,724,694 8,591 U/C 10/98 5-27.5 K.G.V.A. LP 1,349,893 112,000 1,697,834 0 112,000 1,697,834 1,809,834 83,377 U/C 03/98 5-27.5 F-260 Boston Capital Tax Credit Fund IV L.P. - Series 30 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Linden Partners 292,215 0 0 0 0 0 0 0 U/C 07/98 N/A Madison Partners L.P. 1,322,015 314,510 788,736 3,808,828 325,603 4,597,564 4,923,167 26,211 03/99 11/97 5-27.5 Mesa Grande 1,608,384 0 4,153,914 0 0 4,153,914 4,153,914 0 U/C 12/98 N/A Millwood 8,360,000 892,181 0 0 892,181 0 892,181 0 U/C 12/98 N/A Nocona Apts 858,872 15,651 207,520 897,355 15,651 1,104,875 1,120,526 7,563 12/98 08/97 5-27.5 Sunrise Homes 801,564 0 2,679,914 0 0 2,679,914 2,679,914 0 12/98 02/98 N/A West Swanzey 622,092 94,900 2,010,096 48,292 94,900 2,058,388 2,153,288 64,112 02/98 07/97 5-27.5 ---------- --------- ---------- --------- --------- ---------- - ---------- ------- 24,340,815 1,966,019 20,014,887 9,896,901 1,938,112 29,911,788 31,849,900 513,150 ========== ========= ========== ========= ========= ========== ========== ======= U/C - Project under construction as of March 31, 1999. Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-261 Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 30 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/97..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 7,362,304 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 7,362,304 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ----------- Balance at close of period - 03/31/98............................$ 7,362,304 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 14,618,602 Improvements, etc................................. 9,868,994 Other............................................. 0 ---------- $ 24,487,596 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ----------- Balance at close of period - 03/31/99............................$ 31,849,900 =========== F-262 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 30 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/97.........................$ 0 Current year additions*.............................$ 49,478 --------- Balance at close of period - 03/31/98.............................$ 49,478 Current year additions*.............................$ 463,672 --------- Balance at close of period - 03/31/99.............................$ 513,150 ========== *Total includes current year expense and amounts capitalized to building basis. F-263
Boston Capital Tax Credit Fund IV L.P. - Series 31 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Brittany Square 796,621 247,000 1,280,705 0 247,000 1,280,705 1,527,705 16,657 07/98 07/98 5-27.5 Canton Housing I 2,261,400 99,900 2,245,160 447,442 99,900 2,692,602 2,792,502 95,639 07/98 11/97 5-27.5 Canton Housing II 1,138,943 66,920 1,023,746 211,648 66,920 1,235,394 1,302,314 44,908 07/98 11/97 5-27.5 Canton Housing III 842,584 38,205 799,913 163,528 38,205 963,441 1,001,646 34,325 07/98 11/97 5-27.5 Canton Housing IV 818,567 40,500 784,923 149,985 40,500 934,908 975,408 34,212 07/98 11/97 5-27.5 Cleveland Partners 1,800,000 244,500 1,941,969 3,447,951 265,000 5,389,920 5,654,920 113,131 06/98 11/97 5-27.5 Double Springs 367,455 157,000 960,378 0 157,000 960,378 1,117,378 3,257 03/99 09/98 5-27.5 Eagle's Ridge Terrace 1,869,433 63,200 508,815 1,806,609 63,200 2,315,425 2,378,625 46,001 05/98 12/97 5-27.5 F-264 Boston Capital Tax Credit Fund IV L.P. - Series 31 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Ellisville L.P. 676,873 31,000 723,650 148,053 31,000 871,703 902,703 23,714 06/98 12/97 5-27.5 G.A.V.A. L.P 489,254 35,500 616,645 0 35,500 616,645 652,145 19,657 02/99 03/98 5-27.5 Hattiesburg L.P. 834,213 15,000 979,143 160,679 15,000 1,139,822 1,154,822 29,953 06/98 12/97 5-27.5 Henderson Terrace L.P. 184,581 22,000 221,549 385,512 22,000 607,061 629,061 9,461 09/98 11/97 5-27.5 Heritage I L.P. 896,719 46,000 522,601 825,131 46,014 1,347,732 1,393,746 27,976 05/98 10/97 5-27.5 Hurricane Hills L.P. 800,000 121,171 3,086,025 0 121,171 3,086,025 3,207,196 82,577 08/98 09/97 5-27.5 Lakeview Little Elm 225,091 28,750 255,929 (13,502) 28,750 242,427 271,177 7,464 01/99 11/97 5-27.5 Level Creek 12,790,000 1,120,908 0 0 1,120,908 0 1,120,908 0 U/C 05/98 N/A F-265 Boston Capital Tax Credit Fund IV L.P. - Series 31 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Mesquite Trails L.P. 145,957 10,860 240,143 708,554 10,860 948,697 959,557 11,749 11/98 11/97 5-27.5 Montfort Housing 3,877,898 436,143 2,661,689 1,533,391 436,143 4,195,080 4,631,223 115,951 10/98 09/97 5-27.5 N.M.V.A. L.P. 580,879 44,114 679,817 0 44,114 679,817 723,931 21,520 U/C 03/98 5-27.5 Pilot Point L.P. 327,757 65,570 339,377 0 