10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2021

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

BF GARDEN TAX CREDIT FUND IV L.P.

(Exact name of registrant as specified in its charter)

Delaware	04-3208648
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

101 Arch Street, 13^th Floor Boston, Massachusetts  02110

(Address of principal executive offices)    (Zip Code)

     (888) 773-1487     

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated Filer ☐
Non-accelerated filer ☒	Smaller Reporting Company ☒
	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

BF GARDEN TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2021

TABLE OF CONTENTS

			Pages
PART I FINANCIAL INFORMATION
	Item 1. Condensed Financial Statements
		Condensed Balance Sheets	3-30
		Condensed Statements of Operations	31-86
		Condensed Statements of Changes in Partners’ Capital (Deficit)	87-114
		Condensed Statements of Cash Flows	115-142
		Notes to Condensed Financial Statements	143-176
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		177-194
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		194
	Item 4. Controls and Procedures		194
PART II OTHER INFORMATION
	Item 1. Legal Proceedings		196
	Item 1A. Risk Factors		196
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		196
	Item 3. Defaults Upon Senior Securities		196
	Item 4. Mine Safety Disclosures		196
	Item 5. Other Information		196
	Item 6. Exhibits		196
	Signatures		197

2

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		11,174,704		10,819,585
Other assets		7,338		10,829
	$	11,182,042	$	10,830,414
LIABILITIES
Accounts payable and accrued expenses	$	—	$	27
Accounts payable affiliates (Note C)		11,628,116		12,664,070
Capital contributions payable		785		785
		11,628,901		12,664,882
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 82,874,653 outstanding as of September 30, 2021 and March 31, 2021.		(77,147)		(1,450,880)
General Partner		(369,712)		(383,588)
		(446,859)		(1,834,468)
	$	11,182,042	$	10,830,414

The accompanying notes are an integral part of this condensed statement

3

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,828,200 outstanding as of September 30, 2021 and March 31, 2021.		(754,767)		(754,767)
General Partner		754,767		754,767
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

4

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of September 30, 2021 and March 31, 2021.		(898,231)		(898,231)
General Partner		898,231		898,231
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

5

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,550,145 outstanding as of September 30, 2021 and March 31, 2021.		(2,448,362)		(2,448,362)
General Partner		2,448,362		2,448,362
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

6

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,303,327 outstanding as of September 30, 2021 and March 31, 2021.		(224,264)		(224,264)
General Partner		224,264		224,264
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

7

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,150,053 outstanding as of September 30, 2021 and March 31, 2021.		173,404		173,404
General Partner		(173,404)		(173,404)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

8

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,016,809 outstanding as of September 30, 2021 and March 31, 2021.		219,815		219,815
General Partner		(219,815)		(219,815)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

9

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		512,301		531,027
Other assets		—		75
	$	512,301	$	531,102
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		2,199
Capital contributions payable		—		—
		—		2,199
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,926,374 outstanding as of September 30, 2021 and March 31, 2021.		825,520		841,956
General Partner		(313,219)		(313,053)
		512,301		528,903
	$	512,301	$	531,102

The accompanying notes are an integral part of this condensed statement

10

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,431,350 outstanding as of September 30, 2021 and March 31, 2021.		133,264		133,264
General Partner		(133,264)		(133,264)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

11

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,979,139 outstanding as of September 30, 2021 and March 31, 2021.		275,140		275,140
General Partner		(275,140)		(275,140)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

12

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		138,344		164,236
Other assets		2,525		2,148
	$	140,869	$	166,384
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		3,106,534		3,127,627
Capital contributions payable		785		785
		3,107,319		3,128,412
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,911,725 outstanding as of September 30, 2021 and March 31, 2021.		(2,598,139)		(2,593,761)
General Partner		(368,311)		(368,267)
		(2,966,450)		(2,962,028)
	$	140,869	$	166,384

The accompanying notes are an integral part of this condensed statement

13

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,621,200 outstanding as of September 30, 2021 and March 31, 2021.		(883,119)		(883,119)
General Partner		883,119		883,119
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

14

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,375,757 outstanding as of September 30, 2021 and March 31, 2021.		353,529		353,529
General Partner		(353,529)		(353,529)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

15

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		2,627,798		2,640,414
Other assets		—		74
	$	2,627,798	$	2,640,488
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		4,847
Capital contributions payable		—		—
		—		4,847
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,706,298 outstanding as of September 30, 2021 and March 31, 2021.		3,007,884		3,015,649
General Partner		(380,086)		(380,008)
		2,627,798		2,635,641
	$	2,627,798	$	2,640,488

The accompanying notes are an integral part of this condensed statement

16

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		3,036,157		3,040,636
Other assets		—		74
	$	3,036,157	$	3,040,710
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		4,992
Capital contributions payable		—		—
		—		4,992
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,605,833 outstanding as of September 30, 2021 and March 31, 2021.		3,231,576		3,231,141
General Partner		(195,419)		(195,423)
		3,036,157		3,035,718
	$	3,036,157	$	3,040,710

The accompanying notes are an integral part of this condensed statement

17

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		108,959		129,067
Other assets		25		74
	$	108,984	$	129,141
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		2,479,022		2,469,776
Capital contributions payable		—		—
		2,479,022		2,469,776
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,474,319 outstanding as of September 30, 2021 and March 31, 2021.		(2,045,948)		(2,016,839)
General Partner		(324,090)		(323,796)
		(2,370,038)		(2,340,635)
	$	108,984	$	129,141

The accompanying notes are an integral part of this condensed statement

18

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,277,913 outstanding as of September 30, 2021 and March 31, 2021.		223,088		223,088
General Partner		(223,088)		(223,088)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

19

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,083,704 outstanding as of September 30, 2021 and March 31, 2021.		148,221		148,221
General Partner		(148,221)		(148,221)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

20

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,489,100 outstanding as of September 30, 2021 and March 31, 2021.		205,359		205,359
General Partner		(205,359)		(205,359)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

21

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,536,200 outstanding as of September 30, 2021 and March 31, 2021.		188,889		188,889
General Partner		(188,889)		(188,889)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

22

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of September 30, 2021 and March 31, 2021.		196,043		196,043
General Partner		(196,043)		(196,043)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

23

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,611,356 outstanding as of September 30, 2021 and March 31, 2021.		216,900		216,900
General Partner		(216,900)		(216,900)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

24

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		347,749		408,743
Other assets		48		437
	$	347,797	$	409,180
LIABILITIES
Accounts payable and accrued expenses	$	—	$	1
Accounts payable affiliates (Note C)		2,697,433		2,690,845
Capital contributions payable		—		—
		2,697,433		2,690,846
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,865,176 outstanding as of September 30, 2021 and March 31, 2021.		(2,076,971)		(2,009,681)
General Partner		(272,665)		(271,985)
		(2,349,636)		(2,281,666)
	$	347,797	$	409,180

The accompanying notes are an integral part of this condensed statement

25

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		2,392,889		2,318,856
Other assets		528		82
	$	2,393,417	$	2,318,938
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		44,836		36,736
Capital contributions payable		—		—
		44,836		36,736
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,706,362 outstanding as of September 30, 2021 and March 31, 2021.		2,566,032		2,500,317
General Partner		(217,451)		(218,115)
		2,348,581		2,282,202
	$	2,393,417	$	2,318,938

The accompanying notes are an integral part of this condensed statement

26

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
Capital contributions payable		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,617,987 outstanding as of September 30, 2021 and March 31, 2021.		306,854		306,854
General Partner		(306,854)		(306,854)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

27

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		1,253,259		842,738
Other assets		50		205
	$	1,253,309	$	842,943
LIABILITIES
Accounts payable and accrued expenses	$	—	$	26
Accounts payable affiliates (Note C)		12,399		399,489
Capital contributions payable		—		—
		12,399		399,515
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,682,873 outstanding as of September 30, 2021 and March 31, 2021.		1,465,949		676,442
General Partner		(225,039)		(233,014)
		1,240,910		443,428
	$	1,253,309	$	842,943

The accompanying notes are an integral part of this condensed statement

28

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		315,906		294,663
Other assets		170		2,627
	$	316,076	$	297,290
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		1,350,948		1,744,673
Capital contributions payable		—		—
		1,350,948		1,744,673
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 3,989,967 outstanding as of September 30, 2021 and March 31, 2021.		(670,861)		(1,079,247)
General Partner		(364,011)		(368,136)
		(1,034,872)		(1,447,383)
	$	316,076	$	297,290

The accompanying notes are an integral part of this condensed statement

29

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46

	September 30,		March 31,
	2021		2021
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		441,342		449,205
Other assets		3,992		5,033
	$	445,334	$	454,238
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		1,936,944		2,182,886
Capital contributions payable		—		—
		1,936,944		2,182,886
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,965,635 outstanding as of September 30, 2021 and March 31, 2021.		(1,213,952)		(1,448,620)
General Partner		(277,658)		(280,028)
		(1,491,610)		(1,728,648)
	$	445,334	$	454,238

The accompanying notes are an integral part of this condensed statement

30

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

	2021		2020
Income
Interest income	$	2,661	$	2,375
Other income		55,568		69,667
		58,229		72,042
Gain on disposition of Operating Partnerships		1,308,405		343,992
Expenses
Professional fees		117,767		153,825
Fund management fee, net (Note C)		72,421		165,087
General and administrative expenses		109,464		96,081
		299,652		414,993
NET INCOME (LOSS)	$	1,066,982	$	1,041
Net income (loss) allocated to assignees	$	1,056,312	$	1,030
Net income (loss) allocated to general partner	$	10,670	$	11
Net income (loss) per BAC	$	.01	$	.00

The accompanying notes are an integral part of this condensed statement

31

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 20

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

32

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 21

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

33

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 22

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

34

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 23

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

35

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 24

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

36

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 25

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

37

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 26

	2021		2020
Income
Interest income	$	131	$	169
Other income		—		—
		131		169
Gain on disposition of Operating Partnerships		20,845		—
Expenses
Professional fees		10,105		12,751
Fund management fee, net (Note C)		1,466		4,282
General and administrative expenses		17,574		8,861
		29,145		25,894
NET INCOME (LOSS)	$	(8,169)	$	(25,725)
Net income (loss) allocated to assignees	$	(8,087)	$	(25,468)
Net income (loss) allocated to general partner	$	(82)	$	(257)
Net income (loss) per BAC	$	(.00)	$	(.01)

The accompanying notes are an integral part of this condensed statement

38

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 27

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

39

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 28

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

40

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 29

	2021		2020
Income
Interest income	$	37	$	55
Other income		—		—
		37		55
Gain on disposition of Operating Partnerships		29,999		—
Expenses
Professional fees		11,780		8,276
Fund management fee, net (Note C)		(212)		6,651
General and administrative expenses		14,278		8,852
		25,846		23,779
NET INCOME (LOSS)	$	4,190	$	(23,724)
Net income (loss) allocated to assignees	$	4,148	$	(23,487)
Net income (loss) allocated to general partner	$	42	$	(237)
Net income (loss) per BAC	$	.00	$	(.01)

The accompanying notes are an integral part of this condensed statement

41

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 30

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

42

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 31

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

43

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 32

	2021		2020
Income
Interest income	$	662	$	65
Other income		—		10,008
		662		10,073
Gain on disposition of Operating Partnerships		23,823		—
Expenses
Professional fees		10,105		9,526
Fund management fee, net (Note C)		1,636		8,632
General and administrative expenses		12,396		8,867
		24,137		27,025
NET INCOME (LOSS)	$	348	$	(16,952)
Net income (loss) allocated to assignees	$	344	$	(16,782)
Net income (loss) allocated to general partner	$	4	$	(170)
Net income (loss) per BAC	$	.00	$	(.00)

The accompanying notes are an integral part of this condensed statement

44

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 33

	2021		2020
Income
Interest income	$	764	$	238
Other income		—		10,008
		764		10,246
Gain on disposition of Operating Partnerships		23,823		—
Expenses
Professional fees		8,930		8,001
Fund management fee, net (Note C)		1,734		3,277
General and administrative expenses		7,230		8,455
		17,894		19,733
NET INCOME (LOSS)	$	6,693	$	(9,487)
Net income (loss) allocated to assignees	$	6,626	$	(9,393)
Net income (loss) allocated to general partner	$	67	$	(94)
Net income (loss) per BAC	$	.00	$	(.00)

The accompanying notes are an integral part of this condensed statement

45

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 34

	2021		2020
Income
Interest income	$	28	$	49
Other income		—		—
		28		49
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		8,930		11,904
Fund management fee, net (Note C)		1,623		3,727
General and administrative expenses		9,089		8,630
		19,642		24,261
NET INCOME (LOSS)	$	(19,614)	$	(24,212)
Net income (loss) allocated to assignees	$	(19,418)	$	(23,970)
Net income (loss) allocated to general partner	$	(196)	$	(242)
Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

46

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 35

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

47

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 36

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

48

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 37

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

49

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 38

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

50

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 39

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

51

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 40

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

52

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 41

	2021		2020
Income
Interest income	$	90	$	138
Other income		—		886
		90		1,024
Gain on disposition of Operating Partnerships		—		46,500
Expenses
Professional fees		15,305		12,851
Fund management fee, net (Note C)		20,094		25,564
General and administrative expenses		7,642		8,609
		43,041		47,024
NET INCOME (LOSS)	$	(42,951)	$	500
Net income (loss) allocated to assignees	$	(42,521)	$	495
Net income (loss) allocated to general partner	$	(430)	$	5
Net income (loss) per BAC	$	(.01)	$	.00

The accompanying notes are an integral part of this condensed statement

53

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 42

	2021		2020
Income
Interest income	$	587	$	612
Other income		—		—
		587		612
Gain on disposition of Operating Partnerships		94,182		—
Expenses
Professional fees		12,955		14,817
Fund management fee, net (Note C)		4,050		19,260
General and administrative expenses		6,726		8,533
		23,731		42,610
NET INCOME (LOSS)	$	71,038	$	(41,998)
Net income (loss) allocated to assignees	$	70,327	$	(41,578)
Net income (loss) allocated to general partner	$	711	$	(420)
Net income (loss) per BAC	$	.03	$	(.02)

The accompanying notes are an integral part of this condensed statement

54

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 43

	2021		2020
Income
Interest income	$	—	$	593
Other income		—		364
		—		957
Gain on disposition of Operating Partnerships		—		97,800
Expenses
Professional fees		—		15,992
Fund management fee, net (Note C)		—		12,676
General and administrative expenses		—		8,785
		—		37,453
NET INCOME (LOSS)	$	—	$	61,304
Net income (loss) allocated to assignees	$	—	$	60,691
Net income (loss) allocated to general partner	$	—	$	613
Net income (loss) per BAC	$	—	$	.02

The accompanying notes are an integral part of this condensed statement

55

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 44

	2021		2020
Income
Interest income	$	175	$	106
Other income		25,468		11,054
		25,643		11,160
Gain on disposition of Operating Partnerships		815,747		—
Expenses
Professional fees		9,429		11,676
Fund management fee, net (Note C)		7,142		27,041
General and administrative expenses		9,757		8,497
		26,328		47,214
NET INCOME (LOSS)	$	815,062	$	(36,054)
Net income (loss) allocated to assignees	$	806,911	$	(35,693)
Net income (loss) allocated to general partner	$	8,151	$	(361)
Net income (loss) per BAC	$	.30	$	(.01)

The accompanying notes are an integral part of this condensed statement

56

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 45

	2021		2020
Income
Interest income	$	73	$	137
Other income		28,990		8,199
		29,063		8,336
Gain on disposition of Operating Partnerships		240,605		199,692
Expenses
Professional fees		15,625		30,940
Fund management fee, net (Note C)		510		13,068
General and administrative expenses		12,772		8,904
		28,907		52,912
NET INCOME (LOSS)	$	240,761	$	155,116
Net income (loss) allocated to assignees	$	238,354	$	153,564
Net income (loss) allocated to general partner	$	2,407	$	1,552
Net income (loss) per BAC	$	.06	$	.04

The accompanying notes are an integral part of this condensed statement

57

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended September 30,

(Unaudited)

Series 46

	2021		2020
Income
Interest income	$	114	$	213
Other income		1,110		29,148
		1,224		29,361
Gain on disposition of Operating Partnerships		59,381		–
Expenses
Professional fees		14,603		17,091
Fund management fee, net (Note C)		34,378		40,909
General and administrative expenses		12,000		9,088
		60,981		67,088
NET INCOME (LOSS)	$	(376)	$	(37,727)
Net income (loss) allocated to assignees	$	(372)	$	(37,349)
Net income (loss) allocated to general partner	$	(4)	$	(378)
Net income (loss) per BAC	$	(.00)	$	(.01)

The accompanying notes are an integral part of this condensed statement

58

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

	2021		2020
Income
Interest income	$	5,198	$	7,895
Other income		65,509		118,008
		70,707		125,903
Gain on disposition of Operating Partnerships		1,792,531		430,992
Expenses
Professional fees		133,903		217,040
Fund management fee, net (Note C)		186,213		371,686
General and administrative expenses		155,513		158,522
		475,629		747,248
NET INCOME (LOSS)	$	1,387,609	$	(190,353)
Net income (loss) allocated to assignees	$	1,373,733	$	(188,449)
Net income (loss) allocated to general partner	$	13,876	$	(1,904)
Net income (loss) per BAC	$	.02	$	(.00)

The accompanying notes are an integral part of this condensed statement

59

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 20

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

60

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 21

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

61

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 22

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

62

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 23

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

63

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 24

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

64

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 25

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

65

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 26

	2021		2020
Income
Interest income	$	261	$	844
Other income		—		—
		261		844
Gain on disposition of Operating Partnerships		20,845		—
Expenses
Professional fees		11,719		18,168
Fund management fee, net (Note C)		3,665		8,564
General and administrative expenses		22,324		15,502
		37,708		42,234
NET INCOME (LOSS)	$	(16,602)	$	(41,390)
Net income (loss) allocated to assignees	$	(16,436)	$	(40,976)
Net income (loss) allocated to general partner	$	(166)	$	(414)
Net income (loss) per BAC	$	(.00)	$	(.01)

The accompanying notes are an integral part of this condensed statement

66

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 27

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

67

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 28

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

68

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 29

	2021		2020
Income
Interest income	$	75	$	250
Other income		—		—
		75		250
Gain on disposition of Operating Partnerships		29,999		9,500
Expenses
Professional fees		13,394		13,123
Fund management fee, net (Note C)		2,087		13,505
General and administrative expenses		19,015		13,927
		34,496		40,555
NET INCOME (LOSS)	$	(4,422)	$	(30,805)
Net income (loss) allocated to assignees	$	(4,378)	$	(30,497)
Net income (loss) allocated to general partner	$	(44)	$	(308)
Net income (loss) per BAC	$	(.00)	$	(.01)

The accompanying notes are an integral part of this condensed statement

69

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 30

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

70

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 31

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

71

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 32

	2021		2020
Income
Interest income	$	1,321	$	315
Other income		—		10,008
		1,321		10,323
Gain on disposition of Operating Partnerships		23,823		—
Expenses
Professional fees		11,719		14,373
Fund management fee, net (Note C)		4,091		23,764
General and administrative expenses		17,177		15,465
		32,987		53,602
NET INCOME (LOSS)	$	(7,843)	$	(43,279)
Net income (loss) allocated to assignees	$	(7,765)	$	(42,846)
Net income (loss) allocated to general partner	$	(78)	$	(433)
Net income (loss) per BAC	$	(.00)	$	(.01)

The accompanying notes are an integral part of this condensed statement

72

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 33

	2021		2020
Income
Interest income	$	1,524	$	696
Other income		—		10,008
		1,524		10,704
Gain on disposition of Operating Partnerships		23,823		—
Expenses
Professional fees		10,544		12,468
Fund management fee, net (Note C)		4,334		13,054
General and administrative expenses		10,030		13,622
		24,908		39,144
NET INCOME (LOSS)	$	439	$	(28,440)
Net income (loss) allocated to assignees	$	435	$	(28,156)
Net income (loss) allocated to general partner	$	4	$	(284)
Net income (loss) per BAC	$	.00	$	(.01)

The accompanying notes are an integral part of this condensed statement

73

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 34

	2021		2020
Income
Interest income	$	58	$	286
Other income		—		—
		58		286
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		10,544		16,561
Fund management fee, net (Note C)		6,246		10,454
General and administrative expenses		12,671		14,444
		29,461		41,459
NET INCOME (LOSS)	$	(29,403)	$	(41,173)
Net income (loss) allocated to assignees	$	(29,109)	$	(40,761)
Net income (loss) allocated to general partner	$	(294)	$	(412)
Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

74

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 35

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

75

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 36

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

76

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 37

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

77

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 38

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

78

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 39

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

79

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 40

	2021		2020
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

80

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 41

	2021		2020
Income
Interest income	$	183	$	519
Other income		–		3,392
		183		3,911
Gain on disposition of Operating Partnerships		—		46,500
Expenses
Professional fees		16,919		18,838
Fund management fee, net (Note C)		40,188		51,792
General and administrative expenses		11,046		14,057
		68,153		84,687
NET INCOME (LOSS)	$	(67,970)	$	(34,276)
Net income (loss) allocated to assignees	$	(67,290)	$	(33,933)
Net income (loss) allocated to general partner	$	(680)	$	(343)
Net income (loss) per BAC	$	(.02)	$	(.01)

The accompanying notes are an integral part of this condensed statement

81

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 42

	2021		2020
Income
Interest income	$	1,121	$	1,529
Other income		868		—
		1,989		1,529
Gain on disposition of Operating Partnerships		94,182		—
Expenses
Professional fees		14,569		20,424
Fund management fee, net (Note C)		5,600		38,519
General and administrative expenses		9,623		13,684
		29,792		72,627
NET INCOME (LOSS)	$	66,379	$	(71,098)
Net income (loss) allocated to assignees	$	65,715	$	(70,387)
Net income (loss) allocated to general partner	$	664	$	(711)
Net income (loss) per BAC	$	.02	$	(.03)

The accompanying notes are an integral part of this condensed statement

82

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 43

	2021		2020
Income
Interest income	$	—	$	1,812
Other income		—		1,238
		—		3,050
Gain on disposition of Operating Partnerships		—		106,800
Expenses
Professional fees		—		22,554
Fund management fee, net (Note C)		—		30,254
General and administrative expenses		—		14,574
		—		67,382
NET INCOME (LOSS)	$	—	$	42,468
Net income (loss) allocated to assignees	$	—	$	42,043
Net income (loss) allocated to general partner	$	—	$	425
Net income (loss) per BAC	$	—	$	.01

The accompanying notes are an integral part of this condensed statement

83

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 44

	2021		2020
Income
Interest income	$	284	$	527
Other income		25,468		11,054
		25,752		11,581
Gain on disposition of Operating Partnerships		815,747		—
Expenses
Professional fees		11,042		17,283
Fund management fee, net (Note C)		19,541		51,136
General and administrative expenses		13,434		13,812
		44,017		82,231
NET INCOME (LOSS)	$	797,482	$	(70,650)
Net income (loss) allocated to assignees	$	789,507	$	(69,943)
Net income (loss) allocated to general partner	$	7,975	$	(707)
Net income (loss) per BAC	$	.29	$	(.03)

The accompanying notes are an integral part of this condensed statement

84

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 45

	2021		2020
Income
Interest income	$	145	$	506
Other income		29,480		31,189
		29,625		31,695
Gain on disposition of Operating Partnerships		451,745		199,692
Expenses
Professional fees		17,238		39,597
Fund management fee, net (Note C)		27,819		44,572
General and administrative expenses		23,802		15,061
		68,859		99,230
NET INCOME (LOSS)	$	412,511	$	132,157
Net income (loss) allocated to assignees	$	408,386	$	130,835
Net income (loss) allocated to general partner	$	4,125	$	1,322
Net income (loss) per BAC	$	.10	$	.03

The accompanying notes are an integral part of this condensed statement

85

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Six Months Ended September 30,

(Unaudited)

Series 46

	2021		2020
Income
Interest income	$	226	$	611
Other income		9,693		51,119
		9,919		51,730
Gain on disposition of Operating Partnerships		332,367		68,500
Expenses
Professional fees		16,215		23,651
Fund management fee, net (Note C)		72,642		86,072
General and administrative expenses		16,391		14,374
		105,248		124,097
NET INCOME (LOSS)	$	237,038	$	(3,867)
Net income (loss) allocated to assignees	$	234,668	$	(3,828)
Net income (loss) allocated to general partner	$	2,370	$	(39)
Net income (loss) per BAC	$	.08	$	(.00)

The accompanying notes are an integral part of this condensed statement

86

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2021	$	(1,450,880)	$	(383,588)	$	(1,834,468)
Net income (loss)		317,421		3,206		320,627
Partners’ capital (deficit), June 30, 2021	$	(1,133,459)	$	(380,382)	$	(1,513,841)
Net income (loss)		1,056,312		10,670		1,066,982
Partners’ capital (deficit), September 30, 2021	$	(77,147)	$	(369,712)	$	(446,859)

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2020	$	(6,042,833)	$	(444,787)	$	(6,487,620)
Net income (loss)		(189,479)		(1,915)		(191,394)
Partners’ capital (deficit), June 30, 2020		(6,232,312)		(446,702)		(6,679,014)
Net income (loss)		1,030		11		1,041
Partners’ capital (deficit), September 30, 2020	$	(6,231,282)	$	(446,691)	$	(6,677,973)

The accompanying notes are an integral part of this condensed statement

87

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 20
Partners’ capital (deficit) April 1, 2021	$	(754,767)	$	754,767	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021	$	(754,767)	$	754,767	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	(754,767)	$	754,767	$	—

			General
	Assignees		Partner		Total
Series 20
Partners’ capital (deficit) April 1, 2020	$	(754,767)	$	754,767	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		(754,767)		754,767		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	(754,767)	$	754,767	$	—

The accompanying notes are an integral part of this condensed statement

88

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 21
Partners’ capital (deficit) April 1, 2021	$	(898,231)	$	898,231	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021	$	(898,231)	$	898,231	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	(898,231)	$	898,231	$	—

			General
	Assignees		Partner		Total
Series 21
Partners’ capital (deficit) April 1, 2020	$	(898,231)	$	898,231	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		(898,231)		898,231		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	(898,231)	$	898,231	$	—

The accompanying notes are an integral part of this condensed statement

89

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 22
Partners’ capital (deficit) April 1, 2021	$	(2,448,362)	$	2,448,362	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021	$	(2,448,362)	$	2,448,362	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	(2,448,362)	$	2,448,362	$	—

			General
	Assignees		Partner		Total
Series 22
Partners’ capital (deficit) April 1, 2020	$	(2,448,362)	$	2,448,362	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		(2,448,362)		2,448,362		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	(2,448,362)	$	2,448,362	$	—

The accompanying notes are an integral part of this condensed statement

90

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 23
Partners’ capital (deficit) April 1, 2021	$	(224,264)	$	224,264	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021	$	(224,264)	$	224,264	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	(224,264)	$	224,264	$	—

			General
	Assignees		Partner		Total
Series 23
Partners’ capital (deficit) April 1, 2020	$	(224,264)	$	224,264	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		(224,264)		224,264		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	(224,264)	$	224,264	$	—

The accompanying notes are an integral part of this condensed statement

91

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 24
Partners’ capital (deficit) April 1, 2021	$	173,404	$	(173,404)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021	$	173,404	$	(173,404)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	173,404	$	(173,404)	$	—

			General
	Assignees		Partner		Total
Series 24
Partners’ capital (deficit) April 1, 2020	$	173,404	$	(173,404)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		173,404		(173,404)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	173,404	$	(173,404)	$	—

The accompanying notes are an integral part of this condensed statement

92

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 25
Partners’ capital (deficit) April 1, 2021	$	219,815	$	(219,815)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021	$	219,815	$	(219,815)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	219,815	$	(219,815)	$	—

			General
	Assignees		Partner		Total
Series 25
Partners’ capital (deficit) April 1, 2020	$	219,815	$	(219,815)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		219,815		(219,815)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	219,815	$	(219,815)	$	—

The accompanying notes are an integral part of this condensed statement

93

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 26
Partners’ capital (deficit) April 1, 2021	$	841,956	$	(313,053)	$	528,903
Net income (loss)		(8,349)		(84)		(8,433)
Partners’ capital (deficit), June 30, 2021	$	833,607	$	(313,137)	$	520,470
Net income (loss)		(8,087)		(82)		(8,169)
Partners’ capital (deficit), September 30, 2021	$	825,520	$	(313,219)	$	512,301

			General
	Assignees		Partner		Total
Series 26
Partners’ capital (deficit) April 1, 2020	$	888,586	$	(312,582)	$	576,004
Net income (loss)		(15,508)		(157)		(15,665)
Partners’ capital (deficit), June 30, 2020		873,078		(312,739)		560,339
Net income (loss)		(25,468)		(257)		(25,725)
Partners’ capital (deficit), September 30, 2020	$	847,610	$	(312,996)	$	534,614

The accompanying notes are an integral part of this condensed statement

94

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 27
Partners’ capital (deficit) April 1, 2021	$	133,264	$	(133,264)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021	$	133,264	$	(133,264)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	133,264	$	(133,264)	$	—

			General
	Assignees		Partner		Total
Series 27
Partners’ capital (deficit) April 1, 2020	$	133,264	$	(133,264)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		133,264		(133,264)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	133,264	$	(133,264)	$	—

The accompanying notes are an integral part of this condensed statement

95

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 28
Partners’ capital (deficit) April 1, 2021	$	275,140	$	(275,140)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021		275,140		(275,140)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	275,140	$	(275,140)	$	—

			General
	Assignees		Partner		Total
Series 28
Partners’ capital (deficit) April 1, 2020	$	275,140	$	(275,140)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		275,140		(275,140)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	275,140	$	(275,140)	$	—

The accompanying notes are an integral part of this condensed statement

96

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 29
Partners’ capital (deficit) April 1, 2021	$	(2,593,761)	$	(368,267)	$	(2,962,028)
Net income (loss)		(8,526)		(86)		(8,612)
Partners’ capital (deficit), June 30, 2021	$	(2,602,287)	$	(368,353)	$	(2,970,640)
Net income (loss)		4,148		42		4,190
Partners’ capital (deficit), September 30, 2021	$	(2,598,139)	$	(368,311)	$	(2,966,450)

			General
	Assignees		Partner		Total
Series 29
Partners’ capital (deficit) April 1, 2020	$	(2,581,075)	$	(368,139)	$	(2,949,214)
Net income (loss)		(7,010)		(71)		(7,081)
Partners’ capital (deficit), June 30, 2020		(2,588,085)		(368,210)		(2,956,295)
Net income (loss)		(23,487)		(237)		(23,724)
Partners’ capital (deficit), September 30, 2020	$	(2,611,572)	$	(368,447)	$	(2,980,019)

The accompanying notes are an integral part of this condensed statement

97

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 30
Partners’ capital (deficit) April 1, 2021	$	(883,119)	$	883,119	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021		(883,119)		883,119		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	(883,119)	$	883,119	$	—

			General
	Assignees		Partner		Total
Series 30
Partners’ capital (deficit) April 1, 2020	$	(883,119)	$	883,119	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		(883,119)		883,119		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	(883,119)	$	883,119	$	—

The accompanying notes are an integral part of this condensed statement

98

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 31
Partners’ capital (deficit) April 1, 2021	$	353,529	$	(353,529)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021		353,529		(353,529)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	353,529	$	(353,529)	$	—

			General
	Assignees		Partner		Total
Series 31
Partners’ capital (deficit) April 1, 2020	$	353,529	$	(353,529)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		353,529		(353,529)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	353,529	$	(353,529)	$	—

The accompanying notes are an integral part of this condensed statement

99

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 32
Partners’ capital (deficit) April 1, 2021	$	3,015,649	$	(380,008)	$	2,635,641
Net income (loss)		(8,109)		(82)		(8,191)
Partners’ capital (deficit), June 30, 2021	$	3,007,540	$	(380,090)	$	2,627,450
Net income (loss)		344		4		348
Partners’ capital (deficit), September 30, 2021	$	3,007,884	$	(380,086)	$	2,627,798

			General
	Assignees		Partner		Total
Series 32
Partners’ capital (deficit) April 1, 2020	$	514,959	$	(405,267)	$	109,692
Net income (loss)		(26,064)		(263)		(26,327)
Partners’ capital (deficit), June 30, 2020		488,895		(405,530)		83,365
Net income (loss)		(16,782)		(170)		(16,952)
Partners’ capital (deficit), September 30, 2020	$	472,113	$	(405,700)	$	66,413

The accompanying notes are an integral part of this condensed statement

100

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 33
Partners’ capital (deficit) April 1, 2021	$	3,231,141	$	(195,423)	$	3,035,718
Net income (loss)		(6,191)		(63)		(6,254)
Partners’ capital (deficit), June 30, 2021	$	3,224,950	$	(195,486)	$	3,029,464
Net income (loss)		6,626		67		6,693
Partners’ capital (deficit), September 30, 2021	$	3,231,576	$	(195,419)	$	3,036,157

			General
	Assignees		Partner		Total
Series 33
Partners’ capital (deficit) April 1, 2020	$	782,102	$	(220,161)	$	561,941
Net income (loss)		(18,763)		(190)		(18,953)
Partners’ capital (deficit), June 30, 2020		763,339		(220,351)		542,988
Net income (loss)		(9,393)		(94)		(9,487)
Partners’ capital (deficit), September 30, 2020	$	753,946	$	(220,445)	$	533,501

The accompanying notes are an integral part of this condensed statement

101

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 34
Partners’ capital (deficit) April 1, 2021	$	(2,016,839)	$	(323,796)	$	(2,340,635)
Net income (loss)		(9,691)		(98)		(9,789)
Partners’ capital (deficit), June 30, 2021	$	(2,026,530)	$	(323,894)	$	(2,350,424)
Net income (loss)		(19,418)		(196)		(19,614)
Partners’ capital (deficit), September 30, 2021	$	(2,045,948)	$	(324,090)	$	(2,370,038)

			General
	Assignees		Partner		Total
Series 34
Partners’ capital (deficit) April 1, 2020	$	(1,973,967)	$	(323,363)	$	(2,297,330)
Net income (loss)		(16,791)		(170)		(16,961)
Partners’ capital (deficit), June 30, 2020		(1,990,758)		(323,533)		(2,314,291)
Net income (loss)		(23,970)		(242)		(24,212)
Partners’ capital (deficit), September 30, 2020	$	(2,014,728)	$	(323,775)	$	(2,338,503)

The accompanying notes are an integral part of this condensed statement

102

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 35
Partners’ capital (deficit) April 1, 2021	$	223,088	$	(223,088)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021		223,088		(223,088)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	223,088	$	(223,088)	$	—

			General
	Assignees		Partner		Total
Series 35
Partners’ capital (deficit) April 1, 2020	$	223,088	$	(223,088)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		223,088		(223,088)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	223,088	$	(223,088)	$	—

The accompanying notes are an integral part of this condensed statement

103

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 36
Partners’ capital (deficit) April 1, 2021	$	148,221	$	(148,221)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021		148,221		(148,221)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	148,221	$	(148,221)	$	—

			General
	Assignees		Partner		Total
Series 36
Partners’ capital (deficit) April 1, 2020	$	148,221	$	(148,221)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		148,221		(148,221)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	148,221	$	(148,221)	$	—

The accompanying notes are an integral part of this condensed statement

104

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 37
Partners’ capital (deficit) April 1, 2021	$	205,359	$	(205,359)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021		205,359		(205,359)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	205,359	$	(205,359)	$	—

			General
	Assignees		Partner		Total
Series 37
Partners’ capital (deficit) April 1, 2020	$	205,359	$	(205,359)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		205,359		(205,359)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	205,359	$	(205,359)	$	—

The accompanying notes are an integral part of this condensed statement

105

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 38
Partners’ capital (deficit) April 1, 2021	$	188,889	$	(188,889)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021		188,889		(188,889)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	188,889	$	(188,889)	$	—

			General
	Assignees		Partner		Total
Series 38
Partners’ capital (deficit) April 1, 2020	$	188,889	$	(188,889)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		188,889		(188,889)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	188,889	$	(188,889)	$	—

The accompanying notes are an integral part of this condensed statement

106

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 39
Partners’ capital (deficit) April 1, 2021	$	196,043	$	(196,043)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021		196,043		(196,043)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	196,043	$	(196,043)	$	—

			General
	Assignees		Partner		Total
Series 39
Partners’ capital (deficit) April 1, 2020	$	196,043	$	(196,043)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		196,043		(196,043)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2020	$	196,043	$	(196,043)	$	—

The accompanying notes are an integral part of this condensed statement

107

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 40
Partners’ capital (deficit) April 1, 2021	$	216,900	$	(216,900)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021		216,900		(216,900)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	216,900	$	(216,900)	$	—

			General
	Assignees		Partner		Total
Series 40
Partners’ capital (deficit) April 1, 2020	$	216,900	$	(216,900)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2020		216,900		(216,900)		—
Net income (loss)		–		–		—
Partners’ capital (deficit), September 30, 2020	$	216,900	$	(216,900)	$	—

The accompanying notes are an integral part of this condensed statement

108

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 41
Partners’ capital (deficit) April 1, 2021	$	(2,009,681)	$	(271,985)	$	(2,281,666)
Net income (loss)		(24,769)		(250)		(25,019)
Partners’ capital (deficit), June 30, 2021	$	(2,034,450)	$	(272,235)	$	(2,306,685)
Net income (loss)		(42,521)		(430)		(42,951)
Partners’ capital (deficit), September 30, 2021	$	(2,076,971)	$	(272,665)	$	(2,349,636)

			General
	Assignees		Partner		Total
Series 41
Partners’ capital (deficit) April 1, 2020	$	(2,023,466)	$	(272,124)	$	(2,295,590)
Net income (loss)		(34,428)		(348)		(34,776)
Partners’ capital (deficit), June 30, 2020		(2,057,894)		(272,472)		(2,330,366)
Net income (loss)		495		5		500
Partners’ capital (deficit), September 30, 2020	$	(2,057,399)	$	(272,467)	$	(2,329,866)

The accompanying notes are an integral part of this condensed statement

109

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 42
Partners’ capital (deficit) April 1, 2021	$	2,500,317	$	(218,115)	$	2,282,202
Net income (loss)		(4,612)		(47)		(4,659)
Partners’ capital (deficit), June 30, 2021	$	2,495,705	$	(218,162)	$	2,277,543
Net income (loss)		70,327		711		71,038
Partners’ capital (deficit), September 30, 2021	$	2,566,032	$	(217,451)	$	2,348,581

			General
	Assignees		Partner		Total
Series 42
Partners’ capital (deficit) April 1, 2020	$	1,843,687	$	(224,748)	$	1,618,939
Net income (loss)		(28,809)		(291)		(29,100)
Partners’ capital (deficit), June 30, 2020		1,814,878		(225,039)		1,589,839
Net income (loss)		(41,578)		(420)		(41,998)
Partners’ capital (deficit), September 30, 2020	$	1,773,300	$	(225,459)	$	1,547,841

The accompanying notes are an integral part of this condensed statement

110

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 43
Partners’ capital (deficit) April 1, 2021	$	306,854	$	(306,854)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2021	$	306,854	$	(306,854)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2021	$	306,854	$	(306,854)	$	—

			General
	Assignees		Partner		Total
Series 43
Partners’ capital (deficit) April 1, 2020	$	1,723,649	$	(307,358)	$	1,416,291
Net income (loss)		(18,648)		(188)		(18,836)
Partners’ capital (deficit), June 30, 2020		1,705,001		(307,546)		1,397,455
Net income (loss)		60,691		613		61,304
Partners’ capital (deficit), September 30, 2020	$	1,765,692	$	(306,933)	$	1,458,759

The accompanying notes are an integral part of this condensed statement

111

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 44
Partners’ capital (deficit) April 1, 2021	$	676,442	$	(233,014)	$	443,428
Net income (loss)		(17,404)		(176)		(17,580)
Partners’ capital (deficit), June 30, 2021	$	659,038	$	(233,190)	$	425,848
Net income (loss)		806,911		8,151		815,062
Partners’ capital (deficit), September 30, 2021	$	1,465,949	$	(225,039)	$	1,240,910

			General
	Assignees		Partner		Total
Series 44
Partners’ capital (deficit) April 1, 2020	$	192,920	$	(237,898)	$	(44,978)
Net income (loss)		(34,250)		(346)		(34,596)
Partners’ capital (deficit), June 30, 2020		158,670		(238,244)		(79,574)
Net income (loss)		(35,693)		(361)		(36,054)
Partners’ capital (deficit), September 30, 2020	$	122,977	$	(238,605)	$	(115,628)

The accompanying notes are an integral part of this condensed statement

112

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 45
Partners’ capital (deficit) April 1, 2021	$	(1,079,247)	$	(368,136)	$	(1,447,383)
Net income (loss)		170,032		1,718		171,750
Partners’ capital (deficit), June 30, 2021	$	(909,215)	$	(366,418)	$	(1,275,633)
Net income (loss)		238,354		2,407		240,761
Partners’ capital (deficit), September 30, 2021	$	(670,861)	$	(364,011)	$	(1,034,872)

			General
	Assignees		Partner		Total
Series 45
Partners’ capital (deficit) April 1, 2020	$	(1,135,758)	$	(368,707)	$	(1,504,465)
Net income (loss)		(22,729)		(230)		(22,959)
Partners’ capital (deficit), June 30, 2020		(1,158,487)		(368,937)		(1,527,424)
Net income (loss)		153,564		1,552		155,116
Partners’ capital (deficit), September 30, 2020	$	(1,004,923)	$	(367,385)	$	(1,372,308)

The accompanying notes are an integral part of this condensed statement

113

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Six Months Ended September 30, 2021 and 2020

(Unaudited)

			General
	Assignees		Partner		Total
Series 46
Partners’ capital (deficit) April 1, 2021	$	(1,448,620)	$	(280,028)	$	(1,728,648)
Net income (loss)		235,040		2,374		237,414
Partners’ capital (deficit), June 30, 2021	$	(1,213,580)	$	(277,654)	$	(1,491,234)
Net income (loss)		(372)		(4)		(376)
Partners’ capital (deficit), September 30, 2021	$	(1,213,952)	$	(277,658)	$	(1,491,610)

			General
	Assignees		Partner		Total
Series 46
Partners’ capital (deficit) April 1, 2020	$	(1,399,379)	$	(279,531)	$	(1,678,910)
Net income (loss)		33,521		339		33,860
Partners’ capital (deficit), June 30, 2020		(1,365,858)		(279,192)		(1,645,050)
Net income (loss)		(37,349)		(378)		(37,727)
Partners’ capital (deficit), September 30, 2020	$	(1,403,207)	$	(279,570)	$	(1,682,777)

The accompanying notes are an integral part of this condensed statement

114

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	1,387,609	$	(190,353)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(1,792,531)		(430,992)
Changes in assets and liabilities
(Increase) Decrease in other assets		3,491		(13,650)
(Decrease) Increase in accounts payable and accrued expenses		(27)		9,218
(Decrease) Increase in accounts payable affiliates		(1,035,954)		(108,130)
Net cash provided by (used in) operating activities		(1,437,412)		(733,907)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		1,792,531		430,992
Net cash provided by investing activities		1,792,531		430,992
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		355,119		(302,915)
Cash and cash equivalents, beginning		10,819,585		6,622,109
Cash and cash equivalents, ending	$	11,174,704	$	6,319,194

The accompanying notes are an integral part of this condensed statement

115

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 20

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

116

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 21

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

117

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 22

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

118

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 23

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

119

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 24

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

120

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 25

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

121

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 26

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	(16,602)	$	(41,390)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(20,845)		—
Changes in assets and liabilities
(Increase) Decrease in other assets		75		—
(Decrease) Increase in accounts payable and accrued expenses		—		165
(Decrease) Increase in accounts payable affiliates		(2,199)		4,282
Net cash provided by (used in) operating activities		(39,571)		(36,943)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		20,845		—
Net cash provided by investing activities		20,845		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(18,726)		(36,943)
Cash and cash equivalents, beginning		531,027		576,004
Cash and cash equivalents, ending	$	512,301	$	539,061

The accompanying notes are an integral part of this condensed statement

122

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 27

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

123

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 28

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

124

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 29

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	(4,422)	$	(30,805)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(29,999)		(9,500)
Changes in assets and liabilities
(Increase) Decrease in other assets		(377)		—
(Decrease) Increase in accounts payable and accrued expenses		—		159
(Decrease) Increase in accounts payable affiliates		(21,093)		13,505
Net cash provided by (used in) operating activities		(55,891)		(26,641)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		29,999		9,500
Net cash provided by investing activities		29,999		9,500
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(25,892)		(17,141)
Cash and cash equivalents, beginning		164,236		157,446
Cash and cash equivalents, ending	$	138,344	$	140,305