65,570 339,377 404,947 9,898 02/99 11/97 5-27.5 Riverbend Apts. 797,590 201,961 0 2,494,490 208,902 2,494,490 2,703,392 41,416 07/98 10/97 5-27.5 San Angelo Bent Tree 494,256 294,023 0 0 294,023 0 294,023 0 U/C 12/97 N/A Sencit Hampden L.P. 2,343,375 307,860 0 5,047,103 307,860 5,047,103 5,354,963 54,479 09/98 10/97 7-40 Silver Creek 1,823,139 175,000 0 0 175,000 0 175,000 0 U/C 03/97 N/A F-266 Boston Capital Tax Credit Fund IV L.P. - Series 31 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Summerdale Partners 5,068,501 420,540 1,386,000 0 420,540 1,386,000 1,806,540 40,066 04/99 12/98 5-27.5 Windsor Park Partners 7,800,000 248,000 5,105,823 6,057,040 269,011 11,162,863 11,431,874 131,509 03/99 11/97 5-27.5 ----------- --------- ---------- ---------- --------- ---------- - ---------- --------- 50,051,086 4,581,625 26,364,000 23,573,614 4,630,091 49,937,615 54,567,706 1,015,520 =========== ========= ========== ========== ========= ========== ========== ========= U/C - Project under construction as of March 31, 1999. Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes.
F-267 Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 31 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/97..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 20,789,823 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 20, 789,823 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ------------ Balance at close of period - 03/31/98............................$ 20, 789,823 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 10,155,803 Improvements, etc................................. 23,622,080 Other............................................. 0 ---------- $ 33,777,883 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- Balance at close of period - 03/31/99............................$ 54,567,706 =========== F-268 Notes to Schedule III - Continued Boston Capital Tax Credit Fund IV L.P. - Series 31 Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/97.........................$ 0 Current year additions*.............................$ 41,619 --------- Balance at close of period - 3/31/98..............................$ 41,619 Current year additions*.............................$ 973,901 --------- Balance at close of period - 3/31/99..............................$ 1,015,520 ========== *Total includes current year expense and amounts capitalized to building basis. F-269 Boston Capital Tax Credit Fund IV L.P. - Series 32 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Athens Partners 827,090 327,639 2,978,391 0 327,639 2,978,391 3,306,030 0 U/C 10/98 N/A Chardonnay L.P. 87,745 5,200 586,804 0 5,200 586,804 592,004 59,263 01/97 01/98 5-27.5 Cogic Village 2,487,954 115,000 0 0 115,000 0 115,000 0 U/C 04/98 N/A Courtside 1,151,907 146,529 2,820,490 0 146,529 2,820,490 2,967,019 40,188 07/98 06/98 7-40 FFLM Assoc. 8,093,201 1,359,240 12,454,121 0 1,359,240 12,454,121 13,813,361 1,694,284 01/95 01/98 5-40 Jackson Bond 5,000,000 536,323 952,071 0 536,323 952,071 1,488,394 0 U/C 07/98 N/A Keist Townhomes 138,369 622,558 0 0 622,558 0 622,558 0 U/C 11/98 N/A F-270 Boston Capital Tax Credit Fund IV L.P. - Series 32 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Pecan Manor 780,278 60,400 1,961,002 0 60,400 1,961,002 2,021,402 9,259 10/98 07/98 5-27.5 Pearl Partners 8,000,000 599,461 2,248,687 0 599,461 2,248,687 2,848,148 0 U/C 06/98 N/A Pearlwood L.P. 1,434,000 162,032 2,099,724 0 162,032 2,099,724 2,261,756 52,699 05/98 02/98 5-27.5 Pine Ridge 426,207 88,220 0 0 88,220 0 88,220 0 01/99 07/98 N/A Pyramid IV L.P. 42,975 99,500 368,780 0 99,500 368,780 468,280 0 U/C 05/98 N/A ---------- --------- ---------- -------- --------- ---------- - ---------- --------- 28,469,726 4,122,102 26,470,070 0 4,122,102 26,470,070 30,592,172 1,855,693 ========== ========= ========== ======== ========= ========== ========== ========= U/C - Project under construction as of March 31, 1999. Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-271