The accompanying notes are an integral part of this condensed statement

125

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 30

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

126

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 31

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

127

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 32

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	(7,843)	$	(43,279)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(23,823)		—
Changes in assets and liabilities
(Increase) Decrease in other assets		74		—
(Decrease) Increase in accounts payable and accrued expenses		—		163
(Decrease) Increase in accounts payable affiliates		(4,847)		30,264
Net cash provided by (used in) operating activities		(36,439)		(12,852)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		23,823		—
Net cash provided by investing activities		23,823		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(12,616)		(12,852)
Cash and cash equivalents, beginning		2,640,414		193,203
Cash and cash equivalents, ending	$	2,627,798	$	180,351

The accompanying notes are an integral part of this condensed statement

128

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 33

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	439	$	(28,440)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(23,823)		—
Changes in assets and liabilities
(Increase) Decrease in other assets		74		—
(Decrease) Increase in accounts payable and accrued expenses		—		89
(Decrease) Increase in accounts payable affiliates		(4,992)		9,777
Net cash provided by (used in) operating activities		(28,302)		(18,574)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		23,823		—
Net cash provided by investing activities		23,823		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(4,479)		(18,574)
Cash and cash equivalents, beginning		3,040,636		561,941
Cash and cash equivalents, ending	$	3,036,157	$	543,367

The accompanying notes are an integral part of this condensed statement

129

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 34

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	(29,403)	$	(41,173)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		49		—
(Decrease) Increase in accounts payable and accrued expenses		—		122
(Decrease) Increase in accounts payable affiliates		9,246		13,454
Net cash provided by (used in) operating activities		(20,108)		(27,597)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(20,108)		(27,597)
Cash and cash equivalents, beginning		129,067		148,344
Cash and cash equivalents, ending	$	108,959	$	120,747

The accompanying notes are an integral part of this condensed statement

130

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 35

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

131

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 36

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

132

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 37

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

133

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 38

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

134

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 39

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

135

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 40

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable and accrued expenses		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash provided by (used in) operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—

The accompanying notes are an integral part of this condensed statement

136

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 41

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	(67,970)	$	(34,276)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		(46,500)
Changes in assets and liabilities
(Increase) Decrease in other assets		389		—
(Decrease) Increase in accounts payable and accrued expenses		(1)		2,599
(Decrease) Increase in accounts payable affiliates		6,588		56,378
Net cash provided by (used in) operating activities		(60,994)		(21,799)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		46,500
Net cash provided by investing activities		—		46,500
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(60,994)		24,701
Cash and cash equivalents, beginning		408,743		352,239
Cash and cash equivalents, ending	$	347,749	$	376,940

The accompanying notes are an integral part of this condensed statement

137

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 42

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	66,379	$	(71,098)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(94,182)		—
Changes in assets and liabilities
(Increase) Decrease in other assets		(446)		—
(Decrease) Increase in accounts payable and accrued expenses		—		88
(Decrease) Increase in accounts payable affiliates		8,100		19,260
Net cash provided by (used in) operating activities		(20,149)		(51,750)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		94,182		—
Net cash provided by investing activities		94,182		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		74,033		(51,750)
Cash and cash equivalents, beginning		2,318,856		1,607,893
Cash and cash equivalents, ending	$	2,392,889	$	1,556,143

The accompanying notes are an integral part of this condensed statement

138

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 43

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	—	$	42,468
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		—		(106,800)
Changes in assets and liabilities
(Increase) Decrease in other assets		—		(13,650)
(Decrease) Increase in accounts payable and accrued expenses		—		15,996
(Decrease) Increase in accounts payable affiliates		—		19,371
Net cash provided by (used in) operating activities		—		(42,615)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		106,800
Net cash provided by investing activities		—		106,800
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		64,185
Cash and cash equivalents, beginning		—		1,416,291
Cash and cash equivalents, ending	$	—	$	1,480,476

The accompanying notes are an integral part of this condensed statement

139

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 44

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	797,482	$	(70,650)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(815,747)		—
Changes in assets and liabilities
(Increase) Decrease in other assets		155		—
(Decrease) Increase in accounts payable and accrued expenses		(26)		(3,907)
(Decrease) Increase in accounts payable affiliates		(387,090)		60,630
Net cash provided by (used in) operating activities		(405,226)		(13,927)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		815,747		—
Net cash provided by investing activities		815,747		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		410,521		(13,927)
Cash and cash equivalents, beginning		842,738		321,693
Cash and cash equivalents, ending	$	1,253,259	$	307,766

The accompanying notes are an integral part of this condensed statement

140

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 45

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	412,511	$	132,157
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(451,745)		(199,692)
Changes in assets and liabilities
(Increase) Decrease in other assets		2,457		—
(Decrease) Increase in accounts payable and accrued expenses		—		(6,360)
(Decrease) Increase in accounts payable affiliates		(393,725)		(429,873)
Net cash provided by (used in) operating activities		(430,502)		(503,768)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		451,745		199,692
Net cash provided by investing activities		451,745		199,692
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		21,243		(304,076)
Cash and cash equivalents, beginning		294,663		859,371
Cash and cash equivalents, ending	$	315,906	$	555,295

The accompanying notes are an integral part of this condensed statement

141

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 46

	2021		2020
Cash flows from operating activities:
Net income (loss)	$	237,038	$	(3,867)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on disposition of Operating Partnerships		(332,367)		(68,500)
Changes in assets and liabilities
(Increase) Decrease in other assets		1,041		—
(Decrease) Increase in accounts payable and accrued expenses		—		104
(Decrease) Increase in accounts payable affiliates		(245,942)		94,822
Net cash provided by (used in) operating activities		(340,230)		22,559
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		332,367		68,500
Net cash provided by investing activities		332,367		68,500
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(7,863)		91,059
Cash and cash equivalents, beginning		449,205		427,684
Cash and cash equivalents, ending	$	441,342	$	518,743

The accompanying notes are an integral part of this condensed statement

142

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS

September 30, 2021

(Unaudited)

NOTE A – ORGANIZATION

BF Garden Tax Credit Fund IV L.P. (formerly known as Boston Capital Tax Credit Fund IV L.P.) (the “Fund”) was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes (“Operating Partnerships”). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the “Public Offering”) of the Fund’s beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. 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. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

143

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE A – ORGANIZATION (continued)

Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$	38,667,000
Series 21	December 31, 1994	1,892,700	$	18,927,000
Series 22	December 28, 1994	2,564,400	$	25,644,000
Series 23	June 23, 1995	3,336,727	$	33,366,000
Series 24	September 22, 1995	2,169,878	$	21,697,000
Series 25	December 29, 1995	3,026,109	$	30,248,000
Series 26	June 25, 1996	3,995,900	$	39,959,000
Series 27	September 17, 1996	2,460,700	$	24,607,000
Series 28	January 29, 1997	4,000,738	$	39,999,000
Series 29	June 10, 1997	3,991,800	$	39,918,000
Series 30	September 10, 1997	2,651,000	$	26,490,750
Series 31	January 18, 1998	4,417,857	$	44,057,750
Series 32	June 23, 1998	4,754,198	$	47,431,000
Series 33	September 21, 1998	2,636,533	$	26,362,000
Series 34	February 11, 1999	3,529,319	$	35,273,000
Series 35	June 28, 1999	3,300,463	$	33,004,630
Series 36	September 28, 1999	2,106,838	$	21,068,375
Series 37	January 28, 2000	2,512,500	$	25,125,000
Series 38	July 31, 2000	2,543,100	$	25,431,000
Series 39	January 31, 2001	2,292,151	$	22,921,000
Series 40	July 31, 2001	2,630,256	$	26,269,256
Series 41	January 31, 2002	2,891,626	$	28,916,260
Series 42	July 31, 2002	2,744,262	$	27,442,620
Series 43	December 31, 2002	3,637,987	$	36,379,870
Series 44	April 30, 2003	2,701,973	$	27,019,730
Series 45	September 16, 2003	4,014,367	$	40,143,670
Series 46	December 19, 2003	2,980,998	$	29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

blancaNOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2021 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund’s accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

144

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended September 30, 2021 and 2020, are as follows:

	2021		2020
Series 26	$	1,466	$	4,282
Series 29		2,788		6,651
Series 32		1,636		15,132
Series 33		1,734		9,777
Series 34		4,623		6,727
Series 41		20,094		27,857
Series 42		4,050		19,260
Series 43		—		19,371
Series 44		12,399		30,315
Series 45		21,603		38,900
Series 46		41,178		46,333
	$	111,571	$	224,605

The fund management fees paid for the six months ended September 30, 2021 and 2020 are as follows:

	2021		2020
Series 26	$	5,864	$	4,282
Series 29		27,499		—
Series 32		8,938		—
Series 33		9,326		9,777
Series 41		33,600		—
Series 42		—		19,259
Series 43		—		21,348
Series 44		411,888		—
Series 45		444,041		507,673
Series 46		331,796		—
	$	1,272,952	$	562,339

145

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2021 and 2020, the Fund has limited partnership interests in 21 and 55 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2021 and 2020 are as follows:

	2021	2020
Series 20	—	—
Series 21	—	—
Series 22	—	—
Series 23	—	—
Series 24	—	—
Series 25	—	—
Series 26	—	3
Series 27	—	—
Series 28	—	—
Series 29	1	4
Series 30	—	—
Series 31	—	—
Series 32	—	3
Series 33	—	2
Series 34	1	2
Series 35	—	—
Series 36	—	—
Series 37	—	—
Series 38	—	—
Series 39	—	—
Series 40	—	—
Series 41	2	7
Series 42	2	6
Series 43	—	3
Series 44	1	3
Series 45	6	11
Series 46	8	11
	21	55

Under the terms of the Fund’s investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at September 30, 2021 and 2020, are as follows:

	2021		2020
Series 29	$	785	$	785
Series 42		—		254
	$	785	$	1,039

146

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the six months ended September 30, 2021 the Fund disposed of twelve Operating Partnerships. A summary of the dispositions by series for September 30, 2021 is as follows:

	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 26	1	—	$	20,845	$	20,845
Series 29	1	—		29,999		29,999
Series 32	1	—		23,823		23,823
Series 33	1	—		23,823		23,823
Series 42	—	—		94,182		94,182
Series 44	—	1		815,747		815,747
Series 45	4	1		451,745		451,745
Series 46	1	1		332,367		332,367
Total	9	3	$	1,792,531	$	1,792,531

During the six months ended September 30, 2020 the Fund disposed of thirteen Operating Partnerships. A summary of the dispositions by Series for September 30, 2020 is as follows:

	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 29	1	—	$	9,500	$	9,500
Series 41	1	—		46,500		46,500
Series 43	8	—		106,800		106,800
Series 45	1	1		199,692		199,692
Series 46	1	—		68,500		68,500
Total	12	1	$	430,992	$	430,992

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

147

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund’s fiscal year ends March 31st for each year, while all the Operating Partnerships’ fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership’s quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2021.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

	2021		2020
Revenues
Rental	$	5,723,174	$	10,846,001
Interest and other		109,126		247,297
		5,832,300		11,093,298
Expenses
Interest		1,059,698		1,972,450
Depreciation and amortization		1,110,830		2,456,942
Operating expenses		3,621,179		7,446,917
		5,791,707		11,876,309
NET INCOME (LOSS)	$	40,593	$	(783,011)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	40,188	$	(775,180)
Net income (loss) allocated to other Partners	$	405	$	(7,831)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

148

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 20

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

149

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 21

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

150

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 22

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

151

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 23

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

152

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 24

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

153

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 25

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

154

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 26

	2021		2020
Revenues
Rental	$	—	$	217,139
Interest and other		—		2,449
		—		219,588
Expenses
Interest		—		27,332
Depreciation and amortization		—		55,156
Operating expenses		—		222,991
		—		305,479
NET INCOME (LOSS)	$	—	$	(85,891)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(85,032)
Net income (loss) allocated to other Partners	$	—	$	(859)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

155

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 27

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

156

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 28

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

157

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 29

	2021		2020
Revenues
Rental	$	155,232	$	417,945
Interest and other		—		12,890
		155,232		430,835
Expenses
Interest		13,356		67,252
Depreciation and amortization		20,468		74,363
Operating expenses		157,903		369,978
		191,727		511,593
NET INCOME (LOSS)	$	(36,495)	$	(80,758)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(36,130)	$	(79,950)
Net income (loss) allocated to other Partners	$	(365)	$	(808)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

158

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 30

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

159

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 31

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

160

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 32

	2021		2020
Revenues
Rental	$	—	$	585,243
Interest and other		—		9,746
		—		594,989
Expenses
Interest		—		88,374
Depreciation and amortization		—		174,189
Operating expenses		—		501,400
		—		763,963
NET INCOME (LOSS)	$	—	$	(168,974)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(167,284)
Net income (loss) allocated to other Partners	$	—	$	(1,690)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

161

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 33

	2021		2020
Revenues
Rental	$	—	$	448,911
Interest and other		—		15,830
		—		464,741
Expenses
Interest		—		74,656
Depreciation and amortization		—		96,068
Operating expenses		—		345,562
		—		516,286
NET INCOME (LOSS)	$	—	$	(51,545)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(51,030)
Net income (loss) allocated to other Partners	$	—	$	(515)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

162

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 34

	2021		2020
Revenues
Rental	$	285,820	$	326,724
Interest and other		11,120		11,341
		296,940		338,065
Expenses
Interest		43,352		49,965
Depreciation and amortization		42,639		76,498
Operating expenses		181,419		280,893
		267,410		407,356
NET INCOME (LOSS)	$	29,530	$	(69,291)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	29,235	$	(68,598)
Net income (loss) allocated to other Partners	$	295	$	(693)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

163

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 35

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

164

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 36

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

165

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 37

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

166

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 38

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

167

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 39

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

168

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 40

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

169

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 41

	2021		2020
Revenues
Rental	$	1,223,203	$	1,524,961
Interest and other		20,842		38,570
		1,244,045		1,563,531
Expenses
Interest		222,686		275,662
Depreciation and amortization		190,398		280,652
Operating expenses		776,052		1,014,090
		1,189,136		1,570,404
NET INCOME (LOSS)	$	54,909	$	(6,873)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	54,360	$	(6,804)
Net income (loss) allocated to other Partners	$	549	$	(69)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

170

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 42

	2021		2020
Revenues
Rental	$	239,498	$	964,900
Interest and other		4,046		44,353
		243,544		1,009,253
Expenses
Interest		36,265		187,840
Depreciation and amortization		59,093		244,575
Operating expenses		154,721		781,356
		250,079		1,213,771
NET INCOME (LOSS)	$	(6,535)	$	(204,518)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(6,470)	$	(202,473)
Net income (loss) allocated to other Partners	$	(65)	$	(2,045)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

171

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 43

	2021		2020
Revenues
Rental	$	—	$	430,480
Interest and other		—		13,457
		—		443,937
Expenses
Interest		—		31,491
Depreciation and amortization		—		170,133
Operating expenses		—		396,077
		—		597,701
NET INCOME (LOSS)	$	—	$	(153,764)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(152,226)
Net income (loss) allocated to other Partners	$	—	$	(1,538)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

172

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 44

	2021		2020
Revenues
Rental	$	524,132	$	1,817,906
Interest and other		2,860		20,511
		526,992		1,838,417
Expenses
Interest		106,491		435,314
Depreciation and amortization		110,470		339,618
Operating expenses		253,811		786,743
		470,772		1,561,675
NET INCOME (LOSS)	$	56,220	$	276,742
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	55,658	$	273,975
Net income (loss) allocated to other Partners	$	562	$	2,767

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

173

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 45

	2021		2020
Revenues
Rental	$	1,245,563	$	1,786,650
Interest and other		12,857		24,785
		1,258,420		1,811,435
Expenses
Interest		202,722		270,649
Depreciation and amortization		298,100		447,266
Operating expenses		872,657		1,302,011
		1,373,479		2,019,926
NET INCOME (LOSS)	$	(115,059)	$	(208,491)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(113,908)	$	(206,406)
Net income (loss) allocated to other Partners	$	(1,151)	$	(2,085)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

174

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 46

	2021		2020
Revenues
Rental	$	2,049,726	$	2,325,142
Interest and other		57,401		53,365
		2,107,127		2,378,507
Expenses
Interest		434,826		463,915
Depreciation and amortization		389,662		498,424
Operating expenses		1,224,616		1,445,816
		2,049,104		2,408,155
NET INCOME (LOSS)	$	58,023	$	(29,648)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	57,443	$	(29,352)
Net income (loss) allocated to other Partners	$	580	$	(296)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE E - TAXABLE LOSS

The Fund’s taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2016 remain open.

175

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

September 30, 2021

(Unaudited)

NOTE G – CONTINGENCY

The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Fund will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined.

NOTE H - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

The COVID-19 pandemic as described in Note G continues to be widespread globally and domestically in the United States. The Fund is not able to estimate the length or severity of the pandemic and its related financial impact to the Fund, if any.

176

Item 2.Management’s Discussions and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, 2021. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

BF Garden Tax Credit Fund IV L.P., a Delaware limited partnership formerly known as Boston Capital Tax Credit Fund IV L.P. (the “Fund”), was organized as of October 5, 1993 to invest as a limited partner in operating partnerships (the “Operating Partnerships”), each of which owns or leases and operates an apartment complex exclusively or partially for low- and moderate-income tenants. Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s General Partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Liquidity

The Fund’s primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid for the six months ended September 30, 2021 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves. These sources of liquidity, along with the Fund’s working capital reserve, are available to meet the obligations of the Partnership. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, 2021 were $111,571 and total fund management fees accrued as of September 30, 2021 were $11,628,116. During the six months ended September 30, 2021, $1,272,952 of the accrued fund management fees were paid. Pursuant to the Fund’s partnership agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund’s working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

177

Capital Resources

The Fund offered beneficial assignee certificates (“BACs”) in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,980,998 BACs from investors admitted as BAC holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of September 30, 2021.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970.

Series 20 has since sold its interest in all 24 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in all 14 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

Series 22

The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in all 29 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 22 had released all payments of its capital contributions to the Operating Partnerships.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in all 22 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

178

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in all 24 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in all 22 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 25 had released all payments of its capital contributions to the Operating Partnerships.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in all 45 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 26 had released all payments of its capital contributions to the Operating Partnerships.

Series 27

The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574. Series 27 has since sold its interest in all 16 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 27 had released all payments of its capital contributions to the Operating Partnerships.

Series 28

The Fund commenced offering BACs in Series 28 on September 30, 1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983. Series 28 has since sold its interest in all 26 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 28 had released all payments of its capital contributions to the Operating Partnerships.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in 21 of the Operating Partnerships and 1 remains.

During the quarter ended September 30, 2021, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 1 Operating Partnership in the amount of $785 as of September 30, 2021. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

179

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since sold its interest in all 20 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 30 had released all payments of its capital contributions to the Operating Partnerships.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since sold its interest in all 27 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 31 had released all payments of its capital contributions to the Operating Partnerships.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in all 17 of the Operating Partnerships and membership interests.

Prior to the quarter ended September 30, 2021, Series 32 had released all payments of its capital contributions to the Operating Partnerships.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100. Series 33 has since sold its interest in all 10 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 33 had released all payments of its capital contributions to the Operating Partnerships.

Series 34

The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978. Series 34 has since sold its interest in 13 of the Operating Partnerships and 1 remains.

Prior to the quarter ended September 30, 2021, Series 34 had released all payments of its capital contributions to the Operating Partnerships.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391. Series 35 has since sold its interest in all 11 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

180

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041. Series 36 has since sold its interest in all 11 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142. Series 37 has since sold its interest in all 7 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 37 had released all payments of its capital contributions to the Operating Partnerships.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. Series 38 has since sold its interest in all 10 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 38 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492. Series 39 has since sold its interest in all 9 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 39 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,030,772. Series 40 has since sold its interest in all 16 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 40 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. Series 41 has since sold its interest in 21 of the Operating Partnerships and 2 remain.

Prior to the quarter ended September 30, 2021, Series 41 had released all payments of its capital contributions to the Operating Partnerships.

181

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in 21 of the Operating Partnerships and 2 remain.

During the quarter ended September 30, 2021, Series 42 applied $254 of contributions payable to a prior year disposition, and has now released all payments of its capital contributions to the Operating Partnerships.

Series 43

The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in September 30, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. Series 43 has since sold its interest in all 23 of the Operating Partnerships.

Prior to the quarter ended September 30, 2021, Series 43 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. Series 44 has since sold its interest in 9 of the Operating Partnerships and 1 remains.

Prior to the quarter ended September 30, 2021, Series 44 had released all payments of its capital contributions to the Operating Partnerships.

Series 45

The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. Series 45 has since sold its interest in 25 of the Operating Partnerships and 6 remain.

Prior to the quarter ended September 30, 2021, Series 45 had released all payments of its capital contributions to the Operating Partnerships.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. Series 46 has since sold its interest in 7 of the Operating Partnerships and 8 remain.

Prior to the quarter ended September 30, 2021, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

182

Results of Operations

As of September 30, 2021 and 2020, the Fund held limited partnership interests in 21 and 55 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial 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 as “Qualified Occupancy.” Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, formerly an affiliate of the Fund’s general partner. As part of the sale disclosed in Note A, the fund management fee is now with BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the Fund’s general partner, in an annual fund management fee of.5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, 2021 are as follows:

					3 Months
	3 Months		3 Months		Fund Management Fee Net
	Gross Fund		Asset Management and		of Asset Management and
	Management Fee		Reporting Fee		Reporting Fee
Series 20	$	—	$	—	$	—
Series 21		—		—		—
Series 22		—		—		—
Series 23		—		—		—
Series 24		—		—		—
Series 25		—		—		—
Series 26		1,466		—		1,466
Series 27		—		—		—
Series 28		—		—		—
Series 29		2,788		3,000		(212)
Series 30		—		—		—
Series 31		—		—		—
Series 32		1,636		—		1,636
Series 33		1,734		—		1,734
Series 34		4,623		3,000		1,623
Series 35		—		—		—
Series 36		—		—		—
Series 37		—		—		—
Series 38		—		—		—
Series 39		—		—		—
Series 40		—		—		—
Series 41		20,094		—		20,094
Series 42		4,050		—		4,050
Series 43		—		—		—
Series 44		12,399		5,257		7,142
Series 45		21,603		21,093		510
Series 46		41,178		6,800		34,378
	$	111,571	$	39,150	$	72,421

183

					6 Months
	6 Months		6 Months		Fund Management Fee Net
	Gross Fund		Asset Management and		of Asset Management and
	Management Fee		Reporting Fee		Reporting Fee
Series 20	$	—	$	—	$	—
Series 21		—		—		—
Series 22		—		—		—
Series 23		—		—		—
Series 24		—		—		—
Series 25		—		—		—
Series 26		3,665		—		3,665
Series 27		—		—		—
Series 28		—		—		—
Series 29		6,406		4,319		2,087
Series 30		—		—		—
Series 31		—		—		—
Series 32		4,091		—		4,091
Series 33		4,334		—		4,334
Series 34		9,246		3,000		6,246
Series 35		—		—		—
Series 36		—		—		—
Series 37		—		—		—
Series 38		—		—		—
Series 39		—		—		—
Series 40		—		—		—
Series 41		40,188		—		40,188
Series 42		8,100		2,500		5,600
Series 43		—		—		—
Series 44		24,798		5,257		19,541
Series 45		50,316		22,497		27,819
Series 46		85,854		13,212		72,642
	$	236,998	$	50,785	$	186,213

The Fund’s investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund’s investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 20

The series did not have any properties as of September 30, 2021 and 2020.

Series 21

The series did not have any properties as of September 30, 2021 and 2020.

Series 22

The series did not have any properties as of September 30, 2021 and 2020.

Series 23

The series did not have any properties as of September 30, 2021 and 2020.

184

Series 24

The series did not have any properties as of September 30, 2021 and 2020.

Series 25

The series did not have any properties as of September 30, 2021 and 2020.

Series 26

As of September 30, 2020, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2021.

For the six month periods ended September 30, 2021 and 2020, Series 26 reflects a net loss from Operating Partnerships of $(-) and $(85,891), respectively, which includes depreciation and amortization of $- and $55,156, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2020, the investment general partner transferred its interest in New Devonshire II, L.P., with cash proceeds to the investment partnership of $11,200. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of December 31, 2020.

In December 2020, the investment general partner transferred its interest in New Devonshire West, L.P., with cash proceeds to the investment partnership of $7,600. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of December 31, 2020.

In August 2021, the investment general partner transferred its interest in Brookhaven Apartments Partnership, A Louisiana Partners, with cash proceeds to the investment partnership of $20,845. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of September 30, 2021.

Series 27

The series did not have any properties as of September 30, 2021 and 2020.

Series 28

The series did not have any properties as of September 30, 2021 and 2020.

Series 29

As of September 30, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at September 30, 2021, which was at 100% Qualified Occupancy.

For the six month periods ended September 30, 2021 and 2020, Series 29 reflects a net loss from Operating Partnerships of $(36,495) and $(80,758), respectively, which includes depreciation and amortization of $20,468 and $74,363, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In April 2020, the investment general partner transferred its interest in Poplarville Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $356,220 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,500 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,500 as of September 30, 2020.

185

In October 2020, the investment general partner transferred its interest in Ozark Associates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $396,535 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $3,000 was for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,000 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $13,000 as of December 31, 2020.

In October 2020, the investment general partner of transferred its interest Westfield Apartments Partnership, A LA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $919,015 and cash proceeds to the investment partnership of $30,000 of the total proceeds received, $8,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,000 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of December 31, 2020.

In August 2021, the investment general partner transferred its interest in Palmetto Place Apartments Partnership, A LA Partnership, with cash proceeds to the investment partnership of $29,999. These proceeds were returned to cash reserves held by Series 29 and recorded as a gain on transfer as of September 30, 2021.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnerships has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Lincoln Hotel Partnership, A California Limited Partnership

Series 30

The series did not have any properties as of September 30, 2021 and 2020.

Series 31

The series did not have any properties as of September 30, 2021 and 2020.

Series 32

As of September 30, 2020, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2021.

For the six month periods ended September 30, 2021 and 2020, Series 32 reflects a net loss from Operating Partnerships of $(-) and $(168,974), respectively, which includes depreciation and amortization of $- and $174,189, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2020, the investment general partner transferred its interest in Parkside Plaza LLP, with cash proceeds to the investment partnership of $79,208 and $792, for Series 32 and Series 43, respectively. These proceeds were returned to cash reserves held by Series 32 and Series 43 and recorded as a gain on transfer as of December 31, 2020.

In January 2021, the investment general partner sold its interest in Kiest Townhomes, L.P., with cash proceeds to the investment partnership of $2,530,007 and $2,530,007, for Series 32 and Series 33, respectively. Of the total proceeds received by the investment partnership, $37,987 and $37,987, for Series 32 and Series 33, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $2,492,020 and $2,492,020, for Series 32 and Series 33, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.

186

In August 2021, the investment general partner transferred its interest in Pecan Manor Apartments Partnership, A Louisiana Partnership in Commendam, with cash proceeds to the investment partnership of $23,823. These proceeds were returned to cash reserves held by Series 32 and recorded as a gain on transfer as of September 30, 2021.

Series 33

As of September 30, 2020, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2021.

For the six month periods ended September 30, 2021 and 2020, Series 33 reflects a net loss from Operating Partnerships of $(-) and $(51,545), respectively, which includes depreciation and amortization of $- and $96,068, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2021, the investment general partner sold its interest in Kiest Townhomes, L.P., with cash proceeds to the investment partnership of $2,530,007 and $2,530,007, for Series 32 and Series 33, respectively. Of the total proceeds received by the investment partnership, $37,987 and $37,987, for Series 32 and Series 33, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $2,492,020 and $2,492,020, for Series 32 and Series 33, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.

In August 2021, the investment general partner transferred its interest in Forest Park Apartments Partnership, A Louisiana Partnership in Commendam, with cash proceeds to the investment partnership of $23,823. These proceeds were returned to cash reserves held by Series 33 and recorded as a gain on transfer as of September 30, 2021.

Series 34

As of September 30, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at September 30, 2021, which was at 100% Qualified Occupancy.

For the six month periods ended September 30, 2021 and 2020, Series 34 reflects a net income (loss) from the Operating Partnerships of $29,530 and $(69,291), respectively, which includes depreciation and amortization of $42,639 and $76,498, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2020, the investment general partner transferred its interest in Montour Falls Village Limited Partnership, with cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership, and $2,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,800 were returned to cash reserves held by Series 34. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $20,800 as of December 31, 2020.

Series 35

The series did not have any properties as of September 30, 2021 and 2020.

Series 36

The series did not have any properties as of September 30, 2021 and 2020.

Series 37

The series did not have any properties as of September 30, 2021 and 2020.

Series 38

The series did not have any properties as of September 30, 2021 and 2020.

187

Series 39

The series did not have any properties as of September 30, 2021 and 2020.

Series 40

The series did not have any properties as of September 30, 2021 and 2020.

Series 41

As of September 30, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at September 30, 2021, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2021 and 2020, Series 41 reflects a net income (loss) from Operating Partnerships of $54,909 and $(6,873), respectively, which includes depreciation and amortization of $190,398 and $280,652, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In August 2020, the investment general partner transferred its interest in Cranberry Cove Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $895,911 and cash proceeds to the investment partnership of $49,000. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $46,500 were returned to cash reserves held by Series 41. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $46,500 as of September 30, 2020.

In December 2020, the investment general partner transferred its interest in Cedar Grove Apartments, Phase I Limited Partnership, with cash proceeds to the investment partnership of $18,000. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of December 31, 2020.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Fulton Limited Partnership, with cash proceeds to the investment partnership of $8,400. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Mendota Limited Partnership, with cash proceeds to the investment partnership of $12,600. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Mt. Carroll Limited Partnership, with cash proceeds to the investment partnership of $6,300. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.

In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Franklin Grove Limited Partnership, with cash proceeds to the investment partnership of $6,300. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnerships has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Marwood Senior Associates, LLC

Series 42

As of September 30, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at September 30, 2021, all of which were at 100% Qualified Occupancy.

188

For the six month periods ended September 30, 2021 and 2020, Series 42 reflects a net loss from Operating Partnerships of $(6,535) and $(204,518), respectively, which includes depreciation and amortization of $59,093 and $244,575, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In July 2020, the operating general partner of Lynnelle Landing Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2020. The sales price of the property was $1,650,000, which included the outstanding mortgage balance of approximately $1,014,143 and cash proceeds to the investment partnership of $130,000. Of the total proceeds received by the investment partnership, $5,000 was paid for expenses related to the sale, which include third party legal costs. In addition $11,300 was applied to advances outstanding. The remaining proceeds from the sale of $113,700 will be returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $113,700 as of December 31, 2020. In September 2021, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $94,182 which was returned to the cash reserves.

In October 2020, the investment general partner transferred its interest Wingfield Apartments Partnership II, A LA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $112,922 and cash proceeds to the investment partnership of $31,500 of the total proceeds received, $6,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $25,000 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $25,000 as of December 31, 2020

In November 2020, the investment general partner transferred its interest in Strawberry Lane, LLC, with cash proceeds to the investment partnership of $70,000. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $67,500 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $67,500 as of December 31, 2020. In addition, equity outstanding for the Operating Partnership in the amount of $254 for Series 42 was recorded as gain on the sale of the Operating Partnership as of December 31, 2020.

In November 2020, the investment general partner transferred its interest in Parkhurst Place Limited Partnership, with cash proceeds to the investment partnership of $525,000. Of the total proceeds received, $9,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $516,000 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $516,000 as of December 31, 2020.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Marwood Senior Associates, LLC

Series 43

As of September 30, 2020, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2021.

For the six month periods ended September 30, 2021 and 2020, Series 43 reflects a net loss from Operating Partnerships of $(-) and $(153,764), respectively, which includes depreciation and amortization of $- and $170,133, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

189

In March 2019, the operating general partner of Alexander Mills, LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 31, 2019. The sales price of the property was $21,216,275, which included the outstanding mortgage balance of approximately $11,408,365 and cash proceeds to the investment partnerships of $1,065,532 and $1,302,317 for Series 43 and Series 44, respectively. Of the total proceeds received by the investment partnerships, $4,950 and $6,050 for Series 43 and Series 44, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $21,924 and $26,795 for Series 43 and Series 44, respectively, which was returned to the cash reserves. In December 2020, the investment partnership incurred an additional fee in the amount of $67,957 and $83,058 for Series 43 and Series 44, respectively, which was paid from the cash reserves.

In September 2020, the investment general partner transferred its interest in Pyramid Seven Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,200,885 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,000 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in Charlevoix Apartments LDHA, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,013,428 and cash proceeds to the investment partnership of $8,000. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,500 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $5,500 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in Cloverlane Apartments – Lakeview Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $61,559 and cash proceeds to the investment partnership of $70,800. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $68,300 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $68,300 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in Lakewood Apartments – Saranac Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $684,395 and cash proceeds to the investment partnership of $4,800. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,300 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,300 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in Parkside Apartments – Coleman LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $357,178 and cash proceeds to the investment partnership of $8,000. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,500 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $5,500 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in Riverview Apartments – Blissfield LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $515,806 and cash proceeds to the investment partnership of $6,400 of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,900 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of September 30, 2020.

190

In September 2020, the investment general partner transferred its interest in Strawberry Lake Apartments – Norway LDHA LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $652,289 and cash proceeds to the investment partnership of $6,400. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,900 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of September 30, 2020.

In September 2020, the investment general partner transferred its interest in New Chester Townhouses II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $630,455 and cash proceeds to the investment partnership of $13,650. Of the total proceeds received, $4,375 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $875 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $8,400 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $8,400 as of September 30, 2020.

In November 2020, the investment general partner transferred its interest in Stottville Limited Partnership, with cash proceeds to the investment partnership of $28,000. Of the total proceeds received, $2,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $26,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $26,000 as of December 31, 2020.

In November 2020, the investment general partner transferred its interest in Lyceum Housing Limited Partnership, with cash proceeds to the investment partnership of $130,000. Of the total proceeds received, $9,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $121,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $121,000 as of December 31, 2020.

In December 2020, the investment general partner transferred its interest in Parkside Plaza LLP, with cash proceeds to the investment partnership of $79,208 and $792, for Series 32 and Series 43, respectively. These proceeds were returned to cash reserves held by Series 32 and Series 43 and recorded as a gain on transfer as of December 31, 2020.

Series 44

As of September 30, 2021 and 2020, the average Qualified Occupancy was 100%. The series had a total of 1 property at September 30, 2021, which was at 100% Qualified Occupancy.

For the six month periods ended September 30, 2021 and 2020, Series 44 reflects a net income from Operating Partnerships of $56,220 and $276,742, respectively, which includes depreciation and amortization of $110,470 and $339,618, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2019, the operating general partner of Alexander Mills, LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 31, 2019. The sales price of the property was $21,216,275, which included the outstanding mortgage balance of approximately $11,408,365 and cash proceeds to the investment partnerships of $1,065,532 and $1,302,317 for Series 43 and Series 44, respectively. Of the total proceeds received by the investment partnerships, $4,950 and $6,050 for Series 43 and Series 44, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $21,924 and $26,795 for Series 43 and Series 44, respectively, which was returned to the cash reserves. In December 2020, the investment partnership incurred an additional fee in the amount of $67,957 and $83,058 for Series 43 and Series 44, respectively, which was used from the cash reserves.

191

In March 2021, the investment general partner of Series 44 and BF Garden Tax Credit Fund V - Series 49 transferred their respective interest in Post Oak East Apartments, L.P., with cash proceeds to the investment partnership of $715,894 and $210,826, for Series 44 and Series 49, respectively. Of the total proceeds received by the investment partnership, $20,664 and $6,082, for Series 44 and Series 49, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $695,230 and $204,744, for Series 44 and Series 49, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.

In September 2021, the investment general partner sold its interest in North Forty Aspen Plus, L.P., with cash proceeds to the investment partnership of $815,747. These proceeds were returned to cash reserves held by Series 44 and recorded as a gain on sale as of September 30, 2021.

Series 45

As of September 30, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at September 30, 2021, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2021 and 2020, Series 45 reflects a net loss from Operating Partnerships of $(115,059) and $(208,491), respectively, which includes depreciation and amortization of $298,100 and $447,266, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2020, the operating general partner of Ridge Crest Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 3, 2020. The sales price of the property was $4,000,000, which included the outstanding mortgage balance of approximately $2,878,985. Cash proceeds from the sale resulted in a total cash payment to the investment partnership of $210,224. Of the total proceeds received by the investment partnership, $22,432 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $3,000 was paid for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $184,792 will be returned to cash reserves held by Series 45. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $184,792 as of September 30, 2020. In January 2021, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $15,025 which was returned to the cash reserves.

In September 2020, the investment general partner transferred its interest Mill Race Apartments - Plainwell Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $726,236 and cash proceeds to the investment partnership of $17,400 of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,900 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,900 as of September 30, 2020.

In June 2021, the investment general partner of Series 45 and BF Garden Tax Credit Fund V - Series 47 transferred their respective interest in Dawn Springs Villa LP, with cash proceeds to the investment partnership of $22,749 and $12,249, for Series 45 and Series 47, respectively. These proceeds of $22,749 and $12,249, for Series 45 and Series 47, respectively, were returned to cash reserves and recorded as a gain on transfer as of June 30, 2021.

In June 2021, the investment general partner transferred its interest in London Village, Limited, with cash proceeds to the investment partnership of $173,991. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of June 30, 2021.

In June 2021, the investment general partner transferred its interest in Heritage Christian Home III, LP, with cash proceeds to the investment partnership of $14,400. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of June 30, 2021.

In September 2021, the investment general partner transferred its interest in Childress Apartments, LTD., with cash proceeds to the investment partnership of $39,999. These proceeds were returned to cash reserves held by Series 45 and recorded as a gain on transfer as of September 30, 2021.

192

In September 2021, the investment general partner of Series 45 and Series 46 sold their respective interest in Bartlett Bayou, L.P., with cash proceeds to the investment partnership of $200,606 and $59,381, for Series 45 and Series 46, respectively. These proceeds of $200,606 and $59,381, for Series 45 and Series 46, respectively, were returned to cash reserves and recorded as a gain on sale as of September 30, 2021.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Harbet Avenue Limited Partnership

Series 46

As of September 30, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at September 30, 2021, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2021 and 2020, Series 46 reflects a net income (loss) from Operating Partnerships of $58,023 and $(29,648), respectively, which includes depreciation and amortization of $389,662 and $498,424, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2020, the investment general partner transferred its interest in Clayton Station, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $638,421 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $6,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $68,500 were returned to cash reserves held by Series 46. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $68,500 as of June 30, 2020.

In December 2020, the investment general partner transferred its interest in Wagoner Village Apartments, Limited Partnership, with cash proceeds to the investment partnership of $44,826. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of December 31, 2020.

In June 2021, the investment general partner transferred its interest in Sandy Hill, Limited, with cash proceeds to the investment partnership of $272,986. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of June 30, 2021.

In September 2021, the investment general partner of Series 45 and Series 46 sold their respective interest in Bartlett Bayou, L.P., with cash proceeds to the investment partnership of $200,606 and $59,381, for Series 45 and Series 46, respectively. These proceeds of $200,606 and $59,381, for Series 45 and Series 46, respectively, were returned to cash reserves and recorded as a gain on sale as of September 30, 2021.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Linden–Shawnee Partners, L.P.

Ocean East of Portland, LLC

Panola Housing, Ltd.

Jacksonville Square Apartments

193

Off Balance Sheet Arrangements

None.

Principal Accounting Policies

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (“VIE”) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3Quantitative and Qualitative Disclosures About Market Risk

Not Applicable

Item 4Controls and Procedures

(a)   Evaluation of Disclosure Controls and Procedures 

As of the end of the period covered by this report, the Fund’s general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Corporate Investment Holdings, Inc., carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund’s Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund’s disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to the Fund’s management, including the Fund’s Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.

(b)   Changes in Internal Controls

There were no changes in the Fund’s or any series’ internal controls over financial reporting that occurred during the quarter ended September 30, 2021 that materially affected, or are reasonably likely to materially affect, the Fund’s or any series’ internal controls over financial reporting.

194

(c)   Certifications

The Certifications of the Principal Executive Officer and Principal Financial Officer of the Fund required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as Exhibits 31.a, 31.b, 32.a and 32.b to this Quarterly Report on Form 10-Q, are applicable to each series individually and the Fund as a whole.

195

PART II - OTHER INFORMATION

Item 1.Legal Proceedings

None

Item 1A.Risk Factors

There have been no material changes from the risk factors set forth under Part I, Item 1A. “Risk Factors” in our Form 10-K for the fiscal year ended March 31, 2021.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.Defaults Upon Senior Securities

None

Item 4.Mine Safety Disclosures

Not Applicable

Item 5.Other Information

None

Item 6.Exhibits 

31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herewith

31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Accounting and Financial Officer, filed herewith

32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Gregory Voyentzie, Principal Executive Officer, filed herewith

32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Accounting and Financial Officer, filed herewith

101. The following materials from the BF Garden Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners’ Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herewith

104. Cover Page Interactive Data File (formatted in iXBRL and included in Exhibit 101).

196

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BF Garden Tax Credit Fund IV L.P.
	By:	BF Garden Associates IV L.P.,
		its General Partner
		By:	Corporate Investment Holdings, Inc.,
			its General Partner
Date: November 10, 2021			By:	/s/ Gregory Voyentzie
				Gregory Voyentzie
				President (Principal Executive Officer)

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:
November 10, 2021	/s/ Gregory Voyentzie	President (Principal Executive Officer),
	Gregory Voyentzie	Corporate Investment Holdings, Inc.
November 10, 2021	/s/ Marie Reynolds	Treasurer (Principal Accounting and Financial Officer),
	Marie Reynolds	Corporate Investment Holdings, Inc.

197

EX-31.A

Exhibit 31.a

I, Gregory Voyentzie, certify that:

1. I have reviewed this quarterly report on Form 10-Q of BF Garden Tax Credit Fund IV L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 10, 2021	/s/ Gregory Voyentzie
	Gregory Voyentzie
	Principal Executive Officer,
	BF Garden Associates IV L.P.

EX-31.B

Exhibit 31.b

I, Marie Reynolds, certify that:

1. I have reviewed this quarterly report on Form 10-Q of BF Garden Tax Credit Fund IV L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 10, 2021	/s/ Marie Reynolds
	Marie Reynolds
	Principal Accounting and
	Financial Officer, BF Garden
	Associates IV L.P.