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 32 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/98..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 30,592,172 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 30,592,172 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ----------- Balance at close of period - 03/31/99............................$ 30,592,172 =========== Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/98.........................$ 0 Current year additions*.............................$1,855,693 --------- Balance at close of period - 03/31/99..............................$1,855,693 ========== *Total includes current year expense and amounts capitalized to building basis. F-272 Boston Capital Tax Credit Fund IV L.P. - Series 33 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Bradford Group 234,374 101,388 0 0 101,388 0 101,388 0 U/C 10/98 N/A FFLM Assoc. 8,093,201 1,359,240 12,454,121 0 1,359,240 12,454,121 13,813,361 1,694,284 01/97 01/98 5-40 Forest Park 593,385 175,500 0 0 175,500 0 175,500 0 U/C 07/98 N/A Keist Townhomes 138,369 622,558 0 0 622,558 0 622,558 0 U/C 08/98 N/A NHC #5 205,517 387,045 0 0 387,045 0 387,045 0 U/C 03/98 N/A Southaven 9,790,000 974,288 1,815,504 0 974,288 1,815,504 2,789,792 0 U/C 10/98 N/A ---------- --------- ---------- ------- --------- ---------- - - --------- --------- 19,054,846 3,620,019 14,269,625 0 3,620,019 14,269,625 17,889,644 1,694,284 ========== ========= ========== ======= ========= ========== ========== ========= U/C - Project under construction as of March 31, 1999 Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes. F-273
Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 33 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/98..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 17,889,644 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 17,889,644 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ----------- Balance at close of period - 03/31/99............................$ 17,889,644 =========== Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/98.........................$ 0 Current year additions*.............................$1,694,284 --------- Balance at close of period - 03/31/99..............................$1,694,284 ========== *Total includes current year expense and amounts capitalized to building basis. F-274 Boston Capital Tax Credit Fund IV L.P. - Series 34 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Allison Apts. 922,563 208,000 0 0 208,000 0 208,000 0 U/C 11/98 N/A Boerne Creekside 91,968 204,622 0 0 204,622 0 204,622 0 U/C 11/98 N/A Kerville Meadows 98,275 174,699 0 0 174,699 0 174,699 0 U/C 11/98 N/A Millwood Park 8,360,000 892,181 0 0 892,181 0 892,181 0 U/C 12/98 N/A Montour Falls Village 18,000 65,556 0 0 65,556 0 65,556 0 U/C 10/98 N/A RHP-96 827,112 142,576 0 0 142,576 0 142,576 0 U/C 10/98 N/A F-275 Boston Capital Tax Credit Fund IV L.P. - Series 34 Schedule III - Real Estate and Accumulated Depreciation March 31, 1999 Subsequent Initial capitalized Gross amount at which cost to company costs** carried at close of period --------------- ----------- - -------------------------- Buildings Buildings Accum. Con- Acq- Depre- Encum- and im- Improve- and im- Depre- struct uired ciation Description brances Land provements ments Land provements Total ciation Date Date Life - -------------------------------------------------------------------------------- - --------------------------------------------- Southaven Partners I 9,790,000 974,288 1,185,504 0 974,288 1,815,504 2,789,792 0 U/C 10/98 N/A ---------- --------- ---------- -------- --------- ---------- - ---------- --------- 20,107,918 2,661,922 1,185,504 0 2,661,922 1,815,504 4,477,426 0 ========== ========= ========== ======== ========= ========== ========== ========= U/C - Project under construction as of March 31, 1999. Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 1998. **There were no carrying costs as of December 31, 1998. The column has been omitted for presentation purposes.
F-276 Notes to Schedule III Boston Capital Tax Credit Fund IV L.P. - Series 34 Reconciliation of Land, Building & Improvements current year changes Balance at beginning of period-04/01/98..........................$ 0 Additions during period: Acquisitions through foreclosure..................$ 0 Other acquisitions................................ 4,477,426 Improvements, etc................................. 0 Other............................................. 0 ---------- $ 4,477,426 Deductions during period: Cost of real estate sold..........................$ 0 Other............................................. 0 ---------- $ 0 - ----------- Balance at close of period - 03/31/99............................$ 4,477,426 =========== Reconciliation of Accumulated Depreciation current year changes Balance at beginning of period - 04/01/98.........................$ 0 Current year additions*.............................$ 0 --------- Balance at close of period - 03/31/99.............................$ 0 ========== *Total includes current year expense and amounts capitalized to building basis. F-277 EX-27 2
CT 0000913778 BOSTON CAPITAL TAX CREDIT FUND IV L.P. 12-MOS MAR-31-1999 APR-01-1998 MAR-31-1999 456,501,585 0 0 0 0 456,501,585 4,604,150 0 (22,081,504) 0 0 0 (17,477,354) 0 0
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