EX-32.A

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of BF Garden Tax Credit Fund IV L.P. (the “Fund”) on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gregory Voyentzie, Principal Executive Officer of the Fund’s general partner, BF Garden Associates IV L.P., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1) The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
November 10, 2021	/s/ Gregory Voyentzie
	Gregory Voyentzie
	Principal Executive Officer, BF Garden
	Associates IV L.P.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.B

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of BF Garden Tax Credit Fund IV L.P. (the “Fund”) on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Marie Reynolds, Principal Financial Officer of the Fund’s general partner, BF Garden Associates IV L.P., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1) The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
November 10, 2021	/s/ Marie Reynolds
	Marie Reynolds
	Principal Accounting and Financial Officer,
	BF Garden Associates IV L.P.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document And Entity Information	6 Months Ended
	Sep. 30, 2021 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-26200
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3208648
Entity Address, Address Line One	101 Arch Street
Entity Address, Address Line Two	13th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	888
Local Phone Number	773-1487
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	BF GARDEN TAX CREDIT FUND IV L.P.
Title of 12(b) Security	None
No Trading Symbol Flag	true
Entity Central Index Key	0000913778
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true

XML

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Mar. 31, 2021
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	$ 0	$ 0
OTHER ASSETS
Cash and cash equivalents	11,174,704	10,819,585
Other assets	7,338	10,829
ASSETS	11,182,042	10,830,414
LIABILITIES
Accounts payable and accrued expenses	0	27
Accounts payable affiliates (Note C)	11,628,116	12,664,070
Capital contributions payable	785	785
LIABILITIES	11,628,901	12,664,882
PARTNERS' CAPITAL (DEFICIT)
Assignees	(77,147)	(1,450,880)
General Partner	(369,712)	(383,588)
PARTNERS' CAPITAL (DEFICIT)	(446,859)	(1,834,468)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	11,182,042	10,830,414
Series Twenty [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	(754,767)	(754,767)
General Partner	754,767	754,767
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Twenty One [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	(898,231)	(898,231)
General Partner	898,231	898,231
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Twenty Two [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	(2,448,362)	(2,448,362)
General Partner	2,448,362	2,448,362
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Twenty Three [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	(224,264)	(224,264)
General Partner	224,264	224,264
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Twenty Four [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	173,404	173,404
General Partner	(173,404)	(173,404)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Twenty Five [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	219,815	219,815
General Partner	(219,815)	(219,815)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Twenty Six [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	512,301	531,027
Other assets	0	75
ASSETS	512,301	531,102
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	2,199
Capital contributions payable	0	0
LIABILITIES	0	2,199
PARTNERS' CAPITAL (DEFICIT)
Assignees	825,520	841,956
General Partner	(313,219)	(313,053)
PARTNERS' CAPITAL (DEFICIT)	512,301	528,903
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	512,301	531,102
Series Twenty Seven [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	133,264	133,264
General Partner	(133,264)	(133,264)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Twenty Eight [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	275,140	275,140
General Partner	(275,140)	(275,140)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Twenty Nine [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	138,344	164,236
Other assets	2,525	2,148
ASSETS	140,869	166,384
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	3,106,534	3,127,627
Capital contributions payable	785	785
LIABILITIES	3,107,319	3,128,412
PARTNERS' CAPITAL (DEFICIT)
Assignees	(2,598,139)	(2,593,761)
General Partner	(368,311)	(368,267)
PARTNERS' CAPITAL (DEFICIT)	(2,966,450)	(2,962,028)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	140,869	166,384
Series Thirty [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	(883,119)	(883,119)
General Partner	883,119	883,119
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Thirty One [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	353,529	353,529
General Partner	(353,529)	(353,529)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Thirty Two [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	2,627,798	2,640,414
Other assets	0	74
ASSETS	2,627,798	2,640,488
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	4,847
Capital contributions payable	0	0
LIABILITIES	0	4,847
PARTNERS' CAPITAL (DEFICIT)
Assignees	3,007,884	3,015,649
General Partner	(380,086)	(380,008)
PARTNERS' CAPITAL (DEFICIT)	2,627,798	2,635,641
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	2,627,798	2,640,488
Series Thirty Three [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	3,036,157	3,040,636
Other assets	0	74
ASSETS	3,036,157	3,040,710
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	4,992
Capital contributions payable	0	0
LIABILITIES	0	4,992
PARTNERS' CAPITAL (DEFICIT)
Assignees	3,231,576	3,231,141
General Partner	(195,419)	(195,423)
PARTNERS' CAPITAL (DEFICIT)	3,036,157	3,035,718
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	3,036,157	3,040,710
Series Thirty Four [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	108,959	129,067
Other assets	25	74
ASSETS	108,984	129,141
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	2,479,022	2,469,776
Capital contributions payable	0	0
LIABILITIES	2,479,022	2,469,776
PARTNERS' CAPITAL (DEFICIT)
Assignees	(2,045,948)	(2,016,839)
General Partner	(324,090)	(323,796)
PARTNERS' CAPITAL (DEFICIT)	(2,370,038)	(2,340,635)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	108,984	129,141
Series Thirty Five [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	223,088	223,088
General Partner	(223,088)	(223,088)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Thirty Six [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	148,221	148,221
General Partner	(148,221)	(148,221)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Thirty Seven [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	205,359	205,359
General Partner	(205,359)	(205,359)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Thirty Eight [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	188,889	188,889
General Partner	(188,889)	(188,889)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Thirty Nine [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	196,043	196,043
General Partner	(196,043)	(196,043)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Forty [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	216,900	216,900
General Partner	(216,900)	(216,900)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Forty One [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	347,749	408,743
Other assets	48	437
ASSETS	347,797	409,180
LIABILITIES
Accounts payable and accrued expenses	0	1
Accounts payable affiliates (Note C)	2,697,433	2,690,845
Capital contributions payable	0	0
LIABILITIES	2,697,433	2,690,846
PARTNERS' CAPITAL (DEFICIT)
Assignees	(2,076,971)	(2,009,681)
General Partner	(272,665)	(271,985)
PARTNERS' CAPITAL (DEFICIT)	(2,349,636)	(2,281,666)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	347,797	409,180
Series Forty Two [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	2,392,889	2,318,856
Other assets	528	82
ASSETS	2,393,417	2,318,938
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	44,836	36,736
Capital contributions payable	0	0
LIABILITIES	44,836	36,736
PARTNERS' CAPITAL (DEFICIT)
Assignees	2,566,032	2,500,317
General Partner	(217,451)	(218,115)
PARTNERS' CAPITAL (DEFICIT)	2,348,581	2,282,202
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	2,393,417	2,318,938
Series Forty Three [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	0	0
Other assets	0	0
ASSETS	0	0
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	0	0
Capital contributions payable	0	0
LIABILITIES	0	0
PARTNERS' CAPITAL (DEFICIT)
Assignees	306,854	306,854
General Partner	(306,854)	(306,854)
PARTNERS' CAPITAL (DEFICIT)	0	0
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	0	0
Series Forty Four [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	1,253,259	842,738
Other assets	50	205
ASSETS	1,253,309	842,943
LIABILITIES
Accounts payable and accrued expenses	0	26
Accounts payable affiliates (Note C)	12,399	399,489
Capital contributions payable	0	0
LIABILITIES	12,399	399,515
PARTNERS' CAPITAL (DEFICIT)
Assignees	1,465,949	676,442
General Partner	(225,039)	(233,014)
PARTNERS' CAPITAL (DEFICIT)	1,240,910	443,428
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	1,253,309	842,943
Series Forty Five [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	315,906	294,663
Other assets	170	2,627
ASSETS	316,076	297,290
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	1,350,948	1,744,673
Capital contributions payable	0	0
LIABILITIES	1,350,948	1,744,673
PARTNERS' CAPITAL (DEFICIT)
Assignees	(670,861)	(1,079,247)
General Partner	(364,011)	(368,136)
PARTNERS' CAPITAL (DEFICIT)	(1,034,872)	(1,447,383)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	316,076	297,290
Series Forty Six [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS	0	0
OTHER ASSETS
Cash and cash equivalents	441,342	449,205
Other assets	3,992	5,033
ASSETS	445,334	454,238
LIABILITIES
Accounts payable and accrued expenses	0	0
Accounts payable affiliates (Note C)	1,936,944	2,182,886
Capital contributions payable	0	0
LIABILITIES	1,936,944	2,182,886
PARTNERS' CAPITAL (DEFICIT)
Assignees	(1,213,952)	(1,448,620)
General Partner	(277,658)	(280,028)
PARTNERS' CAPITAL (DEFICIT)	(1,491,610)	(1,728,648)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)	$ 445,334	$ 454,238

XML

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Mar. 31, 2021
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	83,651,080	83,651,080
Units of limited partnership interest, outstanding	82,874,653	82,874,653
Series Twenty [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	3,866,700	3,866,700
Units of limited partnership interest, outstanding	3,828,200	3,828,200
Series Twenty One [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	1,892,700	1,892,700
Units of limited partnership interest, outstanding	1,879,500	1,879,500
Series Twenty Two [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,564,400	2,564,400
Units of limited partnership interest, outstanding	2,550,145	2,550,145
Series Twenty Three [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	3,336,727	3,336,727
Units of limited partnership interest, outstanding	3,303,327	3,303,327
Series Twenty Four [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,169,878	2,169,878
Units of limited partnership interest, outstanding	2,150,053	2,150,053
Series Twenty Five [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	3,026,109	3,026,109
Units of limited partnership interest, outstanding	3,016,809	3,016,809
Series Twenty Six [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	3,995,900	3,995,900
Units of limited partnership interest, outstanding	3,926,374	3,926,374
Series Twenty Seven [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,460,700	2,460,700
Units of limited partnership interest, outstanding	2,431,350	2,431,350
Series Twenty Eight [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	4,000,738	4,000,738
Units of limited partnership interest, outstanding	3,979,139	3,979,139
Series Twenty Nine [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	3,991,800	3,991,800
Units of limited partnership interest, outstanding	3,911,725	3,911,725
Series Thirty [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,651,000	2,651,000
Units of limited partnership interest, outstanding	2,621,200	2,621,200
Series Thirty One [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	4,417,857	4,417,857
Units of limited partnership interest, outstanding	4,375,757	4,375,757
Series Thirty Two [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	4,754,198	4,754,198
Units of limited partnership interest, outstanding	4,706,298	4,706,298
Series Thirty Three [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,636,533	2,636,533
Units of limited partnership interest, outstanding	2,605,833	2,605,833
Series Thirty Four [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	3,529,319	3,529,319
Units of limited partnership interest, outstanding	3,474,319	3,474,319
Series Thirty Five [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	3,300,463	3,300,463
Units of limited partnership interest, outstanding	3,277,913	3,277,913
Series Thirty Six [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,106,838	2,106,838
Units of limited partnership interest, outstanding	2,083,704	2,083,704
Series Thirty Seven [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,512,500	2,512,500
Units of limited partnership interest, outstanding	2,489,100	2,489,100
Series Thirty Eight [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,543,100	2,543,100
Units of limited partnership interest, outstanding	2,536,200	2,536,200
Series Thirty Nine [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,292,151	2,292,151
Units of limited partnership interest, outstanding	2,288,351	2,288,351
Series Forty [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,630,256	2,630,256
Units of limited partnership interest, outstanding	2,611,356	2,611,356
Series Forty One [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,891,626	2,891,626
Units of limited partnership interest, outstanding	2,865,176	2,865,176
Series Forty Two [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,744,262	2,744,262
Units of limited partnership interest, outstanding	2,706,362	2,706,362
Series Forty Three [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	3,637,987	3,637,987
Units of limited partnership interest, outstanding	3,617,987	3,617,987
Series Forty Four [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,701,973	2,701,973
Units of limited partnership interest, outstanding	2,682,873	2,682,873
Series Forty Five [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	4,014,367	4,014,367
Units of limited partnership interest, outstanding	3,989,967	3,989,967
Series Forty Six [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	101,500,000	101,500,000
Units of limited partnership interest, issued	2,980,998	2,980,998
Units of limited partnership interest, outstanding	2,965,635	2,965,635

XML

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income
Interest income	$ 2,661	$ 2,375	$ 5,198	$ 7,895
Other income	55,568	69,667	65,509	118,008
Revenues	58,229	72,042	70,707	125,903
Gain on disposition of Operating Partnerships	1,308,405	343,992	1,792,531	430,992
Expenses
Professional fees	117,767	153,825	133,903	217,040
Fund management fee, net (Note C)	72,421	165,087	186,213	371,686
General and administrative expenses	109,464	96,081	155,513	158,522
Operating expenses	299,652	414,993	475,629	747,248
NET INCOME (LOSS)	1,066,982	1,041	1,387,609	(190,353)
Net income (loss) allocated to assignees	1,056,312	1,030	1,373,733	(188,449)
Net income (loss) allocated to general partner	$ 10,670	$ 11	$ 13,876	$ (1,904)
Net income (loss) per BAC	$ 0.01	$ 0.00	$ 0.02	$ 0.00
Series Twenty [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Twenty One [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Twenty Two [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Twenty Three [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Twenty Four [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Twenty Five [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Twenty Six [Member]
Income
Interest income	$ 131	$ 169	$ 261	$ 844
Other income	0	0
Revenues	131	169	261	844
Gain on disposition of Operating Partnerships	20,845	0	20,845
Expenses
Professional fees	10,105	12,751	11,719	18,168
Fund management fee, net (Note C)	1,466	4,282	3,665	8,564
General and administrative expenses	17,574	8,861	22,324	15,502
Operating expenses	29,145	25,894	37,708	42,234
NET INCOME (LOSS)	(8,169)	(25,725)	(16,602)	(41,390)
Net income (loss) allocated to assignees	(8,087)	(25,468)	(16,436)	(40,976)
Net income (loss) allocated to general partner	$ (82)	$ (257)	$ (166)	$ (414)
Net income (loss) per BAC	$ 0.00	$ (0.01)	$ 0.00	$ (0.01)
Series Twenty Seven [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Twenty Eight [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Twenty Nine [Member]
Income
Interest income	$ 37	$ 55	$ 75	$ 250
Other income	0	0
Revenues	37	55	75	250
Gain on disposition of Operating Partnerships	29,999	0	29,999	9,500
Expenses
Professional fees	11,780	8,276	13,394	13,123
Fund management fee, net (Note C)	(212)	6,651	2,087	13,505
General and administrative expenses	14,278	8,852	19,015	13,927
Operating expenses	25,846	23,779	34,496	40,555
NET INCOME (LOSS)	4,190	(23,724)	(4,422)	(30,805)
Net income (loss) allocated to assignees	4,148	(23,487)	(4,378)	(30,497)
Net income (loss) allocated to general partner	$ 42	$ (237)	$ (44)	$ (308)
Net income (loss) per BAC	$ 0.00	$ (0.01)	$ 0.00	$ (0.01)
Series Thirty [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Thirty One [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Thirty Two [Member]
Income
Interest income	$ 662	$ 65	$ 1,321	$ 315
Other income	0	10,008		10,008
Revenues	662	10,073	1,321	10,323
Gain on disposition of Operating Partnerships	23,823	0	23,823
Expenses
Professional fees	10,105	9,526	11,719	14,373
Fund management fee, net (Note C)	1,636	8,632	4,091	23,764
General and administrative expenses	12,396	8,867	17,177	15,465
Operating expenses	24,137	27,025	32,987	53,602
NET INCOME (LOSS)	348	(16,952)	(7,843)	(43,279)
Net income (loss) allocated to assignees	344	(16,782)	(7,765)	(42,846)
Net income (loss) allocated to general partner	$ 4	$ (170)	$ (78)	$ (433)
Net income (loss) per BAC	$ 0.00	$ 0.00	$ 0.00	$ (0.01)
Series Thirty Three [Member]
Income
Interest income	$ 764	$ 238	$ 1,524	$ 696
Other income	0	10,008		10,008
Revenues	764	10,246	1,524	10,704
Gain on disposition of Operating Partnerships	23,823	0	23,823
Expenses
Professional fees	8,930	8,001	10,544	12,468
Fund management fee, net (Note C)	1,734	3,277	4,334	13,054
General and administrative expenses	7,230	8,455	10,030	13,622
Operating expenses	17,894	19,733	24,908	39,144
NET INCOME (LOSS)	6,693	(9,487)	439	(28,440)
Net income (loss) allocated to assignees	6,626	(9,393)	435	(28,156)
Net income (loss) allocated to general partner	$ 67	$ (94)	$ 4	$ (284)
Net income (loss) per BAC	$ 0.00	$ 0.00	$ 0.00	$ (0.01)
Series Thirty Four [Member]
Income
Interest income	$ 28	$ 49	$ 58	$ 286
Other income	0	0
Revenues	28	49	58	286
Gain on disposition of Operating Partnerships	0	0
Expenses
Professional fees	8,930	11,904	10,544	16,561
Fund management fee, net (Note C)	1,623	3,727	6,246	10,454
General and administrative expenses	9,089	8,630	12,671	14,444
Operating expenses	19,642	24,261	29,461	41,459
NET INCOME (LOSS)	(19,614)	(24,212)	(29,403)	(41,173)
Net income (loss) allocated to assignees	(19,418)	(23,970)	(29,109)	(40,761)
Net income (loss) allocated to general partner	$ (196)	$ (242)	$ (294)	$ (412)
Net income (loss) per BAC	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.01)
Series Thirty Five [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Thirty Six [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Thirty Seven [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Thirty Eight [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Thirty Nine [Member]
Income
Interest income	$ 0	$ 0	$ 0	$ 0
Other income	0	0	0	0
Revenues	0	0	0	0
Gain on disposition of Operating Partnerships	0	0	0	0
Expenses
Professional fees	0	0	0	0
Fund management fee, net (Note C)	0	0	0	0
General and administrative expenses	0	0	0	0
Operating expenses	0	0	0	0
NET INCOME (LOSS)	0	0	0	0
Net income (loss) allocated to assignees	0	0	0	0
Net income (loss) allocated to general partner	$ 0	$ 0	$ 0	$ 0
Net income (loss) per BAC	$ 0	$ 0	$ 0	$ 0
Series Forty [Member]
Income
Interest income			$ 0	$ 0
Other income			0	0
Revenues			0	0
Gain on disposition of Operating Partnerships			0	0
Expenses
Professional fees			0	0
Fund management fee, net (Note C)			0	0
General and administrative expenses			0	0
Operating expenses			0	0
NET INCOME (LOSS)	$ 0	$ 0	0	0
Net income (loss) allocated to assignees			0	0
Net income (loss) allocated to general partner			$ 0	$ 0
Net income (loss) per BAC			$ 0	$ 0
Series Forty One [Member]
Income
Interest income	90	138	$ 183	$ 519
Other income	0	886		3,392
Revenues	90	1,024	183	3,911
Gain on disposition of Operating Partnerships	0	46,500		46,500
Expenses
Professional fees	15,305	12,851	16,919	18,838
Fund management fee, net (Note C)	20,094	25,564	40,188	51,792
General and administrative expenses	7,642	8,609	11,046	14,057
Operating expenses	43,041	47,024	68,153	84,687
NET INCOME (LOSS)	(42,951)	500	(67,970)	(34,276)
Net income (loss) allocated to assignees	(42,521)	495	(67,290)	(33,933)
Net income (loss) allocated to general partner	$ (430)	$ 5	$ (680)	$ (343)
Net income (loss) per BAC	$ (0.01)	$ 0.00	$ (0.02)	$ (0.01)
Series Forty Two [Member]
Income
Interest income	$ 587	$ 612	$ 1,121	$ 1,529
Other income	0	0	868
Revenues	587	612	1,989	1,529
Gain on disposition of Operating Partnerships	94,182	0	94,182
Expenses
Professional fees	12,955	14,817	14,569	20,424
Fund management fee, net (Note C)	4,050	19,260	5,600	38,519
General and administrative expenses	6,726	8,533	9,623	13,684
Operating expenses	23,731	42,610	29,792	72,627
NET INCOME (LOSS)	71,038	(41,998)	66,379	(71,098)
Net income (loss) allocated to assignees	70,327	(41,578)	65,715	(70,387)
Net income (loss) allocated to general partner	$ 711	$ (420)	$ 664	$ (711)
Net income (loss) per BAC	$ 0.03	$ (0.02)	$ 0.02	$ (0.03)
Series Forty Three [Member]
Income
Interest income	$ 0	$ 593	$ 0	$ 1,812
Other income	0	364	0	1,238
Revenues	0	957	0	3,050
Gain on disposition of Operating Partnerships	0	97,800	0	106,800
Expenses
Professional fees	0	15,992	0	22,554
Fund management fee, net (Note C)	0	12,676	0	30,254
General and administrative expenses	0	8,785	0	14,574
Operating expenses	0	37,453	0	67,382
NET INCOME (LOSS)	0	61,304	0	42,468
Net income (loss) allocated to assignees	0	60,691	0	42,043
Net income (loss) allocated to general partner	$ 0	$ 613	$ 0	$ 425
Net income (loss) per BAC	$ 0	$ 0.02	$ 0	$ 0.01
Series Forty Four [Member]
Income
Interest income	$ 175	$ 106	$ 284	$ 527
Other income	25,468	11,054	25,468	11,054
Revenues	25,643	11,160	25,752	11,581
Gain on disposition of Operating Partnerships	815,747	0	815,747
Expenses
Professional fees	9,429	11,676	11,042	17,283
Fund management fee, net (Note C)	7,142	27,041	19,541	51,136
General and administrative expenses	9,757	8,497	13,434	13,812
Operating expenses	26,328	47,214	44,017	82,231
NET INCOME (LOSS)	815,062	(36,054)	797,482	(70,650)
Net income (loss) allocated to assignees	806,911	(35,693)	789,507	(69,943)
Net income (loss) allocated to general partner	$ 8,151	$ (361)	$ 7,975	$ (707)
Net income (loss) per BAC	$ 0.30	$ (0.01)	$ 0.29	$ (0.03)
Series Forty Five [Member]
Income
Interest income	$ 73	$ 137	$ 145	$ 506
Other income	28,990	8,199	29,480	31,189
Revenues	29,063	8,336	29,625	31,695
Gain on disposition of Operating Partnerships	240,605	199,692	451,745	199,692
Expenses
Professional fees	15,625	30,940	17,238	39,597
Fund management fee, net (Note C)	510	13,068	27,819	44,572
General and administrative expenses	12,772	8,904	23,802	15,061
Operating expenses	28,907	52,912	68,859	99,230
NET INCOME (LOSS)	240,761	155,116	412,511	132,157
Net income (loss) allocated to assignees	238,354	153,564	408,386	130,835
Net income (loss) allocated to general partner	$ 2,407	$ 1,552	$ 4,125	$ 1,322
Net income (loss) per BAC	$ 0.06	$ 0.04	$ 0.10	$ 0.03
Series Forty Six [Member]
Income
Interest income	$ 114	$ 213	$ 226	$ 611
Other income	1,110	29,148	9,693	51,119
Revenues	1,224	29,361	9,919	51,730
Gain on disposition of Operating Partnerships	59,381	0	332,367	68,500
Expenses
Professional fees	14,603	17,091	16,215	23,651
Fund management fee, net (Note C)	34,378	40,909	72,642	86,072
General and administrative expenses	12,000	9,088	16,391	14,374
Operating expenses	60,981	67,088	105,248	124,097
NET INCOME (LOSS)	(376)	(37,727)	237,038	(3,867)
Net income (loss) allocated to assignees	(372)	(37,349)	234,668	(3,828)
Net income (loss) allocated to general partner	$ (4)	$ (378)	$ 2,370	$ (39)
Net income (loss) per BAC	$ 0.00	$ (0.01)	$ 0.08	$ 0.00

XML

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($)	Series Twenty [Member] Assignees [Member]	Series Twenty [Member] General Partner [Member]	Series Twenty [Member]	Series Twenty One [Member] Assignees [Member]	Series Twenty One [Member] General Partner [Member]	Series Twenty One [Member]	Series Twenty Two [Member] Assignees [Member]	Series Twenty Two [Member] General Partner [Member]	Series Twenty Two [Member]	Series Twenty Three [Member] Assignees [Member]	Series Twenty Three [Member] General Partner [Member]	Series Twenty Three [Member]	Series Twenty Four [Member] Assignees [Member]	Series Twenty Four [Member] General Partner [Member]	Series Twenty Four [Member]	Series Twenty Five [Member] Assignees [Member]	Series Twenty Five [Member] General Partner [Member]	Series Twenty Five [Member]	Series Twenty Six [Member] Assignees [Member]	Series Twenty Six [Member] General Partner [Member]	Series Twenty Six [Member]	Series Twenty Seven [Member] Assignees [Member]	Series Twenty Seven [Member] General Partner [Member]	Series Twenty Seven [Member]	Series Twenty Eight [Member] Assignees [Member]	Series Twenty Eight [Member] General Partner [Member]	Series Twenty Eight [Member]	Series Twenty Nine [Member] Assignees [Member]	Series Twenty Nine [Member] General Partner [Member]	Series Twenty Nine [Member]	Series Thirty [Member] Assignees [Member]	Series Thirty [Member] General Partner [Member]	Series Thirty [Member]	Series Thirty One [Member] Assignees [Member]	Series Thirty One [Member] General Partner [Member]	Series Thirty One [Member]	Series Thirty Two [Member] Assignees [Member]	Series Thirty Two [Member] General Partner [Member]	Series Thirty Two [Member]	Series Thirty Three [Member] Assignees [Member]	Series Thirty Three [Member] General Partner [Member]	Series Thirty Three [Member]	Series Thirty Four [Member] Assignees [Member]	Series Thirty Four [Member] General Partner [Member]	Series Thirty Four [Member]	Series Thirty Five [Member] Assignees [Member]	Series Thirty Five [Member] General Partner [Member]	Series Thirty Five [Member]	Series Thirty Six [Member] Assignees [Member]	Series Thirty Six [Member] General Partner [Member]	Series Thirty Six [Member]	Series Thirty Seven [Member] Assignees [Member]	Series Thirty Seven [Member] General Partner [Member]	Series Thirty Seven [Member]	Series Thirty Eight [Member] Assignees [Member]	Series Thirty Eight [Member] General Partner [Member]	Series Thirty Eight [Member]	Series Thirty Nine [Member] Assignees [Member]	Series Thirty Nine [Member] General Partner [Member]	Series Thirty Nine [Member]	Series Forty [Member] Assignees [Member]	Series Forty [Member] General Partner [Member]	Series Forty [Member]	Series Forty One [Member] Assignees [Member]	Series Forty One [Member] General Partner [Member]	Series Forty One [Member]	Series Forty Two [Member] Assignees [Member]	Series Forty Two [Member] General Partner [Member]	Series Forty Two [Member]	Series Forty Three [Member] Assignees [Member]	Series Forty Three [Member] General Partner [Member]	Series Forty Three [Member]	Series Forty Four [Member] Assignees [Member]	Series Forty Four [Member] General Partner [Member]	Series Forty Four [Member]	Series Forty Five [Member] Assignees [Member]	Series Forty Five [Member] General Partner [Member]	Series Forty Five [Member]	Series Forty Six [Member] Assignees [Member]	Series Forty Six [Member] General Partner [Member]	Series Forty Six [Member]	Assignees [Member]	General Partner [Member]	Total
Partners' capital (deficit), Beginning balance at Mar. 31, 2020	$ (754,767)	$ 754,767	$ 0	$ (898,231)	$ 898,231	$ 0	$ (2,448,362)	$ 2,448,362	$ 0	$ (224,264)	$ 224,264	$ 0	$ 173,404	$ (173,404)	$ 0	$ 219,815	$ (219,815)	$ 0	$ 888,586	$ (312,582)	$ 576,004	$ 133,264	$ (133,264)	$ 0	$ 275,140	$ (275,140)	$ 0	$ (2,581,075)	$ (368,139)	$ (2,949,214)	$ (883,119)	$ 883,119	$ 0	$ 353,529	$ (353,529)	$ 0	$ 514,959	$ (405,267)	$ 109,692	$ 782,102	$ (220,161)	$ 561,941	$ (1,973,967)	$ (323,363)	$ (2,297,330)	$ 223,088	$ (223,088)	$ 0	$ 148,221	$ (148,221)	$ 0	$ 205,359	$ (205,359)	$ 0	$ 188,889	$ (188,889)	$ 0	$ 196,043	$ (196,043)	$ 0	$ 216,900	$ (216,900)	$ 0	$ (2,023,466)	$ (272,124)	$ (2,295,590)	$ 1,843,687	$ (224,748)	$ 1,618,939	$ 1,723,649	$ (307,358)	$ 1,416,291	$ 192,920	$ (237,898)	$ (44,978)	$ (1,135,758)	$ (368,707)	$ (1,504,465)	$ (1,399,379)	$ (279,531)	$ (1,678,910)	$ (6,042,833)	$ (444,787)	$ (6,487,620)
Net income (loss)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(15,508)	(157)	(15,665)		0	0	0	0	0	(7,010)	(71)	(7,081)	0	0	0	0	0	0	(26,064)	(263)	(26,327)	(18,763)	(190)	(18,953)	(16,791)	(170)	(16,961)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(34,428)	(348)	(34,776)	(28,809)	(291)	(29,100)	(18,648)	(188)	(18,836)	(34,250)	(346)	(34,596)	(22,729)	(230)	(22,959)	33,521	339	33,860	(189,479)	(1,915)	(191,394)
Partners' capital (deficit), Ending balance at Jun. 30, 2020	(754,767)	754,767	0	(898,231)	898,231	0	(2,448,362)	2,448,362	0	(224,264)	224,264	0	173,404	(173,404)	0	219,815	(219,815)	0	873,078	(312,739)	560,339	133,264	(133,264)	0	275,140	(275,140)	0	(2,588,085)	(368,210)	(2,956,295)	(883,119)	883,119	0	353,529	(353,529)	0	488,895	(405,530)	83,365	763,339	(220,351)	542,988	(1,990,758)	(323,533)	(2,314,291)	223,088	(223,088)	0	148,221	(148,221)	0	205,359	(205,359)	0	188,889	(188,889)	0	196,043	(196,043)	0	216,900	(216,900)	0	(2,057,894)	(272,472)	(2,330,366)	1,814,878	(225,039)	1,589,839	1,705,001	(307,546)	1,397,455	158,670	(238,244)	(79,574)	(1,158,487)	(368,937)	(1,527,424)	(1,365,858)	(279,192)	(1,645,050)	(6,232,312)	(446,702)	(6,679,014)
Partners' capital (deficit), Beginning balance at Mar. 31, 2020	(754,767)	754,767	0	(898,231)	898,231	0	(2,448,362)	2,448,362	0	(224,264)	224,264	0	173,404	(173,404)	0	219,815	(219,815)	0	888,586	(312,582)	576,004	133,264	(133,264)	0	275,140	(275,140)	0	(2,581,075)	(368,139)	(2,949,214)	(883,119)	883,119	0	353,529	(353,529)	0	514,959	(405,267)	109,692	782,102	(220,161)	561,941	(1,973,967)	(323,363)	(2,297,330)	223,088	(223,088)	0	148,221	(148,221)	0	205,359	(205,359)	0	188,889	(188,889)	0	196,043	(196,043)	0	216,900	(216,900)	0	(2,023,466)	(272,124)	(2,295,590)	1,843,687	(224,748)	1,618,939	1,723,649	(307,358)	1,416,291	192,920	(237,898)	(44,978)	(1,135,758)	(368,707)	(1,504,465)	(1,399,379)	(279,531)	(1,678,910)	(6,042,833)	(444,787)	(6,487,620)
Net income (loss)			0			0			0			0			0			0			(41,390)			0			0			(30,805)			0			0			(43,279)			(28,440)			(41,173)			0			0			0			0			0			0			(34,276)			(71,098)			42,468			(70,650)			132,157			(3,867)			(190,353)
Partners' capital (deficit), Ending balance at Sep. 30, 2020	(754,767)	754,767	0	(898,231)	898,231	0	(2,448,362)	2,448,362	0	(224,264)	224,264	0	173,404	(173,404)	0	219,815	(219,815)	0	847,610	(312,996)	534,614	133,264	(133,264)	0	275,140	(275,140)	0	(2,611,572)	(368,447)	(2,980,019)	(883,119)	883,119	0	353,529	(353,529)	0	472,113	(405,700)	66,413	753,946	(220,445)	533,501	(2,014,728)	(323,775)	(2,338,503)	223,088	(223,088)	0	148,221	(148,221)	0	205,359	(205,359)	0	188,889	(188,889)	0	196,043	(196,043)	0	216,900	(216,900)	0	(2,057,399)	(272,467)	(2,329,866)	1,773,300	(225,459)	1,547,841	1,765,692	(306,933)	1,458,759	122,977	(238,605)	(115,628)	(1,004,923)	(367,385)	(1,372,308)	(1,403,207)	(279,570)	(1,682,777)	(6,231,282)	(446,691)	(6,677,973)
Partners' capital (deficit), Beginning balance at Jun. 30, 2020	(754,767)	754,767	0	(898,231)	898,231	0	(2,448,362)	2,448,362	0	(224,264)	224,264	0	173,404	(173,404)	0	219,815	(219,815)	0	873,078	(312,739)	560,339	133,264	(133,264)	0	275,140	(275,140)	0	(2,588,085)	(368,210)	(2,956,295)	(883,119)	883,119	0	353,529	(353,529)	0	488,895	(405,530)	83,365	763,339	(220,351)	542,988	(1,990,758)	(323,533)	(2,314,291)	223,088	(223,088)	0	148,221	(148,221)	0	205,359	(205,359)	0	188,889	(188,889)	0	196,043	(196,043)	0	216,900	(216,900)	0	(2,057,894)	(272,472)	(2,330,366)	1,814,878	(225,039)	1,589,839	1,705,001	(307,546)	1,397,455	158,670	(238,244)	(79,574)	(1,158,487)	(368,937)	(1,527,424)	(1,365,858)	(279,192)	(1,645,050)	(6,232,312)	(446,702)	(6,679,014)
Net income (loss)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(25,468)	(257)	(25,725)		0	0	0	0	0	(23,487)	(237)	(23,724)	0	0	0	0	0	0	(16,782)	(170)	(16,952)	(9,393)	(94)	(9,487)	(23,970)	(242)	(24,212)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	495	5	500	(41,578)	(420)	(41,998)	60,691	613	61,304	(35,693)	(361)	(36,054)	153,564	1,552	155,116	(37,349)	(378)	(37,727)	1,030	11	1,041
Partners' capital (deficit), Ending balance at Sep. 30, 2020	(754,767)	754,767	0	(898,231)	898,231	0	(2,448,362)	2,448,362	0	(224,264)	224,264	0	173,404	(173,404)	0	219,815	(219,815)	0	847,610	(312,996)	534,614	133,264	(133,264)	0	275,140	(275,140)	0	(2,611,572)	(368,447)	(2,980,019)	(883,119)	883,119	0	353,529	(353,529)	0	472,113	(405,700)	66,413	753,946	(220,445)	533,501	(2,014,728)	(323,775)	(2,338,503)	223,088	(223,088)	0	148,221	(148,221)	0	205,359	(205,359)	0	188,889	(188,889)	0	196,043	(196,043)	0	216,900	(216,900)	0	(2,057,399)	(272,467)	(2,329,866)	1,773,300	(225,459)	1,547,841	1,765,692	(306,933)	1,458,759	122,977	(238,605)	(115,628)	(1,004,923)	(367,385)	(1,372,308)	(1,403,207)	(279,570)	(1,682,777)	(6,231,282)	(446,691)	(6,677,973)
Partners' capital (deficit), Beginning balance at Mar. 31, 2021	(754,767)	754,767	0	(898,231)	898,231	0	(2,448,362)	2,448,362	0	(224,264)	224,264	0	173,404	(173,404)	0	219,815	(219,815)	0	841,956	(313,053)	528,903	133,264	(133,264)	0	275,140	(275,140)	0	(2,593,761)	(368,267)	(2,962,028)	(883,119)	883,119	0	353,529	(353,529)	0	3,015,649	(380,008)	2,635,641	3,231,141	(195,423)	3,035,718	(2,016,839)	(323,796)	(2,340,635)	223,088	(223,088)	0	148,221	(148,221)	0	205,359	(205,359)	0	188,889	(188,889)	0	196,043	(196,043)	0	216,900	(216,900)	0	(2,009,681)	(271,985)	(2,281,666)	2,500,317	(218,115)	2,282,202	306,854	(306,854)	0	676,442	(233,014)	443,428	(1,079,247)	(368,136)	(1,447,383)	(1,448,620)	(280,028)	(1,728,648)	(1,450,880)	(383,588)	(1,834,468)
Net income (loss)				0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(8,349)	(84)	(8,433)	0	0	0			0	(8,526)	(86)	(8,612)						0	(8,109)	(82)	(8,191)	(6,191)	(63)	(6,254)	(9,691)	(98)	(9,789)	0	0	0			0	0	0	0	0	0	0	0	0	0	0	0	0	(24,769)	(250)	(25,019)	(4,612)	(47)	(4,659)				(17,404)	(176)	(17,580)	170,032	1,718	171,750	235,040	2,374	237,414	317,421	3,206	320,627
Partners' capital (deficit), Ending balance at Jun. 30, 2021	(754,767)	754,767		(898,231)	898,231	0	(2,448,362)	2,448,362	0	(224,264)	224,264	0	173,404	(173,404)	0	219,815	(219,815)	0	833,607	(313,137)	520,470	133,264	(133,264)	0	275,140	(275,140)	0	(2,602,287)	(368,353)	(2,970,640)	(883,119)	883,119		353,529	(353,529)	0	3,007,540	(380,090)	2,627,450	3,224,950	(195,486)	3,029,464	(2,026,530)	(323,894)	(2,350,424)	223,088	(223,088)	0	148,221	(148,221)	0	205,359	(205,359)		188,889	(188,889)	0	196,043	(196,043)		216,900	(216,900)	0	(2,034,450)	(272,235)	(2,306,685)	2,495,705	(218,162)	2,277,543	306,854	(306,854)		659,038	(233,190)	425,848	(909,215)	(366,418)	(1,275,633)	(1,213,580)	(277,654)	(1,491,234)	(1,133,459)	(380,382)	(1,513,841)
Partners' capital (deficit), Beginning balance at Mar. 31, 2021	(754,767)	754,767	0	(898,231)	898,231	0	(2,448,362)	2,448,362	0	(224,264)	224,264	0	173,404	(173,404)	0	219,815	(219,815)	0	841,956	(313,053)	528,903	133,264	(133,264)	0	275,140	(275,140)	0	(2,593,761)	(368,267)	(2,962,028)	(883,119)	883,119	0	353,529	(353,529)	0	3,015,649	(380,008)	2,635,641	3,231,141	(195,423)	3,035,718	(2,016,839)	(323,796)	(2,340,635)	223,088	(223,088)	0	148,221	(148,221)	0	205,359	(205,359)	0	188,889	(188,889)	0	196,043	(196,043)	0	216,900	(216,900)	0	(2,009,681)	(271,985)	(2,281,666)	2,500,317	(218,115)	2,282,202	306,854	(306,854)	0	676,442	(233,014)	443,428	(1,079,247)	(368,136)	(1,447,383)	(1,448,620)	(280,028)	(1,728,648)	(1,450,880)	(383,588)	(1,834,468)
Net income (loss)			0			0			0			0			0			0			(16,602)			0			0			(4,422)			0			0			(7,843)			439			(29,403)			0			0			0			0			0			0			(67,970)			66,379			0			797,482			412,511			237,038			1,387,609
Partners' capital (deficit), Ending balance at Sep. 30, 2021	(754,767)	754,767	0	(898,231)	898,231	0	(2,448,362)	2,448,362	0	(224,264)	224,264	0	173,404	(173,404)	0	219,815	(219,815)	0	825,520	(313,219)	512,301	133,264	(133,264)	0	275,140	(275,140)	0	(2,598,139)	(368,311)	(2,966,450)	(883,119)	883,119	0	353,529	(353,529)	0	3,007,884	(380,086)	2,627,798	3,231,576	(195,419)	3,036,157	(2,045,948)	(324,090)	(2,370,038)	223,088	(223,088)	0	148,221	(148,221)	0	205,359	(205,359)	0	188,889	(188,889)	0	196,043	(196,043)	0	216,900	(216,900)	0	(2,076,971)	(272,665)	(2,349,636)	2,566,032	(217,451)	2,348,581	306,854	(306,854)	0	1,465,949	(225,039)	1,240,910	(670,861)	(364,011)	(1,034,872)	(1,213,952)	(277,658)	(1,491,610)	(77,147)	(369,712)	(446,859)
Partners' capital (deficit), Beginning balance at Jun. 30, 2021	(754,767)	754,767		(898,231)	898,231	0	(2,448,362)	2,448,362	0	(224,264)	224,264	0	173,404	(173,404)	0	219,815	(219,815)	0	833,607	(313,137)	520,470	133,264	(133,264)	0	275,140	(275,140)	0	(2,602,287)	(368,353)	(2,970,640)	(883,119)	883,119		353,529	(353,529)	0	3,007,540	(380,090)	2,627,450	3,224,950	(195,486)	3,029,464	(2,026,530)	(323,894)	(2,350,424)	223,088	(223,088)	0	148,221	(148,221)	0	205,359	(205,359)		188,889	(188,889)	0	196,043	(196,043)		216,900	(216,900)	0	(2,034,450)	(272,235)	(2,306,685)	2,495,705	(218,162)	2,277,543	306,854	(306,854)		659,038	(233,190)	425,848	(909,215)	(366,418)	(1,275,633)	(1,213,580)	(277,654)	(1,491,234)	(1,133,459)	(380,382)	(1,513,841)
Net income (loss)			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(8,087)	(82)	(8,169)	0	0	0			0	4,148	42	4,190			0			0	344	4	348	6,626	67	6,693	(19,418)	(196)	(19,614)			0			0			0			0			0			0	(42,521)	(430)	(42,951)	70,327	711	71,038			0	806,911	8,151	815,062	238,354	2,407	240,761	(372)	(4)	(376)	1,056,312	10,670	1,066,982
Partners' capital (deficit), Ending balance at Sep. 30, 2021	$ (754,767)	$ 754,767	$ 0	$ (898,231)	$ 898,231	$ 0	$ (2,448,362)	$ 2,448,362	$ 0	$ (224,264)	$ 224,264	$ 0	$ 173,404	$ (173,404)	$ 0	$ 219,815	$ (219,815)	$ 0	$ 825,520	$ (313,219)	$ 512,301	$ 133,264	$ (133,264)	$ 0	$ 275,140	$ (275,140)	$ 0	$ (2,598,139)	$ (368,311)	$ (2,966,450)	$ (883,119)	$ 883,119	$ 0	$ 353,529	$ (353,529)	$ 0	$ 3,007,884	$ (380,086)	$ 2,627,798	$ 3,231,576	$ (195,419)	$ 3,036,157	$ (2,045,948)	$ (324,090)	$ (2,370,038)	$ 223,088	$ (223,088)	$ 0	$ 148,221	$ (148,221)	$ 0	$ 205,359	$ (205,359)	$ 0	$ 188,889	$ (188,889)	$ 0	$ 196,043	$ (196,043)	$ 0	$ 216,900	$ (216,900)	$ 0	$ (2,076,971)	$ (272,665)	$ (2,349,636)	$ 2,566,032	$ (217,451)	$ 2,348,581	$ 306,854	$ (306,854)	$ 0	$ 1,465,949	$ (225,039)	$ 1,240,910	$ (670,861)	$ (364,011)	$ (1,034,872)	$ (1,213,952)	$ (277,658)	$ (1,491,610)	$ (77,147)	$ (369,712)	$ (446,859)

XML

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 1,387,609	$ (190,353)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	(1,792,531)	(430,992)
Changes in assets and liabilities
(Increase) Decrease in other assets	3,491	(13,650)
(Decrease) Increase in accounts payable and accrued expenses	(27)	9,218
(Decrease) Increase in accounts payable affiliates	(1,035,954)	(108,130)
Net cash Provided by (used in) operating activities	(1,437,412)	(733,907)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	1,792,531	430,992
Net cash provided by investing activities	1,792,531	430,992
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	355,119	(302,915)
Cash and cash equivalents, beginning	10,819,585	6,622,109
Cash and cash equivalents, ending	11,174,704	6,319,194
Series Twenty [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Twenty One [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Twenty Two [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Twenty Three [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Twenty Four [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Twenty Five [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Twenty Six [Member]
Cash flows from operating activities:
Net income (loss)	(16,602)	(41,390)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	(20,845)	0
Changes in assets and liabilities
(Increase) Decrease in other assets	75	0
(Decrease) Increase in accounts payable and accrued expenses	0	165
(Decrease) Increase in accounts payable affiliates	(2,199)	4,282
Net cash Provided by (used in) operating activities	(39,571)	(36,943)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	20,845	0
Net cash provided by investing activities	20,845	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(18,726)	(36,943)
Cash and cash equivalents, beginning	531,027	576,004
Cash and cash equivalents, ending	512,301	539,061
Series Twenty Seven [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Twenty Eight [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Twenty Nine [Member]
Cash flows from operating activities:
Net income (loss)	(4,422)	(30,805)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	(29,999)	(9,500)
Changes in assets and liabilities
(Increase) Decrease in other assets	(377)	0
(Decrease) Increase in accounts payable and accrued expenses	0	159
(Decrease) Increase in accounts payable affiliates	(21,093)	13,505
Net cash Provided by (used in) operating activities	(55,891)	(26,641)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	29,999	9,500
Net cash provided by investing activities	29,999	9,500
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(25,892)	(17,141)
Cash and cash equivalents, beginning	164,236	157,446
Cash and cash equivalents, ending	138,344	140,305
Series Thirty [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Thirty One [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Thirty Two [Member]
Cash flows from operating activities:
Net income (loss)	(7,843)	(43,279)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	(23,823)	0
Changes in assets and liabilities
(Increase) Decrease in other assets	74	0
(Decrease) Increase in accounts payable and accrued expenses	0	163
(Decrease) Increase in accounts payable affiliates	(4,847)	30,264
Net cash Provided by (used in) operating activities	(36,439)	(12,852)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	23,823	0
Net cash provided by investing activities	23,823	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(12,616)	(12,852)
Cash and cash equivalents, beginning	2,640,414	193,203
Cash and cash equivalents, ending	2,627,798	180,351
Series Thirty Three [Member]
Cash flows from operating activities:
Net income (loss)	439	(28,440)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	(23,823)	0
Changes in assets and liabilities
(Increase) Decrease in other assets	74	0
(Decrease) Increase in accounts payable and accrued expenses	0	89
(Decrease) Increase in accounts payable affiliates	(4,992)	9,777
Net cash Provided by (used in) operating activities	(28,302)	(18,574)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	23,823	0
Net cash provided by investing activities	23,823	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(4,479)	(18,574)
Cash and cash equivalents, beginning	3,040,636	561,941
Cash and cash equivalents, ending	3,036,157	543,367
Series Thirty Four [Member]
Cash flows from operating activities:
Net income (loss)	(29,403)	(41,173)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	49	0
(Decrease) Increase in accounts payable and accrued expenses	0	122
(Decrease) Increase in accounts payable affiliates	9,246	13,454
Net cash Provided by (used in) operating activities	(20,108)	(27,597)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(20,108)	(27,597)
Cash and cash equivalents, beginning	129,067	148,344
Cash and cash equivalents, ending	108,959	120,747
Series Thirty Five [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Thirty Six [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Thirty Seven [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending		0
Series Thirty Eight [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Thirty Nine [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Forty [Member]
Cash flows from operating activities:
Net income (loss)	0	0
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	0	0
(Decrease) Increase in accounts payable and accrued expenses	0	0
(Decrease) Increase in accounts payable affiliates	0	0
Net cash Provided by (used in) operating activities	0	0
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents, beginning	0	0
Cash and cash equivalents, ending	0	0
Series Forty One [Member]
Cash flows from operating activities:
Net income (loss)	(67,970)	(34,276)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	(46,500)
Changes in assets and liabilities
(Increase) Decrease in other assets	389	0
(Decrease) Increase in accounts payable and accrued expenses	(1)	2,599
(Decrease) Increase in accounts payable affiliates	6,588	56,378
Net cash Provided by (used in) operating activities	(60,994)	(21,799)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	46,500
Net cash provided by investing activities	0	46,500
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(60,994)	24,701
Cash and cash equivalents, beginning	408,743	352,239
Cash and cash equivalents, ending	347,749	376,940
Series Forty Two [Member]
Cash flows from operating activities:
Net income (loss)	66,379	(71,098)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	(94,182)	0
Changes in assets and liabilities
(Increase) Decrease in other assets	(446)	0
(Decrease) Increase in accounts payable and accrued expenses	0	88
(Decrease) Increase in accounts payable affiliates	8,100	19,260
Net cash Provided by (used in) operating activities	(20,149)	(51,750)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	94,182	0
Net cash provided by investing activities	94,182	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	74,033	(51,750)
Cash and cash equivalents, beginning	2,318,856	1,607,893
Cash and cash equivalents, ending	2,392,889	1,556,143
Series Forty Three [Member]
Cash flows from operating activities:
Net income (loss)	0	42,468
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	0	(106,800)
Changes in assets and liabilities
(Increase) Decrease in other assets	0	(13,650)
(Decrease) Increase in accounts payable and accrued expenses	0	15,996
(Decrease) Increase in accounts payable affiliates	0	19,371
Net cash Provided by (used in) operating activities	0	(42,615)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	106,800
Net cash provided by investing activities	0	106,800
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	64,185
Cash and cash equivalents, beginning	0	1,416,291
Cash and cash equivalents, ending	0	1,480,476
Series Forty Four [Member]
Cash flows from operating activities:
Net income (loss)	797,482	(70,650)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	(815,747)	0
Changes in assets and liabilities
(Increase) Decrease in other assets	155	0
(Decrease) Increase in accounts payable and accrued expenses	(26)	(3,907)
(Decrease) Increase in accounts payable affiliates	(387,090)	60,630
Net cash Provided by (used in) operating activities	(405,226)	(13,927)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	815,747	0
Net cash provided by investing activities	815,747	0
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	410,521	(13,927)
Cash and cash equivalents, beginning	842,738	321,693
Cash and cash equivalents, ending	1,253,259	307,766
Series Forty Five [Member]
Cash flows from operating activities:
Net income (loss)	412,511	132,157
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	(451,745)	(199,692)
Changes in assets and liabilities
(Increase) Decrease in other assets	2,457	0
(Decrease) Increase in accounts payable and accrued expenses	0	(6,360)
(Decrease) Increase in accounts payable affiliates	(393,725)	(429,873)
Net cash Provided by (used in) operating activities	(430,502)	(503,768)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	451,745	199,692
Net cash provided by investing activities	451,745	199,692
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	21,243	(304,076)
Cash and cash equivalents, beginning	294,663	859,371
Cash and cash equivalents, ending	315,906	555,295
Series Forty Six [Member]
Cash flows from operating activities:
Net income (loss)	237,038	(3,867)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships	(332,367)	(68,500)
Changes in assets and liabilities
(Increase) Decrease in other assets	1,041	0
(Decrease) Increase in accounts payable and accrued expenses	0	104
(Decrease) Increase in accounts payable affiliates	(245,942)	94,822
Net cash Provided by (used in) operating activities	(340,230)	22,559
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	332,367	68,500
Net cash provided by investing activities	332,367	68,500
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(7,863)	91,059
Cash and cash equivalents, beginning	449,205	427,684
Cash and cash equivalents, ending	$ 441,342	$ 518,743

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ORGANIZATION

6 Months Ended

Sep. 30, 2021

ORGANIZATION

ORGANIZATION

NOTE A – ORGANIZATION

BF Garden Tax Credit Fund IV L.P. (formerly known as Boston Capital Tax Credit Fund IV L.P.) (the “Fund”) was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes (“Operating Partnerships”). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the “Public Offering”) of the Fund’s beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. 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. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

NOTE A – ORGANIZATION (continued)

Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$	38,667,000
Series 21	December 31, 1994	1,892,700	$	18,927,000
Series 22	December 28, 1994	2,564,400	$	25,644,000
Series 23	June 23, 1995	3,336,727	$	33,366,000
Series 24	September 22, 1995	2,169,878	$	21,697,000
Series 25	December 29, 1995	3,026,109	$	30,248,000
Series 26	June 25, 1996	3,995,900	$	39,959,000
Series 27	September 17, 1996	2,460,700	$	24,607,000
Series 28	January 29, 1997	4,000,738	$	39,999,000
Series 29	June 10, 1997	3,991,800	$	39,918,000
Series 30	September 10, 1997	2,651,000	$	26,490,750
Series 31	January 18, 1998	4,417,857	$	44,057,750
Series 32	June 23, 1998	4,754,198	$	47,431,000
Series 33	September 21, 1998	2,636,533	$	26,362,000
Series 34	February 11, 1999	3,529,319	$	35,273,000
Series 35	June 28, 1999	3,300,463	$	33,004,630
Series 36	September 28, 1999	2,106,838	$	21,068,375
Series 37	January 28, 2000	2,512,500	$	25,125,000
Series 38	July 31, 2000	2,543,100	$	25,431,000
Series 39	January 31, 2001	2,292,151	$	22,921,000
Series 40	July 31, 2001	2,630,256	$	26,269,256
Series 41	January 31, 2002	2,891,626	$	28,916,260
Series 42	July 31, 2002	2,744,262	$	27,442,620
Series 43	December 31, 2002	3,637,987	$	36,379,870
Series 44	April 30, 2003	2,701,973	$	27,019,730
Series 45	September 16, 2003	4,014,367	$	40,143,670
Series 46	December 19, 2003	2,980,998	$	29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

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ACCOUNTING AND FINANCIAL REPORTING POLICIES

6 Months Ended

Sep. 30, 2021

ACCOUNTING AND FINANCIAL REPORTING POLICIES

ACCOUNTING AND FINANCIAL REPORTING POLICIES

blancaNOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2021 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund’s accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Sep. 30, 2021

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE C - RELATED PARTY TRANSACTIONS

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended September 30, 2021 and 2020, are as follows:

	2021		2020
Series 26	$	1,466	$	4,282
Series 29		2,788		6,651
Series 32		1,636		15,132
Series 33		1,734		9,777
Series 34		4,623		6,727
Series 41		20,094		27,857
Series 42		4,050		19,260
Series 43		—		19,371
Series 44		12,399		30,315
Series 45		21,603		38,900
Series 46		41,178		46,333
	$	111,571	$	224,605

The fund management fees paid for the six months ended September 30, 2021 and 2020 are as follows:

	2021		2020
Series 26	$	5,864	$	4,282
Series 29		27,499		—
Series 32		8,938		—
Series 33		9,326		9,777
Series 41		33,600		—
Series 42		—		19,259
Series 43		—		21,348
Series 44		411,888		—
Series 45		444,041		507,673
Series 46		331,796		—
	$	1,272,952	$	562,339

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INVESTMENTS IN OPERATING PARTNERSHIPS

6 Months Ended

Sep. 30, 2021

INVESTMENTS IN OPERATING PARTNERSHIPS

INVESTMENTS IN OPERATING PARTNERSHIPS

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2021 and 2020, the Fund has limited partnership interests in 21 and 55 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2021 and 2020 are as follows:

	2021	2020
Series 20	—	—
Series 21	—	—
Series 22	—	—
Series 23	—	—
Series 24	—	—
Series 25	—	—
Series 26	—	3
Series 27	—	—
Series 28	—	—
Series 29	1	4
Series 30	—	—
Series 31	—	—
Series 32	—	3
Series 33	—	2
Series 34	1	2
Series 35	—	—
Series 36	—	—
Series 37	—	—
Series 38	—	—
Series 39	—	—
Series 40	—	—
Series 41	2	7
Series 42	2	6
Series 43	—	3
Series 44	1	3
Series 45	6	11
Series 46	8	11
	21	55

Under the terms of the Fund’s investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at September 30, 2021 and 2020, are as follows:

	2021		2020
Series 29	$	785	$	785
Series 42		—		254
	$	785	$	1,039

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the six months ended September 30, 2021 the Fund disposed of twelve Operating Partnerships. A summary of the dispositions by series for September 30, 2021 is as follows:

	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 26	1	—	$	20,845	$	20,845
Series 29	1	—		29,999		29,999
Series 32	1	—		23,823		23,823
Series 33	1	—		23,823		23,823
Series 42	—	—		94,182		94,182
Series 44	—	1		815,747		815,747
Series 45	4	1		451,745		451,745
Series 46	1	1		332,367		332,367
Total	9	3	$	1,792,531	$	1,792,531

During the six months ended September 30, 2020 the Fund disposed of thirteen Operating Partnerships. A summary of the dispositions by Series for September 30, 2020 is as follows:

	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 29	1	—	$	9,500	$	9,500
Series 41	1	—		46,500		46,500
Series 43	8	—		106,800		106,800
Series 45	1	1		199,692		199,692
Series 46	1	—		68,500		68,500
Total	12	1	$	430,992	$	430,992

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund’s fiscal year ends March 31st for each year, while all the Operating Partnerships’ fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership’s quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2021.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

	2021		2020
Revenues
Rental	$	5,723,174	$	10,846,001
Interest and other		109,126		247,297
		5,832,300		11,093,298
Expenses
Interest		1,059,698		1,972,450
Depreciation and amortization		1,110,830		2,456,942
Operating expenses		3,621,179		7,446,917
		5,791,707		11,876,309
NET INCOME (LOSS)	$	40,593	$	(783,011)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	40,188	$	(775,180)
Net income (loss) allocated to other Partners	$	405	$	(7,831)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 20

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 21

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 22

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 23

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 24

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 25

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 26

	2021		2020
Revenues
Rental	$	—	$	217,139
Interest and other		—		2,449
		—		219,588
Expenses
Interest		—		27,332
Depreciation and amortization		—		55,156
Operating expenses		—		222,991
		—		305,479
NET INCOME (LOSS)	$	—	$	(85,891)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(85,032)
Net income (loss) allocated to other Partners	$	—	$	(859)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 27

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 28

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 29

	2021		2020
Revenues
Rental	$	155,232	$	417,945
Interest and other		—		12,890
		155,232		430,835
Expenses
Interest		13,356		67,252
Depreciation and amortization		20,468		74,363
Operating expenses		157,903		369,978
		191,727		511,593
NET INCOME (LOSS)	$	(36,495)	$	(80,758)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(36,130)	$	(79,950)
Net income (loss) allocated to other Partners	$	(365)	$	(808)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 30

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 31

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 32

	2021		2020
Revenues
Rental	$	—	$	585,243
Interest and other		—		9,746
		—		594,989
Expenses
Interest		—		88,374
Depreciation and amortization		—		174,189
Operating expenses		—		501,400
		—		763,963
NET INCOME (LOSS)	$	—	$	(168,974)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(167,284)
Net income (loss) allocated to other Partners	$	—	$	(1,690)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 33

	2021		2020
Revenues
Rental	$	—	$	448,911
Interest and other		—		15,830
		—		464,741
Expenses
Interest		—		74,656
Depreciation and amortization		—		96,068
Operating expenses		—		345,562
		—		516,286
NET INCOME (LOSS)	$	—	$	(51,545)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(51,030)
Net income (loss) allocated to other Partners	$	—	$	(515)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 34

	2021		2020
Revenues
Rental	$	285,820	$	326,724
Interest and other		11,120		11,341
		296,940		338,065
Expenses
Interest		43,352		49,965
Depreciation and amortization		42,639		76,498
Operating expenses		181,419		280,893
		267,410		407,356
NET INCOME (LOSS)	$	29,530	$	(69,291)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	29,235	$	(68,598)
Net income (loss) allocated to other Partners	$	295	$	(693)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 35

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 36

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 37

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 38

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 39

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 40

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 41

	2021		2020
Revenues
Rental	$	1,223,203	$	1,524,961
Interest and other		20,842		38,570
		1,244,045		1,563,531
Expenses
Interest		222,686		275,662
Depreciation and amortization		190,398		280,652
Operating expenses		776,052		1,014,090
		1,189,136		1,570,404
NET INCOME (LOSS)	$	54,909	$	(6,873)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	54,360	$	(6,804)
Net income (loss) allocated to other Partners	$	549	$	(69)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 42

	2021		2020
Revenues
Rental	$	239,498	$	964,900
Interest and other		4,046		44,353
		243,544		1,009,253
Expenses
Interest		36,265		187,840
Depreciation and amortization		59,093		244,575
Operating expenses		154,721		781,356
		250,079		1,213,771
NET INCOME (LOSS)	$	(6,535)	$	(204,518)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(6,470)	$	(202,473)
Net income (loss) allocated to other Partners	$	(65)	$	(2,045)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 43

	2021		2020
Revenues
Rental	$	—	$	430,480
Interest and other		—		13,457
		—		443,937
Expenses
Interest		—		31,491
Depreciation and amortization		—		170,133
Operating expenses		—		396,077
		—		597,701
NET INCOME (LOSS)	$	—	$	(153,764)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(152,226)
Net income (loss) allocated to other Partners	$	—	$	(1,538)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 44

	2021		2020
Revenues
Rental	$	524,132	$	1,817,906
Interest and other		2,860		20,511
		526,992		1,838,417
Expenses
Interest		106,491		435,314
Depreciation and amortization		110,470		339,618
Operating expenses		253,811		786,743
		470,772		1,561,675
NET INCOME (LOSS)	$	56,220	$	276,742
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	55,658	$	273,975
Net income (loss) allocated to other Partners	$	562	$	2,767

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 45

	2021		2020
Revenues
Rental	$	1,245,563	$	1,786,650
Interest and other		12,857		24,785
		1,258,420		1,811,435
Expenses
Interest		202,722		270,649
Depreciation and amortization		298,100		447,266
Operating expenses		872,657		1,302,011
		1,373,479		2,019,926
NET INCOME (LOSS)	$	(115,059)	$	(208,491)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(113,908)	$	(206,406)
Net income (loss) allocated to other Partners	$	(1,151)	$	(2,085)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 46

	2021		2020
Revenues
Rental	$	2,049,726	$	2,325,142
Interest and other		57,401		53,365
		2,107,127		2,378,507
Expenses
Interest		434,826		463,915
Depreciation and amortization		389,662		498,424
Operating expenses		1,224,616		1,445,816
		2,049,104		2,408,155
NET INCOME (LOSS)	$	58,023	$	(29,648)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	57,443	$	(29,352)
Net income (loss) allocated to other Partners	$	580	$	(296)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

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TAXABLE LOSS

6 Months Ended

Sep. 30, 2021

TAXABLE LOSS

TAXABLE LOSS

NOTE E - TAXABLE LOSS

The Fund’s taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

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INCOME TAXES

6 Months Ended

Sep. 30, 2021

INCOME TAXES

INCOME TAXES

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2016 remain open.

XML

CONTINGENCY

6 Months Ended

Sep. 30, 2021

CONTINGENCY

CONTINGENCY

NOTE G – CONTINGENCY

The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Fund will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined.

XML

SUBSEQUENT EVENTS

6 Months Ended

Sep. 30, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE H - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

The COVID-19 pandemic as described in Note G continues to be widespread globally and domestically in the United States. The Fund is not able to estimate the length or severity of the pandemic and its related financial impact to the Fund, if any.

XML

ORGANIZATION (Tables)

6 Months Ended

Sep. 30, 2021

ORGANIZATION

Schedule of BACs sold and total equity

Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$	38,667,000
Series 21	December 31, 1994	1,892,700	$	18,927,000
Series 22	December 28, 1994	2,564,400	$	25,644,000
Series 23	June 23, 1995	3,336,727	$	33,366,000
Series 24	September 22, 1995	2,169,878	$	21,697,000
Series 25	December 29, 1995	3,026,109	$	30,248,000
Series 26	June 25, 1996	3,995,900	$	39,959,000
Series 27	September 17, 1996	2,460,700	$	24,607,000
Series 28	January 29, 1997	4,000,738	$	39,999,000
Series 29	June 10, 1997	3,991,800	$	39,918,000
Series 30	September 10, 1997	2,651,000	$	26,490,750
Series 31	January 18, 1998	4,417,857	$	44,057,750
Series 32	June 23, 1998	4,754,198	$	47,431,000
Series 33	September 21, 1998	2,636,533	$	26,362,000
Series 34	February 11, 1999	3,529,319	$	35,273,000
Series 35	June 28, 1999	3,300,463	$	33,004,630
Series 36	September 28, 1999	2,106,838	$	21,068,375
Series 37	January 28, 2000	2,512,500	$	25,125,000
Series 38	July 31, 2000	2,543,100	$	25,431,000
Series 39	January 31, 2001	2,292,151	$	22,921,000
Series 40	July 31, 2001	2,630,256	$	26,269,256
Series 41	January 31, 2002	2,891,626	$	28,916,260
Series 42	July 31, 2002	2,744,262	$	27,442,620
Series 43	December 31, 2002	3,637,987	$	36,379,870
Series 44	April 30, 2003	2,701,973	$	27,019,730
Series 45	September 16, 2003	4,014,367	$	40,143,670
Series 46	December 19, 2003	2,980,998	$	29,809,980

XML

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Sep. 30, 2021

RELATED PARTY TRANSACTIONS

Schedule of fund management fees accrued

	2021		2020
Series 26	$	1,466	$	4,282
Series 29		2,788		6,651
Series 32		1,636		15,132
Series 33		1,734		9,777
Series 34		4,623		6,727
Series 41		20,094		27,857
Series 42		4,050		19,260
Series 43		—		19,371
Series 44		12,399		30,315
Series 45		21,603		38,900
Series 46		41,178		46,333
	$	111,571	$	224,605

Schedule of management fees paid

The fund management fees paid for the six months ended September 30, 2021 and 2020 are as follows:

	2021		2020
Series 26	$	5,864	$	4,282
Series 29		27,499		—
Series 32		8,938		—
Series 33		9,326		9,777
Series 41		33,600		—
Series 42		—		19,259
Series 43		—		21,348
Series 44		411,888		—
Series 45		444,041		507,673
Series 46		331,796		—
	$	1,272,952	$	562,339

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

6 Months Ended

Sep. 30, 2021

INVESTMENTS IN OPERATING PARTNERSHIPS

Schedule of operating partnerships within the fund

The breakdown of Operating Partnerships within the Fund at September 30, 2021 and 2020 are as follows:

	2021	2020
Series 20	—	—
Series 21	—	—
Series 22	—	—
Series 23	—	—
Series 24	—	—
Series 25	—	—
Series 26	—	3
Series 27	—	—
Series 28	—	—
Series 29	1	4
Series 30	—	—
Series 31	—	—
Series 32	—	3
Series 33	—	2
Series 34	1	2
Series 35	—	—
Series 36	—	—
Series 37	—	—
Series 38	—	—
Series 39	—	—
Series 40	—	—
Series 41	2	7
Series 42	2	6
Series 43	—	3
Series 44	1	3
Series 45	6	11
Series 46	8	11
	21	55

Schedule of contributions payable

	2021		2020
Series 29	$	785	$	785
Series 42		—		254
	$	785	$	1,039

Schedule of dispositions by series

During the six months ended September 30, 2021 the Fund disposed of twelve Operating Partnerships. A summary of the dispositions by series for September 30, 2021 is as follows:

	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 26	1	—	$	20,845	$	20,845
Series 29	1	—		29,999		29,999
Series 32	1	—		23,823		23,823
Series 33	1	—		23,823		23,823
Series 42	—	—		94,182		94,182
Series 44	—	1		815,747		815,747
Series 45	4	1		451,745		451,745
Series 46	1	1		332,367		332,367
Total	9	3	$	1,792,531	$	1,792,531

During the six months ended September 30, 2020 the Fund disposed of thirteen Operating Partnerships. A summary of the dispositions by Series for September 30, 2020 is as follows:

	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition		Disposition
Series 29	1	—	$	9,500	$	9,500
Series 41	1	—		46,500		46,500
Series 43	8	—		106,800		106,800
Series 45	1	1		199,692		199,692
Series 46	1	—		68,500		68,500
Total	12	1	$	430,992	$	430,992

Schedule of summarized statement of operations in operating partnerships.

The Fund’s fiscal year ends March 31st for each year, while all the Operating Partnerships’ fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership’s quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2021.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

	2021		2020
Revenues
Rental	$	5,723,174	$	10,846,001
Interest and other		109,126		247,297
		5,832,300		11,093,298
Expenses
Interest		1,059,698		1,972,450
Depreciation and amortization		1,110,830		2,456,942
Operating expenses		3,621,179		7,446,917
		5,791,707		11,876,309
NET INCOME (LOSS)	$	40,593	$	(783,011)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	40,188	$	(775,180)
Net income (loss) allocated to other Partners	$	405	$	(7,831)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 20

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 21

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 22

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 23

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 24

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 25

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 26

	2021		2020
Revenues
Rental	$	—	$	217,139
Interest and other		—		2,449
		—		219,588
Expenses
Interest		—		27,332
Depreciation and amortization		—		55,156
Operating expenses		—		222,991
		—		305,479
NET INCOME (LOSS)	$	—	$	(85,891)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(85,032)
Net income (loss) allocated to other Partners	$	—	$	(859)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 27

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 28

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 29

	2021		2020
Revenues
Rental	$	155,232	$	417,945
Interest and other		—		12,890
		155,232		430,835
Expenses
Interest		13,356		67,252
Depreciation and amortization		20,468		74,363
Operating expenses		157,903		369,978
		191,727		511,593
NET INCOME (LOSS)	$	(36,495)	$	(80,758)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(36,130)	$	(79,950)
Net income (loss) allocated to other Partners	$	(365)	$	(808)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 30

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 31

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 32

	2021		2020
Revenues
Rental	$	—	$	585,243
Interest and other		—		9,746
		—		594,989
Expenses
Interest		—		88,374
Depreciation and amortization		—		174,189
Operating expenses		—		501,400
		—		763,963
NET INCOME (LOSS)	$	—	$	(168,974)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(167,284)
Net income (loss) allocated to other Partners	$	—	$	(1,690)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 33

	2021		2020
Revenues
Rental	$	—	$	448,911
Interest and other		—		15,830
		—		464,741
Expenses
Interest		—		74,656
Depreciation and amortization		—		96,068
Operating expenses		—		345,562
		—		516,286
NET INCOME (LOSS)	$	—	$	(51,545)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(51,030)
Net income (loss) allocated to other Partners	$	—	$	(515)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 34

	2021		2020
Revenues
Rental	$	285,820	$	326,724
Interest and other		11,120		11,341
		296,940		338,065
Expenses
Interest		43,352		49,965
Depreciation and amortization		42,639		76,498
Operating expenses		181,419		280,893
		267,410		407,356
NET INCOME (LOSS)	$	29,530	$	(69,291)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	29,235	$	(68,598)
Net income (loss) allocated to other Partners	$	295	$	(693)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 35

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 36

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 37

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 38

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 39

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 40

	2021		2020
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 41

	2021		2020
Revenues
Rental	$	1,223,203	$	1,524,961
Interest and other		20,842		38,570
		1,244,045		1,563,531
Expenses
Interest		222,686		275,662
Depreciation and amortization		190,398		280,652
Operating expenses		776,052		1,014,090
		1,189,136		1,570,404
NET INCOME (LOSS)	$	54,909	$	(6,873)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	54,360	$	(6,804)
Net income (loss) allocated to other Partners	$	549	$	(69)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 42

	2021		2020
Revenues
Rental	$	239,498	$	964,900
Interest and other		4,046		44,353
		243,544		1,009,253
Expenses
Interest		36,265		187,840
Depreciation and amortization		59,093		244,575
Operating expenses		154,721		781,356
		250,079		1,213,771
NET INCOME (LOSS)	$	(6,535)	$	(204,518)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(6,470)	$	(202,473)
Net income (loss) allocated to other Partners	$	(65)	$	(2,045)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 43

	2021		2020
Revenues
Rental	$	—	$	430,480
Interest and other		—		13,457
		—		443,937
Expenses
Interest		—		31,491
Depreciation and amortization		—		170,133
Operating expenses		—		396,077
		—		597,701
NET INCOME (LOSS)	$	—	$	(153,764)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	(152,226)
Net income (loss) allocated to other Partners	$	—	$	(1,538)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 44

	2021		2020
Revenues
Rental	$	524,132	$	1,817,906
Interest and other		2,860		20,511
		526,992		1,838,417
Expenses
Interest		106,491		435,314
Depreciation and amortization		110,470		339,618
Operating expenses		253,811		786,743
		470,772		1,561,675
NET INCOME (LOSS)	$	56,220	$	276,742
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	55,658	$	273,975
Net income (loss) allocated to other Partners	$	562	$	2,767

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 45

	2021		2020
Revenues
Rental	$	1,245,563	$	1,786,650
Interest and other		12,857		24,785
		1,258,420		1,811,435
Expenses
Interest		202,722		270,649
Depreciation and amortization		298,100		447,266
Operating expenses		872,657		1,302,011
		1,373,479		2,019,926
NET INCOME (LOSS)	$	(115,059)	$	(208,491)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(113,908)	$	(206,406)
Net income (loss) allocated to other Partners	$	(1,151)	$	(2,085)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 46

	2021		2020
Revenues
Rental	$	2,049,726	$	2,325,142
Interest and other		57,401		53,365
		2,107,127		2,378,507
Expenses
Interest		434,826		463,915
Depreciation and amortization		389,662		498,424
Operating expenses		1,224,616		1,445,816
		2,049,104		2,408,155
NET INCOME (LOSS)	$	58,023	$	(29,648)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	57,443	$	(29,352)
Net income (loss) allocated to other Partners	$	580	$	(296)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

XML

ORGANIZATION - BACs sold and total equity (Details) - USD ($)	6 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Capital Unit
BACs Sold	83,651,080	83,651,080
Series Twenty [Member]
Capital Unit
Closing Date	Jun. 24, 1994
BACs Sold	3,866,700	3,866,700
Equity Raised	$ 38,667,000
Series Twenty One [Member]
Capital Unit
Closing Date	Dec. 31, 1994
BACs Sold	1,892,700	1,892,700
Equity Raised	$ 18,927,000
Series Twenty Two [Member]
Capital Unit
Closing Date	Dec. 28, 1994
BACs Sold	2,564,400	2,564,400
Equity Raised	$ 25,644,000
Series Twenty Three [Member]
Capital Unit
Closing Date	Jun. 23, 1995
BACs Sold	3,336,727	3,336,727
Equity Raised	$ 33,366,000
Series Twenty Four [Member]
Capital Unit
Closing Date	Sep. 22, 1995
BACs Sold	2,169,878	2,169,878
Equity Raised	$ 21,697,000
Series Twenty Five [Member]
Capital Unit
Closing Date	Dec. 29, 1995
BACs Sold	3,026,109	3,026,109
Equity Raised	$ 30,248,000
Series Twenty Six [Member]
Capital Unit
Closing Date	Jun. 25, 1996
BACs Sold	3,995,900	3,995,900
Equity Raised	$ 39,959,000
Series Twenty Seven [Member]
Capital Unit
Closing Date	Sep. 17, 1996
BACs Sold	2,460,700	2,460,700
Equity Raised	$ 24,607,000
Series Twenty Eight [Member]
Capital Unit
Closing Date	Jan. 29, 1997
BACs Sold	4,000,738	4,000,738
Equity Raised	$ 39,999,000
Series Twenty Nine [Member]
Capital Unit
Closing Date	Jun. 10, 1997
BACs Sold	3,991,800	3,991,800
Equity Raised	$ 39,918,000
Series Thirty [Member]
Capital Unit
Closing Date	Sep. 10, 1997
BACs Sold	2,651,000	2,651,000
Equity Raised	$ 26,490,750
Series Thirty One [Member]
Capital Unit
Closing Date	Jan. 18, 1998
BACs Sold	4,417,857	4,417,857
Equity Raised	$ 44,057,750
Series Thirty Two [Member]
Capital Unit
Closing Date	Jun. 23, 1998
BACs Sold	4,754,198	4,754,198
Equity Raised	$ 47,431,000
Series Thirty Three [Member]
Capital Unit
Closing Date	Sep. 21, 1998
BACs Sold	2,636,533	2,636,533
Equity Raised	$ 26,362,000
Series Thirty Four [Member]
Capital Unit
Closing Date	Feb. 11, 1999
BACs Sold	3,529,319	3,529,319
Equity Raised	$ 35,273,000
Series Thirty Five [Member]
Capital Unit
Closing Date	Jun. 28, 1999
BACs Sold	3,300,463	3,300,463
Equity Raised	$ 33,004,630
Series Thirty Six [Member]
Capital Unit
Closing Date	Sep. 28, 1999
BACs Sold	2,106,838	2,106,838
Equity Raised	$ 21,068,375
Series Thirty Seven [Member]
Capital Unit
Closing Date	Jan. 28, 2000
BACs Sold	2,512,500	2,512,500
Equity Raised	$ 25,125,000
Series Thirty Eight [Member]
Capital Unit
Closing Date	Jul. 31, 2000
BACs Sold	2,543,100	2,543,100
Equity Raised	$ 25,431,000
Series Thirty Nine [Member]
Capital Unit
Closing Date	Jan. 31, 2001
BACs Sold	2,292,151	2,292,151
Equity Raised	$ 22,921,000
Series Forty [Member]
Capital Unit
Closing Date	Jul. 31, 2001
BACs Sold	2,630,256	2,630,256
Equity Raised	$ 26,269,256
Series Forty One [Member]
Capital Unit
Closing Date	Jan. 31, 2002
BACs Sold	2,891,626	2,891,626
Equity Raised	$ 28,916,260
Series Forty Two [Member]
Capital Unit
Closing Date	Jul. 31, 2002
BACs Sold	2,744,262	2,744,262
Equity Raised	$ 27,442,620
Series Forty Three [Member]
Capital Unit
Closing Date	Dec. 31, 2002
BACs Sold	3,637,987	3,637,987
Equity Raised	$ 36,379,870
Series Forty Four [Member]
Capital Unit
Closing Date	Apr. 30, 2003
BACs Sold	2,701,973	2,701,973
Equity Raised	$ 27,019,730
Series Forty Five [Member]
Capital Unit
Closing Date	Sep. 16, 2003
BACs Sold	4,014,367	4,014,367
Equity Raised	$ 40,143,670
Series Forty Six [Member]
Capital Unit
Closing Date	Dec. 19, 2003
BACs Sold	2,980,998	2,980,998
Equity Raised	$ 29,809,980

XML

ORGANIZATION - Additional Information (Details)						1 Months Ended
	Jul. 01, 2003 item	Jul. 24, 2001 item	Jul. 26, 2000 item	Aug. 31, 1999 item	Apr. 02, 1998 item	Apr. 30, 2003 item	Jan. 31, 1997 item	Dec. 16, 1993 USD ($) item
ORGANIZATION
Units of limited partnership interest, authorized								30,000,000
Limited Partners Capital Account Per Units | $								10
Limited Partners Capital Account Additional Units Registered For Sale	7,000,000	7,000,000	7,500,000	8,000,000	25,000,000	7,000,000	10,000,000

XML

RELATED PARTY TRANSACTIONS - Fund management fees accrued (Details) - USD ($)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 111,571	$ 224,605
Series Twenty Six [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	1,466	4,282
Series Twenty Nine [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	2,788	6,651
Series Thirty Two [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	1,636	15,132
Series Thirty Three [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	1,734	9,777
Series Thirty Four [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	4,623	6,727
Series Forty One [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	20,094	27,857
Series Forty Two [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	4,050	19,260
Series Forty Three [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	0	19,371
Series Forty Four [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	12,399	30,315
Series Forty Five [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	21,603	38,900
Series Forty Six [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 41,178	$ 46,333

XML

RELATED PARTY TRANSACTIONS - Fund management fees paid (Details) - USD ($)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Fund management fees paid	$ 1,272,952	$ 562,339
Series Twenty Six [Member]
Related Party Transaction [Line Items]
Fund management fees paid	5,864	4,282
Series Twenty Nine [Member]
Related Party Transaction [Line Items]
Fund management fees paid	27,499	0
Series Thirty Two [Member]
Related Party Transaction [Line Items]
Fund management fees paid	8,938	0
Series Thirty Three [Member]
Related Party Transaction [Line Items]
Fund management fees paid	9,326	9,777
Series Forty One [Member]
Related Party Transaction [Line Items]
Fund management fees paid	33,600	0
Series Forty Two [Member]
Related Party Transaction [Line Items]
Fund management fees paid	0	19,259
Series Forty Three [Member]
Related Party Transaction [Line Items]
Fund management fees paid	0	21,348
Series Forty Four [Member]
Related Party Transaction [Line Items]
Fund management fees paid	411,888	0
Series Forty Five [Member]
Related Party Transaction [Line Items]
Fund management fees paid	444,041	507,673
Series Forty Six [Member]
Related Party Transaction [Line Items]
Fund management fees paid	$ 331,796	$ 0

XML

RELATED PARTY TRANSACTIONS - Additional Information (Details)	6 Months Ended
	Sep. 30, 2021
RELATED PARTY TRANSACTIONS
Percentage Of Annual Management Fee	0.50%

XML

INVESTMENTS IN OPERATING PARTNERSHIPS - Operating Partnerships within the Fund (Details) - item	Sep. 30, 2021	Sep. 30, 2020
Number Of Operating Partnerships
Number Of Operating Partnerships	21	55
Series Twenty [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Twenty One [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Twenty Two [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Twenty Three [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Twenty Four [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Twenty Five [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Twenty Six [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	3
Series Twenty Seven [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Twenty Eight [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Twenty Nine [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	1	4
Series Thirty [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Thirty One [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Thirty Two [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	3
Series Thirty Three [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	2
Series Thirty Four [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	1	2
Series Thirty Five [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Thirty Six [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Thirty Seven [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Thirty Eight [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Thirty Nine [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Forty [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	0
Series Forty One [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	2	7
Series Forty Two [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	2	6
Series Forty Three [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	0	3
Series Forty Four [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	1	3
Series Forty Five [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	6	11
Series Forty Six [Member]
Number Of Operating Partnerships
Number Of Operating Partnerships	8	11

XML

INVESTMENTS IN OPERATING PARTNERSHIPS - Contributions payable (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Contributions Payable
Capital contributions payable	$ 785	$ 785	$ 1,039
Series Twenty Nine [Member]
Contributions Payable
Capital contributions payable	785	785	785
Series Forty Two [Member]
Contributions Payable
Capital contributions payable	0	0	$ 254
Series Forty Five [Member]
Contributions Payable
Capital contributions payable	$ 0	$ 0

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INVESTMENTS IN OPERATING PARTNERSHIPS - Dispositions by series (Details)	6 Months Ended
	Sep. 30, 2021 USD ($) item	Sep. 30, 2020 USD ($) item
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item	9	12
Sale of Underlying Operating Partnership | item	3	1
Fund Proceeds from Disposition	$ 1,792,531	$ 430,992
Gain on Disposition	$ 1,792,531	430,992
Series Twenty Six [Member]
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item	1
Sale of Underlying Operating Partnership | item	0
Fund Proceeds from Disposition	$ 20,845	0
Gain on Disposition	20,845
Series Twenty Seven [Member]
Dispositions By Series Disclosure
Fund Proceeds from Disposition	0	0
Series Twenty Four [Member]
Dispositions By Series Disclosure
Fund Proceeds from Disposition	0	0
Series Twenty Eight [Member]
Dispositions By Series Disclosure
Fund Proceeds from Disposition	$ 0	$ 0
Series Twenty Nine [Member]
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item	1	1
Sale of Underlying Operating Partnership | item	0	0
Fund Proceeds from Disposition	$ 29,999	$ 9,500
Gain on Disposition	29,999	9,500
Series Thirty One [Member]
Dispositions By Series Disclosure
Fund Proceeds from Disposition	$ 0	0
Series Thirty Two [Member]
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item	1
Sale of Underlying Operating Partnership | item	0
Fund Proceeds from Disposition	$ 23,823	0
Gain on Disposition	$ 23,823
Series Thirty Three [Member]
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item	1
Sale of Underlying Operating Partnership | item	0
Fund Proceeds from Disposition	$ 23,823	0
Gain on Disposition	23,823
Series Thirty Four [Member]
Dispositions By Series Disclosure
Fund Proceeds from Disposition	0	0
Series Thirty Five [Member]
Dispositions By Series Disclosure
Fund Proceeds from Disposition	0	0
Series Thirty Six [Member]
Dispositions By Series Disclosure
Fund Proceeds from Disposition	0	0
Series Thirty Eight [Member]
Dispositions By Series Disclosure
Fund Proceeds from Disposition	0	$ 0
Series Forty Three [Member]
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item		8
Sale of Underlying Operating Partnership | item		0
Fund Proceeds from Disposition	0	$ 106,800
Gain on Disposition		106,800
Series Forty [Member]
Dispositions By Series Disclosure
Fund Proceeds from Disposition	0	$ 0
Series Forty One [Member]
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item		1
Sale of Underlying Operating Partnership | item		0
Fund Proceeds from Disposition	$ 0	$ 46,500
Gain on Disposition		46,500
Series Forty Two [Member]
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item	0
Sale of Underlying Operating Partnership | item	0
Fund Proceeds from Disposition	$ 94,182	0
Gain on Disposition	$ 94,182
Series Forty Four [Member]
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item	0
Sale of Underlying Operating Partnership | item	1
Fund Proceeds from Disposition	$ 815,747	$ 0
Gain on Disposition	$ 815,747
Series Forty Five [Member]
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item	4	1
Sale of Underlying Operating Partnership | item	1	1
Fund Proceeds from Disposition	$ 451,745	$ 199,692
Gain on Disposition	$ 451,745	$ 199,692
Series Forty Six [Member]
Dispositions By Series Disclosure
Operating Partnership Interest Transferred | item	1	1
Sale of Underlying Operating Partnership | item	1	0
Fund Proceeds from Disposition	$ 332,367	$ 68,500
Gain on Disposition	$ 332,367	$ 68,500

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INVESTMENTS IN OPERATING PARTNERSHIPS - Current financial results available for the Operating Partnerships (Details) - USD ($)	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental	$ 5,723,174	$ 10,846,001
Interest and other	109,126	247,297
Operating Partnerships Revenues	5,832,300	11,093,298
Expenses
Interest	1,059,698	1,972,450
Depreciation and amortization	1,110,830	2,456,942
Operating expenses	3,621,179	7,446,917
Operating Partnerships Total Expenses	5,791,707	11,876,309
NET INCOME (LOSS)	40,593	(783,011)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	40,188	(775,180)
Net income (loss) allocated to other partners	405	(7,831)
Series Twenty [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Twenty One [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Twenty Two [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Twenty Three [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Twenty Four [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Twenty Five [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Twenty Six [Member]
Revenues
Rental	0	217,139
Interest and other	0	2,449
Operating Partnerships Revenues	0	219,588
Expenses
Interest	0	27,332
Depreciation and amortization	0	55,156
Operating expenses	0	222,991
Operating Partnerships Total Expenses	0	305,479
NET INCOME (LOSS)	0	(85,891)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	(85,032)
Net income (loss) allocated to other partners	0	(859)
Series Twenty Seven [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Twenty Eight [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Twenty Nine [Member]
Revenues
Rental	155,232	417,945
Interest and other		12,890
Operating Partnerships Revenues	155,232	430,835
Expenses
Interest	13,356	67,252
Depreciation and amortization	20,468	74,363
Operating expenses	157,903	369,978
Operating Partnerships Total Expenses	191,727	511,593
NET INCOME (LOSS)	(36,495)	(80,758)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	(36,130)	(79,950)
Net income (loss) allocated to other partners	(365)	(808)
Series Thirty [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Thirty One [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Thirty Two [Member]
Revenues
Rental	0	585,243
Interest and other	0	9,746
Operating Partnerships Revenues	0	594,989
Expenses
Interest	0	88,374
Depreciation and amortization	0	174,189
Operating expenses	0	501,400
Operating Partnerships Total Expenses	0	763,963
NET INCOME (LOSS)	0	(168,974)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	(167,284)
Net income (loss) allocated to other partners	0	(1,690)
Series Thirty Three [Member]
Revenues
Rental	0	448,911
Interest and other	0	15,830
Operating Partnerships Revenues	0	464,741
Expenses
Interest	0	74,656
Depreciation and amortization	0	96,068
Operating expenses	0	345,562
Operating Partnerships Total Expenses	0	516,286
NET INCOME (LOSS)	0	(51,545)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	(51,030)
Net income (loss) allocated to other partners	0	(515)
Series Thirty Four [Member]
Revenues
Rental	285,820	326,724
Interest and other	11,120	11,341
Operating Partnerships Revenues	296,940	338,065
Expenses
Interest	43,352	49,965
Depreciation and amortization	42,639	76,498
Operating expenses	181,419	280,893
Operating Partnerships Total Expenses	267,410	407,356
NET INCOME (LOSS)	29,530	(69,291)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	29,235	(68,598)
Net income (loss) allocated to other partners	295	(693)
Series Thirty Five [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Thirty Six [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Thirty Seven [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Thirty Eight [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Thirty Nine [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Forty [Member]
Revenues
Rental	0	0
Interest and other	0	0
Operating Partnerships Revenues	0	0
Expenses
Interest	0	0
Depreciation and amortization	0	0
Operating expenses	0	0
Operating Partnerships Total Expenses	0	0
NET INCOME (LOSS)	0	0
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	0
Net income (loss) allocated to other partners	0	0
Series Forty One [Member]
Revenues
Rental	1,223,203	1,524,961
Interest and other	20,842	38,570
Operating Partnerships Revenues	1,244,045	1,563,531
Expenses
Interest	222,686	275,662
Depreciation and amortization	190,398	280,652
Operating expenses	776,052	1,014,090
Operating Partnerships Total Expenses	1,189,136	1,570,404
NET INCOME (LOSS)	54,909	(6,873)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	54,360	(6,804)
Net income (loss) allocated to other partners	549	(69)
Series Forty Two [Member]
Revenues
Rental	239,498	964,900
Interest and other	4,046	44,353
Operating Partnerships Revenues	243,544	1,009,253
Expenses
Interest	36,265	187,840
Depreciation and amortization	59,093	244,575
Operating expenses	154,721	781,356
Operating Partnerships Total Expenses	250,079	1,213,771
NET INCOME (LOSS)	(6,535)	(204,518)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	(6,470)	(202,473)
Net income (loss) allocated to other partners	(65)	(2,045)
Series Forty Three [Member]
Revenues
Rental	0	430,480
Interest and other	0	13,457
Operating Partnerships Revenues	0	443,937
Expenses
Interest	0	31,491
Depreciation and amortization	0	170,133
Operating expenses	0	396,077
Operating Partnerships Total Expenses	0	597,701
NET INCOME (LOSS)	0	(153,764)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	0	(152,226)
Net income (loss) allocated to other partners	0	(1,538)
Series Forty Four [Member]
Revenues
Rental	524,132	1,817,906
Interest and other	2,860	20,511
Operating Partnerships Revenues	526,992	1,838,417
Expenses
Interest	106,491	435,314
Depreciation and amortization	110,470	339,618
Operating expenses	253,811	786,743
Operating Partnerships Total Expenses	470,772	1,561,675
NET INCOME (LOSS)	56,220	276,742
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	55,658	273,975
Net income (loss) allocated to other partners	562	2,767
Series Forty Five [Member]
Revenues
Rental	1,245,563	1,786,650
Interest and other	12,857	24,785
Operating Partnerships Revenues	1,258,420	1,811,435
Expenses
Interest	202,722	270,649
Depreciation and amortization	298,100	447,266
Operating expenses	872,657	1,302,011
Operating Partnerships Total Expenses	1,373,479	2,019,926
NET INCOME (LOSS)	(115,059)	(208,491)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	(113,908)	(206,406)
Net income (loss) allocated to other partners	(1,151)	(2,085)
Series Forty Six [Member]
Revenues
Rental	2,049,726	2,325,142
Interest and other	57,401	53,365
Operating Partnerships Revenues	2,107,127	2,378,507
Expenses
Interest	434,826	463,915
Depreciation and amortization	389,662	498,424
Operating expenses	1,224,616	1,445,816
Operating Partnerships Total Expenses	2,049,104	2,408,155
NET INCOME (LOSS)	58,023	(29,648)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	57,443	(29,352)
Net income (loss) allocated to other partners	$ 580	$ (296)